BioCryst Pharmaceuticals (BCRX) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Entity Registrant Name	BIOCRYST PHARMACEUTICALS INC
Entity Central Index Key	882,796
Trading Symbol	bcrx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		73,336,871
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Collaboration Receivables [Member]
Assets
Receivables	$ 7,495,000	$ 3,849,000
Trade Accounts Receivable [Member]
Assets
Receivables		5,641,000
Deferred Collaborative Revenue [Member]
Liabilities and Stockholders’ Equity
Deferred revenue	$ 2,102,000	1,481,000
Deferred Product Sales [Member]
Liabilities and Stockholders’ Equity
Deferred revenue	16,000	5,605,000
Cash and cash equivalents	46,627,000	54,540,000
Restricted cash	1,622,000	150,000
Investments	$ 23,700,000	18,232,000
Inventory		683,000
Prepaid expenses and other current assets	$ 4,970,000	6,172,000
Deferred collaboration expense	88,000	76,000
Total current assets	84,502,000	89,343,000
Investments	47,787,000	41,116,000
Furniture and equipment, net	1,146,000	207,000
Deferred collaboration expense	282,000	177,000
Other assets	5,239,000	6,031,000
Total assets	138,956,000	136,874,000
Accounts payable	3,782,000	2,849,000
Accrued expenses	23,027,000	11,329,000
Interest payable	5,517,000	6,029,000
Non-recourse notes payable	30,000,000	30,000,000
Total current liabilities	64,444,000	57,293,000
Deferred collaboration revenue	10,122,000	3,552,000
Deferred rent	345,000	394,000
Stockholders’ equity:
Preferred stock, $0.001 par value; shares authorized — 5,000; no shares issued and outstanding	0	0
Common stock, $0.01 par value: shares authorized — 200,000; shares issued and outstanding — 73,337 in 2015 and 71,955 in 2014	733,000	720,000
Additional paid-in capital	556,095,000	542,943,000
Accumulated other comprehensive loss	(1,000)	(130,000)
Accumulated deficit	(492,782,000)	(467,898,000)
Total stockholders’ equity	64,045,000	75,635,000
Total liabilities and stockholders’ equity	$ 138,956,000	$ 136,874,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	73,337,000	71,955,000
Common stock, shares outstanding (in shares)	73,337,000	71,955,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Product sales, net	$ 5,699,000		$ 6,236,000
Royalty revenue	126,000	$ 5,000	1,776,000	$ 1,951,000
Collaborative and other research and development	5,162,000	3,233,000	35,643,000	6,211,000
Total revenues	10,987,000	$ 3,238,000	43,655,000	$ 8,162,000
Expenses
Cost of products sold	1,346,000		1,361,000
Research and development	20,067,000	$ 13,036,000	53,711,000	$ 33,286,000
Selling, general and administrative	2,731,000	$ 1,812,000	10,326,000	5,413,000
Royalty	5,000		507,000	78,000
Total operating expenses	24,149,000	$ 14,848,000	65,905,000	38,777,000
Loss from operations	(13,162,000)	(11,610,000)	(22,250,000)	(30,615,000)
Interest and other income	134,000	14,000	367,000	50,000
Interest expense	(1,241,000)	(1,217,000)	(3,862,000)	(3,684,000)
(Loss) gain on foreign currency derivative	(352,000)	4,082,000	861,000	732,000
Net loss	$ (14,621,000)	$ (8,731,000)	$ (24,884,000)	$ (33,517,000)
Basic and diluted net loss per common share (in dollars per share)	$ (0.20)	$ (0.12)	$ (0.34)	$ (0.52)
Weighted average shares outstanding (in shares)	73,262	71,801	72,752	65,057
Unrealized gain (loss) on available for sale investments	$ 91,000	$ (1,000)	$ 129,000	$ (2,000)
Comprehensive loss	$ (14,530,000)	$ (8,732,000)	$ (24,755,000)	$ (33,519,000)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net loss	$ (24,884,000)	$ (33,517,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	137,000	137,000
Stock-based compensation expense	7,773,000	6,550,000
Amortization of debt issuance costs	329,000	329,000
Change in fair value of foreign currency derivative	793,000	(732,000)
Changes in operating assets and liabilities:
Receivables	1,995,000	$ (1,123,000)
Inventory	683,000
Prepaid expenses and other assets	1,331,000	$ (29,000)
Deferred collaboration expense	(117,000)	45,000
Accounts payable and accrued expenses	12,582,000	3,602,000
Interest payable	(512,000)	957,000
Deferred revenue	1,602,000	(880,000)
Net cash provided by (used in) operating activities	1,712,000	(24,661,000)
Investing activities
Acquisitions of furniture and equipment	(1,076,000)	(41,000)
Change in restricted cash	(1,472,000)	1,000
Purchases of investments	(48,343,000)	(15,852,000)
Sales and maturities of investments	35,874,000	29,000,000
Net cash (used in) provided by investing activities	(15,017,000)	13,108,000
Financing activities
Sale of common stock, net	1,175,000	106,600,000
Exercise of stock options	3,861,000	4,636,000
Employee stock purchase plan sales	356,000	310,000
Net cash provided by financing activities	5,392,000	111,546,000
(Decrease) Increase in cash and cash equivalents	(7,913,000)	99,993,000
Cash and cash equivalents at beginning of period	54,540,000	21,164,000
Cash and cash equivalents at end of period	$ 46,627,000	$ 121,157,000

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1 — Significant Accounting Policies The Company BioCryst Pharmaceuticals, Inc. (the “Company”) is a biotechnology company that designs, optimizes and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on the treatment of rare diseases in which significant unmet medical needs exist and align with its capabilities and expertise. The Company was incorporated in Delaware in 1986 and its headquarters is located in Durham, North Carolina. The Company integrates the disciplines of biology, crystallography, medicinal chemistry and computer modeling to discover and develop small molecule pharmaceuticals through the process known as structure-guided drug design. BioCryst has incurred losses and negative cash flows from operations since inception. Based on its current operating plans, the Company expects it has sufficient liquidity, with its existing cash and investments of $119,736, to continue its planned operations into 2017. The Company’s liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events in the future. In order to continue its operations substantially beyond 2017 it will need to: (1) successfully secure or increase U.S. Government funding of its programs, including procurement contracts; (2) out-license rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (3) raise additional capital through equity or debt financings or from other sources; (4) obtain additional product candidate regulatory approvals, which would generate revenue and cash flow; (5) reduce spending on one or more research and development programs; and/or (6) restructure operations. The Company retains the ability to offer for sale approximately $150,000 of securities, including common stock, preferred stock, depositary shares, stock purchase contracts, warrants, and units from its effective shelf S-3 registration statement, which it filed with the Securities and Exchange Commission on March 3, 2015. Additionally, the Company retains the ability to offer for sale approximately $10,000 of securities, including common stock, preferred stock, depositary shares, stock purchase contracts, warrants and units from its effective shelf S-3 registration statement, which it filed with the Securities and Exchange Commission on November 6, 2013. The Company will continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, JPR Royalty Sub LLC (“Royalty Sub”). Royalty Sub was formed in connection with a $30,000 financing transaction the Company completed on March 9, 2011. See Note 4, Royalty Monetization, for a further description of this transaction. All intercompany transactions and balances have been eliminated. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“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, 2014 and the notes thereto included in the Company’s 2014 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, 2014 has been derived from the audited consolidated financial statements included in the Company’s most recent Annual Report on Form 10-K. Reclassifications Certain balance sheet amounts as of December 31, 2014 have been reclassified to conform to the 2015 presentation. 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, 2015 reflects $150 the Company is required to maintain in an interest bearing certificate of deposit to serve as collateral for a corporate credit card program, $70 in royalty revenue paid by Shionogi & Co., Ltd. (“Shionogi”) designated for interest on the PhaRMA Notes (defined in Note 4) and $1,402 the Company is required to maintain as collateral for a letter of credit associated with the lease execution and build-out of its new Birmingham research facilities. 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, 2015, the Company believes that the costs of its investments are recoverable in all material respects. The following tables summarize the fair value of the Company’s investments by type. The estimated fair value of the Company’s fixed income investments are classified as Level 2 in the fair value hierarchy as defined in U.S. GAAP. 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, 2015 Amortized Accrued Gross Gross Estimated Obligations of U.S. Government and its agencies $ 23,119 $ 42 $ 28 $ (2 ) $ 23,187 Corporate debt securities 27,249 141 26 (14 ) 27,402 Certificates of deposit 20,909 28 10 (49 ) 20,898 Total investments $ 71,277 $ 211 $ 64 $ (65 ) $ 71,487 December 31, 2014 Amortized Accrued Gross Gross Estimated Obligations of U.S. Government and its agencies $ 20,307 $ 22 $ — $ (23 ) $ 20,306 Corporate debt securities 27,152 151 5 (47 ) 27,261 Certificates of deposit 11,838 6 — (63 ) 11,781 Total investments $ 59,297 $ 179 $ 5 $ (133 ) $ 59,348 The following table summarizes the scheduled maturity for the Company’s investments at September 30, 2015 and December 31, 2014. 2015 2014 Maturing in one year or less $ 23,700 $ 18,232 Maturing after one year through two years 27,183 25,459 Maturing after two years 20,604 15,657 Total investments $ 71,487 $ 59,348 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, and product sales to Green Cross Corporation (“Green Cross”) and Seqirus UK Limited (“SUL”). These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At September 30, 2015 and December 31, 2014, the Company had the following receivables. September 30, 2015 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 5,444 $ 5,444 Green Cross Corporation 129 — 129 Seqirus UK Limited 1,922 — 1,922 Total receivables $ 2,051 $ 5,444 $ 7,495 December 31, 2014 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 2,778 $ 2,778 Shionogi & Co. Ltd. 1,071 — 1,071 Total receivables $ 1,071 $ 2,778 $ 3,849 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 ® Inventory At December 31, 2014, the Company’s inventory consisted of RAPIVAB finished goods inventory and work in process. Inventory is stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or market. The Company expenses costs related to the production of inventories as research and development expenses in the period incurred until such time it is believed that future economic benefit is expected to be recognized, which generally is reliant upon receipt of regulatory approval. Upon regulatory approval, the Company will capitalize subsequent costs related to the production of inventories. In connection with the June 2015 SUL collaboration, the Company sold all of its available RAPIVAB finished goods inventory to SUL in accordance with terms stipulated in the licensing agreement. During 2014, in connection with the Food and Drug Administration (“FDA”) approval of RAPIVAB, the Company began capitalizing costs associated with the production of RAPIVAB commercial inventories. The Company’s inventory consisted of the following at September 30, 2015 and December 31, 2014: 2015 2014 Work in process $ — $ 267 Finished Goods — 416 Net inventories $ — $ 683 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 our raw materials, drug substance and drug products; and • professional fees. The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and 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, 2015 and December 31, 2014, 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, 2015, realized gains of $13 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, 2014. Revenue Recognition The Company recognizes revenues from collaborative and other research and development arrangements, royalties and product sales when realized or realizable and earned. Revenue is realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. Collaborative and Other Research and Development Arrangements and Royalties Revenue from license fees, royalty payments, event payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has no further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement. Fees received under licensing agreements that are related to future performance are deferred and recognized over an estimated period determined by management based on the terms of the agreement and the products licensed. Revisions to revenue or profit estimates as a result of changes in the estimated revenue period are recognized prospectively. Under certain of the Company’s license agreements, the Company receives royalty payments based upon its licensees’ net sales of covered products. The Company recognizes royalty revenues when it can reliably estimate such amounts and collectability is reasonably assured. For arrangements that involve the delivery of more than one element, each product, service and/or right to use assets is evaluated to determine whether it qualifies as a separate unit of accounting. This determination is based on whether the deliverable has “stand-alone value” to the customer. The consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value, (ii) third-party evidence of selling price (“TPE”) and (iii) best estimate of selling price (“BESP”). The BESP reflects our best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis. In most cases the Company expects to use TPE or BESP for allocating consideration to each deliverable. The consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. Analyzing the arrangement to identify deliverables requires the use of judgment, and each deliverable may be an obligation to deliver services, a right or license to use an asset, or another performance obligation. In June 2015, the Company entered into a License Agreement (the “SUL Agreement”) granting SUL and its affiliates worldwide rights, excluding Israel, Japan, Korea and Taiwan, to develop, manufacture and commercialize RAPIVAB. The SUL Agreement provides for various types of payments, including a non-refundable upfront fee, milestone payments, and future royalties. Analysis of the SUL Agreement identified three deliverables: (i) license rights, (ii) inventory and (iii) regulatory support to obtain Canadian and European Union (“EU”) marketing approvals. The Company received an upfront payment of $33,740 from SUL, of which $7,000 was determined to be contingent upon EU marketing approval and will be deferred until that time. Approximately $21,777 of the upfront payment was allocated to the license rights and recognized as revenue in the second quarter. Approximately $3,740 of the upfront payment was allocated to the pending sale of inventory and was recognized during the third quarter, when the inventory transfer was completed. Approximately $1,223 of the revenue from the SUL Agreement will be recognized over the expected period of involvement in these regulatory support activities. 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 reasonably assured at the inception of the agreement; and (ii) the fees are non-refundable. Any milestone payments received prior to satisfying these revenue recognition criteria are recorded as deferred revenue. Under the terms of the SUL Agreement, the Company may receive up to $12,000 in additional payments related to the successful achievement of regulatory milestones, including marketing approval (i) by the FDA for a pediatric indication, (ii) by the EMA for an adult indication in the EU and (iii) by Health Products and Food Branch of Health Canada (“Health Canada”) for an adult indication in Canada. The Company evaluated each event based payment under the provisions of ASU 2010-17, Milestone Method of Revenue Recognition 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. Product Sales The Company recognizes revenue for sales of RAPIVAB when title and substantially all the risks and rewards of ownership have transferred to the customer, which generally occurs on the date of shipment from our specialty distributors, utilizing the Sell-Through revenue recognition methodology. Product sales are recognized when there is persuasive evidence that an arrangement exists, title has passed, the price is fixed and determinable, and collectability is reasonably assured. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, the Company sells RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations. With the completion of the SUL worldwide license of RAPIVAB, SUL will be primarily responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales, and the Company’s commercial sales will be minimal. Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves. The Company utilizes data from external sources to help it estimate gross-to-net sales adjustments as they relate to the recognition of revenue for RAPIVAB sold. Externally sourced data includes, but is not limited to, information obtained from specialty distributors with respect to their inventory levels and their sell-through to customers, as well as information from third-party suppliers of market research data to the pharmaceutical industry. The Company accounts for these sales deductions in accordance with authoritative guidance on revenue recognition when consideration is given by a vendor to a customer. The Company has categorized and described more fully the following significant sales deductions, all of which involve estimates and judgments, which the Company considers to be critical accounting estimates, and require it to use information from external sources. Rebates and Chargebacks Statutory rebates to state Medicaid agencies and Medicare are based on statutory discounts to RAPIVAB’s selling price. As it can take up to nine months or more for information to be received on actual usage of RAPIVAB in Medicaid and other governmental programs, the Company maintains reserves for amounts payable under these programs relating to RAPIVAB sales. Chargebacks claimed by specialty distributors are based on the differentials between product acquisition prices paid by the specialty distributors and lower government contract pricing paid by eligible customers covered under federally qualified programs. The amount of the reserve for rebates and chargebacks is based on multiple qualitative and quantitative factors, including the historical and projected utilization levels, historical payment experience, changes in statutory laws and interpretations as well as contractual terms, product pricing (both normal selling prices and statutory or negotiated prices), changes in prescription demand patterns and utilization of the Company’s product through public benefit plans, and the levels of RAPIVAB inventory in the distribution channel. The Company acquires prescription utilization data from third-party suppliers of market research data to the pharmaceutical industry. The Company updates its estimates and assumptions each period and records any necessary adjustments to its reserves. Settlements of rebates and chargebacks typically occur within nine months from point of sale. To the extent actual rebates and chargebacks differ from the Company’s estimates, additional reserves may be required or reserves may need to be reversed, either of which would impact current period product revenue. Discounts and Sales Incentives Discounts and other sales incentives primarily consist of Inventory Management Agreement (“IMA”) Fees. Per contractual agreements with the Company’s specialty distributors, the Company provides an IMA fee based on a percentage of their purchases of RAPIVAB. The IMA fee rates are set forth in individual contracts. The Company tracks sales to these distributors each period and accrues a liability relating to the unpaid portion of these fees by applying the contractual rates to such product sales. Product Returns The Company does not record a product return allowance as it does not offer the ability to return goods once a bonafide shipment has been accepted by a specialty distributor. Advertising The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. The Company recorded the following revenues for the three and nine months ended September 30, 2015 and 2014: Three Months Nine Months 2015 2014 2015 2014 Product sales, net $ 5,699 $ — $ 6,236 $ — Royalty revenue 126 5 1,776 1,951 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 4,582 2,937 12,788 5,323 Green Cross Corporation 132 — 132 — Shionogi (Japan) 296 296 888 888 Seqirus UK Limited 152 — 21,835 — Total collaborative and other research and development revenues 5,162 3,233 35,643 6,211 Total revenues $ 10,987 $ 3,238 $ 43,655 $ 8,162 Research and Development Expenses The Company’s research and development costs are charged to expense when incurred. Research and development expenses include all direct and indirect development costs related to the development of the Company’s portfolio of product candidates. Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed. Research and development expenses include, among other items, personnel costs, including salaries and benefits, manufacturing costs, clinical, regulatory, and toxicology services performed by CROs, materials and supplies, and overhead allocations consisting of various administrative and facilities related costs. Most of the Company’s manufacturing and clinical and preclinical studies are performed by third-party CROs. Costs for studies performed by CROs are accrued by the Company over the service periods specified in the contracts and estimates are adjusted, if required, based upon the Company’s on-going review of the level of services actually performed. Additionally, the Company has license agreements with third parties, such as Albert Einstein College of Medicine of Yeshiva University (“AECOM”), Industrial Research, Ltd. (“IRL”), and the University of Alabama at Birmingham (“UAB”), which require fees related to sublicense agreements or maintenance fees. The Company expenses sublicense payments as incurred unless they are related to revenues that have been deferred, in which case the expenses are deferred and recognized over the related revenue recognition period. The Company expenses maintenance payments as incurred. Deferred collaboration expenses represent sub-license payments, paid to the Company’s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to our academic partners for modification to existing license agreements. These deferred expenses would not have been incurred without receipt of such payments or modifications from the Company’s commercial partners and are being expensed in proportion to the related revenue being recognized. The Company believes that this accounting treatment appropriately matches expenses with the associated revenue. Stock-Based Compensation All share-based payments, including grants of stock option awards and restricted stock 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” has occurred. Interest Expense and Deferred Financing Costs Interest expense for the three months ended September 30, 2015 and 2014 was $1,241 and $1,217, respectively, and for the nine months ended September 30, 2015 and 2014 was $3,862 and $3,684, respectively, and relates to the issuance of the PhaRMA Notes (defined in Note 4). Costs directly associated with the issuance of the PhaRMA Notes have been capitalized and are included in other current assets on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the term of the PhaRMA Notes using the effective interest rate method. Amortization of deferred financing costs included in interest expense was $110 for each of the three months ended September 30, 2015 and 2014, and $329 for each of the nine months ended September 30, 2015 and 2014. Currency Hedge Agreement In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement (defined in Note 4) 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, 2015 and 2014 resulted in a loss of $793 and a gain of $732, 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 a currency exchange gain of $1,654 during the first nine months of 2015 associated with the exercise of a U.S. Dollar/Japanese yen currency option. 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, 2015 and December 31, 2014, 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 comm

Note 2 - Stock-Based Compensati

Note 2 - Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 2 — Stock-Based Compensation As of September 30, 2015, the Company had two stock-based employee compensation plans, the Stock Incentive Plan (“Incentive Plan”) and the Employee Stock Purchase Plan (“ESPP”), both which were amended and restated in March 2014 and approved by the Company’s stockholders in May 2014. Stock-based compensation expense of $7,773 ($7,553 of expense related to the Incentive Plan and $220 of expense related to the ESPP) was recognized during the first nine months of 2015, while $6,550 ($6,388 of expense related to the Incentive Plan and $162 of expense related to the ESPP) was recognized during the first nine months of 2014. There was approximately $14,839 of total unrecognized compensation cost related to non-vested stock option awards and restricted stock unit awards granted by the Company as of September 30, 2015. That cost is expected to be recognized as follows: $1,782 during the remainder of 2015, $5,632 in 2016, $4,627 in 2017, $2,508 in 2018 and $290 in 2019. In addition, the Company has approximately $11,982 of unrecognized compensation cost related to outstanding performance-based stock options for which no compensation expense is recognized until “performance” has occurred and the award vests. At the time of vesting, compensation expense will be recognized. 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. Since March 1, 2011, stock option awards granted to employees generally vest 25% each year until fully vested after four years. In January 2013, the Company made retention grants of stock option awards and restricted stock units. These awards vest 50% each year until fully vested after two years. In August 2013 and December 2014, the Company issued 1,032 and 1,250 performance-based stock options, respectively. These awards vest upon successful completion of specific development milestones. As of September 30, 2015, 75% of the August 2013 grants have vested based upon achievement of three milestones: (1) successful completion of the OPuS-1 clinical trial, for which vesting occurred in the second quarter of 2014, (2) FDA approval of RAPIVAB for which vesting occurred in the fourth quarter of 2014, and (3) initiation of a Phase 1 clinical trial to evaluate the safety, pharmacokinetics and pharmacodynamics of orally-administered BCX7353 in healthy volunteers, for which vesting occurred in the second quarter of 2015. Thus, as of September 30, 2015, 25% of the August 2013 performance-based grants and 100% of the December 2014 performance-based grants remain unvested and no compensation expense has been recognized for these portions of the previously issued performance-based grants. Stock option awards granted to non-employee directors of the Company generally vest monthly over one year. All stock option awards have contractual terms of 5 to 10 years. The vesting exercise provisions of all awards granted under the Incentive Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the Incentive Plan. Related activity under the Incentive Plan is as follows: Awards Options Weighted Balance December 31, 2014 2,362 9,605 $ 6.21 Restricted stock unit awards granted (155 ) — — Restricted stock unit awards cancelled 1 — — Stock option awards granted (1,319 ) 1,319 11.99 Stock option awards exercised — (1,102 ) 4.36 Stock option awards cancelled 28 (28 ) 9.05 Balance September 30, 2015 917 9,794 $ 7.19 For stock option awards granted under the Incentive Plan during the first nine months of 2015 and 2014, 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 2015 and 2014 was $8.15 and $8.19, respectively. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method. The following table summarizes the key assumptions used by the Company to value the stock option awards granted during the first nine months of 2015 and 2014. 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 Incentive Plan 2015 2014 Expected Life in Years 5.5 5.5 Expected Volatility 83 % 87 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 1.5 % 1.6 % Employee Stock Purchase Plan The Company has reserved a total of 1,475 shares of common stock to be purchased under the ESPP, of which 497 shares remain available for purchase at September 30, 2015. 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 41 shares during the first nine months of 2015 under the ESPP. Compensation expense for shares purchased under the ESPP related to the purchase discount and the “look-back” option were determined using a Black-Scholes option pricing model.

Note 3 - Collaborative and Othe

Note 3 - Collaborative and Other Research and Development Contracts	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	Note 3 — Collaborative and Other Research and Development Contracts U.S. Department of Health and Human Services (“BARDA/HHS”). On March 31, 2015, the Company announced that the Biomedical Research and Development Authority within the U.S. Department of Health and Human Services’ Office of the Assistant Secretary for Preparedness and Response awarded BioCryst a contract for the continued development of BCX4430 as a potential treatment for diseases caused by RNA pathogens, including filoviruses. This BARDA/HHS contract includes a base contract of $13,314 to support BCX4430 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 $36,169. As of September 30, 2015, a total of $16,300 has been awarded under exercised options within this contract. National Institute of Allergy and Infectious Diseases (“NIAID/HHS”). The contracts with BARDA/HHS and NIAID/HHS are cost-plus-fixed-fee contracts. That is, the Company is entitled to receive reimbursement for all costs incurred in accordance with the contracts provisions that are related to the development of peramivir and BCX4430 plus a fixed fee, or profit. BARDA/HHS and NIAID/HHS will make periodic assessments of progress and the continuation of the contract is based on the Company’s performance, the timeliness and quality of deliverables, and other factors. The government has rights under certain contract clauses to terminate these contracts. These contracts are terminable by the government at any time for breach or without cause. Seqirus UK Limited (“SUL”). Pursuant to the SUL Agreement, RAPIVAB will be commercialized by CSL's subsidiary, SUL, which specializes in influenza prevention through the supply of seasonal and pandemic vaccine to global markets. SUL will manufacture, commercialize and exercise decision-making authority with respect to the development and commercialization of RAPIVAB within the Territory and be responsible for all related costs, including sales and promotion. The Company will exercise sole decision-making authority with regard to the development and commercialization of RAPIVAB outside of the Territory and is responsible for all associated costs. In December 2013, the Company submitted a New Drug Application ("NDA") for RAPIVAB to the FDA. Under the terms of the SUL Agreement, the Company is responsible for fulfilling all post-marketing approval commitments in connection with the FDA's approval of the NDA, and upon fulfillment will transfer ownership of and financial responsibility for the NDA to SUL. Pursuant to potential rights to sell RAPIVAB in Canada and the EU, the Company is also responsible for regulatory filings and interactions with the Health Canada and the European Medicines Agency ("EMA") until marketing approval for RAPIVAB is obtained and assigned to SUL. 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. Under the terms of the SUL Agreement, the Company received an upfront payment of $33,740, and may receive up to $12,000 in additional milestone payments related to the successful achievement of regulatory milestones, including marketing approval (i) by the FDA for a pediatric indication, (ii) by the EMA for an adult indication in the EU and (iii) by Health Canada for an adult indication in Canada. The Company is also entitled under the SUL Agreement to receive tiered royalties at a percentage rate beginning in the mid-teens contingent upon meeting minimum thresholds of net sales, as well as a low-thirties percentage of the gross profit from government stockpiling purchases made outside the U.S. Specifically, the Company receives tiered royalties at a percentage rate in the mid-teens to low-forties on net sales in the U.S. during a Contract Year (defined as July 1 - June 30) and tiered royalties at a percentage rate in the mid-teens to mid-twenties on net sales in the Territory, other than in the U.S., during a Calendar Year, each subject to certain downward adjustments for circumstance or events impacting the overall market opportunity. SUL's royalty payment obligations commence on the date of the SUL Agreement and expire, on a country-by-country basis, upon the later of (i) the expiration of legal exclusivity in such country and (ii) ten years from the date of the SUL Agreement (the "Royalty Term"). The Company developed RAPIVAB 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 term of the SUL Agreement shall continue on a country-by-country basis until the expiration of the last-to-expire Royalty Term in any such country in the Territory. Either party may terminate the SUL Agreement in its entirety if the other party breaches a payment obligation, otherwise materially breaches the SUL Agreement, subject to applicable cure periods, or if the other party suffers an insolvency event. The Company may also terminate the SUL Agreement if SUL or any of its affiliates seek to challenge the validity of the Company's patents. Termination does not affect a party's rights which have accrued prior thereto, but there are no stated payments in connection with termination other than payments of obligations previously accrued. For all terminations exercised by the Company, the SUL Agreement provides for the termination of any sublicenses granted by SUL to third parties, and in the case of termination by the Company for cause, the ceasing of SUL's activities with respect to RAPIVAB, the discontinued use of all Company intellectual property and the termination of licenses and rights previously granted to SUL. If requested by the Company, SUL shall also promptly sell to the Company all licensed product it then holds in stock, otherwise, SUL may continue to sell such licensed product for designated periods. Shionogi & Co., Ltd. (“Shionogi”). Green Cross Corporation (“Green Cross”). Mundipharma International Holdings Limited (“Mundipharma”). Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. (“AECOM” and “IRL” respectively). In May 2010, the Company amended the licensee agreement through which the Company obtained worldwide exclusive rights to develop and ultimately distribute any product candidates that might arise from research on a series of PNP inhibitors, including forodesine and ulodesine. Under the terms of the amendment, the Licensors agreed to accept a reduction of one-half in the percentage of future payments received from third-party sub licensees of the licensed PNP inhibitors that must be paid to the Licensors. This reduction does not apply to (i) any milestone payments the Company may receive in the future under its license agreement dated February 1, 2006 with Mundipharma and (ii) royalties received from its sub licensees in connection with the sale of licensed products, for which the original payment rate will remain in effect. The rate of royalty payments to the Licensors based on net sales of any resulting product made by the Company remains unchanged. In consideration for these modifications in 2010, the Company issued to the Licensors shares of its common stock with an aggregate value of $5,911 and paid the Licensors $90 in cash. Additionally, at the Company’s sole option and subject to certain agreed upon conditions, any future non-royalty payments due to be paid by it to the Licensors under the license agreement may be made either in cash, in shares of its common stock, or in a combination of cash and shares. On November 17, 2011, the Company further amended its agreements with the Licensors whereby the Licensors agreed to accept a reduction of one-half in the percentage of Net Proceeds (as defined) received by the Company under its Amended and Restated Agreement with Mundipharma that will be paid to AECOM/IRL. On June 19, 2012, the Company further amended its agreements with AECOM/IRL whereby the parties clarified the definition of the field with respect to PNP inhibition and AECOM/IRL agreed to exclusive worldwide license of BCX4430 to BioCryst for any antiviral use. At its sole option and subject to certain agreed upon conditions, any future non-royalty payments due to be paid by the Company to AECOM/IRL under the license agreement may be made either in cash, in shares of the Company’s common stock, or in a combination of cash and shares. 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”).

Note 4 - Royalty Monetization

Note 4 - Royalty Monetization	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Royalty Monetization [Text Block]	Note 4 — Royalty Monetization Overview On March 9, 2011, the Company completed a $30,000 financing transaction to monetize certain future royalty and milestone payments under the Shionogi Agreement, pursuant to which Shionogi licensed from the Company the rights to market RAPIACTA in Japan and, if approved for commercial sale, Taiwan. The Company received net proceeds of $22,691 from the transaction after transaction costs of $4,309 and the establishment of a $3,000 interest reserve account by Royalty Sub, available to help cover interest shortfalls in the future. All of the interest reserve account has been fully utilized with the September 2012 interest payment. As part of the transaction, the Company entered into a purchase and sale agreement dated as of March 9, 2011 with Royalty Sub, whereby the Company transferred to Royalty Sub, among other things, (i) its rights to receive certain royalty and milestone payments from Shionogi arising under the Shionogi Agreement, and (ii) the right to receive payments under a Japanese yen/US dollar foreign currency hedge arrangement (as further described below, the “Currency Hedge Agreement”) put into place by the Company in connection with the transaction. Royalty payments will be paid by Shionogi in Japanese yen and milestone payments will paid in U.S. dollars. The Company’s collaboration with Shionogi was not impacted as a result of this transaction. Non-Recourse Notes Payable On March 9, 2011, Royalty Sub completed a private placement to institutional investors of $30,000 in aggregate principal amount of its PhaRMA Senior Secured 14.0% Notes due 2020 (the “PhaRMA Notes”). The PhaRMA Notes were issued by Royalty Sub under an Indenture, dated as of March 9, 2011 (the “Indenture”), by and between Royalty Sub and U.S. Bank National Association, as Trustee. Principal and interest on the PhaRMA Notes issued are payable from, and are secured by, the rights to royalty and milestone payments under the Shionogi Agreement transferred by the Company to Royalty Sub and payments, if any, made to Royalty Sub under the Currency Hedge Agreement. The PhaRMA Notes bear interest at 14% per annum, payable annually in arrears on September 1st of each year. The Company remains entitled to receive any royalties and milestone payments related to sales of peramivir by Shionogi following repayment of the PhaRMA Notes. Royalty Sub’s obligations to pay principal and interest on the PhaRMA Notes are obligations solely of Royalty Sub and are without recourse to any other person, including the Company, except to the extent of the Company’s pledge of its equity interests in Royalty Sub in support of the PhaRMA Notes. The Company may, but is not obligated to, make capital contributions to a capital account that may be used to redeem, or on up to one occasion pay any interest shortfall on, the PhaRMA Notes. On September 1, 2014, Royalty Sub was unable to pay the full amount of interest payable to avoid an event of default. Accordingly, the PhaRMA Notes and related accrued interest have been classified as current liabilities on the Consolidated Balance Sheet. 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. 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. Foreign Currency Hedge In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. Under the Currency Hedge Agreement, the Company has the right to purchase dollars and sell yen at a rate of 100 yen per dollar for which the Company may be required to pay a premium in each year from 2016 through 2020, provided the Currency Hedge Agreement remains in effect. A payment of $1,950 will be required if, on May 18 of the relevant year, the U.S. dollar is worth 100 yen or less as determined in accordance with the Currency Hedge Agreement. The Currency Hedge Agreement does not qualify for hedge accounting treatment; therefore, mark-to-market adjustments are recognized in the Company’s Consolidated Statement of Comprehensive Loss. Cumulative mark-to-market adjustments resulted in a loss of $460 and a gain of $4,082 for the three months ended September 30, 2015 and 2014, respectively and a loss of $793 and a gain of $732 for the nine months ended September 30, 2015 and 2014, respectively. During the nine months ended September 30, 2015, the Company realized a currency exchange gain of $1,654 associated with the exercise of a U.S. Dollar/Japanese yen currency option. The Company is also required to post collateral in connection with the mark-to-market adjustments based on defined thresholds. As of September 30, 2015 and December 31, 2014, no collateral was posted under the Currency Hedge Agreement. The Company will not be required at any time to post collateral exceeding the maximum premium payments remaining payable under the Currency Hedge Agreement. As of September 30, 2015, the maximum amount of hedge collateral the Company may be required to post is $9,750.

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 5 — Stockholders’ Equity On March 3, 2015, the Company filed a $150,000 shelf registration statement on Form S-3 with the SEC. This shelf registration statement became effective upon filing and allows the Company to sell securities, including common stock, preferred stock, depository shares, stock purchase contracts, warrants and units, from time to time at prices and on terms to be determined at the time of sale. On November 6, 2013, the Company filed a $125,000 shelf registration statement on Form S-3 with the SEC. This shelf registration statement was declared effective in November 2013 and allows the Company to sell securities, including common stock, preferred stock, depository shares, stock purchase contracts, warrants and units, from time to time at prices and on terms to be determined at the time of sale. The Company has $10,000 remaining under this shelf registration statement.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Description of Company [Policy Text Block]	The Company BioCryst Pharmaceuticals, Inc. (the “Company”) is a biotechnology company that designs, optimizes and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on the treatment of rare diseases in which significant unmet medical needs exist and align with its capabilities and expertise. The Company was incorporated in Delaware in 1986 and its headquarters is located in Durham, North Carolina. The Company integrates the disciplines of biology, crystallography, medicinal chemistry and computer modeling to discover and develop small molecule pharmaceuticals through the process known as structure-guided drug design. BioCryst has incurred losses and negative cash flows from operations since inception. Based on its current operating plans, the Company expects it has sufficient liquidity, with its existing cash and investments of $119,736, to continue its planned operations into 2017. The Company’s liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events in the future. In order to continue its operations substantially beyond 2017 it will need to: (1) successfully secure or increase U.S. Government funding of its programs, including procurement contracts; (2) out-license rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (3) raise additional capital through equity or debt financings or from other sources; (4) obtain additional product candidate regulatory approvals, which would generate revenue and cash flow; (5) reduce spending on one or more research and development programs; and/or (6) restructure operations. The Company retains the ability to offer for sale approximately $150,000 of securities, including common stock, preferred stock, depositary shares, stock purchase contracts, warrants, and units from its effective shelf S-3 registration statement, which it filed with the Securities and Exchange Commission on March 3, 2015. Additionally, the Company retains the ability to offer for sale approximately $10,000 of securities, including common stock, preferred stock, depositary shares, stock purchase contracts, warrants and units from its effective shelf S-3 registration statement, which it filed with the Securities and Exchange Commission on November 6, 2013. The Company will continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations.
Consolidation, Policy [Policy Text Block]	Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, JPR Royalty Sub LLC (“Royalty Sub”). Royalty Sub was formed in connection with a $30,000 financing transaction the Company completed on March 9, 2011. See Note 4, Royalty Monetization, for a further description of this transaction. All intercompany transactions and balances have been eliminated. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“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, 2014 and the notes thereto included in the Company’s 2014 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, 2014 has been derived from the audited consolidated financial statements included in the Company’s most recent Annual Report on Form 10-K.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain balance sheet amounts as of December 31, 2014 have been reclassified to conform to the 2015 presentation.
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, 2015 reflects $150 the Company is required to maintain in an interest bearing certificate of deposit to serve as collateral for a corporate credit card program, $70 in royalty revenue paid by Shionogi & Co., Ltd. (“Shionogi”) designated for interest on the PhaRMA Notes (defined in Note 4) and $1,402 the Company is required to maintain as collateral for a letter of credit associated with the lease execution and build-out of its new Birmingham research facilities.
Investment, Policy [Policy Text Block]	Investments 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, 2015, the Company believes that the costs of its investments are recoverable in all material respects. The following tables summarize the fair value of the Company’s investments by type. The estimated fair value of the Company’s fixed income investments are classified as Level 2 in the fair value hierarchy as defined in U.S. GAAP. 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, 2015 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of U.S. Government and its agencies $ 23,119 $ 42 $ 28 $ (2 ) $ 23,187 Corporate debt securities 27,249 141 26 (14 ) 27,402 Certificates of deposit 20,909 28 10 (49 ) 20,898 Total investments $ 71,277 $ 211 $ 64 $ (65 ) $ 71,487 December 31, 2014 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of U.S. Government and its agencies $ 20,307 $ 22 $ - $ (23 ) $ 20,306 Corporate debt securities 27,152 151 5 (47 ) 27,261 Certificates of deposit 11,838 6 - (63 ) 11,781 Total investments $ 59,297 $ 179 $ 5 $ (133 ) $ 59,348 The following table summarizes the scheduled maturity for the Company’s investments at September 30, 2015 and December 31, 2014. 2015 2014 Maturing in one year or less $ 23,700 $ 18,232 Maturing after one year through two years 27,183 25,459 Maturing after two years 20,604 15,657 Total investments $ 71,487 $ 59,348
Receivables, Policy [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 & Co. Ltd., product sales to Green Cross Corporation and CSL Limited. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At September 30, 2015 and December 31, 2014, the Company had the following receivables. September 30, 2015 Billed Unbilled Total U.S. Department of Health and Human Services $ - $ 5,444 $ 5,444 Green Cross Corporation 129 - 129 CSL Limited 1,922 - 1,922 Total receivables $ 2,051 $ 5,444 $ 7,495 December 31, 2014 Billed Unbilled Total U.S. Department of Health and Human Services $ - $ 2,778 $ 2,778 Shionogi & Co. Ltd. 1,071 - 1,071 Total receivables $ 1,071 $ 2,778 $ 3,849 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 ®
Inventory, Policy [Policy Text Block]	Inventory At September 30, 2015 and December 31, 2014, the Company’s inventory consisted of RAPIVAB finished goods inventory and work in process. Inventory is stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or market. The Company expenses costs related to the production of inventories as research and development expenses in the period incurred until such time it is believed that future economic benefit is expected to be recognized, which generally is reliant upon receipt of regulatory approval. Upon regulatory approval, the Company will capitalize subsequent costs related to the production of inventories. During 2014, in connection with the Food and Drug Administration (“FDA”) approval of RAPIVAB, the Company began capitalizing costs associated with the production of RAPIVAB commercial inventories. The Company’s inventory consisted of the following at September 30, 2015 and December 31, 2014: 2015 2014 Work in process $ - $ 267 Finished Goods - 416 Net inventories $ - $ 683
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 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 our raw materials, drug substance and drug products; and • professional fees. The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and 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, 2015 and December 31, 2014, 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 investments available-for-sale 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, 2015, realized gains of $13 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, 2014.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company recognizes revenues from collaborative and other research and development arrangements, royalties and product sales when realized or realizable and earned. Revenue is realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. Collaborative and Other Research and Development Arrangements and Royalties Revenue from license fees, royalty payments, event payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has no further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement. Fees received under licensing agreements that are related to future performance are deferred and recognized over an estimated period determined by management based on the terms of the agreement and the products licensed. Revisions to revenue or profit estimates as a result of changes in the estimated revenue period are recognized prospectively. Under certain of the Company’s license agreements, the Company receives royalty payments based upon its licensees’ net sales of covered products. The Company recognizes royalty revenues when it can reliably estimate such amounts and collectability is reasonably assured. For arrangements that involve the delivery of more than one element, each product, service and/or right to use assets is evaluated to determine whether it qualifies as a separate unit of accounting. This determination is based on whether the deliverable has “stand-alone value” to the customer. The consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value, (ii) third-party evidence of selling price (“TPE”) and (iii) best estimate of selling price (“BESP”). The BESP reflects our best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis. In most cases the Company expects to use TPE or BESP for allocating consideration to each deliverable. The consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. Analyzing the arrangement to identify deliverables requires the use of judgment, and each deliverable may be an obligation to deliver services, a right or license to use an asset, or another performance obligation. In June 2015, the Company entered into a License Agreement (the “Agreement”) granting CSL Limited (“CSL”) and its affiliates worldwide rights, excluding Israel, Japan, Korea and Taiwan, to develop, manufacture and commercialize RAPIVAB. The Agreement provides for various types of payments, including a non-refundable upfront fee, milestone payments, and future royalties. Analysis of the Agreement identified three deliverables: (i) license rights, (ii) inventory and (iii) regulatory support to obtain Canadian and European Union (“EU”) marketing approvals. The Company received an upfront payment of $33,740 from CSL of which $7,000 was determined to be contingent upon EU marketing approval and will be deferred until that time. Approximately $21,777 of the upfront payment was allocated to the license rights and recognized as revenue in the current quarter. Approximately $3,740 of the upfront payment was allocated to the pending sale of inventory and was recognized during the third quarter when the inventory transfer was completed. Approximately $1,223 of this revenue will be recognized over the expected period of involvement in these regulatory support activities. 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 reasonably assured at the inception of the agreement; and (ii) the fees are non-refundable. Any milestone payments received prior to satisfying these revenue recognition criteria are recorded as deferred revenue. Under the terms of the Agreement, the Company may receive up to $12,000 in additional payments related to the successful achievement of regulatory milestones, including marketing approval (i) by the FDA for a pediatric indication, (ii) by the EMA for an adult indication in the European Union and (iii) by Health Canada for an adult indication in Canada. The Company evaluated each event based payment under the provisions of ASU 2010-17, Milestone Method of Revenue Recognition 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. Product Sales The Company recognizes revenue for sales of RAPIVAB when title and substantially all the risks and rewards of ownership have transferred to the customer, which generally occurs on the date of shipment from our specialty distributors, utilizing the Sell-Through revenue recognition methodology. Product sales are recognized when there is persuasive evidence that an arrangement exists, title has passed, the price is fixed and determinable, and collectability is reasonably assured. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, the Company sells RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations. With the completion of the CSL worldwide license of RAPIVAB, CSL will be primarily responsible for sales of RAPIVAB other than U.S. Government stockpiling sales and the Company’s commercial sales will be minimal. Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves. The Company utilizes data from external sources to help it estimate gross-to-net sales adjustments as they relate to the recognition of revenue for RAPIVAB sold. Externally sourced data includes, but is not limited to, information obtained from specialty distributors with respect to their inventory levels and their sell-through to customers, as well as information from third-party suppliers of market research data to the pharmaceutical industry. The Company accounts for these sales deductions in accordance with authoritative guidance on revenue recognition when consideration is given by a vendor to a customer. The Company has categorized and described more fully the following significant sales deductions, all of which involve estimates and judgments, which the Company considers to be critical accounting estimates, and require it to use information from external sources. Rebates and Chargebacks Statutory rebates to state Medicaid agencies and Medicare are based on statutory discounts to RAPIVAB’s selling price. As it can take up to nine months or more for information to be received on actual usage of RAPIVAB in Medicaid and other governmental programs, the Company maintains reserves for amounts payable under these programs relating to RAPIVAB sales. Chargebacks claimed by specialty distributors are based on the differentials between product acquisition prices paid by the specialty distributors and lower government contract pricing paid by eligible customers covered under federally qualified programs. The amount of the reserve for rebates and chargebacks is based on multiple qualitative and quantitative factors, including the historical and projected utilization levels, historical payment experience, changes in statutory laws and interpretations as well as contractual terms, product pricing (both normal selling prices and statutory or negotiated prices), changes in prescription demand patterns and utilization of the Company’s product through public benefit plans, and the levels of RAPIVAB inventory in the distribution channel. The Company acquires prescription utilization data from third-party suppliers of market research data to the pharmaceutical industry. The Company updates its estimates and assumptions each period and records any necessary adjustments to its reserves. Settlements of rebates and chargebacks typically occur within nine months from point of sale. To the extent actual rebates and chargebacks differ from the Company’s estimates, additional reserves may be required or reserves may need to be reversed, either of which would impact current period product revenue. Discounts and Sales Incentives Discounts and other sales incentives primarily consist of Inventory Management Agreement (“IMA”) Fees. Per contractual agreements with the Company’s specialty distributors, the Company provides an IMA fee based on a percentage of their purchases of RAPIVAB. The IMA fee rates are set forth in individual contracts. The Company tracks sales to these distributors each period and accrues a liability relating to the unpaid portion of these fees by applying the contractual rates to such product sales. Product Returns The Company does not record a product return allowance as it does not offer the ability to return goods once a bonafide shipment has been accepted by a specialty distributor. Advertising The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. The Company recorded the following revenues for the three and nine months ended September 30, 2015 and 2014: Three Months Nine Months 2015 2014 2015 2014 Product sales, net $ 5,699 $ - $ 6,236 $ - Royalty revenue 126 5 1,776 1,951 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 4,581 2,937 12,788 5,323 Green Cross Corporation 132 - 132 - Shionogi (Japan) 296 296 888 888 CSL Limited 153 - 21,835 - Total collaborative and other research and development revenues 5,162 3,233 35,643 6,211 Total revenues $ 10,987 $ 3,238 $ 43,655 $ 8,162
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 our academic partners for modification to existing license agreements. These deferred expenses would not have been incurred without receipt of such payments or modifications from the Company’s commercial partners and are being expensed in proportion to the related revenue being recognized. The Company believes that this accounting treatment appropriately matches expenses with the associated revenue.
Share-based Compensation, Option and Incentive Plans Policy [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” has 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, 2015 and 2014 was $1,214 and $1,217, respectively, and for the nine months ended September 30, 2015 and 2014 was $3,862 and $3,684, respectively, and relates to the issuance of the PhaRMA Notes (defined in Note 4). Costs directly associated with the issuance of the PhaRMA Notes have been capitalized and are included in other current assets on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the term of the PhaRMA Notes using the effective interest rate method. Amortization of deferred financing costs included in interest expense was $110 for each of the three months ended September 30, 2015 and 2014, and $329 for each of the nine months ended September 30, 2015 and 2014.
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 (defined in Note 4) 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, 2015 and 2014 resulted in a loss of $792 and a gain of $732, 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 a currency exchange gain of $1,653 during the first nine months of 2015 associated with the exercise of a U.S. Dollar/Japanese yen currency option. 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, 2015 and December 31, 2014, 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 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, 2015 and 2014 does not include 0,000 and 0,000, 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, 2015 and 2014 does not include 0,000 and 0,000, 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 the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.
Concentration of Market Risk [Policy Text Block]	Significant Customers and Other Risks The Company relies primarily on three specialty distributors to purchase and supply the majority of RAPIVAB. These three pharmaceutical specialty distributors accounted for greater than 90% of all RAPIVAB product sales to date and accounted for predominantly all of the Company’s outstanding receivables from product sales. The loss of one or more of these specialty distributors as a customer could negatively impact the commercialization of RAPIVAB. However, the Company will utilize these specialty distributors on a limited basis subsequent to the CSL transaction as CSL will be responsible for commercial sales on a worldwide basis with the exception of Israel, Japan, Korea and Taiwan. The Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of RAPIVAB (i.e., peramivir) and BCX4430 development expenses, which was earned under cost-plus-fixed-fee contracts with BARDA/HHS and NIAID/HHS, respectively. The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its RAPIVAB and BCX4430 programs. Accordingly, reimbursement of these expenses represents a significant portion of the Company’s collaborative and other research and development revenues. The completion, as with the June 30, 2014 BARDA/HHS peramivir development contract, or termination of the NIAID/HHS and BARDA/HHS BCX4430 programs/collaboration could negatively impact the Company’s future Consolidated Statements of Comprehensive Loss and Cash Flows. In addition, the Company also recognizes royalty revenue from the net sales of RAPIACTA; however, the underlying cash flow from these royalty payments goes directly to pay the interest, and then the principal, on the Company’s non-recourse notes payable. Payment of the interest and the ultimate repayment of principal of these notes will be entirely funded by future royalty payments derived from net sales of RAPIACTA. The Company’s drug development activities are performed by a limited group of third party vendors. If any of these vendors were unable to perform their services, this could significantly impact the Company’s ability to complete its drug development activities. Risks from Third Party Manufacturing and Distribution Concentration The Company relies on single source manufacturers for active pharmaceutical ingredient and finished product manufacturing of RAPIVAB. Additionally, the Company relies upon a single third party to provide warehousing and distribution services for RAPIVAB. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of RAPIVAB.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	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 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 April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs In May 2014, the FASB issued ASU 2014-09 – Revenue from Contracts with Customers

Note 1 - Significant Accounti12

Note 1 - Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Available-for-sale Securities [Table Text Block]	September 30, 2015 Amortized Accrued Gross Gross Estimated Obligations of U.S. Government and its agencies $ 23,119 $ 42 $ 28 $ (2 ) $ 23,187 Corporate debt securities 27,249 141 26 (14 ) 27,402 Certificates of deposit 20,909 28 10 (49 ) 20,898 Total investments $ 71,277 $ 211 $ 64 $ (65 ) $ 71,487 December 31, 2014 Amortized Accrued Gross Gross Estimated Obligations of U.S. Government and its agencies $ 20,307 $ 22 $ — $ (23 ) $ 20,306 Corporate debt securities 27,152 151 5 (47 ) 27,261 Certificates of deposit 11,838 6 — (63 ) 11,781 Total investments $ 59,297 $ 179 $ 5 $ (133 ) $ 59,348
Available For Sale Securities Debt Maturities Fair Value [Table Text Block]	2015 2014 Maturing in one year or less $ 23,700 $ 18,232 Maturing after one year through two years 27,183 25,459 Maturing after two years 20,604 15,657 Total investments $ 71,487 $ 59,348
Schedule of Receivables from Collaborations [Table Text Block]	September 30, 2015 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 5,444 $ 5,444 Green Cross Corporation 129 — 129 Seqirus UK Limited 1,922 — 1,922 Total receivables $ 2,051 $ 5,444 $ 7,495 December 31, 2014 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 2,778 $ 2,778 Shionogi & Co. Ltd. 1,071 — 1,071 Total receivables $ 1,071 $ 2,778 $ 3,849
Schedule of Inventory, Current [Table Text Block]	2015 2014 Work in process $ — $ 267 Finished Goods — 416 Net inventories $ — $ 683
Schedule of Revenues from Collaborations [Table Text Block]	Three Months Nine Months 2015 2014 2015 2014 Product sales, net $ 5,699 $ — $ 6,236 $ — Royalty revenue 126 5 1,776 1,951 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 4,582 2,937 12,788 5,323 Green Cross Corporation 132 — 132 — Shionogi (Japan) 296 296 888 888 Seqirus UK Limited 152 — 21,835 — Total collaborative and other research and development revenues 5,162 3,233 35,643 6,211 Total revenues $ 10,987 $ 3,238 $ 43,655 $ 8,162

Note 2 - Stock-Based Compensa13

Note 2 - Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Share-based Compensation, Activity [Table Text Block]	Awards Options Weighted Balance December 31, 2014 2,362 9,605 $ 6.21 Restricted stock unit awards granted (155 ) — — Restricted stock unit awards cancelled 1 — — Stock option awards granted (1,319 ) 1,319 11.99 Stock option awards exercised — (1,102 ) 4.36 Stock option awards cancelled 28 (28 ) 9.05 Balance September 30, 2015 917 9,794 $ 7.19
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2015 2014 Expected Life in Years 5.5 5.5 Expected Volatility 83 % 87 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 1.5 % 1.6 %

Note 1 - Significant Accounti14

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands	Mar. 03, 2015	Nov. 06, 2013	Jun. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Mar. 09, 2011
Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value				$ 0		$ 0		$ 0
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative, Loss on Derivative						793,000
Derivative, Gain on Derivative						1,654,000	$ 732,000
JPR Royalty Sub LLC [Member]
Revenue Recognition Royalty and Milestone Revenue Recognized									$ 30,000,000
Certificates of Deposit [Member]
Restricted Cash and Cash Equivalents, Current				150,000		150,000
Royalty Receivable [Member]
Restricted Cash and Cash Equivalents, Current				70,000		70,000
Collateral for Credit [Member]
Restricted Cash and Cash Equivalents				1,402,000		$ 1,402,000
Maximum [Member]
Maturity Period of High Quality Marketable Securities						3 years
Average Maturity Period of High Quality Marketable Securities						18 years
Maturity Period of Short Term Investment						12 years
Average Maturity for Portfolio Investments						1 year 180 days
Minimum [Member]
Maturity Period of Short Term Investment						3 years
Long-term Investment Maturity, Minimum						12 years
CSL [Member] | Agreement [Member] | RAPIVABMember | Contingent upon EU Marketing Approval [Member]
Proceeds from License Fees Received			$ 7,000,000
CSL [Member] | Agreement [Member] | RAPIVABMember | Revenue from Sale of Inventory to be Recognized When the Inventory Transfer Is Complete [Member]
Deferred Revenue, Additions			3,740,000
CSL [Member] | Agreement [Member] | RAPIVABMember | Regulatory Support Revenue for Canadian and EU Marketing Approvals, Portion Recognized Ratably Over Expected Period of Involvement [Member]
Deferred Revenue, Additions			1,223,000
CSL [Member] | Agreement [Member] | RAPIVABMember
Proceeds from License Fees Received			33,740,000
Revenues			21,777,000
Milestone Payment Maximum			$ 12,000,000
RAPIVABMember | Customer Concentration Risk [Member] | Sales Revenue, Product Line [Member]
Concentration Risk, Percentage						90.00%
Loss on Sale of Investments						$ 0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax						13,000	0
Amortization of Financing Costs				110,000	$ 110,000	329,000	329,000
Investments and Cash				119,736,000		119,736,000
Securities Offered	$ 150,000,000	$ 10,000,000
Restricted Cash and Cash Equivalents, Current				1,622,000		1,622,000		$ 150,000
Revenues				10,987,000	3,238,000	43,655,000	8,162,000
Interest Expense				$ 1,241,000	$ 1,217,000	$ 3,862,000	$ 3,684,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				3,821	4,240	3,673	3,986

Note 1 - Fair Value of the Comp

Note 1 - Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
US Government Agencies Debt Securities [Member]
Amortized Cost	$ 23,119	$ 20,307
Accrued Interest	42	$ 22
Gross Unrealized Gains	28
Gross Unrealized Losses	(2)	$ (23)
Estimated Fair Value	23,187	20,306
Corporate Debt Securities [Member]
Amortized Cost	27,249	27,152
Accrued Interest	141	151
Gross Unrealized Gains	26	5
Gross Unrealized Losses	(14)	(47)
Estimated Fair Value	27,402	27,261
Certificates of Deposit [Member]
Amortized Cost	20,909	11,838
Accrued Interest	28	$ 6
Gross Unrealized Gains	10
Gross Unrealized Losses	(49)	$ (63)
Estimated Fair Value	20,898	11,781
Amortized Cost	71,277	59,297
Accrued Interest	211	179
Gross Unrealized Gains	64	5
Gross Unrealized Losses	(65)	(133)
Estimated Fair Value	$ 71,487	$ 59,348

Note 1 - Scheduled Maturity for

Note 1 - Scheduled Maturity for the Company's Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Maturing in one year or less	$ 23,700	$ 18,232
Maturing after one year through two years	27,183	25,459
Maturing after two years	20,604	15,657
Total investments	$ 71,487	$ 59,348

Note 1 - Summary of Receivables

Note 1 - Summary of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Billed Revenues [Member] | US Department of Health and Human Services [Member]
Receivables
Billed Revenues [Member] | Green Cross Corporation [Member]
Receivables	$ 129
Billed Revenues [Member] | Shionogi and Co. Ltd [Member]
Receivables		$ 1,071
Billed Revenues [Member] | CSL Limited [Member
Receivables	1,922
Billed Revenues [Member]
Receivables	2,051	1,071
Unbilled Revenues [Member] | US Department of Health and Human Services [Member]
Receivables	$ 5,444	$ 2,778
Unbilled Revenues [Member] | Green Cross Corporation [Member]
Receivables
Unbilled Revenues [Member] | Shionogi and Co. Ltd [Member]
Receivables
Unbilled Revenues [Member] | CSL Limited [Member
Receivables
Unbilled Revenues [Member]
Receivables	$ 5,444	$ 2,778
US Department of Health and Human Services [Member]
Receivables	5,444	2,778
Green Cross Corporation [Member]
Receivables	129
Shionogi and Co. Ltd [Member]
Receivables		1,071
CSL Limited [Member
Receivables	1,922
Receivables	$ 7,495	$ 3,849

Note 1 - Inventory (Details)

Note 1 - Inventory (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Work in process		$ 267,000
Finished Goods		416,000
Net inventories		$ 683,000

Note 1 - Summary of Revenues (D

Note 1 - Summary of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
US Department of Health and Human Services [Member]
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services	$ 4,582	$ 2,937	$ 12,788	$ 5,323
Green Cross Corporation [Member]
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services	132		132
Shionogi and Co. Ltd [Member]
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services	296	$ 296	888	$ 888
CSL [Member]
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services	152		21,835
Product sales, net	5,699		6,236
Royalty revenue	126	$ 5	1,776	$ 1,951
U.S. Department of Health and Human Services	5,162	3,233	35,643	6,211
Revenues	$ 10,987	$ 3,238	$ 43,655	$ 8,162

Note 2 - Stock-Based Compensa20

Note 2 - Stock-Based Compensation (Details Textual) $ / shares in Units, shares in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Aug. 31, 2013shares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / shares	Dec. 31, 2014shares
Unvested Performance Shares [Member] | Incentive Plan [Member]
Allocated Share-based Compensation Expense		$ 0
Stock Options and Restricted Stock [Member] | Incentive Plan [Member] | Vest 50% Each Year Until Fully Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Stock Options and Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 14,839,000
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year		1,782,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two		5,632,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three		4,627,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four		2,508,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Five		$ 290,000
Performance Shares [Member] | Incentive Plan [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%
Number of Milestones Achieved		3
Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage		25.00%
Performance Shares [Member] | Incentive Plan [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | December 2014 [Member]
Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage		100.00%
Performance Shares [Member] | Incentive Plan [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	1,032			1,250
Performance Shares [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 11,982,000
Employee Stock Option [Member] | Incentive 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%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Employee Stock Option [Member] | Incentive Plan [Member] | Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, First Vesting Period After Grant Date		1 year
Employee Stock Option [Member] | Incentive Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		5 years
Employee Stock Option [Member] | Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		10 years
Incentive Plan [Member]
Allocated Share-based Compensation Expense		$ 7,553,000	$ 6,388,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares		$ 8.15	$ 8.19
Employee Stock Purchase Plan [Member]
Allocated Share-based Compensation Expense		$ 220,000	$ 162,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares		1,475
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares		497
Percentage of Salary to Purchase Common Stock, Maximum		15.00%
Percentage of Common Stock Shares, Beginning		85.00%
Percentage of Common Stock Shares, Ending		85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | shares		3
Shar-based Compensation Arrangement by Shar-based Payment Award, Maximum Number of Shares Per Employee, Amount		$ 25,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans | shares		41
Allocated Share-based Compensation Expense		$ 7,773,000	$ 6,550,000
Number of Stock-based Compensation Plans		2
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares		917		2,362

Note 2 - Stock Incentive Plan A

Note 2 - Stock Incentive Plan Activities (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Awards Available (in shares)	2,362
Options Outstanding (in shares)	9,605
Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 6.21
Restricted stock unit awards granted (in shares)	(155)
Restricted stock unit awards cancelled (in shares)	1
Stock option awards granted (in shares)	(1,319)
Stock option awards granted (in shares)	1,319
Stock option awards granted (in dollars per share) | $ / shares	$ 11.99
Stock option awards exercised (in shares)	(1,102)
Stock option awards exercised (in dollars per share) | $ / shares	$ 4.36
Stock option awards cancelled (in shares)	28
Stock option awards cancelled (in shares)	(28)
Stock option awards cancelled (in dollars per share) | $ / shares	$ 9.05
Balance September 30, 2015 (in shares)	917
Balance September 30, 2015 (in shares)	9,794
Balance September 30, 2015 (in dollars per share) | $ / shares	$ 7.19

Note 2 - Weighted Average Assum

Note 2 - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive Plan (Details)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Expected Life in Years	5 years 182 days	5 years 182 days
Expected Volatility	83.00%	87.00%
Expected Dividend Yield	0.00%	0.00%
Risk-Free Interest Rate	1.50%	1.60%

Note 3 - Collaborative and Ot23

Note 3 - Collaborative and Other Research and Development Contracts (Details Textual) - USD ($)	Jun. 16, 2015	Sep. 30, 2013	Feb. 24, 2011	May. 31, 2010	Sep. 30, 2009	Jan. 31, 2007	Jun. 30, 2006	Sep. 30, 2015	Feb. 24, 2011	Mar. 31, 2015
US Department of Health and Human Services [Member]
Contract Term						4 years
Collaborative Agreement Contract Value						$ 102,661,000
Collaborative Agreement Additional Contract Value			$ 55,000,000		$ 77,191,000
Collaborative Agreement Adjusted Contract Value									$ 234,852,000
National Institute of Allergy and Infectious Diseases [Member]
Proceeds from awards for Research and Development Contracts		$ 5,000,000						$ 29,875
Expected Receivable From Awards for Research and Development Contracts								$ 34,002,000
Collaborative Agreement Period of Contract								5 years
UAB [Member]
Period of Agreement								25 years
Renewable Period of Agreement								5 years
Base Contract [Member]
Government Contract Receivable										$ 13,314,000
Additional Development Options [Member]
Government Contract Receivable										22,855,000
ASPRBARDA Contract [Member]
Government Contract Receivable										$ 36,169,000
Proceeds from awards for Research and Development Contracts								$ 16,300,000
Green Cross Corporation [Member]
Proceeds from License Fees Received							$ 250,000
AECOM and IRL [Member]
Milestone Payment Maximum								4,000,000
Milestone Payment Minimum								1,400,000
Annual License Fee Minimum								150,000
Annual License Fee Maximum								$ 500,000
Advance Notice Period for Termination of Agreement								60 days
Stock Issued During Period, Value, for Modification of License Agreement				$ 5,911,000
Payments for Modification of License Agreement				$ 90,000
CSL Limited [Member
Proceeds from License Fees Received	$ 33,740,000
Milestone Payment Maximum	$ 12,000,000
Royalty Term	10 years

Note 4 - Royalty Monetization (

Note 4 - Royalty Monetization (Details Textual)	Mar. 09, 2011USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2014JPY (¥)
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value		$ 0		$ 0		$ 0
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments		(460,000)	$ 4,082,000	(793,000)	$ 732,000
Foreign Currency Transaction Gain (Loss), Realized				1,654,000
Maximum Amount of Collateral Required to Post		$ 9,750,000		$ 9,750,000
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member]
Private Placement of Senior Secured Notes	$ 30,000,000
Debt Instrument, Interest Rate, Stated Percentage	14.00%
JPR Royalty Sub LLC [Member] | Royalty Monetization [Member]
Revenue Recognition Royalty and Milestone Revenue Recognized	$ 30,000,000
Revenue Recognition Royalty And Milestone Revenue Recognized, Net	22,691,000
Transaction Costs	4,309,000
Interest Reserve	3,000,000
PhaRMA Notes Member] | Currency Hedge Agreement [Member] | Japan, Yen [Member]
Derivative, Forward Exchange Rate		100		100
PhaRMA Notes Member] | Currency Hedge Agreement [Member]
Payments for (Proceeds from) Hedge, Investing Activities				$ 1,950,000
Required Foreign Currency Hedge Per Dollar | ¥							¥ 100
PhaRMA Notes Member] | JPR Royalty Sub LLC [Member]
Percentage of Carrying Amount in Excess of Fair Value		50.00%		50.00%
Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value		$ 0		$ 0		$ 0
JPR Royalty Sub LLC [Member]
Revenue Recognition Royalty and Milestone Revenue Recognized	$ 30,000,000
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments		$ (352,000)	$ 4,082,000	$ 861,000	$ 732,000

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual) - USD ($) $ in Millions	Mar. 03, 2015	Nov. 06, 2013
Maximum Aggregate Offering Price	$ 150	$ 125
Remaining Aggregate Offering Price		$ 10