View Filing Data

Document And Entity Information - shares	9 Months Ended
Sep. 30, 2018	Oct. 31, 2018
Document Information [Line Items]
Entity Registrant Name	BIOCRYST PHARMACEUTICALS INC
Entity Central Index Key	0000882796
Trading Symbol	bcrx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		109,641,044
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 52,584	$ 50,282
Restricted cash	1,506	3,286
Investments	67,737	64,115
Receivables from collaborations	3,394	6,117
Inventory	821
Prepaid expenses and other current assets	2,445	1,381
Deferred collaboration expense	8	210
Total current assets	128,495	125,391
Investments	29,157	41,295
Property and equipment, net	9,236	9,546
Other assets	1,420	2,027
Total assets	168,308	178,259
Liabilities and Stockholders’ Equity
Accounts payable	7,911	6,337
Accrued expenses	15,120	12,699
Interest payable	10,427	12,095
Deferred collaboration revenue	200	8,484
Lease financing obligation	66	75
Senior credit facility	1,621	6,464
Non-recourse notes payable	29,012	28,682
Total current liabilities	64,357	74,836
Deferred rent	81	155
Lease financing obligation	2,704	2,751
Senior credit facility	28,293	16,750
Stockholders’ equity:
Preferred stock, $0.001 par value; shares authorized — 5,000; no shares issued and outstanding
Common stock, $0.01 par value: shares authorized — 200,000; shares issued and outstanding — 109,625 in 2018 and 98,411 in 2017	1,096	984
Additional paid-in capital	776,724	714,869
Accumulated other comprehensive loss	(410)	(243)
Accumulated deficit	(704,537)	(631,843)
Total stockholders’ equity	72,873	83,767
Total liabilities and stockholders’ equity	$ 168,308	$ 178,259

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Revenues	$ 1,454	$ 8,760	$ 17,924	$ 21,296
Expenses
Cost of products sold		1,142		1,142
Research and development	22,006	17,509	61,457	50,038
General and administrative	7,923	3,343	25,024	9,235
Royalty	18	115	401	431
Total operating expenses	29,947	22,109	86,882	60,846
Loss from operations	(28,493)	(13,349)	(68,958)	(39,550)
Interest and other income	611	225	1,566	537
Interest expense	(2,346)	(2,140)	(6,762)	(6,334)
Gain (loss) on foreign currency derivative	631	130	334	(892)
Net loss	$ (29,597)	$ (15,134)	$ (73,820)	$ (46,239)
Basic and diluted net loss per common share (in dollars per share)	$ (0.28)	$ (0.18)	$ (0.73)	$ (0.58)
Weighted average shares outstanding (in shares)	105,410	83,570	100,955	79,749
Unrealized gain (loss) on available for sale investments	$ 42	$ (2)	$ (167)	$ (5)
Comprehensive loss	(29,555)	(15,136)	(73,987)	(46,244)
Product [Member]
Revenues:
Revenues		1,501		1,501
Royalty [Member]
Revenues:
Revenues	523	442	4,326	7,252
Collaborative and Other Research and Development [Member]
Revenues:
Revenues	$ 931	$ 6,817	$ 13,598	$ 12,543

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities
Net loss	$ (73,820)	$ (46,239)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	572	522
Stock-based compensation expense	7,072	10,307
Amortization of debt issuance costs	676	658
Amortization of premium/discount on investments	152	125
Change in fair value of foreign currency derivative	606	1,858
Changes in operating assets and liabilities:
Receivables	2,723	(217)
Inventory	(821)	500
Prepaid expenses and other assets	(1,063)	17
Deferred collaboration expense	144	51
Accounts payable and accrued expenses	3,947	1,303
Interest payable	(1,668)	1,715
Deferred revenue	(7,100)	(1,224)
Net cash used in operating activities	(68,580)	(30,624)
Investing activities
Acquisitions of property and equipment	(262)	(213)
Purchases of investments	(43,158)	(39,572)
Sales and maturities of investments	51,355	32,527
Net cash provided by (used in) investing activities	7,935	(7,258)
Financing activities
Sale of common stock, net	53,400	133,500
Proceeds from senior credit facility	10,353
Payment of senior credit facility	(4,025)
Net proceeds from common stock issued under stock-based compensation plans	1,495	1,491
(Decrease) increase in lease financing obligation	(56)	139
Net cash provided by financing activities	61,167	135,130
Increase in cash, cash equivalents and restricted cash	522	97,248
Cash, cash equivalents and restricted cash at beginning of period	53,568	23,650
Cash, cash equivalents and restricted cash at end of period	$ 54,090	$ 120,898

Note 1 - Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note

— Significant Accounting Policies

Agreement and Plan of Merger Termination

January

21,

2018,

BioCryst Pharmaceuticals, Inc. (the “Company” or “BioCryst”), Idera Pharmaceuticals, Inc. (“Idera”), a Delaware corporation, Nautilus Holdco, Inc., a Delaware corporation and a direct, wholly owned subsidiary of BioCryst (“Holdco”), Island Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco, and Boat Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco, entered into an Agreement and Plan of Merger (the “Merger Agreement”).

Following the BioCryst stockholders’ failure to approve the adoption of the Merger Agreement at the BioCryst special meeting of stockholders held on

July 10, 2018,

the Merger Agreement was terminated. Pursuant to the terms of the Merger Agreement, BioCryst reimbursed Idera for transaction-related expenses of

$6,000

July 2018.

The Company

BioCryst is a biotechnology company that discovers novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on oral treatments for rare diseases in which significant unmet medical needs exist and an enzyme plays the key role in the biological pathway of the disease. 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.

With the funds available at

September 30, 2018,

the Company believes its resources will be sufficient to fund its operations into

2020.

The Company has sustained operating losses for the majority of its corporate history and expects that its

2018

expenses will exceed its

2018

revenues. The Company expects to continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations. Accordingly, its planned operations raise doubt about its ability to continue as a going concern through

2020.

The Company’s liquidity needs will be largely determined by the success of operations in regards to the progression of its product candidates in the future. The Company also

may

consider other plans to fund operations through

2020

including: (

) securing or increasing U.S. Government funding of its programs, including obtaining procurement contracts; (

) out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (

) raising additional capital through equity or debt financings or from other sources; (

) obtaining additional product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (

) reducing spending on

one

or more research and development programs, including by discontinuing development; and/or (

) restructuring operations to change its overhead structure. The Company

may

issue securities, including common stock, preferred stock, depositary shares, stock purchase contracts, warrants and units, through private placement transactions or registered public offerings in the future. The Company’s future 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 and its decisions in the future.

Basis of Presentation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (“Royalty Sub”) and MDCP, LLC (“MDCP”). All subsidiaries were formed to facilitate financing transactions for the Company.

Royalty Sub was formed in connection with a

$30,000

financing transaction the Company completed on

March

2011.

See Note

Royalty Monetization, for a further description of this transaction. MDCP was formed in connection with a

$23,000

Senior Credit Facility that the Company closed on

September 23, 2016.

See Note

Senior Credit Facility, 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 (“U.S. GAAP”) for interim financial reporting and the instructions to Form

-Q and do

not

include all of the information and footnotes required by U.S. GAAP for complete financial statements. Such 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

adjustments other than normal recurring adjustments.

These financial statements should be read in conjunction with the financial statements for the year ended

December

31,

2017

and the notes thereto included in the Company’s

2017

Annual Report on Form

-K. Interim operating results are

not

necessarily indicative of operating results for the full year. The balance sheet as of

December

31,

2017

has been derived from the audited consolidated financial statements included in the Company’s most recent Annual Report on Form

-K.

Cash and Cash Equivalents

The Company generally considers cash equivalents to be all cash held in commercial checking accounts, certificates of deposit, 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

September 30, 2018

reflects

$93

in royalty revenue paid by Shionogi & Co., Ltd. (“Shionogi”) designated for interest on the PhaRMA Notes (defined in Note

) and

$1,413

the Company is required to maintain as collateral for a letter of credit associated with the lease execution and build-out of its Birmingham research facilities.

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

more than

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

months from the balance sheet date are classified as current. Investments with a maturity beyond

months from the balance sheet date are classified as long-term. At

September 30, 2018,

the Company believes that the cost of its investments is recoverable in all material respects.

The following tables summarize the fair value of the Company’s investments by type. The estimated fair values of the Company’s fixed income investments are classified as Level

in the fair value hierarchy as defined in U.S. GAAP. 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

inputs.

	September 30, 2018
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of the U.S. Government and its agencies	$	51,436	$	170	$	—	$	(188	)	$	51,418
Corporate debt securities		40,893		244		—		(207	)		40,930
Certificates of deposit		4,543		18		—		(15	)		4,546

Total investments	$	96,872	$	432	$	—	$	(410	)	$	96,894

	December 31, 2017
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of the U.S. Government and its agencies	$	60,121	$	177	$	—	$	(122	)	$	60,176
Corporate debt securities		34,021		203		—		(108	)		34,116
Certificates of deposit		11,099		32		1		(14	)		11,118

Total investments	$	105,241	$	412	$	1	$	(244	)	$	105,410

The following table summarizes the scheduled maturity for the Company’s investments at

September 30, 2018

and

December

31,

2017.

	2018		2017
Maturing in one year or less	$	67,737	$	64,115
Maturing after one year through two years		29,157		34,257
Maturing after two years		—		7,038

Total investments	$	96,894	$	105,410

Receivables from Collaborations

Receivables from collaborations 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, royalty receivables from Shionogi, Green Cross Corporation (“Green Cross”), Mundipharma International Holdings Limited (“Mundipharma”) and Seqirus UK Limited (“SUL”), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At

September 30, 2018

and

December

31,

2017,

the Company had the following receivables.

	September 30, 2018
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	403	$	1,289	$	1,692
Shionogi & Co. Ltd.		35		—		35
Green Cross Corporation		313		27		340
Mundipharma International Holdings Limited		75		—		75
Seqirus UK Limited		1,252		—		1,252

Total receivables	$	2,078	$	1,316	$	3,394

	December 31, 2017
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	42	$	2,020	$	2,062
Shionogi & Co. Ltd.		1,600		—		1,600
Green Cross Corporation		1,388		28		1,416
Mundipharma International Holdings Limited		47		—		47
Seqirus UK Limited		825		167		992

Total receivables	$	3,902	$	2,215	$	6,117

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 U.S. Government.

Receivables from Product Sales

Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB

. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date.

Inventory

September 30, 2018,

the Company’s inventory consisted primarily of peramivir work in process and is being manufactured for the Company’s partners. Inventory is stated at the lower of cost and net realizable value, 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.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of

three

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 expected lease term, whichever is less. Property consists of a leased building which did

not

meet the sale-leaseback criteria and is recorded at its fair value, less depreciation. The building is being depreciated over a period equal to the expected term of the related lease.

In accordance with U.S. GAAP, the Company periodically reviews its property 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. Property 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 selling, general and administrative 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 the Company’s 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 CROs 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. As of

September 30, 2018

and

December 31, 2017,

the carrying value of accrued expenses approximates their fair value due to their short-term settlement.

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. Although

changes were made to provisional amounts during the

nine

months ended

September 30, 2018,

we will continue to evaluate our estimates related to the new legislation as clarifying guidance and interpretations are issued.

December 22, 2017,

the SEC staff issued Staff Accounting Bulletin

No.

118

(“SAB

118”

), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (“TCJA”). SAB

118

provides a measurement period that should

not

extend beyond

one

year from the TCJA enactment date for companies to complete the accounting under ASC

740,

Income Taxes.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders’ equity. Amounts reclassified from accumulated other comprehensive loss are recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. Realized losses of

were reclassified out of accumulated other comprehensive loss during the

nine

months ended

September 30, 2018.

reclassifications out of accumulated other comprehensive loss were recorded during the

nine

months ended

September 30, 2017.

Revenue Recognition

Transition Considerations

May 2014,

the Financial Accounting Standards Board issued Standards Update

No.

2014

09:

Revenue from Contracts with Customers (Topic

606

)

(“ASC

606”

), which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principle of ASC

606

is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC

606

also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.

The Company adopted the provisions of ASC

606

as of

January

2018

using the modified retrospective method as applied to contracts that were

not

completed as of that date. The modified retrospective method requires the recognition of the cumulative effect of initially applying the standard (if any) as an adjustment to opening retained earnings for the fiscal year beginning

January

2018.

As a result, financial information for reporting periods beginning after

January 1, 2018

are presented under ASC

606,

while comparative financial information has

not

been adjusted and continues to be reported in accordance with the Company’s historical accounting policy for revenue recognition prior to the adoption of ASC

606.

Adoption of ASC

606

resulted in a change in the Company’s method of accounting for fees received under licensing agreements. Prior to adopting ASC

606,

fees received under licensing agreements that were related to future performance were deferred and recognized over an estimated period based on the terms of the agreement and the products licensed. Under ASC

606,

licenses of drug products and formulations are forms of functional intellectual property. Licenses of functional intellectual property grant a right to use the intellectual property and the related revenue will generally be recognized at a point in time rather than over time. As a result, certain license fees that were previously deferred and recognized over time were eliminated through a cumulative effect adjustment as of

January 1, 2018.

The following table summarizes the cumulative effect of the changes to the Company’s unaudited Consolidated Balance Sheet as of

January 1, 2018

from the adoption of ASC

606:

	Balance at December 31, 2017			Adjustments due to ASC 606			Balance at January 1, 2018
Assets
Deferred collaboration expense	$	210		$	(58	)	$	152
Liabilities
Deferred revenue	$	8,484		$	(1,184	)	$	7,300
Equity
Accumulated deficit	$	(631,843	)	$	1,126		$	(630,717	)

The following tables summarize the current period impacts of adopting ASC

606

on the Company’s unaudited Consolidated Balance Sheet and Consolidated Statement of Comprehensive Loss:

	September 30, 2018
	As Reported			Adjustments due to ASC 606		Balances without adoption of ASC 606
Assets
Deferred collaboration expense	$	8		$	19	$	27
Liabilities
Deferred revenue	$	200		$	396	$	596
Equity
Accumulated deficit	$	(704,537	)	$	378	$	(704,159	)

	For the Three Months Ended September 30, 2018
	As Reported			Adjustments due to ASC 606		Balances without adoption of ASC 606
Collaborative and other research and development revenue	$	931		$	296	$	1,227
Research and development expenses		22,006			14		22,021
Net loss		(29,597	)		282		(29,315	)
Basic and diluted net loss per share	$	(0.28	)	$	0.00	$	(0.28	)

	For the Nine Months Ended September 30, 2018
	As Reported			Adjustments due to ASC 606		Balances without adoption of ASC 606
Collaborative and other research and development revenue	$	13,598		$	888	$	14,486
Research and development expenses		61,457			44		61,501
Net loss		(73,820	)		846		(72,974	)
Basic and diluted net loss per share	$	(0.73	)	$	0.01	$	(0.72	)

Adoption of the standard had

impact on total net cash within the Consolidated Statements of Cash Flows.

Collaborative and Other Research and Development Arrangements and Royalties

The Company recognizes revenue when it satisfies a performance obligation by transferring promised goods or services to a customer. Revenue is measured at the transaction price that is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will

not

occur.

The Company has collaboration and license agreements with a number of

third

parties as well as research and development agreements with certain government entities. The Company’s primary sources of revenue are license, service, royalty and product sale revenues from these collaborative and other research and development arrangements.

Revenue from license fees, royalty payments, milestone payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has

further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement.

Arrangements that involve the delivery of more than

one

performance obligation are initially evaluated as to whether the intellectual property licenses granted by the Company represent distinct performance obligations. If they are determined to be distinct, the value of the intellectual property licenses would be recognized up-front while the research and development service fees would be recognized as the performance obligations are satisfied. Variable consideration is assessed at each reporting period as to whether it is

not

subject to significant future reversal and, therefore, should be included in the transaction price at the inception of the contract. If a contract includes a fixed or minimum amount of research and development support, this also would be included in the transaction price. Changes to collaborations, such as the extensions of the research term or increasing the number of targets or technology covered under an existing agreement, are assessed for whether they represent a modification or should be accounted for as a new contract. For contracts with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is

not

directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors. Analyzing the arrangement to identify performance obligations requires the use of judgment, and each

may

be an obligation to deliver services, a right or license to use an asset, or another performance obligation.

Milestone payments are recognized as licensing revenue upon the achievement of specified milestones if (i) the milestone is substantive in nature and the achievement of the milestone was

not

probable at the inception of the agreement; and (ii) the Company has a right to payment. Any milestone payments received prior to satisfying these revenue recognition criteria are recorded as deferred revenue.

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. Under the Company’s contracts with the Biomedical Advanced Research and Development Authority within the United States Department of Health and Human Services (”BARDA/HHS”) and the National Institute of Allergy and Infectious Diseases (“NIAID/HHS”), revenue is recognized as reimbursable direct and indirect costs are incurred.

Under certain of the Company’s license agreements, the Company receives royalty payments based upon its licensees’ net sales of covered products. Royalties are recognized at the later of when (i) the subsequent sale or usage occurs, or (ii) the performance obligation to which some or all of the sales-based or usage-based royalty has been satisfied.

Product Sales

The Company recognizes revenue for sales of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company’s specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, and prior to the Seqirus UK Limited (“SUL”) agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations. With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB

, RAPIACTA

, and PERAMIFLU

) should be made by the Company’s partners, except for U.S. Government stockpiling sales, and the Company will be reliant on these partners to generate sales.

Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves.

The Company recorded the following revenues for the

three

and

nine

months ended

September 30, 2018

and

2017:

	Three Months				Nine Months
	2018		2017		2018		2017
Product sales	$	—	$	1,501	$	—	$	1,501
Royalty revenue		523		442		4,326		7,252
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		931		1,490		1,598		4,305
Shionogi & Co. Ltd.		—		296		—		888
Seqirus UK Limited		—		5,031		12,000		7,350
Total collaborative and other research and development revenues		931		6,817		13,598		12,543

Total revenues	$	1,454	$	8,760	$	17,924	$	21,296

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets.

Contract assets

- The Company’s long-term contracts, typically the government research and development contracts, are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring subsequent to revenue recognition resulting in contract assets. Contract assets are generally classified as current assets in the Consolidated Balance Sheet.

Contract liabilities

- The Company

may

receive cash payments from customers in advance of the Company’s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the revenue.

Contract Costs

The Company

may

incur direct and indirect costs associated with obtaining a contract. Incremental contract costs that the Company expects to recover are capitalized and amortized over the expected term of the contract. Non-incremental contract costs and costs that the Company does expect to recover are expensed as incurred.

Advertising

The Company engages in very limited distribution and direct-response advertising. Advertising and promotional costs are expensed as the costs are incurred.

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.

Stock-Based Compensation

All share-based payments, including grants of stock option awards and restricted stock unit 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 unit 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. In addition, we have outstanding performance-based stock options for which

compensation expense is recognized until “performance” is deemed to have occurred.

Interest Expense and Deferred Financing Costs

Interest expense for the

three

months ended

September

30,

2018

and

2017

was

$2,346

and

$2,140,

respectively, and for the

nine

months ended

September 30, 2018

and

2017

was

$6,762

and

$6,334,

respectively, and primarily relates to the issuance of the PhaRMA Notes (defined in Note

) and the Amended and Restated Senior Credit Facility (defined in Note

). Costs directly associated with the issuance of the PhaRMA Notes and the Amended and Restated Senior Credit Facility have been capitalized and are netted against the non-recourse notes payable and Amended and Restated Senior Credit Facility on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the terms of the PhaRMA Notes and the Amended and Restated Senior Credit Facility using the effective interest rate method. Amortization of deferred financing costs and original issue discount included in interest expense was

$222

and

$219

for each of the

three

months ended

September

30,

2018

and

2017,

respectively, and

$676

and

$658

for each of the

nine

months ended

September

30,

2018

and

2017,

respectively.

Lease Financing Obligation

Based on the terms of the lease agreement for the research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of

$1,589

December 31, 2015,

representing the Company’s leased portion of the building and recorded a corresponding liability. Upon completion of leasehold improvement construction, which ended in

2016,

the Company did

not

meet the sale-leaseback criteria for de-recognition of the building asset and liability. Therefore, the lease is accounted for as a financing obligation. The asset will be depreciated over the expected duration of the lease of

20.5

years, and rental payments will be treated as principal and interest payments on the lease financing obligation liability. The underlying accounting for this transaction has

impact on cash flows associated with the underlying lease or construction in process. Interest expense for the

three

months ended

September

30,

2018

and

2017

includes

$85

and

$82,

respectively, and for the

nine

months ended

September 30, 2018

and

September 30, 2017

includes

$252

and

$217,

respectively, related to the lease financing obligation.

At each of

September 30, 2018

and

December 31, 2017,

the lease financing obligation balance was

$2,703

and was recorded as a long term liability on the consolidated balance sheets. At

September 30, 2018

the remaining future minimum payments under the lease financing obligation are

$4,002.

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

nine

months ended

September 30, 2018

and

2017

resulted in losses of

$606

and

$1,858,

respectively. Mark to market adjustments are determined by a

third

party pricing model that uses quoted prices in markets that are

not

actively traded and for which significant inputs are observable directly or indirectly, representing Level

in the fair value hierarchy as defined by U.S. GAAP. In addition, the Company realized currency exchange gains of

$940

and

$966

during the

first

nine

months of

2018

and

2017,

respectively, associated with the exercise of a U.S. dollar/Japanese yen currency option under the Currency Hedge Agreement. The Company is also required to post collateral in connection with the mark to market adjustments based on thresholds defined in the Currency Hedge Agreement. As of

September 30, 2018

and

December 31, 2017,

hedge collateral was posted under the agreement.

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 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

three

months ended

September

30,

2018

and

2017

does

not

include

2,475

and

1,996,

respectively, of such potential common shares, as their impact would be anti-dilutive. The calculation of diluted earnings per share for the

nine

months ended

September

30,

2018

and

2017

does

not

include

2,071

and

2,519,

respectively, of such potential common shares, as their impact would be anti-dilutive.

Use of Estimates

The preparation of financial statements in conformity with 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.

Significant Customers and Other Risks

Significant Customers

Prior to the SUL Agreement, the Company relied primarily on

three

specialty distributors to purchase and supply the majority of RAPIVAB. These

three

pharmaceutical specialty distributors accounted for greater than

90%

of all RAPIVAB product sales and accounted for predominantly all of the Company’s outstanding receivables from product sales. The loss of

one

or more of these specialty distributors as a customer could have negatively impacted the commercialization of RAPIVAB. However, the Company will utilize these specialty distributors on a limited basis subsequent to the SUL collaboration, as SUL and other peramivir collaboration partners will be responsible for commercial sales on a worldwide basis. In addition, in connection with the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB, RAPIACTA, and PERAMIFLU) will be made by the Company’s partners and the Company will be reliant on these partners to generate sales and remit cash to satisfy receivables.

Other than peramivir royalty revenues for which SUL has a significant percentage of worldwide geography, the Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of galidesivir (formerly

BCX4430

) development expenses earned under cost-plus-fixed-fee contracts with BARDA/HHS and NIAID/HHS (each as defined below). The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its galidesivir program. 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 the NIAID/HHS and BARDA/HHS galidesivir contracts could negatively impact the Company’s future Consolidated Statements of Comprehensive Loss and Cash Flows. The Company recognizes royalty revenue from the net sales of RAPIACTA by Shionogi; however, the underlying cash flow from these royalty payments, except for Japanese government stockpiling sales, is used 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. Further, 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.

Risks from Third Party Manufacturing and Distribution Concentration

The Company primarily relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company’s product candidates in development.

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

months or less. Other than product sale and collaborative partner receivables discussed above, the majority of the Company’s receivables from collaborations are due from the U.S. Government, for which there is

assumed credit risk.

Recent Accounting Pronouncements

June 2018,

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

2018

07:

Compensation – Stock Compensation: Improvements to Nonemployee Share-based Payment Accounting

(“ASU

2018

07”

)

The amendments in this update expand the scope of Topic

718

to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments specify that Topic

718

applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. Additionally, the amendments clarify that Topic

718

does

not

apply to share-based payments used to effectively provide (

) financing to the issuer or (

) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic

606,

Revenue from Contracts with Customers. The standard is effective for annual periods beginning after

December

15,

2018,

and interim periods within those annual reporting periods. Early adoption is permitted, but

earlier than an entity’s adoption date of Topic

606.

The Company elected to adopt ASU

2018

as of

July 1, 2018.

Adoption of ASU

2018

did

not

have a material impact on the Company’s consolidated financial statements.

December 22, 2017,

the SEC staff issued SAB

118,

which provides guidance on accounting for the tax effects of the TCJA. SAB

118

provides a measurement period that should

not

extend beyond

one

year from the TCJA enactment date for companies to complete the accounting under ASC

740,

Income Taxes.

November 2016,

the FASB issued Accounting Standards Update

2016

18:

Statement of Cash Flows (Topic

230

): Restricted Cash

(“ASU

2016

18”

). The new standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after

December

15,

2017,

and interim periods within those annual reporting periods. The Company adopted ASU

2016

as of

January 1, 2018

and applied it retrospectively to all periods presented. Adoption of ASU

2016

did

not

have a material impact on the Company’s consolidated financial statements.

August 2016,

the FASB issued Accounting Standards Update

No.

2016

15:

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments

(“ASU

2016

15”

). The amendments in this update clarify how entities should classify certain cash receipts and cash payments on the Consolidated Statements of Cash Flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than

one

class of cash flows. The standard is effective for annual periods beginning after

December

15,

2017,

and interim periods within those annual reporting periods. The Company adopted ASU

2016

as of

January 1, 2018.

Adoption of ASU

2016

did

not

have a material impact on the Company’s consolidated financial statements.

February 2016,

the FASB issued Accounting Standards Update

No.

2016

02:

Leases (Topic

842

)

(“ASU

2016

02”

). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for all leases with terms greater than

months. This update also introduces new disclosure requirements for leasing arrangements. ASU

2016

will be effective for the Company in fiscal year

2019,

but early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.

January 2016,

the FASB issued Accounting Standards Update

No.

2016

01:

Financial Instruments - Overall (Subtopic

825

): Recognition and Measurement of Financial Assets and Financial Liabilities

(“ASU

2016

01”

). The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In particular, the amendments in this update supersede, for public business entities, the requirement to disclose the methods and significant assumptions used in calculating the fair value of financial instruments required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The standard is effective for annual periods beginning after

December

15,

2017,

and interim periods within those annual reporting periods. The Company adopted ASU

2016

as of

January 1, 2018.

Adoption of ASU

2016

did

not

have a material impact on the Company’s consolidated financial statements.

Note 3 - Collaborative and Other Research and Development Contracts	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	Note 3 — Collaborative and Other Research and Development Contracts U.S. Department of Health and Human Services (“BARDA/HHS”). On March 31, 2015, the Company announced that BARDA/HHS had awarded the Company a contract for the continued development of galidesivir as a potential treatment for diseases caused by RNA pathogens, including filoviruses. This BARDA/HHS contract includes a base contract of $16,265 to support galidesivir drug manufacturing, as well as $22,855 in additional development options that can be exercised by the government, bringing the potential value of the contract to $39,120. As of September 30, 2018, a total of $20,574 has been awarded under exercised options within this contract. National Institute of Allergy and Infectious Diseases (“NIAID/HHS”). In September 2013, NIAID/HHS contracted with the Company for the development of galidesivir as a treatment for Marburg virus disease. NIAID/HHS, part of the National Institutes of Health, made an initial award of $5,000 to the Company. The goals of this contract, including amendments, are to file IND applications for intravenous and intramuscular galidesivir for the treatment of Marburg virus disease and other hemorrhagic fever virus diseases, including Ebola virus and yellow fever disease, and to conduct Phase 1 human clinical trials. As of September 30, 2018, the total NIAID/HHS contract amount to advance the program through the completion of the Phase 1 clinical program is $43,035. As of September 30, 2018, all options have been exercised under this contract. The contracts with NIAID/HHS and BARDA/HHS are cost-plus-fixed-fee contracts. That is, the Company is entitled to receive reimbursement for all costs incurred in accordance with the contract provisions that are related to the development of galidesivir plus a fixed fee, or profit. NIAID/HHS and BARDA/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. Centers for Disease Control and Prevention (“CDC”). On September 6, 2018, the Company announced that the CDC had awarded the Company a $34,660 contract for the procurement of up to 50,000 doses of RAPIVAB (peramivir injection) over a five -year period. The CDC’s purchase of RAPIVAB will supply the Strategic National Stockpile, the nation’s largest supply of potentially life-saving pharmaceuticals and medical supplies for use in a public health emergency. Seqirus UK Limited (“SUL”). On June 16, 2015, the Company and SUL, a limited company organized under the laws of the United Kingdom and a subsidiary of CSL Limited, a company organized under the laws of Australia, entered into a License Agreement (the "SUL Agreement") granting SUL and its affiliates worldwide rights to develop, manufacture and commercialize RAPIVAB and ALPIVAB (peramivir injection) for the treatment of influenza except for the rights to conduct such activities in Israel, Japan, Korea and Taiwan (the permitted geographies together constituting the "Territory"). Peramivir is an intravenous treatment for acute uncomplicated influenza and is currently approved for use in the United States, European Union, Canada, Australia, Japan, Taiwan and Korea. Peramivir is the first and only intravenous influenza treatment in the world and was approved by the U.S. Food and Drug Administration in December 2014 for the treatment of acute uncomplicated influenza in patients 18 years and older who have been symptomatic for no more than two days. The Company retains all rights and associated economics to procure pandemic stockpiling orders for RAPIVAB from the U.S. Government, while SUL has the right to pursue government stockpiling outside the U.S. Pursuant to the SUL Agreement, RAPIVAB and ALPIVAB are licensed to and expected to be commercialized by CSL's subsidiary, SUL, which specializes in influenza prevention through the supply of seasonal and pandemic vaccine to global markets. SUL will manufacture, commercialize and exercise decision-making authority with respect to the development and commercialization of RAPIVAB and ALPIVAB within the Territory and be responsible for all related costs, including sales and promotion. Under the terms of the SUL Agreement, the Company is responsible for fulfilling all post-marketing approval commitments in connection with the FDA's approval of the new drug application (“NDA”), and upon fulfillment will transfer ownership of and financial responsibility for the NDA to SUL. Under the terms of the SUL Agreement, the Company received an upfront payment of $33,740, has received $7,000 of milestone payments and should receive an additional $5,000 milestone payment related to the successful marketing approval by the EMA for an adult indication in the EU that was received in April 2018. $7,000 of the upfront payment was determined to be contingent upon EU marketing approval and was deferred until it was recognized in the second quarter of 2018. BioCryst and SUL are engaged in a formal dispute resolution process, which has now entered arbitration proceedings. The dispute involves many items under the contract including, but not limited to, the EMA approval milestone, which BioCryst maintains is now due under the SUL Agreement. The Company is also entitled under the SUL Agreement to receive tiered royalties at a percentage rate beginning in the mid-teens contingent upon meeting minimum thresholds of net sales, as well as a low-thirties percentage of the gross profit from government stockpiling purchases made outside the U.S. Specifically, the Company receives tiered royalties at a percentage rate in the mid-teens to low-forties on net sales in the U.S. during a Contract Year (defined as July 1 - June 30) and tiered royalties at a percentage rate in the mid-teens to mid-twenties on net sales in the Territory, other than in the U.S., during a Calendar Year, each subject to certain downward adjustments for circumstance or events impacting the overall market opportunity. SUL's royalty payment obligations commence on the date of the SUL Agreement and expire, on a country-by-country basis, upon the later of (i) the expiration of legal exclusivity in such country and (ii) ten years from the date of the SUL Agreement. 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 SUL. Shionogi & Co., Ltd. (“Shionogi”). In February 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. Shionogi has commercially launched peramivir under the commercial name RAPIACTA in Japan and Taiwan. In December 2017, the Company, on behalf of Royalty Sub, instituted arbitration proceedings against Shionogi in order to resolve a dispute with Shionogi under the Shionogi Agreement regarding the achievement of sales milestones and escalating royalties. In the event that the Company prevails in the arbitration, any amounts realized in the arbitration or in respect of the milestone payments and escalating royalties that are the subject of the arbitration would be for the benefit of Royalty Sub and be used by Royalty Sub to service its obligations under the non-recourse PhaRMA Notes (except for any amounts realized by the Company in respect of royalties relating to sales to Japanese governmental entities, which amounts would be retained by the Company). The costs associated with the arbitration proceedings are expected to be paid out of the assets of Royalty Sub in accordance with the terms of the indenture and servicing agreement relating to the PhaRMA Notes, except to the extent such costs are recovered in connection with any arbitration award in favor of the Company and Royalty Sub if they prevail in the arbitration proceedings. Arbitration proceedings, like other legal proceedings, are inherently uncertain. As a result, the Company cannot assure you that the Company will prevail in the arbitration. As any arbitration award in favor of the Company would accrue primarily to the benefit of Royalty Sub and the holders of the PhaRMA Notes, and because the costs associated with the arbitration proceedings are expected to come out of the assets of Royalty Sub if not recovered as part of any arbitration award in favor of the Company and Royalty Sub, the Company does not currently anticipate that these arbitration proceedings will have a material adverse impact on the Company. 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. Green Cross has commercially launched peramivir under the commercial name PeramiFlu 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. Under the terms of the license agreement, as amended, Mundipharma obtained rights to forodesine in markets across Europe, Asia, and Australasia in exchange for a $10,000 up-front payment. In April 2017, Mundipharma obtained regulatory approval of Mundesine ® (forodesine hydrochloride) for the treatment of relapsed/refractory PTCL (Peripheral T-Cell Lymphoma) by the Ministry of Health, Labor and Welfare in Japan and is responsible for all commercialization costs in Japan. With Mundesine’s approval, we began receiving royalties on product sales in Japan as per the amended license agreement. 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 candidate from this collaboration is forodesine. 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. 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 galidesivir to BioCryst for any antiviral use. On January 6, 2014, the Carbohydrate Chemistry Research Team from Callaghan Innovation Research Limited, formerly Industrial Research Limited, transferred to Victoria University of Wellington (“VUW”) to establish the Ferrier Research Institute. The intellectual property rights relating to this research team, and the contracts relating to that intellectual property were transferred to a wholly owned subsidiary of VUW, including the contracts to which BioCryst is a party. The parties executed novation agreements in order to effectuate the transfer. Except for a substitution of parties, the terms and conditions of the contracts are substantially the same. 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, Green Cross and SUL agreements, or commercializes products related to these programs, the Company will owe sublicense fees or royalties on amounts it receives.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Description of Company [Policy Text Block]

The Company

BioCryst is a biotechnology company that designs, optimizes and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on oral treatments for rare diseases in which significant unmet medical needs exist and that align with its capabilities and expertise. The Company was incorporated in Delaware in

1986

With the funds available at

September 30, 2018,

the Company believes its resources will be sufficient to fund its operations into

2020.

The Company has sustained operating losses for the majority of its corporate history and expects that its

2018

expenses will exceed its

2018

2020.

The Company’s liquidity needs will be largely determined by the success of operations in regards to the progression of its product candidates in the future. The Company also

may

consider other plans to fund operations through

2020

including: (

) securing or increasing U.S. Government funding of its programs, including obtaining procurement contracts; (

) out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (

) raising additional capital through equity or debt financings or from other sources; (

) obtaining additional product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (

) reducing spending on

one

or more research and development programs, including by discontinuing development; and/or (

) restructuring operations to change its overhead structure. The Company

may

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (“Royalty Sub”) and MDCP, LLC (“MDCP”) All subsidiaries were formed to facilitate financing transactions for the Company.

Royalty Sub was formed in connection with a

$30,000

financing transaction the Company completed on

March

2011.

See Note

Royalty Monetization, for a further description of this transaction. MDCP was formed in connection with a

$23,000

Senior Credit Facility that the Company closed on

September 23, 2016.

See Note

Senior Credit Facility, for a further description of this transaction. All intercompany transactions and balances have been eliminated.

-Q and do

not

adjustments other than normal recurring adjustments.

These financial statements should be read in conjunction with the financial statements for the year ended

December

31,

2017

and the notes thereto included in the Company’s

2017

Annual Report on Form

-K. Interim operating results are

not

necessarily indicative of operating results for the full year. The balance sheet as of

December

31,

2017

has been derived from the audited consolidated financial statements included in the Company’s most recent Annual Report on Form

-K.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

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.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted Cash

Restricted cash as of

September 30, 2018

reflects

$93

in royalty revenue paid by Shionogi & Co., Ltd. (“Shionogi”) designated for interest on the PhaRMA Notes (defined in Note

) and

$1,413

the Company is required to maintain as collateral for a letter of credit associated with the lease execution and build-out of its new Birmingham research facilities.

Investment, Policy [Policy Text Block]

Investments

may

three

years and requires an average portfolio maturity of

more than

months. Some of the securities the Company invests in

may

have market risk. This means that a change in prevailing interest rates

may

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.

may

not

three

months and which mature at or less than

months from the balance sheet date are classified as current. Investments with a maturity beyond

months from the balance sheet date are classified as long-term. At

September 30, 2018,

the Company believes that the cost of its investments is recoverable in all material respects.

The following tables summarize the fair value of the Company’s investments by type. The estimated fair values of the Company’s fixed income investments are classified as Level

in the fair value hierarchy as defined in U.S. GAAP. 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

inputs.

	September 30, 2018
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of the U.S. Government and its agencies	$	51,436	$	170	$	—	$	(188	)	$	51,418
Corporate debt securities		40,893		244		—		(207	)		40,930
Certificates of deposit		4,543		18		—		(15	)		4,546

Total investments	$	96,872	$	432	$	—	$	(410	)	$	96,984

	December 31, 2017
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of the U.S. Government and its agencies	$	60,121	$	177	$	—	$	(122	)	$	60,176
Corporate debt securities		34,021		203		—		(108	)		34,116
Certificates of deposit		11,099		32		1		(14	)		11,118

Total investments	$	105,241	$	412	$	1	$	(244	)	$	105,410

The following table summarizes the scheduled maturity for the Company’s investments at

September 30, 2018

and

December

31,

2017.

	2018		2017
Maturing in one year or less	$	67,737	$	64,115
Maturing after one year through two years		29,157		34,257
Maturing after two years		—		7,038

Total investments	$	96,894	$	105,410

Receivables, Policy [Policy Text Block]

Receivables from Collaborations

September 30, 2018

and

December

31,

2017,

the Company had the following receivables.

	September 30, 2018
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	403	$	1,289	$	1,692
Shionogi & Co. Ltd.		35		—		35
Green Cross Corporation		313		27		340
Mundipharma International Holdings Limited		75		—		75
Seqirus UK Limited		1,252		—		1,252

Total receivables	$	2,078	$	1,316	$	3,394

	December 31, 2017
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	42	$	2,020	$	2,062
Shionogi & Co. Ltd.		1,600		—		1,600
Green Cross Corporation		1,388		28		1,416
Mundipharma International Holdings Limited		47		—		47
Seqirus UK Limited		825		167		992

Total receivables	$	3,902	$	2,215	$	6,117

Receivables from Product Sales

Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB

. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date.

Inventory, Policy [Policy Text Block]

Inventory

September 30, 2018,

first

-in,

first

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of

three

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 expected lease term, whichever is less. Property consists of a leased building which did

not

meet the sale-leaseback criteria and is recorded at its fair value, less depreciation. The building is being depreciated over a period equal to the expected term of the related lease.

In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets

may

not

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Patents and Licenses

Accrued Expenses [Policy Text Block]

Accrued Expenses

The Company generally enters into contractual agreements with

third

not

	•		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 the Company’s raw materials, drug substance and drug products; and
	•		professional fees.

may

September 30, 2018

and

December 31, 2017,

the carrying value of accrued expenses approximates their fair value due to their short-term settlement.

Income Tax, Policy [Policy Text Block]

Income Taxes

changes were made to provisional amounts during the

nine

months ended

September 30, 2018,

we will continue to evaluate our estimates related to the new legislation as clarifying guidance and interpretations are issued.

December 22, 2017,

the SEC staff issued Staff Accounting Bulletin

No.

118

(“SAB

118”

), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (“TCJA”). SAB

118

provides a measurement period that should

not

extend beyond

one

year from the TCJA enactment date for companies to complete the accounting under ASC

740,

Income Taxes.

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

were reclassified out of accumulated other comprehensive loss were recorded during the

nine

months ended

September 30, 2018.

reclassifications out of accumulated other comprehensive loss were recorded during the

nine

months ended

September 30, 2017.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Transition Considerations

May 2014,

the Financial Accounting Standards Board issued Standards Update

No.

2014

09:

Revenue from Contracts with Customers (Topic

606

)

(“ASC

606”

), which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principle of ASC

606

The Company adopted the provisions of ASC

606

as of

January

2018

using the modified retrospective method as applied to contracts that were

not

January

2018.

As a result, financial information for reporting periods beginning after

January 1, 2018

are presented under ASC

606,

while comparative financial information has

not

been adjusted and continues to be reported in accordance with the Company’s historical accounting policy for revenue recognition prior to the adoption of ASC

606.

Adoption of ASC

606

resulted in a change in the Company’s method of accounting for fees received under licensing agreements. Prior to adopting ASC

606,

January 1, 2018.

The following table summarizes the cumulative effect of the changes to the Company’s unaudited Consolidated Balance Sheet as of

January 1, 2018

from the adoption of ASC

606:

	Balance at December 31, 2017			Adjustments due to ASC 606			Balance at January 1, 2018
Assets
Deferred collaboration expense	$	210		$	(58	)	$	152
Liabilities
Deferred revenue	$	8,484		$	(1,184	)	$	7,300
Equity
Accumulated deficit	$	(631,843	)	$	1,126		$	(630,717	)

The following tables summarize the current period impacts of adopting ASC

606

on the Company’s unaudited Consolidated Balance Sheet and Consolidated Statement of Comprehensive Loss:

	September 30, 2018
	As Reported			Adjustments due to ASC 606		Balances without adoption of ASC 606
Assets
Deferred collaboration expense	$	8		$	19	$	27
Liabilities
Deferred revenue	$	200		$	396	$	596
Equity
Accumulated deficit	$	(704,537	)	$	378	$	(704,160	)

	For the Three Months Ended September 30, 2018
	As Reported			Adjustments due to ASC 606		Balances without adoption of ASC 606
Collaborative and other research and development revenue	$	931		$	296	$	1,227
Research and development expenses		22,006			14		22,021
Net loss		(29,597	)		282		(29,316	)
Basic and diluted net loss per share	$	(0.28	)	$	0.00	$	(0.28	)

	For the Nine Months Ended September 30, 2018
	As Reported			Adjustments due to ASC 606		Balances without adoption of ASC 606
Collaborative and other research and development revenue	$	13,598		$	888	$	14,486
Research and development expenses		61,457			44		61,501
Net loss		(73,820	)		884		(72,976	)
Basic and diluted net loss per share	$	(0.73	)	$	0.01	$	(0.72	)

Adoption of the standard had

impact on total net cash within the Consolidated Statements of Cash Flows.

Collaborative and Other Research and Development Arrangements and Royalties

not

occur.

The Company has collaboration and license agreements with a number of

third

Revenue from license fees, royalty payments, milestone payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has

further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement.

Arrangements that involve the delivery of more than

one

not

may

be an obligation to deliver services, a right or license to use an asset, or another performance obligation.

Milestone payments are recognized as licensing revenue upon the achievement of specified milestones if (i) the milestone is substantive in nature and the achievement of the milestone was

not

Product Sales

The Company recognizes revenue for sales of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company’s specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, and prior to the SUL Agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations. With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB

, RAPIACTA

, and PERAMIFLU

) should be made by the Company’s partners, except for U.S. Government stockpiling sales, and the Company will be reliant on these partners to generate sales.

The Company recorded the following revenues for the

three

and

nine

months ended

September 30, 2018

and

2017:

	Three Months				Nine Months
	2018		2017		2018		2017
Product sales	$	—	$	1,501	$	—	$	1,501
Royalty revenue		523		442		4,326		7,252
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		931		1,490		1,598		4,305
Shionogi & Co. Ltd.		—		296		—		888
Seqirus UK Limited		—		5,031		12,000		7,350
Total collaborative and other research and development revenues		931		6,817		13,598		12,543

Total revenues	$	1,454	$	8,760	$	17,924	$	21,296

Contract Balances

Contract assets

Contract liabilities

- The Company often receives cash payments from customers in advance of the Company’s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the revenue.

Contract Costs

The Company

may

Advertising

The Company engages in very limited distribution and direct-response advertising. Advertising and promotional costs are expensed as the costs are incurred.

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expenses

third

Additionally, the Company has license agreements with

third

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 the Company’s 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.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation

compensation expense is recognized until “performance” is deemed to have occurred.

Interest Expense and Deferred Financing Costs [Policy Text Block]

Interest Expense and Deferred Financing Costs

Interest expense for the

three

months ended

September

30,

2018

and

2017

was

$2,346

and

$2,140,

respectively, and for the

nine

months ended

September 30, 2018

and

2017

was

$6,672

and

$6,334,

respectively, and primarily relates to the issuance of the PhaRMA Notes (defined in Note

) and the Senior Credit Facility (defined in Note

). Costs directly associated with the issuance of the PhaRMA Notes and the Senior Credit Facility have been capitalized and are netted against the non-recourse notes payable and Senior Credit Facility on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the terms of the PhaRMA Notes and the Senior Credit Facility using the effective interest rate method. Amortization of deferred financing costs and original issue discount included in interest expense was

$222

and

$219

for each of the

three

months ended

September

30,

2018

and

2017,

respectively, and

$676

and

$658

for each of the

nine

months ended

September

30,

2018

and

2017,

respectively.

Lessee, Leases [Policy Text Block]

Lease Financing Obligation

Based on the terms of the lease agreement for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of

$1,589

December 31, 2015,

representing the Company’s leased portion of the building and recorded a corresponding liability. Upon completion of leasehold improvement construction, which ended in

2016,

the Company did

not

20.5

years, and rental payments will be treated as principal and interest payments on the lease financing obligation liability. The underlying accounting for this transaction has

impact on cash flows associated with the underlying lease or construction in process. Interest expense for the

three

months ended

September

30,

2018

and

2017

includes

$85

and

$82,

respectively, and for the

nine

months ended

September 30, 2018

and

September 30, 2017

includes

$252

and

$217,

respectively, related to the lease financing obligation.

At each of

September 30, 2018

and

December 31, 2017,

the lease financing obligation balance was

$2,703

and was recorded as a long term liability on the consolidated balance sheets. At

September 30, 2018

the remaining future minimum payments under the lease financing obligation are

$4,002.

Currency Hedge Agreement [Policy Text Block]

Currency Hedge Agreement

not

nine

months ended

September 30, 2018

and

2017

resulted in losses of

$606

and

$1,858,

respectively. Mark to market adjustments are determined by a

third

party pricing model that uses quoted prices in markets that are

not

actively traded and for which significant inputs are observable directly or indirectly, representing Level

in the fair value hierarchy as defined by U.S. GAAP. In addition, the Company realized currency exchange gains of

$940

and

$966

during the

first

nine

months of

2018

and

2017,

September 30, 2018

and

December 31, 2017,

hedge collateral was posted under the agreement.

Earnings Per Share, Policy [Policy Text Block]

Net Loss Per Share

three

months ended

September

30,

2018

and

2017

does

not

include

2,475

and

1,996,

respectively, of such potential common shares, as their impact would be anti-dilutive. The calculation of diluted earnings per share for the

nine

months ended

September

30,

2018

and

2017

does

not

include

2,071

and

2,519,

respectively, of such potential common shares, as their impact would be anti-dilutive.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Concentration of Market Risk [Policy Text Block]

Significant Customers and Other Risks

Significant Customers

Prior to the SUL Agreement, the Company relied primarily on

three

specialty distributors to purchase and supply the majority of RAPIVAB. These

three

pharmaceutical specialty distributors accounted for greater than

90%

of all RAPIVAB product sales and accounted for predominantly all of the Company’s outstanding receivables from product sales. The loss of

one

BCX4430

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.

Risks from Third Party Manufacturing and Distribution Concentration

Credit Risk

may

assumed credit risk.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

June 2018,

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

2018

07:

Compensation – Stock Compensation: Improvements to Nonemployee Share-based Payment Accounting

(

“ASU2018

07”

)

The amendments in this update expand the scope of Topic

718

to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments specify that Topic

718

does

not

apply to share-based payments used to effectively provide (

) financing to the issuer or (

) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic

606,

Revenue from Contracts with Customers. The standard is effective for annual periods beginning after

December

15,

2018,

and interim periods within those annual reporting periods. Early adoption is permitted, but

earlier than an entity’s adoption date of Topic

606.

The Company elected to adopt ASU

2018

as of

July 1, 2018.

Adoption of ASU

2018

did

not

have a material impact on the Company’s consolidated financial statements.

December 22, 2017,

the SEC staff issued SAB

118,

which provides guidance on accounting for the tax effects of the TCJA. SAB

118

provides a measurement period that should

not

extend beyond

one

year from the TCJA enactment date for companies to complete the accounting under ASC

740,

Income Taxes.

November 2016,

the FASB issued Accounting Standards Update

2016

18:

Statement of Cash Flows (Topic

230

): Restricted Cash

(“ASU

2016

18”

December

15,

2017,

and interim periods within those annual reporting periods. The Company adopted ASU

2016

as of

January 1, 2018

and applied it retrospectively to all periods presented. Adoption of ASU

2016

did

not

have a material impact on the Company’s consolidated financial statements.

August 2016,

the FASB issued Accounting Standards Update

No.

2016

15:

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments

(“ASU

2016

15”

one

class of cash flows. The standard is effective for annual periods beginning after

December

15,

2017,

and interim periods within those annual reporting periods. The Company adopted ASU

2016

as of

January 1, 2018.

Adoption of ASU

2016

did

not

have a material impact on the Company’s consolidated financial statements.

February 2016,

the FASB issued Accounting Standards Update

No.

2016

02:

Leases (Topic

842

)

(“ASU

2016

02”

). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for all leases with terms greater than

months. This update also introduces new disclosure requirements for leasing arrangements. ASU

2016

will be effective for the Company in fiscal year

2019,

but early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.

January 2016,

the FASB issued Accounting Standards Update

No.

2016

01:

Financial Instruments - Overall (Subtopic

825

): Recognition and Measurement of Financial Assets and Financial Liabilities

(“ASU

2016

01”

December

15,

2017,

and interim periods within those annual reporting periods. The Company adopted ASU

2016

as of

January 1, 2018.

Adoption of ASU

2016

did

not

have a material impact on the Company’s consolidated financial statements.

Note 1 - Significant Accounting Policies (Details Textual) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) shares	Sep. 30, 2017 USD ($) shares	Sep. 30, 2018 USD ($) shares	Sep. 30, 2017 USD ($) shares	Jul. 20, 2018 USD ($)	Jul. 10, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 23, 2016 USD ($)	Dec. 31, 2015 USD ($)	Mar. 09, 2011 USD ($)
Business Combination, Agreement Terminated, Expected Transaction-related Expenses						$ 6,000
Long-term Line of Credit, Total	$ 28,293		$ 28,293				$ 16,750
Restricted Cash and Cash Equivalents, Current, Total	1,506		1,506				3,286
Loss on Sale of Investments			0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			1	$ 0
Interest Expense, Debt, Total	2,346	$ 2,140	6,762	6,334
Amortization of Debt Issuance Costs	222	219	676	658
Interest Expense, Total	2,346	$ 2,140	6,762	$ 6,334
Lease Financing Obligation, Net of Current	$ 2,704		$ 2,704				2,751
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	2,475	1,996	2,071	2,519
RAPIVAB [Member] \| Customer Concentration Risk [Member] \| Sales Revenue, Product Line [Member]
Number of Major Customers			3
RAPIVAB [Member] \| Customer Concentration Risk [Member] \| Sales Revenue, Product Line [Member] \| Three Customers [Member]
Concentration Risk, Percentage			90.00%
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Derivative, Loss on Derivative			$ 606	$ 1,858
Derivative, Gain on Derivative			940	966
Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value	$ 0		0				0
Birmingham Research Facility [Member]
Interest Expense, Total	85	$ 82	252	$ 217
Lease Financing Obligation, Net of Current	2,703		2,703				$ 2,703
Capital Leases, Future Minimum Payments Due, Total	4,002		$ 4,002
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life			3 years
Laboratory Equipment, Office Equipment and Software [Member]
Property, Plant and Equipment, Useful Life			5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life			7 years
Leasehold Improvements [Member] \| Birmingham Research Facility [Member]
Property, Plant and Equipment, Useful Life			20 years 182 days
Property, Plant and Equipment, Gross, Ending Balance									$ 1,589
Maximum [Member]
Maturity Period of High Quality Marketable Securities			3 years
Average Maturity Period of High Quality Marketable Securities			1 year 180 days
Maturity Period of Short Term Investment			1 year
Average Maturity for Portfolio Investments			1 year 180 days
Minimum [Member]
Maturity Period of Short Term Investment			90 days
Long-term Investment Maturity, Minimum			1 year
Collateral for Credit [Member]
Restricted Cash and Cash Equivalents, Current, Total	1,413		$ 1,413
Senior Credit Facility [Member] \| MidCap Financial Services, LLC [Member]
Long-term Line of Credit, Total	$ 30,000		$ 30,000		$ 30,000			$ 23,000
JPR Royalty Sub LLC [Member]
Revenue Recognition Royalty and Milestone Revenue Recognized										$ 30,000

Note 2 - Stock-based Compensation (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Aug. 31, 2013 shares	Sep. 30, 2018 USD ($) $ / shares shares	Sep. 30, 2017 USD ($) $ / shares	Dec. 31, 2014 shares	Dec. 31, 2017 shares
Number of Stock-based Compensation Plans		2
Allocated Share-based Compensation Expense, Total		$ 7,072	$ 10,307
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		12,793
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year		1,973
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two		5,910
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three		3,434
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four		1,451
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Five		25
Incentive Plan [Member]
Allocated Share-based Compensation Expense, Total		$ 6,899	$ 10,107
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares		$ 4.22	$ 3.74
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant \| shares		280			468
Incentive Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%
Incentive Plan [Member] \| Employee Stock Option [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		5 years
Incentive Plan [Member] \| Employee Stock Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		10 years
Incentive Plan [Member] \| Employee Stock Option [Member] \| Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, First Vesting Period After Grant Date		1 year
Incentive Plan [Member] \| Employee Stock Option [Member] \| Vest 25% Each Year Until Fully Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Incentive Plan [Member] \| Performance Shares [Member]
Allocated Share-based Compensation Expense, Total		$ 0
Incentive Plan [Member] \| Performance Shares [Member] \| Vest Upon Successful Completion of Specific Development Milestones [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross \| shares	1,032			1,250
Incentive Plan [Member] \| Performance Shares [Member] \| Vest Upon Successful Completion of Specific Development Milestones [Member] \| August 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		75.00%
Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage		25.00%
Incentive Plan [Member] \| Performance Shares [Member] \| Vest Upon Successful Completion of Specific Development Milestones [Member] \| December 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		30.00%
Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage		70.00%
Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance \| shares		27
Employee Stock Purchase Plan [Member]
Allocated Share-based Compensation Expense, Total		$ 173	$ 200
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized \| shares		1,475
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant \| shares		234
Percentage of Salary to Purchase Common Stock, Maximum		15.00%
Percentage of Common Stock Shares, Beginning		85.00%
Percentage of Common Stock Shares, Ending		85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee \| shares		3
Shar-based Compensation Arrangement by Shar-based Payment Award, Maximum Number of Shares Per Employee, Amount		$ 25
Stock Issued During Period, Shares, Employee Stock Purchase Plans \| shares		92

Note 4 - Royalty Monetization	9 Months Ended
Note 4 - Royalty Monetization	Sep. 30, 2018
Notes to Financial Statements
Royalty Monetization [Text Block]	Note 4 — 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 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 with the September 2012 interest payment. 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 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 2014, Royalty Sub was unable to pay the accrued interest obligation due September 3, 2013. Under the terms of the Indenture, Royalty Sub’s inability to pay the full amount of interest payable in September 2013 by the next succeeding Payment Date for the PhaRMA Notes, which was September 1, 2014, constituted an event of default. Accordingly, the PhaRMA Notes and related accrued interest have been classified as current liabilities on the December 31, 2014 balance sheet and thereafter. As a result of the event of default under the PhaRMA Notes, the holders of the PhaRMA Notes may pursue acceleration of the PhaRMA Notes, may foreclose on the collateral securing the PhaRMA Notes and the equity interest in Royalty Sub and exercise other remedies available to them under the Indenture in respect of the PhaRMA Notes. In such event, the Company may not realize the benefit of future royalty payments that might otherwise accrue to it following repayment of the PhaRMA Notes and it might otherwise be adversely affected. Due to the non-recourse nature of the PhaRMA Notes, in the event of any potential acceleration or foreclosure, the primary impact to the Company would be the loss of future royalty payments from Shionogi and legal costs associated with retiring the PhaRMA Notes. In addition, the Company may incur costs associated with liquidating the related Currency Hedge Agreement, which would no longer be required in the event of foreclosure, or if the PhaRMA Notes cease to be outstanding. As the PhaRMA Notes are the obligation of Royalty Sub and are non-recourse to the Company, the event of default with respect to the PhaRMA Notes is not expected to have a significant impact on the Company’s future results of operations or cash flows. As of September 30, 2018, the PhaRMA Notes remain in default. 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 September 30, 2018, the aggregate fair value of the PhaRMA Notes was estimated to be approximately 50% of 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. The PhaRMA Notes are redeemable at the option of Royalty Sub at any time at a redemption price equal to the outstanding principal balance of the PhaRMA Notes being redeemed plus accrued and unpaid interest through the redemption date on the PhaRMA Notes being redeemed. 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. 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 2019 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 for the nine months ended September 30, 2018 and 2017 resulted in losses of $606 and $1,858 respectively. The Company is also required to post collateral in connection with the mark to market adjustments based on defined thresholds. As of September 30, 2018 and December 31, 2017, no collateral was posted under the Currency Hedge Agreement. The Company will not be required to post collateral exceeding the maximum premium payments remaining payable under the Currency Hedge Agreement. As of September 30, 2018, the maximum amount of hedge collateral the Company may be required to post is $3,900.

Note 6 - Stockholders' Equity	9 Months Ended
Note 6 - Stockholders' Equity	Sep. 30, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 6 — Stockholders’ Equity On November 8, 2017, the Company filed a $200,000 shelf registration statement on Form S- 3 with the SEC. This shelf registration statement became effective on December 12, 2017 and allows the Company to sell securities, including common stock, preferred stock, depository shares, stock purchase contracts, warrants and units, from time to time at prices and on terms to be determined at the time of sale. On August 6, 2018, the Company completed an underwritten public offering of 10,454,546 shares of its common stock, offered at a price to the public of $5.50 per share, including shares issued pursuant to the underwriters’ 30 -day option to purchase additional shares, which was exercised in full. The net proceeds from this offering to the Company were approximately $53,400 after deducting underwriting discounts and commissions and estimated offering expenses.

Note 2 - Stock-based Compensation - Stock Incentive Plan Activities (Details) - Incentive Plan [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2018 $ / shares shares
Awards available, beginning balance (in shares)	468
Options outstanding, beginning balance (in shares)	14,452
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 6.06
Awards available, restricted stock awards granted (in shares)	(10)
Awards available, restricted stock awards cancelled (in shares)
Awards available, stock option awards granted (in shares)	(321)
Options outstanding, stock option awards granted (in shares)	321
Weighted average exercise price, stock option awards granted (in dollars per share) \| $ / shares	$ 6.12
Options outstanding, stock option awards exercised (in shares)	(572)
Weighted average exercise price, stock option awards exercised (in dollars per share) \| $ / shares	$ 2.78
Awards available, stock option awards cancelled (in shares)	143
Options outstanding, stock option awards cancelled (in shares)	(143)
Weighted average exercise price, stock option awards cancelled (in dollars per share) \| $ / shares	$ 6.08
Awards available, ending balance (in shares)	280
Options outstanding, ending balance (in shares)	14,058
Weighted average exercise price, ending balance (in dollars per share) \| $ / shares	$ 6.20

Note 2 - Stock-based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Incentive Plan (Details) - Incentive Plan [Member]	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Expected Life (Year)	5 years 182 days	5 years 182 days
Expected Volatility	82.00%	82.00%
Expected Dividend Yield	0.00%	0.00%
Risk-Free Interest Rate	2.80%	1.90%

Note 3 - Collaborative and Other Research and Development Contracts (Details Textual) - USD ($) $ in Thousands				1 Months Ended			9 Months Ended	42 Months Ended
	Sep. 06, 2018	Jun. 16, 2015	Feb. 28, 2006	Sep. 30, 2013	Jun. 30, 2006	Jun. 30, 2000	Sep. 30, 2018	Sep. 30, 2018	Mar. 31, 2015
Centers for Disease Control and Prevention [Member]
Collaborative Agreement Contract Value	$ 34,660
Contract Term	5 years
CSL Limited [Member
Proceeds from License Fees Received		$ 33,740
Milestone Payment Received		7,000
Milestone Payment Maximum		$ 5,000
Royalty Term		10 years
National Institute of Allergy and Infectious Diseases [Member]
Collaborative Agreement Contract Value				$ 5,000
Expected Receivable From Awards for Research and Development Contracts							$ 43,035
UAB [Member]
Period of Agreement							25 years
Renewable Period of Agreement							5 years
Base Contract [Member]
Government Contract Receivable									$ 16,265
Additional Development Options [Member]
Government Contract Receivable									22,855
ASPRBARDA Contract [Member]
Government Contract Receivable									$ 39,120
Proceeds from awards for Research and Development Contracts								$ 20,574
Green Cross Corporation [Member]
Proceeds from License Fees Received					$ 250
Mundipharma [Member]
Upfront Payments Receivable Amount			$ 10,000
AECOM and IRL [Member]
Milestone Payment Maximum						$ 4,000
Milestone Payment Minimum						1,400
Annual License Fee Minimum						150
Annual License Fee Maximum						$ 500
Advance Notice Period for Termination of Agreement						60 days

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000	5,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000	200,000
Common stock, shares issued (in shares)	109,625	98,411
Common stock, shares outstanding (in shares)	109,625	98,411

Note 1 - Significant Accounting Policies - Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Amortized Cost	$ 96,872	$ 105,241
Accrued Interest	432	412
Gross Unrealized Gains		1
Gross Unrealized Losses	(410)	(244)
Estimated Fair Value	96,894	105,410
US Government Agencies Debt Securities [Member]
Amortized Cost	51,436	60,121
Accrued Interest	170	177
Gross Unrealized Gains
Gross Unrealized Losses	(188)	(122)
Estimated Fair Value	51,418	60,176
Corporate Debt Securities [Member]
Amortized Cost	40,893	34,021
Accrued Interest	244	203
Gross Unrealized Gains
Gross Unrealized Losses	(207)	(108)
Estimated Fair Value	40,930	34,116
Certificates of Deposit [Member]
Amortized Cost	4,543	11,099
Accrued Interest	18	32
Gross Unrealized Gains		1
Gross Unrealized Losses	(15)	(14)
Estimated Fair Value	$ 4,546	$ 11,118

Note 1 - Significant Accounting Policies - Scheduled Maturity for the Company's Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Maturing in one year or less	$ 67,737	$ 64,115
Maturing after one year through two years	29,157	34,257
Maturing after two years		7,038
Total investments	$ 96,894	$ 105,410

Note 1 - Significant Accounting Policies- Summary of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Receivables	$ 3,394	$ 6,117
Billed Revenues [Member]
Receivables	2,078	3,902
Unbilled Revenues [Member]
Receivables	1,316	2,215
US Department of Health and Human Services [Member]
Receivables	1,692	2,062
US Department of Health and Human Services [Member] \| Billed Revenues [Member]
Receivables	403	42
US Department of Health and Human Services [Member] \| Unbilled Revenues [Member]
Receivables	1,289	2,020
Shionogi and Co. Ltd [Member]
Receivables	35	1,600
Shionogi and Co. Ltd [Member] \| Billed Revenues [Member]
Receivables	35	1,600
Shionogi and Co. Ltd [Member] \| Unbilled Revenues [Member]
Receivables
Green Cross Corporation [Member]
Receivables	340	1,416
Green Cross Corporation [Member] \| Billed Revenues [Member]
Receivables	313	1,388
Green Cross Corporation [Member] \| Unbilled Revenues [Member]
Receivables	27	28
Mundipharma International Holdings Limited [Member]
Receivables	75	47
Mundipharma International Holdings Limited [Member] \| Billed Revenues [Member]
Receivables	75	47
Mundipharma International Holdings Limited [Member] \| Unbilled Revenues [Member]
Receivables
Seqirus UK Limited [Member]
Receivables	1,252	992
Seqirus UK Limited [Member] \| Billed Revenues [Member]
Receivables	1,252	825
Seqirus UK Limited [Member] \| Unbilled Revenues [Member]
Receivables		$ 167

Note 4 - Royalty Monetization (Details Textual) $ in Thousands			9 Months Ended
	May 18, 2016 USD ($)	Mar. 09, 2011 USD ($)	Sep. 30, 2018 USD ($) ¥ / $	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	May 18, 2016 JPY (¥)
Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value			$ 0		$ 0
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Derivative, Loss on Derivative			$ 606	$ 1,858
PhaRMA Notes Member] \| Currency Hedge Agreement [Member]
Payments for (Proceeds from) Hedge, Investing Activities, Total	$ 1,950
Required Foreign Currency Hedge Per Dollar \| ¥						¥ 100
PhaRMA Notes Member] \| Japan, Yen \| Currency Hedge Agreement [Member]
Derivative, Forward Exchange Rate \| ¥ / $			100
JPR Royalty Sub LLC [Member] \| PhaRMA Notes Member]
Private Placement of Senior Secured Notes		$ 30,000
Debt Instrument, Interest Rate, Stated Percentage		14.00%
Percentage of Carrying Amount in Excess of Fair Value			50.00%
JPR Royalty Sub LLC [Member] \| PhaRMA Notes Member] \| Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value			$ 0		$ 0
Maximum Amount of Collateral Required to Post			3,900
JPR Royalty Sub LLC [Member] \| PhaRMA Notes Member] \| Fair Value, Inputs, Level 2 [Member]
Notes Payable, Fair Value Disclosure			$ 30,000
JPR Royalty Sub LLC [Member] \| Royalty Monetization [Member]
Debt Instrument, Face Amount		$ 30,000
Proceeds from Issuance of Secured Debt		22,691
Transaction Costs		4,309
Interest Reserve		$ 3,000

Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Aug. 06, 2018	Sep. 30, 2018	Sep. 30, 2017	Nov. 08, 2017
Maximum Aggregate Offering Price				$ 200,000
Stock Issued During Period, Shares, New Issues	10,454,546
Shares Issued, Price Per Share	$ 5.50
Proceeds from Issuance of Common Stock	$ 53,400	$ 53,400	$ 133,500