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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2019	Oct. 31, 2019
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)		110,438,425
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 29,903	$ 26,731
Restricted cash	1,547	1,544
Investments	38,532	77,736
Receivables from collaborations	3,598	4,293
Inventory	1,776	1,649
Prepaid expenses and other current assets	3,447	2,399
Total current assets	78,803	114,352
Investments		22,376
Property and equipment, net	7,452	9,135
Other assets	4,245	978
Total assets	90,500	146,841
Liabilities and Stockholders’ Equity
Accounts payable	10,084	7,769
Accrued expenses	24,954	15,938
Interest payable	13,423	11,848
Deferred collaboration revenue	221	221
Senior credit facility	4,036	4,580
Non-recourse notes payable	29,451	29,121
Total current liabilities	82,169	69,477
Deferred rent		54
Other non-current liabilities	3,543	2,703
Senior credit facility	46,041	25,372
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 — 110,438 in 2019 and 110,063 in 2018	1,104	1,101
Additional paid-in capital	795,589	780,400
Accumulated other comprehensive income (loss)	60	(297)
Accumulated deficit	(838,006)	(731,969)
Total stockholders’ (deficit) equity	(41,253)	49,235
Total liabilities and stockholders’ equity	$ 90,500	$ 146,841

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2019	Dec. 31, 2018
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)	110,438	110,063
Common stock, shares outstanding (in shares)	110,438	110,063

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Revenues	$ 1,775	$ 1,454	$ 9,110	$ 17,924
Expenses
Cost of product sales			1,399
Research and development	25,120	22,006	80,294	61,457
Selling, general and administrative	11,735	7,923	26,632	25,024
Royalty	18	18	131	401
Total operating expenses	36,873	29,947	108,456	86,882
Loss from operations	(35,098)	(28,493)	(99,346)	(68,958)
Interest and other income	402	611	1,545	1,566
Interest expense	(3,044)	(2,346)	(8,805)	(6,762)
Gain on foreign currency derivative	148	631	331	334
Net loss	(37,592)	(29,597)	(106,275)	(73,820)
Unrealized gain (loss) on available for sale investments	19	42	357	(167)
Comprehensive loss	$ (37,573)	$ (29,555)	$ (105,918)	$ (73,987)
Basic and diluted net loss per common share (in dollars per share)	$ (0.34)	$ (0.28)	$ (0.96)	$ (0.73)
Weighted average shares outstanding (in shares)	110,416	105,410	110,308	100,955
Product [Member]
Revenues:
Revenues	$ 335		$ 2,014
Royalty [Member]
Revenues:
Revenues	508	523	3,526	4,326
Collaborative and Other Research and Development [Member]
Revenues:
Revenues	$ 932	$ 931	$ 3,570	$ 13,598

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net loss	$ (106,275)	$ (73,820)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	539	572
Stock-based compensation expense	14,031	7,072
Amortization of debt issuance costs	936	676
Amortization of premium/discount on investments	1	152
Change in fair value of foreign currency derivative	532	606
Changes in operating assets and liabilities:
Receivables	695	2,723
Inventory	(127)	(821)
Prepaid expenses and other assets	(1,018)	(1,063)
Deferred collaboration expense		144
Accounts payable and accrued expenses	9,975	3,947
Interest payable	1,575	(1,668)
Deferred revenue		(7,100)
Net cash used in operating activities	(79,136)	(68,580)
Investing activities
Acquisitions of property and equipment	(263)	(262)
Purchases of investments	(3,018)	(43,158)
Sales and maturities of investments	64,954	51,355
Net cash provided by investing activities	61,673	7,935
Financing activities
Sale of common stock, net		53,400
Proceeds from senior credit facility	19,477	10,353
Payment of senior credit facility		(4,025)
Net proceeds from common stock issued under stock-based compensation plans	1,161	1,495
Decrease in lease financing obligation		(56)
Net cash provided by financing activities	20,638	61,167
Increase in cash, cash equivalents and restricted cash	3,175	522
Cash, cash equivalents and restricted cash at beginning of period	28,275	53,568
Cash, cash equivalents and restricted cash at end of period	$ 31,450	$ 54,090

Consolidated Statements Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2017	$ 984	$ 714,869	$ (243)	$ (631,843)	$ 83,767
Impact to retained earnings from adoption of new standard at Dec. 31, 2017				1,126	1,126
Net loss				(25,777)	(25,777)
Other comprehensive income (loss)			(233)		(233)
Exercise of stock options	2	79			81
Employee stock purchase plan sales	1	186			187
Stock-based compensation expense		2,903			2,903
Balance at Mar. 31, 2018	987	718,037	(476)	(656,494)	62,054
Balance at Dec. 31, 2017	984	714,869	(243)	(631,843)	83,767
Impact to retained earnings from adoption of new standard at Dec. 31, 2017				1,126	1,126
Net loss					(73,820)
Balance at Sep. 30, 2018	1,096	776,724	(410)	(704,537)	72,873
Balance at Mar. 31, 2018	987	718,037	(476)	(656,494)	62,054
Net loss				(18,446)	(18,446)
Other comprehensive income (loss)			24		24
Exercise of stock options	2	466			468
Stock-based compensation expense		2,084			2,084
Balance at Jun. 30, 2018	989	720,587	(452)	(674,940)	46,184
Net loss				(29,597)	(29,597)
Other comprehensive income (loss)			42		42
Exercise of stock options	2	593			595
Employee stock purchase plan sales		164			164
Stock-based compensation expense		2,085			2,085
Issuance of common stock, 10,455 shares, net	105	53,295			53,400
Balance at Sep. 30, 2018	1,096	776,724	(410)	(704,537)	72,873
Balance at Dec. 31, 2018	1,101	780,400	(297)	(731,969)	49,235
Impact to retained earnings from adoption of new standard at Dec. 31, 2018				238	238
Net loss				(31,054)	(31,054)
Other comprehensive income (loss)			208		208
Exercise of stock options	2	341			343
Employee stock purchase plan sales		220			220
Stock-based compensation expense		3,317			3,317
Balance at Mar. 31, 2019	1,103	784,278	(89)	(762,785)	22,507
Balance at Dec. 31, 2018	1,101	780,400	(297)	(731,969)	49,235
Impact to retained earnings from adoption of new standard at Dec. 31, 2018				238	238
Net loss					(106,275)
Balance at Sep. 30, 2019	1,104	795,589	60	(838,006)	(41,253)
Balance at Mar. 31, 2019	1,103	784,278	(89)	(762,785)	22,507
Net loss				(37,629)	(37,629)
Other comprehensive income (loss)			130		130
Exercise of stock options	1	413			414
Stock-based compensation expense		5,385			5,385
Balance at Jun. 30, 2019	1,104	790,076	41	(800,414)	(9,193)
Net loss				(37,592)	(37,592)
Other comprehensive income (loss)			19		19
Employee stock purchase plan sales		184			184
Stock-based compensation expense		5,329			5,329
Balance at Sep. 30, 2019	$ 1,104	$ 795,589	$ 60	$ (838,006)	$ (41,253)

- Definition

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

+ References + Details

Consolidated Statements Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Common Stock [Member]
Exercise of stock options, shares (in shares)		100	160	200	226	242
Employee stock purchase plan sales, shares (in shares)	68		47	43		49
Issuance of common stock, shares (in shares)				10,455

Note 1 - Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note

- Significant Accounting Policies

The Company

BioCryst Pharmaceuticals, Inc. (the “Company”) is a biotechnology company that discovers novel, oral, small-molecule medicines. 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, 2019

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

), the Company believes its financial 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

2019

expenses will exceed its

2019

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 regard to the progression of its product candidates in the future. The Company will consider the following plans to fund operations through

2020

and beyond including: (

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

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

) raising additional capital through equity and/or debt financings or from other sources, including royalty or other monetization transactions; (

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

) reducing spending on research and development programs, including by discontinuing and suspending 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, units or debt securities, 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 consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (“Royalty Sub”) and MDCP, LLC (“MDCP”). Both 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

and subsequently amended and restated on each of

July 20, 2018

and

February 5, 2019.

See Note

for a further description of these transactions. 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,

2018

and the notes thereto included in the Company’s

2018

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,

2018

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, 2019

reflects

$133

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

) and

$1,414

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, 2019,

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, 2019
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of the U.S. Government and its agencies	$	16,464	$	86	$	38	$	(2	)	$	16,586
Corporate debt securities		19,360		151		19		(5	)		19,525
Certificates of deposit		2,398		13		10		—			2,421
Total investments	$	38,222	$	250	$	67	$	(7	)	$	38,532

	December 31, 2018
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of U.S. Government and its agencies	$	50,613	$	176	$	15	$	(131	)	$	50,673
Corporate debt securities		45,793		254		4		(171	)		45,880
Certificates of deposit		3,559		14		—		(14	)		3,559
Total investments	$	99,965	$	444	$	19	$	(316	)	$	100,112

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

September 30, 2019

and

December

31,

2018.

	September 30, 2019		December 31, 2018
Maturing in one year or less	$	38,532	$	77,736
Maturing after one year through two years		—		22,376
Total investments	$	38,532	$	100,112

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, Shionogi, and Green Cross. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date.

September 30, 2019

and

December

31,

2018,

the Company had the following receivables.

	September 30, 2019
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	477	$	1,292	$	1,769
Shionogi & Co. Ltd.		160		—		160
Green Cross Corporation		303		27		330
Mundipharma International Holdings Limited		40		—		40
Seqirus UK Limited		947		352		1,299
Total receivables	$	1,927	$	1,671	$	3,598

	December 31, 2018
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	—	$	1,525	$	1,525
Shionogi & Co. Ltd.		854		—		854
Green Cross Corporation		876		28		904
Mundipharma International Holdings Limited		44		—		44
Seqirus UK Limited		940		26		966
Total receivables	$	2,714	$	1,579	$	4,293

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, 2019

and

December 31, 2018,

the Company’s inventory consisted primarily of peramivir work in process. 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. At

December 31, 2018,

property consisted of a leased building which did

not

meet the sale-leaseback criteria and is recorded at its fair value, less depreciation. Upon adoption of Accounting Standards Update

No.

2016

02:

Leases (Topic

842

)

January 1, 2019,

the building was derecognized and a right-of-use asset was recorded. For additional detail, see Note

Leases.

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 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, 2019

and

December 31, 2018,

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.

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.

reclassifications out of accumulated other comprehensive loss were recorded during the

nine

months ended

September 30, 2019.

Realized losses of

were reclassified out of accumulated other comprehensive loss during the

nine

months ended

September 30, 2018.

Revenue Recognition

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, 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

third

party peramivir sales (i.e., RAPIVAB, ALPIVAB

, RAPIACTA

, and PERAMIFLU

) will be made by the Company’s partners, except for U.S. Government stockpiling sales and sales to collaborative partners, 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, 2019

and

2018:

	Three Months				Nine Months
	2019		2018		2019		2018
Product sales	$	335	$	—	$	2,014	$	—
Royalty revenue		508		523		3,526		4,326
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		932		931		3,570		1,598
Seqirus UK Limited		—		—		—		12,000
Total collaborative and other research and development revenues		932		931		3,570		13,598
Total revenues	$	1,775	$	1,454	$	9,110	$	17,924

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 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

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.

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.

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” becomes probable.

Interest Expense and Deferred Financing Costs

Interest expense for the

three

months ended

September

30,

2019

and

2018

was

$3,042

and

$2,346,

respectively, and for the

nine

months ended

September 30, 2019

and

2018

was

$8,803

and

$6,762,

respectively, related to the issuance of the PhaRMA Notes (defined in Note

) and the Second Amended and Restated 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 Second 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

$341

and

$222

for each of the

three

months ended

September

30,

2019

and

2018,

respectively, and

$936

and

$676

for each of the

nine

months ended

September

30,

2019

and

2018,

respectively.

Currency Hedge Agreement

In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does

not

qualify for hedge accounting treatment; therefore, mark to market adjustments are recognized in the Company’s Consolidated Statements of Comprehensive Loss. Cumulative mark to market adjustments for the

nine

months ended

September 30, 2019

and

2018

resulted in losses of

$532

and

$606,

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

$863

and

$940

during the

first

nine

months of

2019

and

2018,

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 both

September 30, 2019

and

December 31, 2018,

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,

2019

and

2018

does

not

include

541

and

2,475,

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,

2019

and

2018

does

not

include

1,892

and

2,071,

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 management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The most significant estimates in the Company’s consolidated financial statements relate to the valuation of stock options, and the valuation allowance for deferred tax assets resulting from net operating losses. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are

not

readily apparent from other sources. 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

third

party 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 royalty revenues, 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. 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, goes directly to pay the interest, and then the principal, on the Company’s non-recourse notes payable. Payment of the interest and the ultimate repayment of principal of these notes will be entirely funded by future royalty payments derived from net sales of RAPIACTA. 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 generally 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

February 2016,

the Financial Accounting Standards Board (“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 right-of-use 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. In

July 2018,

the FASB issued Accounting Standards Update

No.

2018

11:

Targeted Improvements to Leases

(“ASU

2018

11”

), which provides companies with an additional transition method that allows the effects of the adoption of the new standard to be recognized as a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted ASU

2016

as of

January 1, 2019

using the optional transition method set forth in ASU

2018

11.

ASU

2016

provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permits it to

not

reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected the short-term lease recognition exemption for all leases that qualify. For those leases that qualify, the Company will

not

recognize right of use assets or lease liabilities, and this includes

not

recognizing right of use assets or lease liabilities for existing short-term leases of those assets in transition.

The most significant effects of adoption relate to (

) the recognition of new right of use assets and lease liabilities on its balance sheet for real estate operating leases; and (

) providing significant new disclosures about its leasing activities. For additional detail, see Note

Leases.

June 2016,

the FASB issued Accounting Standards Update

No.

2016

13,

Financial Instruments - Credit Losses (Topic

326

): Measurement of Credit Losses on Financial Instruments

(“ASU

2016

13”

)

ASU

2016

requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In addition, ASU

2016

requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses

. ASU

2016

requires consideration of a broader range of reasonable and supportable information to develop credit loss estimates. ASU

2016

is effective for public companies for interim and annual periods beginning after

December 15, 2019.

The adoption of ASU

2016

not

expected to have a material effect on the Company's financial position, results of operations or cash flows.

Note 2 - Stock-based Compensation

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Note

- Stock-Based Compensation

As of

September 30, 2019,

the Company had

three

stock-based employee compensation plans, the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Inducement Equity Incentive Plan (“Inducement Plan”) and the Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was amended and restated on

April 19, 2019

and approved by the Company’s stockholders on

May 29, 2019.

The Inducement Plan was adopted by the Board of Directors on

April 24, 2019.

The ESPP was amended and restated in

March 2014

and approved by the Company’s stockholders in

May 2014.

Stock-based compensation expense of

$14,031

(

$13,635

of expense related to the Incentive Plan,

$164

of expense related to the Inducement Plan and

$232

of expense related to the ESPP) was recognized during the

first

nine

months of

2019,

while

$7,072

(

$6,899

of expense related to the Incentive Plan and

$173

of expense related to the ESPP) was recognized during the

first

nine

months of

2018.

There was approximately

$25,703

of total unrecognized compensation cost related to non-vested stock option awards granted by the Company as of

September 30, 2019.

That cost is expected to be recognized as follows:

$3,741

during the remainder of

2019,

$8,976

2020,

$6,981

2021,

$5,577

2022

and

$428

2023.

In addition, the Company has outstanding performance-based stock options for which

compensation expense is recognized until “performance” becomes probable.

Stock Incentive Plan

The Company grants stock option awards and restricted stock unit awards to its employees, directors, and consultants under the Incentive Plan. Under the Incentive Plan, stock option awards are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards and restricted stock units granted to employees generally vest

25%

each year until fully vested after

four

years. In

August 2013

and

December 2014,

the Company issued

1,032

and

1,250

performance-based stock options, respectively. These awards vest upon successful completion of specific development milestones. As of

September 30, 2019,

75%

of the

August 2013

grants have vested based upon achievement of

three

milestones and

30%

of the

December 2014

grants have vested based upon achievement of a single milestone. During the

first

nine

months of

2019,

the Company recognized

$4,438

of stock compensation expense related to

two

milestones within the

December 2014

grants for which achievement became probable. Stock option awards granted to non-employee directors of the Company generally vest over

one

year. All stock option awards have contractual terms of

years. The vesting and exercise provisions of all awards granted under the Incentive Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the Incentive Plan.

Related activity under the Incentive Plan is as follows:

	Awards Available			Options Outstanding			Weighted Average Exercise Price
Balance December 31, 2018		805			17,491		$	6.49
Plan amendment		4,000			—			—
Stock option awards granted		(866	)		866			6.72
Stock option awards exercised		—			(251	)		3.75
Stock option awards cancelled		124			(124	)		7.25
Balance September 30, 2019		4,063			17,982		$	6.53

For stock option awards granted under the Incentive Plan during the

first

nine

months of

2019

and

2018,

the fair value was estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted in the table below. The weighted average grant date fair value per share of the awards granted during the

first

nine

months of

2019

and

2018

was

$4.57

and

$4.22,

respectively. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method.

Inducement Equity Incentive Plan

The Company has the ability to grant stock option awards to newly-hired employees as inducements material to each employee entering employment with the Company. Stock option awards granted to newly hired employees generally vest

25%

each year until fully vested after

four

years. Each stock option has a term of

years and is subject to the terms and conditions of the Inducement Equity Incentive Plan. The vesting and exercise provisions of all awards granted under the Inducement Equity Incentive Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the Inducement Equity Incentive Plan.

During the

nine

months ended

September 30, 2019,

the Company’s Board of Directors approved the issuance of

999

options to newly hired employees. The options were granted with an exercise price equal to the Company’s market price on the respective dates of grant. The fair value was estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted in the table below. The weighted average grant date fair value of these stock option awards was

$2.72.

The weighted-average exercise price of the inducement grants issued during the

nine

months ended

September 30, 2019

was

$4.03.

The following table summarizes the key assumptions used by the Company to value the stock option awards granted during the

first

nine

months of

2019

and

2018.

The expected life is based on the average of the assumption that all outstanding stock option awards will be exercised at full vesting and the assumption that all outstanding stock option awards will be exercised at the midpoint of the current date (if already vested) or at full vesting (if

not

yet vested) and the full contractual term. The expected volatility represents the historical volatility on the Company’s publicly traded common stock. The Company has assumed

expected dividend yield, as dividends have never been paid to stock or option holders and will

not

be paid for the foreseeable future. The weighted average risk-free interest rate is the implied yield currently available on

zero

-coupon government issues with a remaining term equal to the expected term.

Weighted Average Assumptions for Stock Option Awards Granted to

Employees and Directors under the Plans

	2019			2018
Expected Life in Years		5.5			5.5
Expected Volatility		81.0	%		82.0	%
Expected Dividend Yield		0.0	%		0.0	%
Risk-Free Interest Rate		2.0	%		2.8	%

Employee Stock Purchase Plan (“ESPP”)

The Company has reserved a total of

1,475

shares of common stock to be purchased under the ESPP, of which

119

shares remain available for purchase at

September 30, 2019.

Eligible employees

may

authorize up to

15%

of their salary to purchase common stock at the lower of

85%

of the beginning or

85%

of the ending price during

six

-month purchase intervals.

more than

may

be purchased by any

one

employee at the

six

-month purchase dates and

employee

may

purchase stock having a fair market value at the commencement date of

$25

or more in any

one

calendar year. The Company issued

115

shares during the

first

nine

months of

2019

under the ESPP. Compensation expense for shares purchased under the ESPP related to the purchase discount and the “look-back” option were determined using a Black-Scholes option pricing model.

Note 3 - Collaborative and Other Research and Development Contracts	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	Note 3 - Collaborative and Other Research and Development Contracts 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 (“i.v.”) and intramuscular (“i.m.”) galidesivir for the treatment of Marburg virus disease and other hemorrhagic fever virus diseases, including Yellow Fever and Ebola virus disease, and to conduct an initial Phase 1 human clinical trial. As of September 30, 2019, the total NIAID/HHS contract amount to advance the program through the completion of the Phase I clinical program is $43,035. As of September 30, 2019, all options have been exercised under this contract. 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, 2019, a total of $20,574 has been awarded under exercised options within 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. BARDA/HHS and NIAID/HHS will make periodic assessments of progress and the continuation of the contract is based on the Company’s performance, the timeliness and quality of deliverables, and other factors. The government has rights under certain contract clauses to terminate these contracts. These contracts are terminable by the government at any time for breach or without cause. 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 (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”). 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 will 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 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 NDA, and upon fulfillment will transfer ownership of and financial responsibility for the NDA to SUL. Pursuant to rights to sell ALPIVAB in the EU, the Company was also responsible for regulatory filings and interactions with the European Medicines Agency (“EMA”). In accordance with the SUL Agreement, the Company and SUL formed a joint steering committee, composed of an equal number of representatives from each party, to oversee, review and coordinate the conduct and progress of the commercialization of RAPIVAB in the Territory and any additional development. In October 2017, SUL transferred Canadian registration rights for RAPIVAB to the Company. Under the terms of the SUL Agreement, the Company has received an upfront payment of $33,740 and has achieved all development milestones under the contract, totaling $12,000. The Company is 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 "Royalty Term"). 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. The Company and SUL are engaged in a formal dispute resolution process, which has now entered arbitration proceedings. The dispute involves many items under the SUL Agreement including, but not limited to, the EMA approval milestone payment, which the Company maintains is due under the contract, as well as appropriately commercializing peramivir in the Territory. Arbitration proceedings, like other legal proceedings, are inherently uncertain. As a result, there is no assurance that the Company will prevail in the arbitration. 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 August 2019, the tribunal resolved the dispute in favor of Shionogi, consequently the milestone was deemed not achieved and the royalty rate remains the same. Green Cross Corporation (“Green Cross”). In June 2006, the Company entered into an agreement with Green Cross to develop and commercialize peramivir in Korea. Under the terms of the agreement, Green Cross will be responsible for all development, regulatory, and commercialization costs in Korea. The Company received a one -time license fee of $250. The license also provides that the Company will share in profits resulting from the sale of peramivir in Korea, including the sale of peramivir to the Korean government for stockpiling purposes. Furthermore, Green Cross will pay the Company a premium over its cost to supply peramivir for development and any future marketing of peramivir products in Korea. Mundipharma International Holdings Limited (“Mundipharma”). In February 2006, the Company entered into an exclusive, royalty bearing right and license agreement with Mundipharma for the development and commercialization of Mundesine, a Purine Nucleoside Phosphorylase (“PNP”) inhibitor, for use in oncology (the “Original Agreement”). Under the terms of the Original Agreement, Mundipharma obtained rights to Mundesine in markets across Europe, Asia, and Australasia in exchange for a $10,000 up-front payment. On November 11, 2011, the Company entered into the Amended and Restated License and Development Agreement (the “Amended and Restated Agreement”) with Mundipharma, amending and restating the Original Agreement. Under the terms of the Amended and Restated Agreement, Mundipharma obtained worldwide rights to Mundesine. Commencing on November 11, 2011, Mundipharma controls the development and commercialization of Mundesine and assumes all future development and commercialization costs. The Amended and Restated Agreement provides for the possibility of future event payments totaling $15,000 for achieving specified regulatory events for certain indications and tiered royalties ranging from mid to high single-digit percentages of net product sales in each country where Mundesine is sold by Mundipharma. These royalties are subject to downward adjustments based on the then-existing patent coverage and/or the availability of generic compounds in each country. Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. (“AECOM” and “IRL” respectively). In June 2000, the Company licensed a series of potent inhibitors of PNP from AECOM and IRL, (collectively, the “Licensors”). The lead product candidates from this collaboration are forodesine and ulodesine. The Company has obtained worldwide exclusive rights to develop and ultimately distribute these, or any other, product candidates that might arise from research on these inhibitors. The Company has the option to expand the agreement to include other inventions in the field made by the investigators or employees of the Licensors. The Company agreed to use commercially reasonable efforts to develop these drugs. In addition, the Company has agreed to pay certain milestone payments for each licensed product (which range in the aggregate from $1,400 to almost $4,000 per indication) for future development of these inhibitors, single digit royalties on net sales of any resulting product made by the Company, and to share approximately one quarter of future payments received from other third -party partners, if any. In addition, the Company has agreed to pay annual license fees, which can range from $150 to $500, that are creditable against actual royalties and other payments due to the Licensors. This agreement may be terminated by the Company at any time by giving 60 days advance notice or in the event of material uncured breach by the Licensors. In May 2010, the Company amended the licensee agreement through which the Company obtained worldwide exclusive rights to develop and ultimately distribute any product candidates that might arise from research on a series of PNP inhibitors, including forodesine and ulodesine. Under the terms of the amendment, the Licensors agreed to accept a reduction of one -half in the percentage of future payments received from third -party sub licensees of the licensed PNP inhibitors that must be paid to the Licensors. This reduction does not apply to (i) any milestone payments the Company may receive in the future under its license agreement dated February 1, 2006 with Mundipharma and (ii) royalties received from its sub licensees in connection with the sale of licensed products, for which the original payment rate will remain in effect. The rate of royalty payments to the Licensors based on net sales of any resulting product made by the Company remains unchanged. On November 17, 2011, the Company further amended its agreements with the Licensors whereby the Licensors agreed to accept a reduction of one -half in the percentage of Net Proceeds (as defined) received by the Company under its Amended and Restated Agreement with Mundipharma that will be paid to AECOM/IRL. On June 19, 2012, the Company further amended its agreements with AECOM/IRL whereby the parties clarified the definition of the field with respect to PNP inhibition and AECOM/IRL agreed to exclusive worldwide license of galidesivir to BioCryst for any antiviral use. At its sole option and subject to certain agreed upon conditions, any future non-royalty payments due to be paid by the Company to AECOM/IRL under the license agreement may be made either in cash, in shares of the Company’s common stock, or in a combination of cash and shares. 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.

Note 4 - Royalty Monetization	9 Months Ended
Note 4 - Royalty Monetization	Sep. 30, 2019
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 non-recourse to the Company, the event of default of 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, 2019, 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, 2019, the aggregate fair value of the PhaRMA Notes was estimated to be approximately 50% of the PhaRMA Notes 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 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, 2019 and 2018 resulted in losses of $532 and $606 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, 2019 and December 31, 2018, 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, 2019, the maximum amount of hedge collateral the Company may be required to post is $1,950.

Note 5 - Senior Credit Facility

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

- Senior Credit Facility

February 5, 2019,

the Company entered into a

$100,000

Senior Credit Facility with an affiliate of MidCap Financial Services, LLC, as administrative agent (the “Second Amended and Restated Senior Credit Facility”). Borrowings under the Second Amended and Restated Senior Credit Facility will be available in

three

tranches, with (i) the

first

tranche comprised of

$50,000

funded at closing, which includes

$30,000

of proceeds that were deemed rolled over from the outstanding principal amount under the Company’s prior credit agreement, (ii) the

second

tranche to be comprised of

$30,000,

and (iii) the

third

tranche to be comprised of

$20,000,

with the

second

and

third

tranches to be funded upon the completion of certain contingencies related to the Company’s development activities of its product candidates and the establishment of certain financial covenants. The Second Amended and Restated Senior Credit Facility refinanced and replaced the Amended and Restated Senior Credit Facility dated as of

July 20, 2018 (

the “Amended and Restated Senior Credit Facility”). The Second Amended and Restated Senior Credit Facility bears a variable interest rate of LIBOR (which shall

not

be less than

0.5%

) plus

8%.

The Second Amended and Restated Senior Credit Facility includes an interest-only payment period through

June 2020

and scheduled monthly principal and interest payments for the subsequent

months. The Company used a portion of the proceeds of the Second Amended and Restated Senior Credit Facility to pay off outstanding amounts under the Amended and Restated Senior Credit Facility and the remainder will be used for general corporate purposes. Under the Second Amended and Restated Senior Credit Facility, the Company must maintain a minimum cash balance of

$25,000

of unrestricted cash at all times. The Company has access to an additional

second

tranche of

$30,000

based upon satisfying the positive APeX-

contingency, and if it does, the unrestricted cash balance minimum increases to

$40,000.

As of

September 30, 2019,

the Company had borrowings of

$50,000

under the Second Amended and Restated Senior Credit Facility bearing an interest rate of

10.1%.

The carrying amount of the debt approximates its fair value based on prevailing interest rates as of the balance sheet date. The remaining scheduled principal repayments of the Second Amended and Restated Senior Credit Facility are as follows:

Principal Payments
2020	$	10,000
2021		20,000
2022		20,000
Total	$	50,000

The debt agreement contains

two

provisions that if deemed probable would create the recognition of an embedded feature; however, we have determined that neither provision is probable.

Note 6 - Stockholders' Equity	9 Months Ended
Note 6 - Stockholders' Equity	Sep. 30, 2019
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 10,455 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 7 - Leases

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Leases of Lessor Disclosure [Text Block]

Note

- Leases

February 2016,

the FASB issued ASU

2016

02:

Leases (Topic

842

)

. This ASU requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for most operating leases. ASU

2016

is effective for annual and interim periods beginning after

December 15, 2018,

including interim periods within those fiscal years. In

July 2018,

the FASB issued ASU

2018

11,

Leases (Topic

842

): Targeted Improvements

, which provides companies with an additional optional transition method to apply the new standard to leases in effect at the adoption date through a cumulative effect adjustment. The Company adopted the new lease standard as of

January 1, 2019

using this optional transition method.

The Company elected the package of practical expedients referenced in ASU

2016

02,

which permits companies to retain original lease identification and classification without reassessing initial direct costs for existing leases. The Company also elected the practical expedient that exempts leases with an initial lease term of

twelve

months or less, as well as the practical expedient that allows companies to select, by class of underlying asset,

not

to separate lease and non-lease components. Adoption of this standard resulted in the recognition of a right-of-use asset and a lease liability on the Company’s

January 1, 2019

Consolidated Balance Sheet of

$3,621

and

$4,822,

respectively. There was

material impact on the Company’s Consolidated Statement of Comprehensive Loss, and the cumulative transition adjustment recorded to retained earnings upon adoption was

$238.

The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases at

December

31,

2018.

Certain operating leases provide for renewal options, which can vary by lease. The right-of-use asset and lease liabilities on the Company’s Consolidated Balance Sheet represent payments over the lease term, which includes renewal options for certain real estate leases that we are likely to exercise. As part of the Company’s assessment of the lease term, the Company elected the hindsight practical expedient, which allows companies to use current knowledge and expectations when determining the likelihood to extend lease options. Renewal options for our leases range from

years in length and begin from

2023

through

2026.

The weighted average lease term for the Company’s operating leases was

13.0

years. The discount rate used in the calculation of the Company’s right-of-use asset and lease liability was determined based on the stated rate within each contract when available, or the Company’s collateralized borrowing rate from lending institutions. The weighted average discount rate for the Company’s operating leases was

12.6%.

The Company has

not

made any residual value guarantees related to its operating leases; therefore, the Company has

corresponding liability recorded on its Consolidated Balance Sheets.

Aggregate lease expense under operating leases was

$1,064

for the

nine

month period ended

September 30, 2019.

Certain operating leases include rent escalation provisions, which the Company recognizes as expense on a straight-line basis. Lease expense for leases with an initial term of

twelve

months or less was

not

material.

Future lease payments for assets under operating leases as of

September 30, 2019,

are as follows:

Remaining Maturities of Lease Liabilities Year Ending December 31,	Operating Leases
2019	$	400
2020		1,450
2021		580
2022		519
2023		512
Thereafter		7,765
Total lease payments		11,226
Less imputed interest		6,231
Total	$	4,995

Of the Company’s total lease liability,

$1,452

is a current liability and

$3,543

is a long-term liability at

September 30, 2019.

The current and long-term portions of the Company’s lease liability are presented within “Accrued expenses” and “Other non-current liabilities” on the Consolidated Balance Sheets. The Company’s right-of use asset balance associated with operating leases totaled

$3,799

September 30, 2019.

This amount is presented within “Other long-term assets” on the Consolidated Balance Sheets.

Note 8 - Subsequent Event	9 Months Ended
Note 8 - Subsequent Event	Sep. 30, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	Note 8 – Subsequent Event Torii Commercialization and License Agreement On November 5, 2019, the Company announced that it had entered into a Commercialization and License Agreement (the “Torii Agreement”) with Torii Pharmaceutical Co., Ltd. (“Torii”), granting Torii the exclusive right to commercialize BCX7353 in Japan. Under the Torii Agreement, the Company will receive an upfront, non-refundable payment of $22,000 and may be eligible to receive an additional milestone payment of either $20,000 if Japan’s Pharmaceuticals and Medical Devices Agency (the “PMDA”) grants regulatory approval on or before December 31, 2020, or $15,000 if regulatory approval is granted on or before December 31, 2021. In either case, the regulatory milestone payment is contingent upon receipt of a reimbursement price approval from Japan’s National Health Insurance system in excess of the threshold specified in the Agreement. In addition, the Company will be entitled to receive tiered royalty payments based on the amount of annual net sales of BCX7353 in Japan during each calendar year. If BCX7353 maintains its Sakigake designation during the PMDA review, the tiered royalty rate will range from twenty percent to forty percent of net sales, otherwise, the tiered royalty rate will range from fifteen percent to thirty-five percent of net sales.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Description of Company [Policy Text Block]

The Company

1986

With the funds available at

September 30, 2019

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

), the Company believes its financial 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

2019

expenses will exceed its

2019

2020.

2020

and beyond including: (

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

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

) raising additional capital through equity and/or debt financings or from other sources, including royalty or other monetization transactions; (

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

) reducing spending on research and development programs, including by discontinuing and suspending development; and/or (

) restructuring operations to change its overhead structure. The Company

may

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

$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

and subsequently amended and restated on each of

July 20, 2018

and

February 5, 2019.

See Note

for a further description of these transactions. 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,

2018

and the notes thereto included in the Company’s

2018

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,

2018

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, 2019

reflects

$133

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

) and

$1,414

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.

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, 2019,

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, 2019
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of the U.S. Government and its agencies	$	16,464	$	86	$	38	$	(2	)	$	16,586
Corporate debt securities		19,360		151		19		(5	)		19,525
Certificates of deposit		2,398		13		10		—			2,421
Total investments	$	38,222	$	250	$	67	$	(7	)	$	38,532

	December 31, 2018
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of U.S. Government and its agencies	$	50,613	$	176	$	15	$	(131	)	$	50,673
Corporate debt securities		45,793		254		4		(171	)		45,880
Certificates of deposit		3,559		14		—		(14	)		3,559
Total investments	$	99,965	$	444	$	19	$	(316	)	$	100,112

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

September 30, 2019

and

December

31,

2018.

	September 30, 2019		December 31, 2018
Maturing in one year or less	$	38,532	$	77,736
Maturing after one year through two years		—		22,376
Total investments	$	38,532	$	100,112

Receivable [Policy Text Block]

Receivables from Collaborations

September 30, 2019

and

December

31,

2018,

the Company had the following receivables.

	September 30, 2019
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	477	$	1,292	$	1,769
Shionogi & Co. Ltd.		160		—		160
Green Cross Corporation		303		27		330
Mundipharma International Holdings Limited		40		—		40
Seqirus UK Limited		947		352		1,299
Total receivables	$	1,927	$	1,671	$	3,598

	December 31, 2018
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	—	$	1,525	$	1,525
Shionogi & Co. Ltd.		854		—		854
Green Cross Corporation		876		28		904
Mundipharma International Holdings Limited		44		—		44
Seqirus UK Limited		940		26		966
Total receivables	$	2,714	$	1,579	$	4,293

Inventory, Policy [Policy Text Block]

Inventory

September 30, 2019

and

December 31, 2018,

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

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. At

December 31, 2018,

property consisted of a leased building which did

not

meet the sale-leaseback criteria and is recorded at its fair value, less depreciation. Upon adoption of Accounting Standards Update

No.

2016

02:

Leases (Topic

842

)

January 1, 2019,

the building was derecognized and a right-of-use asset was recorded. For additional detail, see Note

Leases.

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, 2019

and

December 31, 2018,

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

Income Tax, Policy [Policy Text Block]

Income Taxes

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

reclassifications out of accumulated other comprehensive loss were recorded during the

nine

months ended

September 30, 2019.

Realized losses of

were reclassified out of accumulated other comprehensive loss during the

nine

months ended

September 30, 2018.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

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

third

party peramivir sales (i.e., RAPIVAB, ALPIVAB

, RAPIACTA

, and PERAMIFLU

) will be made by the Company’s partners, except for U.S. Government stockpiling sales and sales to collaborative partners, 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, 2019

and

2018:

	Three Months				Nine Months
	2019		2018		2019		2018
Product sales	$	335	$	—	$	2,014	$	—
Royalty revenue		508		523		3,526		4,326
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		932		931		3,570		1,598
Seqirus UK Limited		—		—		—		12,000
Total collaborative and other research and development revenues		932		931		3,570		13,598
Total revenues	$	1,775	$	1,454	$	9,110	$	17,924

Contract Balances

Contract assets

Contract liabilities

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

not

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

compensation expense is recognized until “performance” becomes probable.

Interest Expense and Deferred Financing Costs [Policy Text Block]

Interest Expense and Deferred Financing Costs

Interest expense for the

three

months ended

September

30,

2019

and

2018

was

$3,042

and

$2,346,

respectively, and for the

nine

months ended

September 30, 2019

and

2018

was

$8,803

and

$6,762,

respectively, related to the issuance of the PhaRMA Notes (defined in Note

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

$341

and

$222

for each of the

three

months ended

September

30,

2019

and

2018,

respectively, and

$936

and

$676

for each of the

nine

months ended

September

30,

2019

and

2018,

respectively.

Currency Hedge Agreement [Policy Text Block]

Currency Hedge Agreement

not

nine

months ended

September 30, 2019

and

2018

resulted in losses of

$532

and

$606,

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

$863

and

$940

during the

first

nine

months of

2019

and

2018,

September 30, 2019

and

December 31, 2018,

hedge collateral was posted under the agreement.

Earnings Per Share, Policy [Policy Text Block]

Net Loss Per Share

three

months ended

September

30,

2019

and

2018

does

not

include

541

and

2,475,

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,

2019

and

2018

does

not

include

1,892

and

2,071,

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

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

not

readily apparent from other sources. Actual results could differ from those 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

third

Other than royalty revenues, the Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of galidesivir (formerly

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

February 2016,

the Financial Accounting Standards Board (“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 right-of-use 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. In

July 2018,

the FASB issued Accounting Standards Update

No.

2018

11:

Targeted Improvements to Leases

(“ASU

2018

11”

2016

as of

January 1, 2019

using the optional transition method set forth in ASU

2018

11.

ASU

2016

provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permits it to

not

recognize right of use assets or lease liabilities, and this includes

not

recognizing right of use assets or lease liabilities for existing short-term leases of those assets in transition.

The most significant effects of adoption relate to (

) the recognition of new right of use assets and lease liabilities on its balance sheet for real estate operating leases; and (

) providing significant new disclosures about its leasing activities. For additional detail, see Note

Leases.

June 2016,

the FASB issued Accounting Standards Update

No.

2016

13,

Financial Instruments - Credit Losses (Topic

326

): Measurement of Credit Losses on Financial Instruments

(“ASU

2016

13”

)

ASU

2016

requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In addition, ASU

2016

requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses

. ASU

2016

requires consideration of a broader range of reasonable and supportable information to develop credit loss estimates. ASU

2016

is effective for public companies for interim and annual periods beginning after

December 15, 2019.

The adoption of ASU

2016

not

expected to have a material effect on the Company's financial position, results of operations or cash flows.

Note 1 - Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Debt Securities, Available-for-sale [Table Text Block]

	September 30, 2019
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of the U.S. Government and its agencies	$	16,464	$	86	$	38	$	(2	)	$	16,586
Corporate debt securities		19,360		151		19		(5	)		19,525
Certificates of deposit		2,398		13		10		—			2,421
Total investments	$	38,222	$	250	$	67	$	(7	)	$	38,532

	December 31, 2018
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of U.S. Government and its agencies	$	50,613	$	176	$	15	$	(131	)	$	50,673
Corporate debt securities		45,793		254		4		(171	)		45,880
Certificates of deposit		3,559		14		—		(14	)		3,559
Total investments	$	99,965	$	444	$	19	$	(316	)	$	100,112

Available For Sale Securities Debt Maturities Fair Value [Table Text Block]

	September 30, 2019		December 31, 2018
Maturing in one year or less	$	38,532	$	77,736
Maturing after one year through two years		—		22,376
Total investments	$	38,532	$	100,112

Schedule of Receivables from Collaborations [Table Text Block]

	September 30, 2019
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	477	$	1,292	$	1,769
Shionogi & Co. Ltd.		160		—		160
Green Cross Corporation		303		27		330
Mundipharma International Holdings Limited		40		—		40
Seqirus UK Limited		947		352		1,299
Total receivables	$	1,927	$	1,671	$	3,598

	December 31, 2018
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	—	$	1,525	$	1,525
Shionogi & Co. Ltd.		854		—		854
Green Cross Corporation		876		28		904
Mundipharma International Holdings Limited		44		—		44
Seqirus UK Limited		940		26		966
Total receivables	$	2,714	$	1,579	$	4,293

Disaggregation of Revenue [Table Text Block]

	Three Months				Nine Months
	2019		2018		2019		2018
Product sales	$	335	$	—	$	2,014	$	—
Royalty revenue		508		523		3,526		4,326
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		932		931		3,570		1,598
Seqirus UK Limited		—		—		—		12,000
Total collaborative and other research and development revenues		932		931		3,570		13,598
Total revenues	$	1,775	$	1,454	$	9,110	$	17,924

Note 2 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Share-based Payment Arrangement, Activity [Table Text Block]

	Awards Available			Options Outstanding			Weighted Average Exercise Price
Balance December 31, 2018		805			17,491		$	6.49
Plan amendment		4,000			—			—
Stock option awards granted		(866	)		866			6.72
Stock option awards exercised		—			(251	)		3.75
Stock option awards cancelled		124			(124	)		7.25
Balance September 30, 2019		4,063			17,982		$	6.53

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2019			2018
Expected Life in Years		5.5			5.5
Expected Volatility		81.0	%		82.0	%
Expected Dividend Yield		0.0	%		0.0	%
Risk-Free Interest Rate		2.0	%		2.8	%

Note 5 - Senior Credit Facility (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Schedule of Maturities of Long-term Debt [Table Text Block]

Principal Payments
2020	$	10,000
2021		20,000
2022		20,000
Total	$	50,000

Note 7 - Leases (Tables)	9 Months Ended
Note 7 - Leases (Tables)	Sep. 30, 2019
Notes Tables
Lessee, Lease, Liability, Maturity [Table Text Block]	<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">Remaining Maturities of Lease Liabilities <br />Year Ending December 31,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Operating Leases</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 86%; font-size: 10pt; text-align: left">2019</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,450</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">580</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">519</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">512</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,765</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12.1pt">Total lease payments</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,226</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Less imputed interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,231</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 12.1pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,995</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>

Note 1 - Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) shares	Sep. 30, 2018 USD ($) shares	Sep. 30, 2019 USD ($) shares	Sep. 30, 2018 USD ($) shares	Dec. 31, 2018 USD ($)	Sep. 23, 2016 USD ($)	Mar. 09, 2011 USD ($)
Long-term Line of Credit, Total	$ 46,041		$ 46,041		$ 25,372
Restricted Cash and Cash Equivalents, Current, Total	1,547		1,547		1,544
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			0	$ 1
Interest Expense, Debt, Total	3,042	$ 2,346	8,803	6,762
Amortization of Debt Issuance Costs	$ 341	$ 222	$ 936	$ 676
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	541	2,475	1,892	2,071
RAPIVAB [Member] \| Customer Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member]
Number of Major Customers			3
RAPIVAB [Member] \| Customer Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member] \| Three Customers [Member]
Concentration Risk, Percentage			90.00%
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Derivative, Loss on Derivative			$ 532	$ 606
Derivative, Gain on Derivative			863	$ 940
Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value	$ 0		$ 0		$ 0
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
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]
Long-term Investment Maturity, Minimum			1 year
Royalty Receivable [Member]
Restricted Cash and Cash Equivalents, Current, Total	133		$ 133
Collateral for Credit [Member]
Restricted Cash and Cash Equivalents, Current, Total	1,414		1,414
Senior Credit Facility [Member] \| MidCap Financial Services, LLC [Member]
Long-term Line of Credit, Total	$ 50,000		$ 50,000			$ 23,000
JPR Royalty Sub LLC [Member]
Revenue Recognition Royalty and Milestone Revenue Recognized							$ 30,000

Note 1 - Significant Accounting Policies - Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Amortized Cost	$ 38,222	$ 99,965
Accrued Interest	250	444
Gross Unrealized Gains	67	19
Gross Unrealized Losses	(7)	(316)
Estimated Fair Value	38,532	100,112
US Government Agencies Debt Securities [Member]
Amortized Cost	16,464	50,613
Accrued Interest	86	176
Gross Unrealized Gains	38	15
Gross Unrealized Losses	(2)	(131)
Estimated Fair Value	16,586	50,673
Corporate Debt Securities [Member]
Amortized Cost	19,360	45,793
Accrued Interest	151	254
Gross Unrealized Gains	19	4
Gross Unrealized Losses	(5)	(171)
Estimated Fair Value	19,525	45,880
Certificates of Deposit [Member]
Amortized Cost	2,398	3,559
Accrued Interest	13	14
Gross Unrealized Gains	10
Gross Unrealized Losses		(14)
Estimated Fair Value	$ 2,421	$ 3,559

Note 1 - Significant Accounting Policies - Scheduled Maturity for the Company's Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Maturing in one year or less	$ 38,532	$ 77,736
Maturing after one year through two years		22,376
Total investments	$ 38,532	$ 100,112

Note 1 - Significant Accounting Policies - Summary of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Receivables	$ 3,598	$ 4,293
Billed Revenues [Member]
Receivables	1,927	2,714
Unbilled Revenues [Member]
Receivables	1,671	1,579
US Department of Health and Human Services [Member]
Receivables	1,769	1,525
US Department of Health and Human Services [Member] \| Billed Revenues [Member]
Receivables	477
US Department of Health and Human Services [Member] \| Unbilled Revenues [Member]
Receivables	1,292	1,525
Shionogi and Co. Ltd [Member]
Receivables	160	854
Shionogi and Co. Ltd [Member] \| Billed Revenues [Member]
Receivables	160	854
Shionogi and Co. Ltd [Member] \| Unbilled Revenues [Member]
Receivables
Green Cross Corporation [Member]
Receivables	330	904
Green Cross Corporation [Member] \| Billed Revenues [Member]
Receivables	303	876
Green Cross Corporation [Member] \| Unbilled Revenues [Member]
Receivables	27	28
Mundipharma International Holdings Limited [Member]
Receivables	40	44
Mundipharma International Holdings Limited [Member] \| Billed Revenues [Member]
Receivables	40	44
Mundipharma International Holdings Limited [Member] \| Unbilled Revenues [Member]
Receivables
Seqirus UK Limited [Member]
Receivables	1,299	966
Seqirus UK Limited [Member] \| Billed Revenues [Member]
Receivables	947	940
Seqirus UK Limited [Member] \| Unbilled Revenues [Member]
Receivables	$ 352	$ 26

Note 1 - Significant Accounting Policies - Summary of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues	$ 1,775	$ 1,454	$ 9,110	$ 17,924
Product [Member]
Revenues	335		2,014
Royalty [Member]
Revenues	508	523	3,526	4,326
Collaborative and Other Research and Development [Member]
Revenues	932	931	3,570	13,598
Collaborative and Other Research and Development [Member] \| US Department of Health and Human Services [Member]
Revenues	932	931	3,570	1,598
Collaborative and Other Research and Development [Member] \| Seqirus UK Limited [Member]
Revenues				$ 12,000

Note 2 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Aug. 31, 2013	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2014	Dec. 31, 2018
Share-based Payment Arrangement, Expense		$ 14,031	$ 7,072
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		25,703
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year		3,741
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two		8,976
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three		6,981
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four		5,577
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Five		428
Incentive Plan [Member]
Share-based Payment Arrangement, Expense		$ 13,635	$ 6,899
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 4.57	$ 4.22
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 6.72
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		4,063			805
Incentive Plan [Member] \| Share-based Payment Arrangement, 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] \| Share-based Payment Arrangement, 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] \| Share-based Payment Arrangement, Option [Member] \| Non-employee Directors [Member]
Share-based Payment Arrangement, Expense		$ 4,438
Share-based Compensation Arrangement by Share-based Payment Award, First Vesting Period After Grant Date		1 year
Incentive Plan [Member] \| Share-based Payment Arrangement, 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] \| Vest Upon Successful Completion of Specific Development Milestones [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	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%
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%
Inducement Plan [Member]
Share-based Payment Arrangement, Expense		$ 164
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		999
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 2.72
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 4.03
Inducement Plan [Member] \| Vest 25% Each Year Until Fully Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%
Inducement Plan [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%
Employee Stock Purchase Plan [Member]
Share-based Payment Arrangement, Expense		$ 232	$ 173
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		1,475
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		119
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		3
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee, Amount		$ 25
Stock Issued During Period, Shares, Employee Stock Purchase Plans		115

Note 2 - Stock-based Compensation - Stock Incentive Plan Activities (Details) - Incentive Plan [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Awards available, beginning balance (in shares)	805
Options outstanding, beginning balance (in shares)	17,491
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 6.49
Awards available, plan amendment (in shares)	4,000
Awards available, stock option awards granted (in shares)	(866)
Options outstanding, stock option awards granted (in shares)	866
Weighted average exercise price, stock option awards granted (in dollars per share) \| $ / shares	$ 6.72
Options outstanding, stock option awards exercised (in shares)	(251)
Weighted average exercise price, stock option awards exercised (in dollars per share) \| $ / shares	$ 3.75
Awards available, stock option awards cancelled (in shares)	124
Options outstanding, stock option awards cancelled (in shares)	(124)
Weighted average exercise price, stock option awards cancelled (in dollars per share) \| $ / shares	$ 7.25
Awards available, ending balance (in shares)	4,063
Options outstanding, ending balance (in shares)	17,982
Weighted average exercise price, ending balance (in dollars per share) \| $ / shares	$ 6.53

Note 2 - Stock-based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans (Details) - Incentive Plan [Member]	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Expected Life (Year)	5 years 182 days	5 years 182 days
Expected Volatility	81.00%	82.00%
Expected Dividend Yield	0.00%	0.00%
Risk-Free Interest Rate	2.00%	2.80%

Note 3 - Collaborative and Other Research and Development Contracts (Details Textual) - USD ($)				1 Months Ended			9 Months Ended	52 Months Ended	54 Months Ended
	Sep. 06, 2018	Jun. 16, 2015	Feb. 28, 2006	Sep. 30, 2013	Jun. 30, 2006	Jun. 30, 2000	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2019	Mar. 31, 2015	Nov. 11, 2011
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		$ 33,740,000
Milestone Payment Received								$ 12,000,000
Royalty Term		10 years
Base Contract [Member]
Government Contract Receivable										$ 16,265,000
Additional Development Options [Member]
Government Contract Receivable										22,855,000
ASPRBARDA Contract [Member]
Government Contract Receivable										$ 39,120,000
Proceeds from awards for Research and Development Contracts									$ 20,574,000
Green Cross Corporation [Member]
Proceeds from License Fees Received					$ 250,000
Mundipharma [Member]
Upfront Payments Receivable Amount			$ 10,000,000
Potential Milestone Payments Receivable											$ 15,000,000
AECOM and IRL [Member]
Milestone Payment Minimum						$ 1,400,000
Milestone Payment Maximum						4,000,000
Annual License Fee Minimum						150,000
Annual License Fee Maximum						$ 500,000
Advance Notice Period for Termination of Agreement						60 days
National Institute of Allergy and Infectious Diseases [Member]
Collaborative Agreement Contract Value				$ 5,000,000
Expected Receivable From Awards for Research and Development Contracts							$ 43,035,000
UAB [Member]
Period of Agreement							25 years
Renewable Period of Agreement							5 years

Note 4 - Royalty Monetization (Details Textual) $ in Thousands			9 Months Ended
	May 18, 2016 USD ($)	Mar. 09, 2011 USD ($)	Sep. 30, 2019 USD ($) ¥ / $	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
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			$ 532	$ 606
PhaRMA Notes Member] \| Currency Hedge Agreement [Member]
Derivative, Forward Exchange Rate \| ¥ / $			100
Payments for (Proceeds from) Hedge, Investing Activities, Total	$ 1,950
Required Foreign Currency Hedge Per Dollar	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			1,950
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 5 - Senior Credit Facility (Details Textual) - USD ($) $ in Thousands	Feb. 05, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 23, 2016
Long-term Line of Credit, Total		$ 46,041	$ 25,372
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Minimum LIBOR	0.50%
Debt Instrument, Term	2 years 180 days
Line of Credit, Restricted Cash Required	$ 25,000
Long-term Line of Credit, Total		$ 50,000		$ 23,000
Line of Credit Facility, Interest Rate at Period End		10.10%
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	8.00%
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member] \| Secured Credit Facility, First Tranche [Member]
Debt Instrument, Face Amount	$ 50,000
Repayments of Long-term Debt, Total	30,000
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member] \| Secured Credit Facility, Second Tranche [Member]
Debt Instrument, Face Amount	30,000
Line of Credit, Restricted Cash Required	40,000
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member] \| Secured Credit Facility, Third Tranche [Member]
Debt Instrument, Face Amount	$ 20,000

Note 5 - Senior Credit Facility - Scheduled Principal Repayments of the Credit Facility (Details) $ in Millions	Sep. 30, 2019 USD ($)
2020	$ 10
2021	20
2022	20
Total	$ 50

Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		9 Months Ended
	Aug. 06, 2018	Sep. 30, 2019	Sep. 30, 2018	Nov. 08, 2017
Maximum Aggregate Offering Price				$ 200,000
Stock Issued During Period, Shares, New Issues	10,455
Shares Issued, Price Per Share	$ 5.50
Proceeds from Issuance of Common Stock	$ 53,400		$ 53,400

Note 7 - Leases (Details Textual) - USD ($) $ in Thousands	9 Months Ended
Note 7 - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Lease, Liability, Total	$ 4,995
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 238	$ 1,126
Operating Lease, Weighted Average Remaining Lease Term	13 years
Operating Lease, Weighted Average Discount Rate, Percent	12.60%
Operating Lease, Expense	$ 1,064
Accrued Liabilities, Current [Member]
Operating Lease, Liability, Current	1,452
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Noncurrent	3,543
Other Noncurrent Assets [Member]
Operating Lease, Right-of-Use Asset	$ 3,799
Minimum [Member]
Lessee, Operating Lease, Term of Contract	1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract	5 years
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 238	$ 1,126
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 3,621
Operating Lease, Liability, Total		4,822
Accounting Standards Update 2016-02 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ 238

Note 7 - Leases - Remaining Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2019 USD ($)
2019	$ 400
2020	1,450
2021	580
2022	519
2023	512
Thereafter	7,765
Total lease payments	11,226
Less imputed interest	6,231
Total	$ 4,995

Note 8 - Subsequent Event (Details Textual) - USD ($)				3 Months Ended		9 Months Ended
Note 8 - Subsequent Event (Details Textual) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Nov. 05, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue from Contract with Customer, Including Assessed Tax				$ 1,775,000	$ 1,454,000	$ 9,110,000	$ 17,924,000
The BCX7353 Product [Member] \| Torii Pharmaceutical Co. [Member] \| Forecast [Member]
Revenue from Contract with Customer, Conditional Milestone Payment	$ 15,000	$ 20,000
Subsequent Event [Member] \| The BCX7353 Product [Member] \| Torii Pharmaceutical Co. [Member]
Revenue from Contract with Customer, Including Assessed Tax			$ 22,000
Subsequent Event [Member] \| The BCX7353 Product [Member] \| Torii Pharmaceutical Co. [Member] \| Minimum [Member]
Tiered Royalty, Percent from Net Sales, if Designation is Maintained			20.00%
Tiered Royalty, Percent from Net Sales, if Designation is Not Maintained			15.00%
Subsequent Event [Member] \| The BCX7353 Product [Member] \| Torii Pharmaceutical Co. [Member] \| Maximum [Member]
Tiered Royalty, Percent from Net Sales, if Designation is Maintained			40.00%
Tiered Royalty, Percent from Net Sales, if Designation is Not Maintained			35.00%