0001171843-20-007740 | 10-Q | XBRL Viewer | Biocryst Pharmaceuticals INC

Significant Accounting Policies [Text Block]

Note 1 - 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 the treatment of 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, 2020, the Company believes these resources will be sufficient to fund its planned operations through the second quarter of 2021. The Company has sustained operating losses for the majority of its corporate history and expects that its 2020 expenses will exceed its 2020 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 2021. 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 also may consider other plans to fund operations through 2021 including: (1) securing or increasing U.S. Government funding of its programs, including obtaining procurement contracts; (2) out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (3) raising additional capital through equity or debt financings or from other sources, including royalty or other monetization transactions; (4) obtaining additional product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (5) reducing spending on one or more research and development programs, including by discontinuing development; and/or (6) restructuring operations to change its overhead structure. The Company may issue securities, including common stock, preferred stock, depositary shares, purchase contracts, warrants, debt securities and units, through private placement transactions or registered public offerings in the future. The Company’s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates, timing, scope and magnitude of its commercial expenses 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, including JPR Royalty Sub LLC (“Royalty Sub”) and MDCP, LLC (“MDCP”). Both of these 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 9, 2011. See Note 4, 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 5 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 10-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 no adjustments other than normal recurring adjustments.

These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and the notes thereto included in the Company’s 2019 Annual Report on Form 10-K. Interim operating results are not necessarily indicative of operating results for the full year. The balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements included in the Company’s most recent Annual Report on Form 10-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, 2020 and December 31, 2019 reflects $795 and $134, respectively, in royalty revenue paid by Shionogi & Co., Ltd. (“Shionogi”) designated for interest on the PhaRMA Notes (defined in Note 4) and $1,418 and $1,417, respectively, 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 no more than 18 months. Some of the securities the Company invests in may have market risk. This means that a change in prevailing interest rates may cause the principal amount of the investment to fluctuate. To minimize this risk, the Company schedules its investments with maturities that coincide with expected cash flow needs, thus avoiding the need to redeem an investment prior to its maturity date. Accordingly, the Company does not believe it has a material exposure to interest rate risk arising from its investments. Generally, the Company’s investments are not collateralized. The Company has not realized any significant losses from its investments.

The Company classifies all of its investments as available-for-sale. Unrealized gains and losses on investments are recognized in comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are reflected in interest and other income in the Consolidated Statements of Comprehensive Loss and are determined using the specific identification method with transactions recorded on a settlement date basis. Investments with original maturities at date of purchase beyond three months and which mature at or less than 12 months from the balance sheet date are classified as current. Investments with a maturity beyond 12 months from the balance sheet date are classified as long-term. At September 30, 2020, 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 2 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 2 inputs.

September 30, 2020

Gross Gross

Amortized Accrued Unrealized Unrealized Estimated

Cost Interest Gains Losses Fair Value

Obligations of U.S. Government and its agencies
$ 45,722 $ 18 $ 6 $ - $ 45,746

Corporate debt securities
590 4 - - 594

Certificates of deposit
3,477 9 3 - 3,489

Total investments
$ 49,789 $ 31 $ 9 $ - $ 49,829

  December 31, 2019

Gross

Gross

Amortized

Accrued

Unrealized

Unrealized

Estimated

Cost

Interest

Gains

Losses

Fair Value

Obligations of U.S. Government and its agencies
$ 10,488 50 $ 23 $ - $ 10,561

Corporate debt securities
9,742 59 10 (1 ) 9,810

Certificates of deposit
1,669 7 7 - 1,683

Total investments
$ 21,899 116 $ 40 $ (1 ) $ 22,054

The following table summarizes the scheduled maturity for the Company’s investments at September 30, 2020 and December 31, 2019.

September 30, 2020

December 31, 2019

Maturing in one year or less
$ 46,827 $ 22,054

Maturing after one year through two years
3,002 -

Total investments
$ 49,829 $ 22,054

Receivables from Collaborations

Receivables from collaborations are recorded for amounts due to the Company related to reimbursable research and development costs from the U.S. Department of Health and Human Services, royalty receivables from Shionogi, Green Cross Corporation (“Green Cross”), Mundipharma International Holdings Limited (“Mundipharma”) and Seqirus UK Limited (“SUL”), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date.

At September 30, 2020 and December 31, 2019, the Company had the following receivables.

  September 30, 2020

Billed

Unbilled

Total

U.S. Department of Health and Human Services
$ - $ 3,547 $ 3,547

Shionogi & Co. Ltd.
1,679 4 1,683

Green Cross Corporation
142 8 150

Mundipharma International Holdings Limited
42 - 42

Total receivables
$ 1,863 $ 3,559 $ 5,422

  December 31, 2019



Billed

Unbilled

Total

U.S. Department of Health and Human Services
$ 1,353 $ 15,023 $ 16,376

Shionogi & Co. Ltd.
1,336 4 1,340

Green Cross Corporation
2,924 8 2,932

Mundipharma International Holdings Limited
56 - 56

Seqirus UK Limited
1,091 351 1,442

Total receivables
$ 6,760 $ 15,386 $ 22,146

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

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 costs related to the production of inventories. At September 30, 2020, the Company’s inventory consisted of $206 of peramivir raw materials and $6,035 of peramivir work-in-process.

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.

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

Patents and Licenses

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

Accrued Expenses

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

•

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

•

fees paid to investigative sites in connection with clinical trials;

•

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

•

professional fees.

The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. As of September 30, 2020 and December 31, 2019, 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. During the nine months ended September 30, 2020, realized gains of $1 were reclassified out of accumulated other comprehensive loss. No reclassifications out of accumulated other comprehensive loss were recorded during the nine months ended September 30, 2019.

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 no 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. For performance obligations based on services performed, the Company measures progress using an input method based on the effort we expend or costs we incur toward the satisfaction of performance obligation in relation to the total estimated effort or costs. 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 using either an adjusted market assessment approach or an expected cost plus margin approach, representing the amount that the Company believes the market is willing to pay for the product or service. 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’s principal sources of product sales are sales of peramivir to our licensing partners and sales of RAPIVAB to the U.S. Department of Health and Human Services under the Company’s procurement contract. The Company recognizes revenue for sales when the customer obtains control of the product, which generally occurs upon delivery.

The Company recorded the following revenues for the three and nine months ended September 30, 2020 and 2019:

Three Months

Nine Months

2020

2019

2020

2019

Product sales
$ 2,478 $ 335 $ 2,696 $ 2,014

Royalty revenue
254 508 2,243 3,526

Collaborative and other research and development revenues:

U.S. Department of Health and Human Services
3,088 932 7,240 3,570

Torii Pharmaceutical Co., Ltd.
282 — 1,617 —

Total collaborative and other research and development revenues
3,370 932 8,857 3,570

Total revenues
$ 6,102 $ 1,775 $ 13,796 $ 9,110

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 when promoting RAPIVAB. 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 no compensation expense is recognized until “performance” is deemed to have occurred.

Interest Expense and Deferred Financing Costs

Interest expense for the three months ended September 30, 2020 and 2019 was $2,927 and $3,044, respectively, and for the nine months ended September 30, 2020 and 2019 was $8,892 and $8,805, respectively, related to the issuance of the PhaRMA Notes (defined in Note 4) and the Second Amended and Restated Senior Credit Facility (defined in Note 5). Costs directly associated with the issuance of the PhaRMA Notes and the Second Amended and Restated 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 $381 and $341 for the three months ended September 30, 2020 and 2019, respectively, and $1,061 and $936 for the nine months ended September 30, 2020, and 2019, 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, 2020 and 2019 resulted in losses of $630 and $532, 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 2 in the fair value hierarchy as defined by U.S. GAAP. In addition, the Company realized currency exchange gains of $660 and $863 during the first nine months of 2020 and 2019, respectively, associated with the exercise of a U.S. dollar/Japanese yen currency option under the Currency Hedge Agreement. The Company is also required to post collateral in connection with the mark to market adjustments based on thresholds defined in the Currency Hedge Agreement. As of September 30, 2020 and December 31, 2019, no 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, warrants and common shares expected to be issued under the Company’s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the three months ended September 30, 2020 and 2019 does not include 16,544 and 541, 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, 2020 and 2019 does not include 14,154 and 1,892, 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

Other than royalty revenues, the Company’s primary sources of revenue that have an underlying cash flow stream are the reimbursement of galidesivir (formerly BCX4430) development expenses earned under cost-plus-fixed-fee contracts with BARDA/HHS and NIAID/HHS and sales of RAPIVAB (peramivir injection) under our procurement contract awarded by the Centers for Disease Control and Prevention. 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 may rely on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development and on single source distributors for distribution of approved drug products. 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 18 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 no assumed credit risk.

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“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 2016-13 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 2016-13 requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. ASU 2016-13 requires consideration of a broader range of reasonable and supportable information to develop credit loss estimates.

The Company adopted ASU 2016-02 as of January 1, 2020. Given the nature of the Company’s receivables from collaborators, investment portfolio and other financial assets, adoption of this standard did not have a material effect on the Company's financial position, results of operations or cash flows.

In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance requires entities to capitalize costs for certain implementation activities in the application development stage and expense the capitalized implementation costs over the expected term of the hosting arrangement. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company elected to adopt this standard early, beginning October 1, 2019 on a prospective basis. Adoption did not have a material effect on the Company's financial position, results of operations or cash flows.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Description of Company [Policy Text Block]

The Company

With the funds available at September 30, 2020, the Company believes these resources will be sufficient to fund its planned operations through the second quarter of 2021. The Company has sustained operating losses for the majority of its corporate history and expects that its 2020 expenses will exceed its 2020 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 2021. 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 also may consider other plans to fund operations through 2021 including: (1) securing or increasing U.S. Government funding of its programs, including obtaining procurement contracts; (2) out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (3) raising additional capital through equity or debt financings or from other sources, including royalty or other monetization transactions; (4) obtaining additional product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (5) reducing spending on one or more research and development programs, including by discontinuing development; and/or (6) restructuring operations to change its overhead structure. The Company may issue securities, including common stock, preferred stock, depositary shares, purchase contracts, warrants, debt securities and units, through private placement transactions or registered public offerings in the future. The Company’s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates, timing, scope and magnitude of its commercial expenses and key development and regulatory events and its decisions in the future.

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including JPR Royalty Sub LLC (“Royalty Sub”) and MDCP, LLC (“MDCP”). Both of these 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 9, 2011. See Note 4, 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 5 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 10-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 no adjustments other than normal recurring adjustments.

These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and the notes thereto included in the Company’s 2019 Annual Report on Form 10-K. Interim operating results are not necessarily indicative of operating results for the full year. The balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements included in the Company’s most recent Annual Report on Form 10-K.

Cash and Cash Equivalents, Policy [Policy Text Block]

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.

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

Restricted Cash

Restricted cash as of September 30, 2020 and December 31, 2019 reflects $795 and $134, respectively, in royalty revenue paid by Shionogi & Co., Ltd. (“Shionogi”) designated for interest on the PhaRMA Notes (defined in Note 4) and $1,418 and $1,417, respectively, 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

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

The Company classifies all of its investments as available-for-sale. Unrealized gains and losses on investments are recognized in comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are reflected in interest and other income in the Consolidated Statements of Comprehensive Loss and are determined using the specific identification method with transactions recorded on a settlement date basis. Investments with original maturities at date of purchase beyond three months and which mature at or less than 12 months from the balance sheet date are classified as current. Investments with a maturity beyond 12 months from the balance sheet date are classified as long-term. At September 30, 2020, 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 2 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 2 inputs.

	September 30, 2020
					Gross		Gross
	*Amortized*		*Accrued*		*Unrealized*		*Unrealized*		*Estimated*
	*Cost*		*Interest*		*Gains*		*Losses*		*Fair Value*
Obligations of U.S. Government and its agencies	$	45,722	$	18	$	6	$	-	$	45,746
Corporate debt securities		590		4		-		-		594
Certificates of deposit		3,477		9		3		-		3,489
Total investments	$	49,789	$	31	$	9	$	-	$	49,829

		December 31, 2019
					Gross		Gross
	*Amortized*		*Accrued*		*Unrealized*		*Unrealized*			*Estimated*
	*Cost*		*Interest*		*Gains*		*Losses*			*Fair Value*
Obligations of U.S. Government and its agencies	$	10,488		50	$	23	$	-		$	10,561
Corporate debt securities		9,742		59		10		(1	)		9,810
Certificates of deposit		1,669		7		7		-			1,683
Total investments	$	21,899		116	$	40	$	(1	)	$	22,054

The following table summarizes the scheduled maturity for the Company’s investments at September 30, 2020 and December 31, 2019.

	September 30, 2020		December 31, 2019
Maturing in one year or less	$	46,827	$	22,054
Maturing after one year through two years		3,002		-
Total investments	$	49,829	$	22,054

Receivable [Policy Text Block]

Receivables from Collaborations

Receivables from collaborations are recorded for amounts due to the Company related to reimbursable research and development costs from the U.S. Department of Health and Human Services, royalty receivables from Shionogi, Green Cross Corporation (“Green Cross”), Mundipharma International Holdings Limited (“Mundipharma”) and Seqirus UK Limited (“SUL”), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date.

At September 30, 2020 and December 31, 2019, the Company had the following receivables.

		September 30, 2020
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	-	$	3,547	$	3,547
Shionogi & Co. Ltd.		1,679		4		1,683
Green Cross Corporation		142		8		150
Mundipharma International Holdings Limited		42		-		42
Total receivables	$	1,863	$	3,559	$	5,422

		December 31, 2019
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	1,353	$	15,023	$	16,376
Shionogi & Co. Ltd.		1,336		4		1,340
Green Cross Corporation		2,924		8		2,932
Mundipharma International Holdings Limited		56		-		56
Seqirus UK Limited		1,091		351		1,442
Total receivables	$	6,760	$	15,386	$	22,146

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.

Inventory, Policy [Policy Text Block]

Inventory

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 costs related to the production of inventories. At September 30, 2020, the Company’s inventory consisted of $206 of peramivir raw materials and $6,035 of peramivir work-in-process.

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.

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.

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

Patents and Licenses

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

Accrued Expenses [Policy Text Block]

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, 2020 and December 31, 2019, the carrying value of accrued expenses approximates their fair value due to their short-term settlement.

Income Tax, Policy [Policy Text Block]

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.

Comprehensive Income, Policy [Policy Text Block]

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. During the nine months ended September 30, 2020, realized gains of $1 were reclassified out of accumulated other comprehensive loss. No reclassifications out of accumulated other comprehensive loss were recorded during the nine months ended September 30, 2019.

Revenue [Policy Text Block]

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 no 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. For performance obligations based on services performed, the Company measures progress using an input method based on the effort we expend or costs we incur toward the satisfaction of performance obligation in relation to the total estimated effort or costs. 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 using either an adjusted market assessment approach or an expected cost plus margin approach, representing the amount that the Company believes the market is willing to pay for the product or service. 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’s principal sources of product sales are sales of peramivir to our licensing partners and sales of RAPIVAB to the U.S. Department of Health and Human Services under the Company’s procurement contract. The Company recognizes revenue for sales when the customer obtains control of the product, which generally occurs upon delivery.

The Company recorded the following revenues for the three and nine months ended September 30, 2020 and 2019:

	Three Months				Nine Months
	2020		2019		2020		2019
Product sales	$	2,478	$	335	$	2,696	$	2,014
Royalty revenue		254		508		2,243		3,526
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		3,088		932		7,240		3,570
Torii Pharmaceutical Co., Ltd.		282		—		1,617		—
Total collaborative and other research and development revenues		3,370		932		8,857		3,570
Total revenues	$	6,102	$	1,775	$	13,796	$	9,110

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 when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred.

Research and Development Expense, Policy [Policy Text Block]

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.

Share-based Payment Arrangement [Policy Text Block]

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 no compensation expense is recognized until “performance” is deemed to have occurred.

Interest Expense and Deferred Financing Costs [Policy Text Block]

Interest Expense and Deferred Financing Costs

Interest expense for the three months ended September 30, 2020 and 2019 was $2,927 and $3,044, respectively, and for the nine months ended September 30, 2020 and 2019 was $8,892 and $8,805, respectively, related to the issuance of the PhaRMA Notes (defined in Note 4) and the Second Amended and Restated Senior Credit Facility (defined in Note 5). Costs directly associated with the issuance of the PhaRMA Notes and the Second Amended and Restated 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 $381 and $341 for the three months ended September 30, 2020 and 2019, respectively, and $1,061 and $936 for the nine months ended September 30, 2020, and 2019, respectively.

Currency Hedge Agreement [Policy Text Block]

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, 2020 and 2019 resulted in losses of $630 and $532, 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 2 in the fair value hierarchy as defined by U.S. GAAP. In addition, the Company realized currency exchange gains of $660 and $863 during the first nine months of 2020 and 2019, respectively, associated with the exercise of a U.S. dollar/Japanese yen currency option under the Currency Hedge Agreement. The Company is also required to post collateral in connection with the mark to market adjustments based on thresholds defined in the Currency Hedge Agreement. As of September 30, 2020 and December 31, 2019, no hedge collateral was posted under the agreement.

Earnings Per Share, Policy [Policy Text Block]

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, warrants and common shares expected to be issued under the Company’s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the three months ended September 30, 2020 and 2019 does not include 16,544 and 541, 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, 2020 and 2019 does not include 14,154 and 1,892, respectively, of such potential common shares, as their impact would be anti-dilutive.

Use of Estimates, Policy [Policy Text Block]

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.

Concentration of Market Risk [Policy Text Block]

Significant Customers and Other Risks

Significant Customers

Other than royalty revenues, the Company’s primary sources of revenue that have an underlying cash flow stream are the reimbursement of galidesivir (formerly BCX4430) development expenses earned under cost-plus-fixed-fee contracts with BARDA/HHS and NIAID/HHS and sales of RAPIVAB (peramivir injection) under our procurement contract awarded by the Centers for Disease Control and Prevention. 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 may rely on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development and on single source distributors for distribution of approved drug products. 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 18 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 no assumed credit risk.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“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 2016-13 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 2016-13 requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. ASU 2016-13 requires consideration of a broader range of reasonable and supportable information to develop credit loss estimates.

The Company adopted ASU 2016-02 as of January 1, 2020. Given the nature of the Company’s receivables from collaborators, investment portfolio and other financial assets, adoption of this standard did not have a material effect on the Company's financial position, results of operations or cash flows.

In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance requires entities to capitalize costs for certain implementation activities in the application development stage and expense the capitalized implementation costs over the expected term of the hosting arrangement. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company elected to adopt this standard early, beginning October 1, 2019 on a prospective basis. Adoption did not have a material effect on the Company's financial position, results of operations or cash flows.

Note 1 - Significant Accounting Policies - Summary of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenues	$ 6,102	$ 1,775	$ 13,796	$ 9,110
Torii Pharmaceutical Co. [Member]
Revenues					$ 20,101
Product [Member]
Revenues	2,478	335	2,696	2,014
Royalty [Member]
Revenues	254	508	2,243	3,526
Collaborative and Other Research and Development [Member]
Revenues	3,370	932	8,857	3,570
Collaborative and Other Research and Development [Member] \| US Department of Health and Human Services [Member]
Revenues	3,088	932	7,240	3,570
Collaborative and Other Research and Development [Member] \| Torii Pharmaceutical Co. [Member]
Revenues	$ 282	$ 0	$ 1,617	$ 0

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 1 - Significant Accounting Policies - Summary of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Receivables	$ 5,422	$ 22,146
Billed Revenues [Member]
Receivables	1,863	6,760
Unbilled Revenues [Member]
Receivables	3,559	15,386
US Department of Health and Human Services [Member]
Receivables	3,547	16,376
US Department of Health and Human Services [Member] \| Billed Revenues [Member]
Receivables	0	1,353
US Department of Health and Human Services [Member] \| Unbilled Revenues [Member]
Receivables	3,547	15,023
Shionogi and Co. Ltd [Member]
Receivables	1,683	1,340
Shionogi and Co. Ltd [Member] \| Billed Revenues [Member]
Receivables	1,679	1,336
Shionogi and Co. Ltd [Member] \| Unbilled Revenues [Member]
Receivables	4	4
Green Cross Corporation [Member]
Receivables	150	2,932
Green Cross Corporation [Member] \| Billed Revenues [Member]
Receivables	142	2,924
Green Cross Corporation [Member] \| Unbilled Revenues [Member]
Receivables	8	8
Mundipharma International Holdings Limited [Member]
Receivables	42	56
Mundipharma International Holdings Limited [Member] \| Billed Revenues [Member]
Receivables	42	56
Mundipharma International Holdings Limited [Member] \| Unbilled Revenues [Member]
Receivables	$ 0	0
Seqirus UK Limited [Member]
Receivables		1,442
Seqirus UK Limited [Member] \| Billed Revenues [Member]
Receivables		1,091
Seqirus UK Limited [Member] \| Unbilled Revenues [Member]
Receivables		$ 351

Note 5 - Senior Credit Facility (Tables)

9 Months Ended

Sep. 30, 2020

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

	Principal Payments
2020	$	5,000
2021		20,000
2022		20,000

Total	$	45,000

Note 6 - Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note Disclosure [Text Block]

Note 6 - Stockholders’ Equity

On April 24, 2020, the Company filed a $500,000 shelf registration statement on Form S-3 with the SEC. This shelf registration statement became effective on May 14, 2020 and allows the Company to sell securities, including common stock, preferred stock, depository shares, purchase contracts, warrants, debt securities and units, from time to time at prices and on terms to be determined at the time of sale. On June 1, 2020, the Company completed an underwritten public offering of 22,044,447 shares of its common stock (including shares issued pursuant to the underwriters’ 30-day option to purchase additional shares, which was exercised in full), at a purchase price of $4.50 per share, and pre-funded warrants to purchase 3,511,111 shares of common stock, at a purchase price of $4.49 per pre-funded warrant, for total net proceeds to the Company of $107,665 after deducting underwriting discounts and commissions and other offering expenses payable by the Company. The pre-funded warrants are exercisable, subject to the conditions in the warrant agreement, and have an exercise price of $0.01 per share, which is subject to adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications, or similar events affecting the Company’s common stock and also upon any distributions of assets to the Company’s stockholders.

Note 1 - Significant Accounting Policies - Fair Value of the Company's Investments by Type (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost	$ 49,789,000	$ 21,899,000
Accrued Interest	31,000	116,000
Gross Unrealized Gains	9,000	40,000
Gross Unrealized Losses	0	(1,000)
Estimated Fair Value	49,829,000	22,054,000
US Government Agencies Debt Securities [Member]
Amortized Cost	45,722,000	10,488,000
Accrued Interest	18,000	50,000
Gross Unrealized Gains	6,000	23,000
Gross Unrealized Losses	0	0
Estimated Fair Value	45,746,000	10,561,000
Corporate Debt Securities [Member]
Amortized Cost	590	9,742,000
Accrued Interest	4	59,000
Gross Unrealized Gains	0	10,000
Gross Unrealized Losses	0	(1,000)
Estimated Fair Value	594	9,810,000
Certificates of Deposit [Member]
Amortized Cost	3,477,000	1,669,000
Accrued Interest	9,000	7,000
Gross Unrealized Gains	3,000	7,000
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 3,489,000	$ 1,683,000

Note 7 - Lease Obligations and Other Contingencies

9 Months Ended

Sep. 30, 2020

Leases of Lessor Disclosure [Text Block]

Note 7 – Lease Obligations and Other Contingencies

The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases at September 30, 2020. 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 Sheets 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 the Company’s leases range from 1 to 5 years in length and begin from 2023 through 2026. At September 30, 2020, the weighted average lease term for the Company’s operating leases was 13.7 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 12.8%.

The Company has not made any residual value guarantees related to its operating leases; therefore, the Company has no corresponding liability recorded on its Consolidated Balance Sheets.

Aggregate lease expense under operating leases was $1,321 and $1,064 for the nine-month periods ended September 30, 2020 and September 30, 2019, respectively. 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, 2020, are as follows:

*Remaining Maturities of Lease Liabilities*
Year Ending December 31,	*Operating Leases*
2020	$	403
2021		851
2022		746
2023		608
2024		577
Thereafter		7,908
Total lease payments		11,093
Less imputed interest		6,249
Total	$	4,844

Of the Company’s total lease liability, $925 is a current liability and $3,919 is a long-term liability at September 30, 2020. 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 $3,646 at September 30, 2020. This amount is presented within “Other long-term assets” on the Consolidated Balance Sheets.

Note 7 - Lease Obligations and Other Contingencies (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Lease, Weighted Average Remaining Lease Term (Year)	13 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	12.80%
Operating Lease, Expense	$ 1,321	$ 1,064
Accrued Liabilities, Current [Member]
Operating Lease, Liability, Current	925
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Noncurrent	3,919
Other Noncurrent Assets [Member]
Operating Lease, Right-of-Use Asset	$ 3,646
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Oct. 31, 2020
Document Information [Line Items]
Entity Central Index Key	0000882796
Entity Registrant Name	BIOCRYST PHARMACEUTICALS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-23186
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1413174
Entity Address, Address Line One	4505 Emperor Blvd., Suite 200
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	859-1302
Title of 12(b) Security	Common Stock
Trading Symbol	BCRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		176,565,622

Note 5 - Senior Credit Facility (Details Textual) - USD ($) $ in Thousands	Feb. 05, 2019	Sep. 30, 2020	Dec. 31, 2019	Sep. 23, 2016
Long-term Line of Credit, Total		$ 26,893	$ 41,289
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Minimum LIBOR	0.50%
Debt Instrument, Term (Month)	30 months
Line of Credit, Restricted Cash Required	$ 25,000
Long-term Line of Credit, Total		$ 45,000		$ 23,000
Line of Credit Facility, Interest Rate at Period End		8.50%
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
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member] \| Secured Credit Facility, Third Tranche [Member]
Debt Instrument, Face Amount	$ 20,000

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Sep. 23, 2016	Mar. 09, 2011
Long-term Line of Credit, Total	$ 26,893		$ 26,893		$ 41,289
Restricted Cash and Cash Equivalents, Current, Total	2,213		2,213		1,551
Inventory, Raw Materials, Net of Reserves	206		206
Inventory, Work in Process, Net of Reserves	6,035		6,035
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			1	$ 0
Interest Expense, Debt, Total	2,927	$ 3,044	8,892	8,805
Amortization of Debt Issuance Costs	$ 381	$ 341	$ 1,061	$ 936
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	16,544	541	14,154	1,892
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Derivative, Loss on Derivative			$ 630	$ 532
Derivative, Gain on Derivative			660	$ 863
Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value	$ 0		$ 0		0
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)			3 years
Laboratory Equipment, Office Equipment and Software [Member]
Property, Plant and Equipment, Useful Life (Year)			5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)			7 years
Maximum [Member]
Maturity Period of High Quality Marketable Securities (Year)			3 years
Average Maturity Period of High Quality Marketable Securities (Month)			18 months
Maturity Period of Short Term Investment (Month)			12 months
Average Maturity for Portfolio Investments (Month)			18 months
Minimum [Member]
Long-term Investment Maturity, Minimum (Month)			12 months
Royalty Receivable [Member]
Restricted Cash and Cash Equivalents, Current, Total	795		$ 795		134
Collateral for Credit [Member]
Restricted Cash and Cash Equivalents, Current, Total	1,418		1,418		$ 1,417
Senior Credit Facility [Member] \| MidCap Financial Services, LLC [Member]
Long-term Line of Credit, Total	$ 45,000		$ 45,000			$ 23,000
JPR Royalty Sub LLC [Member]
Revenue Recognition Royalty and Milestone Revenue Recognized							$ 30,000

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2020	Dec. 31, 2019
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)	450,000	450,000
Common stock, shares issued (in shares)	176,566	154,082
Common stock, shares outstanding (in shares)	176,566	154,082

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Common Stock [Member]
Employee stock purchase plan sales, shares (in shares)	137,000		110,000	68,000		47,000
Exercise of stock options, shares (in shares)					100,000	160,000
Warrants issued (in shares)		3,511

Note 2 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			9 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2014	Aug. 31, 2013	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Payment Arrangement, Expense				$ 8,907	$ 14,031
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total				21,884
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year				2,708
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Next Year				8,461
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two				6,983
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three				3,137
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four				595
Incentive Plan [Member]
Share-based Payment Arrangement, Expense				$ 7,492	$ 13,635
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	968,000			11,420,000		968,000
Incentive Plan [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)				$ 3.35	$ 4.57
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 (Year)				10 years
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 (Year)				4 years
Incentive Plan [Member] \| Performance Shares [Member] \| December 2014 [Member]
Share-based Payment Arrangement, Expense						$ 4,998
Incentive Plan [Member] \| Performance Shares [Member] \| December 2019 [Member]
Share-based Payment Arrangement, Expense				$ 214
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares)				0
Incentive Plan [Member] \| Performance Shares [Member] \| Vest Upon Successful Completion of Specific Development Milestones [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	315,000	1,250,000	1,032,000
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				85.00%
Inducement Plan [Member]
Share-based Payment Arrangement, Expense				$ 1,053	$ 164
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)				10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	171,000			888,000		171,000
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, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)				$ 2.41	$ 2.72
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				$ 362	$ 232
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)				4,475,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)				2,873,000
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 (in shares)				3,000
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 (in shares)				246

Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jun. 01, 2020	Apr. 24, 2020
Maximum Aggregate Offering Price		$ 500,000
Stock Issued During Period, Shares, New Issues (in shares)	22,044,447
Shares Issued, Price Per Share (in dollars per share)	$ 4.50
Proceeds from Issuance or Sale of Equity, Total	$ 107,665
Warrants Issued in Public Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	3,511,111
Class of Warrant or Right, Warrants Issued, Price Per Warrant (in dollars per share)	$ 4.49
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.01

Note 2 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

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

							Weighted
							Average
	*Awards*			*Options*			*Exercise*
	*Available*			*Outstanding*			*Price*
Balance December 31, 2019		968			21,050		$	5.96
Plan amendment		8,000			-			-
Restricted stock unit awards granted		(31	)		-			-
Restricted stock unit awards cancelled		-			-			-
Stock option awards granted		(547	)		547			4.86
Stock option awards exercised		-			(193	)		2.76
Stock option awards cancelled		3,030			(3,030	)		6.90

Balance September 30, 2020		11,420			18,374		$	5.85

							Weighted
							Average
	*Awards*			*Options*			*Exercise*
	*Available*			*Outstanding*			*Price*
Balance December 31, 2019		171			1,329		$	3.60
Plan amendment		2,900			-			-
Stock option awards granted		(2,338	)		2,338			3.33
Stock option awards exercised		-			-			-
Stock option awards cancelled		155			(155	)		4.20

Balance September 30, 2020		888			3,512		$	3.42

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

	2020			2019
Expected Life in Years		5.5			5.5
Expected Volatility		83.8	%		81.0	%
Expected Dividend Yield		0.0	%		0.0	%
Risk-Free Interest Rate		0.4	%		2.0	%

Note 2 - Stock-based Compensation - Stock Plan Activities (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Incentive Plan [Member]
Awards available, beginning balance (in shares)	968
Options outstanding, beginning balance (in shares)	21,050
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 5.96
Awards, available, Plan amendment (in shares)	8,000
Awards available, Restricted stock unit awards granted (in shares)	(31)
Awards available, Restricted stock unit awards cancelled (in shares)	0
Awards available, stock option awards granted (in shares)	(547)
Options outstanding, stock option awards granted (in shares)	547
Weighted average exercise price, stock option awards granted (in dollars per share) \| $ / shares	$ 4.86
Options outstanding, stock option awards exercised (in shares)	(193)
Weighted average exercise price, stock option awards exercised (in dollars per share) \| $ / shares	$ 2.76
Awards available, stock option awards cancelled (in shares)	3,030
Options outstanding, stock option awards cancelled (in shares)	(3,030)
Weighted average exercise price, stock option awards cancelled (in dollars per share) \| $ / shares	$ 6.90
Awards available, ending balance (in shares)	11,420
Options outstanding, ending balance (in shares)	18,374
Weighted average exercise price, ending balance (in dollars per share) \| $ / shares	$ 5.85
Inducement Plan [Member]
Awards available, beginning balance (in shares)	171
Options outstanding, beginning balance (in shares)	1,329
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 3.60
Awards, available, Plan amendment (in shares)	2,900
Awards available, stock option awards granted (in shares)	(2,338)
Options outstanding, stock option awards granted (in shares)	2,338
Weighted average exercise price, stock option awards granted (in dollars per share) \| $ / shares	$ 3.33
Options outstanding, stock option awards exercised (in shares)	0
Weighted average exercise price, stock option awards exercised (in dollars per share) \| $ / shares	$ 0
Awards available, stock option awards cancelled (in shares)	155
Options outstanding, stock option awards cancelled (in shares)	(155)
Weighted average exercise price, stock option awards cancelled (in dollars per share) \| $ / shares	$ 4.20
Awards available, ending balance (in shares)	888
Options outstanding, ending balance (in shares)	3,512
Weighted average exercise price, ending balance (in dollars per share) \| $ / shares	$ 3.42

Note 1 - Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

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

	September 30, 2020
					Gross		Gross
	*Amortized*		*Accrued*		*Unrealized*		*Unrealized*		*Estimated*
	*Cost*		*Interest*		*Gains*		*Losses*		*Fair Value*
Obligations of U.S. Government and its agencies	$	45,722	$	18	$	6	$	-	$	45,746
Corporate debt securities		590		4		-		-		594
Certificates of deposit		3,477		9		3		-		3,489
Total investments	$	49,789	$	31	$	9	$	-	$	49,829

		December 31, 2019
					Gross		Gross
	*Amortized*		*Accrued*		*Unrealized*		*Unrealized*			*Estimated*
	*Cost*		*Interest*		*Gains*		*Losses*			*Fair Value*
Obligations of U.S. Government and its agencies	$	10,488		50	$	23	$	-		$	10,561
Corporate debt securities		9,742		59		10		(1	)		9,810
Certificates of deposit		1,669		7		7		-			1,683
Total investments	$	21,899		116	$	40	$	(1	)	$	22,054

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

	September 30, 2020		December 31, 2019
Maturing in one year or less	$	46,827	$	22,054
Maturing after one year through two years		3,002		-
Total investments	$	49,829	$	22,054

Schedule of Receivables from Collaborations [Table Text Block]

		September 30, 2020
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	-	$	3,547	$	3,547
Shionogi & Co. Ltd.		1,679		4		1,683
Green Cross Corporation		142		8		150
Mundipharma International Holdings Limited		42		-		42
Total receivables	$	1,863	$	3,559	$	5,422

		December 31, 2019
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	1,353	$	15,023	$	16,376
Shionogi & Co. Ltd.		1,336		4		1,340
Green Cross Corporation		2,924		8		2,932
Mundipharma International Holdings Limited		56		-		56
Seqirus UK Limited		1,091		351		1,442
Total receivables	$	6,760	$	15,386	$	22,146

Disaggregation of Revenue [Table Text Block]

	Three Months				Nine Months
	2020		2019		2020		2019
Product sales	$	2,478	$	335	$	2,696	$	2,014
Royalty revenue		254		508		2,243		3,526
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		3,088		932		7,240		3,570
Torii Pharmaceutical Co., Ltd.		282		—		1,617		—
Total collaborative and other research and development revenues		3,370		932		8,857		3,570
Total revenues	$	6,102	$	1,775	$	13,796	$	9,110

Note 1 - Significant Accounting Policies - Scheduled Maturity for the Company's Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Maturing in one year or less	$ 46,827	$ 22,054
Maturing after one year through two years	3,002	0
Total investments	$ 49,829	$ 22,054

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Revenues	$ 6,102	$ 1,775	$ 13,796	$ 9,110
Expenses
Cost of product sales	1,517	0	1,517	1,399
Research and development	30,245	25,120	87,610	80,294
Selling, general and administrative	17,195	11,735	46,943	26,632
Royalty	9	18	78	131
Total operating expenses	48,966	36,873	136,148	108,456
Loss from operations	(42,864)	(35,098)	(122,352)	(99,346)
Interest and other income and expense	(312)	402	8,892	1,545
Interest expense	(2,927)	(3,044)	(8,892)	(8,805)
(Loss) gain on foreign currency derivative	(12)	148	31	331
Net loss	(46,115)	(37,592)	(122,321)	(106,275)
Unrealized gain (loss) on available for sale investments	6	19	(30)	357
Comprehensive loss	$ (46,109)	$ (37,573)	$ (122,351)	$ (105,918)
Basic and diluted net loss per common share (in dollars per share)	$ (0.26)	$ (0.34)	$ (0.75)	$ (0.96)
Weighted average shares outstanding (in shares)	176,521	110,416	164,127	110,308
Product [Member]
Revenues:
Revenues	$ 2,478	$ 335	$ 2,696	$ 2,014
Royalty [Member]
Revenues:
Revenues	254	508	2,243	3,526
Collaborative and Other Research and Development [Member]
Revenues:
Revenues	$ 3,370	$ 932	$ 8,857	$ 3,570

Note 7 - Lease Obligations and Other Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

Lessee, Lease, Liability, Maturity [Table Text Block]

*Remaining Maturities of Lease Liabilities*
Year Ending December 31,	*Operating Leases*
2020	$	403
2021		851
2022		746
2023		608
2024		577
Thereafter		7,908
Total lease payments		11,093
Less imputed interest		6,249
Total	$	4,844

Note 3 - Collaborative and Other Research and Development Contracts 1 (Details Textual) - USD ($) $ in Thousands							1 Months Ended				3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended	64 Months Ended	66 Months Ended
	Sep. 03, 2020	Mar. 04, 2020	Nov. 05, 2019	Sep. 06, 2018	Jun. 16, 2015	Feb. 28, 2006	Aug. 31, 2020	Sep. 30, 2013	Jun. 30, 2006	Jun. 30, 2000	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2020	Mar. 31, 2015	Nov. 11, 2011
Revenue from Contract with Customer, Including Assessed Tax											$ 6,102	$ 1,775		$ 13,796	$ 9,110
Arbitration Proceedings of SUL Agreement [Member]
Litigation Settlement, Amount Awarded from Other Party		$ 5,000
Arbitration Proceedings of SUL Agreement [Member] \| Other Income [Member]
Gain (Loss) Related to Litigation Settlement, Total														8,893
Arbitration Proceedings of SUL Agreement [Member] \| Selling, General and Administrative Expenses [Member]
Legal Fees													$ 5,026
US Department of Health and Human Services [Member]
Collaborative Agreement Contract Value				$ 34,660
Contract Term (Year)				5 years
Proceeds from Collaborators	$ 6,932															$ 13,864
Torii Pharmaceutical Co. [Member]
Upfront Payments Receivable Amount			$ 22,000
Potential Milestone Payments Receivable if Regulatory Approval Before December 31, 2020			20,000
Potential Milestone Payments Receivable if Regulatory Approval Before December 31, 2021			$ 15,000
Maximum Customary Reduction on Royalty Rate			50.00%
Royalty Payments Receivable, Expiration Term From First Commercial (Year)			10 years
Revenue from Contract with Customer, Including Assessed Tax																20,101
Torii Pharmaceutical Co. [Member] \| License [Member]
Revenue from Contract with Customer, Including Assessed Tax																19,344
Torii Pharmaceutical Co. [Member] \| Service [Member]
Revenue from Contract with Customer, Including Assessed Tax																$ 757
Torii Pharmaceutical Co. [Member] \| Minimum [Member]
Royalty Rate if Maintains Sakigake Designation			20.00%
Royalty Rate, Otherwise			15.00%
Torii Pharmaceutical Co. [Member] \| Maximum [Member]
Royalty Rate if Maintains Sakigake Designation			40.00%
Royalty Rate, Otherwise			35.00%
CSL Limited [Member
Proceeds from License Fees Received					$ 33,740
Milestone Payment Received																	$ 12,000
Base Contract [Member]
Government Contract Receivable																			$ 16,265
Additional Development Options [Member]
Government Contract Receivable																			22,855
ASPRBARDA Contract [Member]
Government Contract Receivable																			$ 39,120
Proceeds from awards for Research and Development Contracts																		$ 20,574
Green Cross Corporation [Member]
Proceeds from License Fees Received									$ 250
Mundipharma [Member]
Upfront Payments Receivable Amount						$ 10,000
Potential Milestone Payments Receivable																				$ 15,000
AECOM and IRL [Member]
Milestone Payment Minimum										$ 1,400
Milestone Payment Maximum										4,000
Annual License Fee Minimum										150
Annual License Fee Maximum										$ 500
Advance Notice Period for Termination of Agreement (Day)										60 days
National Institute of Allergy and Infectious Diseases [Member]
Collaborative Agreement Contract Value							$ 6,326	$ 5,000
Expected Receivable From Awards for Research and Development Contracts														$ 45,931
Collaborative Agreement Contract, Covenant, Maximum Amount of Funding							$ 43,908
UAB [Member]
Period of Agreement (Year)														25 years
Renewable Period of Agreement (Year)														5 years

Note 2 - Stock-based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Text Block]

Note 2 - Stock-Based Compensation

As of September 30, 2020, the Company had three stock-based employee compensation plans: the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Amended and Restated Inducement Equity Incentive Plan (“Inducement Plan”) and the Amended and Restated Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was amended and restated on March 19, 2020 and approved by the Company’s stockholders on May 12, 2020. The Inducement Plan was adopted by the Board of Directors on April 24, 2019 and amended and restated by the Board of Directors in February 2020 and in July 2020. The ESPP was amended and restated in March 2020 and approved by the Company’s stockholders on May 12, 2020. Stock-based compensation expense of $8,907 ($7,492 of expense related to the Incentive Plan, $1,053 of expense related to the Inducement Plan, and $362 of expense related to the ESPP) was recognized during the first nine months of 2020, while $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.

There was approximately $21,884 of total unrecognized compensation cost related to non-vested stock option awards granted by the Company as of September 30, 2020. That cost is expected to be recognized as follows: $2,708 during the remainder of 2020, $8,461 in 2021, $6,983 in 2022, $3,137 in 2023 and $595 in 2024. In addition, the Company has outstanding performance-based stock options for which no compensation expense is recognized until “performance” has occurred and the award vests.

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, December 2014 and December 2019, the Company issued 1,032, 1,250 and 315 performance-based stock options, respectively. These awards vest upon successful completion of specific development milestones. As of September 30, 2020, 75% of the August 2013 grants have vested. As of September 30, 2020, 85% of the December 2014 grants have vested. As of September 30, 2020, none of the December 2019 grants have vested. During the nine months ended September 30, 2020, the Company recognized $214 of compensation expense related to one milestone within the December 2019 grants for which achievement became probable. During 2019, the Company recognized $4,998 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 10 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:

							Weighted
							Average
	*Awards*			*Options*			*Exercise*
	*Available*			*Outstanding*			*Price*
Balance December 31, 2019		968			21,050		$	5.96
Plan amendment		8,000			-			-
Restricted stock unit awards granted		(31	)		-			-
Restricted stock unit awards cancelled		-			-			-
Stock option awards granted		(547	)		547			4.86
Stock option awards exercised		-			(193	)		2.76
Stock option awards cancelled		3,030			(3,030	)		6.90

Balance September 30, 2020		11,420			18,374		$	5.85

For stock option awards granted under the Incentive Plan during the first nine months of 2020 and 2019, 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 2020 and 2019 was $3.35 and $4.57, 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 are granted with an exercise price equal to the market price of the Company’s stock at the date of grant and generally vest 25% each year until fully vested after four years. Each stock option has a term of 10 years and is subject to the terms and conditions of the Inducement Plan. The vesting and exercise provisions of all awards granted under the Inducement 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 Plan.

Related activity under the Inducement Plan is as follows:

							Weighted
							Average
	*Awards*			*Options*			*Exercise*
	*Available*			*Outstanding*			*Price*
Balance December 31, 2019		171			1,329		$	3.60
Plan amendment		2,900			-			-
Stock option awards granted		(2,338	)		2,338			3.33
Stock option awards exercised		-			-			-
Stock option awards cancelled		155			(155	)		4.20

Balance September 30, 2020		888			3,512		$	3.42

For stock option awards granted under the Inducement Plan during the first nine months of 2020 and 2019, 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 2020 and 2019 was $2.41 and $2.72, respectively.

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan and the Inducement Plan during the first nine months of 2020 and 2019, respectively. 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 no 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

	2020			2019
Expected Life in Years		5.5			5.5
Expected Volatility		83.8	%		81.0	%
Expected Dividend Yield		0.0	%		0.0	%
Risk-Free Interest Rate		0.4	%		2.0	%

Employee Stock Purchase Plan (“ESPP”)

The Company has reserved a total of 4,475 shares of common stock to be purchased under the ESPP, of which 2,873 shares remain available for purchase at September 30, 2020. Eligible employees may authorize up to 15% of their salary to purchase common stock at the lower of 85% of the beginning or 85% of the ending price during six-month purchase intervals. No more than 3 shares may be purchased by any one employee at the six-month purchase dates, and no employee may purchase stock having a fair market value at the commencement date of $25 or more in any one calendar year. The Company issued 246 shares during the first nine months of 2020 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 4 - Royalty Monetization

9 Months Ended

Sep. 30, 2020

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 be 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 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 PhaRMA Notes have a final legal maturity date of December 1, 2020, at which time the outstanding principal amount of the PhaRMA Notes, together with accrued and unpaid interest, will be due in full. 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, 2020, 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.

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.

As of September 30, 2020, the aggregate fair value of the PhaRMA Notes was estimated to be approximately 3% of the PhaRMA Notes carrying value of $30,000. The estimated fair value of the PhaRMA Notes is classified as Level 3 in the fair value hierarchy as defined in U.S. GAAP.

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.

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, 2020 and 2019 resulted in losses of $630 and $532, respectively.

Note 3 - Collaborative and Other Research and Development Contracts 2 (Details Textual) - Torii Pharmaceutical Co. [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 $ in Thousands	Sep. 30, 2020 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 1,899
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	6 months

Note 2 - Stock-based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans (Details) - Incentive Plan and Inducement Plan [Member]	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Expected Life (Year)	5 years 6 months	5 years 6 months
Expected Volatility	83.80%	81.00%
Expected Dividend Yield	0.00%	0.00%
Risk-Free Interest Rate	0.40%	2.00%

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018	$ 0	$ 0	$ 0	$ 238	$ 238
Balance at Dec. 31, 2018						$ 1,101	$ 780,400	$ (297)	$ (731,969)	$ 49,235
Net loss						0	0	0	(31,054)	(31,054)
Other comprehensive income (loss)						0	0	208	0	208
Employee stock purchase plan sales						0	220	0	0	220
Stock-based compensation expense						0	3,317	0	0	3,317
Exercise of stock options, net						2	341	0	0	343
Balance at Mar. 31, 2019						1,103	784,278	(89)	(762,785)	22,507
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018	$ 0	$ 0	$ 0	$ 238	$ 238
Balance at Dec. 31, 2018						1,101	780,400	(297)	(731,969)	49,235
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						0	0	0	(37,629)	(37,629)
Other comprehensive income (loss)						0	0	130	0	130
Stock-based compensation expense						0	5,385	0	0	5,385
Exercise of stock options, net						1	413	0	0	414
Balance at Jun. 30, 2019						1,104	790,076	41	(800,414)	(9,193)
Net loss						0	0	0	(37,592)	(37,592)
Other comprehensive income (loss)						0	0	19	0	19
Employee stock purchase plan sales						0	184	0	0	184
Stock-based compensation expense						0	5,329	0	0	5,329
Balance at Sep. 30, 2019						1,104	795,589	60	(838,006)	(41,253)
Balance at Dec. 31, 2019						1,541	877,300	39	(840,628)	38,252
Net loss						0	0	0	(37,599)	(37,599)
Other comprehensive income (loss)						0	0	(25)	0	(25)
Employee stock purchase plan sales						1	265	0	0	266
Stock-based compensation expense						0	2,754	0	0	2,754
Balance at Mar. 31, 2020						1,542	880,319	14	(878,227)	3,648
Balance at Dec. 31, 2019						1,541	877,300	39	(840,628)	38,252
Net loss										(122,321)
Balance at Sep. 30, 2020						1,766	994,811	9	(962,949)	33,637
Balance at Mar. 31, 2020						1,542	880,319	14	(878,227)	3,648
Net loss						0	0	0	(38,607)	(38,607)
Other comprehensive income (loss)						0	0	(11)	0	(11)
Stock-based compensation expense						0	3,280	0	0	3,280
Exercise of stock options, net						2	530	0	0	532
Issuance of common stock, net						220	92,628	0	0	92,848
Issuance of pre-funded warrants, 3,511 warrants						0	14,817	0	0	14,817
Balance at Jun. 30, 2020						1,764	991,574	3	(916,834)	76,507
Net loss						0	0	0	(46,115)	(46,115)
Other comprehensive income (loss)						0	0	6	0	6
Employee stock purchase plan sales						2	364	0	0	366
Stock-based compensation expense						0	2,873	0	0	2,873
Balance at Sep. 30, 2020						$ 1,766	$ 994,811	$ 9	$ (962,949)	$ 33,637

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note 5 - Senior Credit Facility - Scheduled Principal Repayments of the Credit Facility (Details) $ in Millions	Sep. 30, 2020 USD ($)
2020	$ 5
2021	20
2022	20
Total	$ 45

Note 3 - Collaborative and Other Research and Development Contracts

9 Months Ended

Sep. 30, 2020

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 (the “Initial Contract”). NIAID/HHS, part of the National Institutes of Health, made an initial award of $5,000 to the Company. The goals of the Initial 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. In April 2020, the Company and NIAID/HHS agreed to add a group of COVID-19 patients to the ongoing clinical trial in Yellow Fever. On April 9, 2020, the Company announced it had opened enrollment into a randomized, double-blind, placebo-controlled clinical trial to assess the safety, clinical impact and antiviral effects of galidesivir in patients with COVID-19. As of September 30, 2020, the total contract amount to advance the program through the completion of the Phase 1 clinical program under the Initial Contract is $45,931 and all options have been exercised under the Initial Contract. In August 2020, NIAID/HHS awarded the Company a new contract, with potential aggregate funding up of to $43,908 if all contract options are exercised, to manufacture and evaluate the safety, efficacy and tolerability of galidesivir. NIAID/HHS made an initial award of $6,326 to the Company under this new contract.

Biomedical Advanced Research and Development Authority (“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, 2020, 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.

U.S. Department of Health and Human Services (“HHS”). On September 6, 2018, the Company announced that HHS 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. HHS’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. The Company delivered two shipments under this contract in 2019 for a total price of approximately $13,864. On September 3, 2020, the Company announced that HHS had exercised an option under this contract to purchase an additional 10,000 doses of RAPIVAB for $6,932.

Torii Pharmaceutical Co., Ltd. (“Torii”). On November 5, 2019, the Company announced that it had entered into the Torii Agreement, granting Torii the exclusive right to commercialize ORLADEYO™ (berotralstat) for the prevention of hereditary angioedema (“HAE”) attacks in Japan.

Under the Torii Agreement, the Company received an upfront, non-refundable payment of $22,000 and may be eligible to receive an additional milestone payment of either $20,000 if the Japanese Pharmaceuticals and Medical Devices Agency (“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 Torii Agreement.

In addition, the Company will be entitled under the Torii Agreement to receive tiered royalty payments based on the amount of annual net sales of ORLADEYO in Japan during each calendar year. If ORLADEYO maintains its Sakigake designation during the PMDA review, the tiered royalty rate will range from 20% to 40% of net sales; otherwise, the tiered royalty rate will range from 15% to 35% of net sales. Torii’s royalty payment obligations are subject to customary reductions in certain circumstances, but may not be reduced by more than 50% of the amount that otherwise would have been payable to the Company in the applicable calendar quarter. Torii’s royalty payment obligations commence upon the first commercial sale of ORLADEYO in Japan and expire upon the later of (i) the tenth anniversary of the date of first commercial sale of ORLADEYO in Japan, (ii) the expiration of our patents covering ORLADEYO, and (iii) the expiration of regulatory exclusivity for ORLADEYO in Japan. The Company will be responsible for supplying Torii with its required amounts of ORLADEYO. The activities of the parties pursuant to the Torii Agreement will be overseen by a joint steering committee, to be composed of an equal number of representatives from each party to coordinate the development and commercialization of ORLADEYO in Japan.

Under the Torii Agreement, the Company has granted Torii a right of first negotiation (“ROFN”) to commercialize ORLADEYO in Japan for the acute treatment of HAE attacks if the Company develops ORLADEYO for such indication and to commercialize any additional kallikrein inhibitor that the Company may develop in the future for use in HAE in Japan. Under both ROFNs, if the parties do not agree to terms with respect to a definitive amendment to the Torii Agreement or new agreement, as applicable, the terms of the amendment or agreement would be set by a third-party arbitrator.

The Company identified performance obligations related to (i) the license to develop and commercialize ORLADEYO, (ii) regulatory approval support and (iii) reimbursement pricing approval support. These were each determined to be distinct from the other performance obligations. The Company allocated the $22,000 upfront consideration to the identified performance obligations using estimation approaches to determine the standalone selling prices under ASC 606. Specifically, in determining the value related to the license, a valuation approach utilizing risk adjusted discounted cash flow projections was used and an expected cost plus margin approach was utilized for the other performance obligations. The Company recognized $20,101 in revenue in 2019 including $19,344 associated with the license which was transferred to Torii at the execution of the Agreement and $757 related to the year to date services provided in the performance of the two approvals. The remaining $1,899 of the $22,000 upfront payment is expected to be recognized as revenue in 2020 as the services are delivered.

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”).

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. 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 circumstances or events impacting the overall market opportunity. SUL's royalty payment obligations commenced on the date of the SUL Agreement. The Company developed peramivir under a license from UAB and will owe sublicense payments to them on any future milestone payments and/or royalties received by the Company from SUL.

The Company and SUL entered arbitration proceedings that involved many items under the SUL Agreement including, but not limited to, the EMA approval milestone, which BioCryst maintains is due under the contract as well as appropriately commercializing peramivir in the Territory. On March 4, 2020, the International Court of Arbitration of the International Chamber of Commerce (“ICC Tribunal”) delivered a Partial Arbitration Award (the “Partial Arbitration Award”) in the arbitration matter between the Company and SUL with respect to the SUL Agreement.

In the Partial Arbitration Award, the ICC Tribunal found that, during the term, SUL materially breached and abandoned its core duties to the Company under the Diligent Efforts (as defined in the SUL Agreement) requirements of the SUL Agreement as applicable in the U.S. The ICC Tribunal granted a declaratory judgment in favor of the Company terminating the SUL Agreement and restoring all rights to peramivir to the Company. The parties have agreed on a transition process for the product, including a full transition of commercialization of the product in the U.S. to the Company as of August 1, 2020 and a full transition of commercialization of the product in Australia as of November 1, 2020. The ICC Tribunal also awarded the Company its attorneys’ fees and expenses incurred in securing the declaratory judgment as well as the costs incurred by the Company in the arbitration. Finally, the ICC Tribunal found that SUL breached the SUL Agreement by failing to pay the milestone payment due to the Company within 30 days of the approval of peramivir for adult use in the European Union and awarded the Company $5,000 (plus interest) for this claim. The ICC Tribunal retained jurisdiction for further proceedings relating to the award of attorneys’ fees and for any dispute relating to the return to the Company of all rights to peramivir in the Territory. The Company recorded the settlement gain of $8,893 in other income and legal fees and other expenses of $5,026 in selling, general and administrative expenses for the nine months ended September 30, 2020.

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 UAB 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. The arbitration proceedings have concluded, with the decision that no sales milestones have been achieved and that the royalties will remain the same. The costs associated with the arbitration proceedings are recoverable from the assets of Royalty Sub in accordance with the terms of the indenture and servicing agreement relating to the PhaRMA Notes.

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 license 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 in the license agreement) 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 by UAB 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 each have an initial 25-year term, are automatically renewable for five-year terms throughout the life of the last patent and are terminable by the Company upon three months’ notice and by UAB under certain circumstances. Upon termination both parties shall cease using the other parties’ proprietary and confidential information and materials, the parties shall jointly own joint inventions and UAB shall resume full ownership of all UAB licensed products. There is currently no activity between the Company and UAB on these agreements, but when the Company licenses this technology, such as in the case of the Shionogi and Green Cross, or commercializes products related to these programs, the Company will owe sublicense fees or royalties on amounts it receives.

Note 4 - Royalty Monetization (Details Textual) $ in Thousands		9 Months Ended
	Mar. 09, 2011 USD ($)	Sep. 30, 2020 USD ($) ¥ / $	Sep. 30, 2019 USD ($)
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Derivative, Loss on Derivative		$ 630	$ 532
PhaRMA Notes Member] \| Currency Hedge Agreement [Member]
Derivative, Forward Exchange Rate (in JPY per USD) \| ¥ / $		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		3.00%
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

9 Months Ended

Sep. 30, 2020