Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document Information [Line Items] | ||
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 | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 80,420,617 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 75,158 | $ 22,104 |
Restricted cash | 2,798 | 1,546 |
Investments | 23,524 | 32,546 |
Receivables from collaborations | 9,564 | 8,768 |
Inventory | 655 | 500 |
Prepaid expenses and other current assets | 1,721 | 1,438 |
Deferred collaboration expense | 82 | 85 |
Total current assets | 113,502 | 66,987 |
Investments | 3,803 | 8,926 |
Property and equipment, net | 9,753 | 9,922 |
Deferred collaboration expense | 184 | 199 |
Other assets | 2,271 | 3,813 |
Total assets | 129,513 | 89,847 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 5,433 | 4,269 |
Accrued expenses | 11,335 | 10,836 |
Interest payable | 10,291 | 8,990 |
Deferred revenue | 1,869 | 2,022 |
Senior credit facility, current | 1,276 | |
Non-recourse notes payable | 28,353 | 28,243 |
Total current liabilities | 58,557 | 54,360 |
Deferred collaboration revenue | 7,888 | 8,184 |
Deferred rent | 223 | 244 |
Lease financing obligation | 2,704 | 2,704 |
Senior credit facility, noncurrent | 21,611 | 22,777 |
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; shares authorized — 5,000; no shares issued and outstanding | ||
Common stock, $0.01 par value: shares authorized — 200,000; shares issued and outstanding — 80,381 in 2017 and 73,782 in 2016 | 804 | 738 |
Additional paid-in capital | 618,009 | 566,913 |
Accumulated other comprehensive loss | (3) | (12) |
Accumulated deficit | (580,280) | (566,061) |
Total stockholders’ equity | 38,530 | 1,578 |
Total liabilities and stockholders’ equity | $ 129,513 | $ 89,847 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000 | 5,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 80,381 | 73,782 |
Common stock, shares outstanding (in shares) | 80,381 | 73,782 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | ||
Royalty revenue | $ 6,321 | $ 1,890 |
Collaborative and other research and development | 3,116 | 2,930 |
Total revenues | 9,437 | 4,820 |
Expenses | ||
Research and development | 16,770 | 20,579 |
General and administrative | 3,058 | 3,212 |
Royalty | 294 | 77 |
Total operating expenses | 20,122 | 23,868 |
Loss from operations | (10,685) | (19,048) |
Interest and other income | 109 | 439 |
Interest expense | (2,100) | (1,470) |
Loss on foreign currency derivative | (1,543) | (2,753) |
Net loss | $ (14,219) | $ (22,832) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.19) | $ (0.31) |
Weighted average shares outstanding (in shares) | 75,167 | 73,601 |
Unrealized gain on available for sale investments | $ 9 | $ 254 |
Comprehensive loss | $ (14,210) | $ (22,578) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net loss | $ (14,219,000) | $ (22,832,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 172,000 | 47,000 |
Stock-based compensation expense | 2,462,000 | 2,645,000 |
Amortization of Debt Issuance Costs | 220,000 | 110,000 |
Amortization of premium/discount on investments | 18,000 | 233,000 |
Change in fair value of foreign currency derivative | 1,543,000 | 2,753,000 |
Changes in operating assets and liabilities: | ||
Receivables | (796,000) | (1,141,000) |
Inventory | (155,000) | (337,000) |
Prepaid expenses and other assets | (284,000) | (546,000) |
Deferred collaboration expense | 18,000 | 19,000 |
Accounts payable and accrued expenses | 1,642,000 | (541,000) |
Interest payable | 1,301,000 | 1,228,000 |
Deferred revenue | (449,000) | (480,000) |
Net cash used in operating activities | (8,527,000) | (18,842,000) |
Investing activities | ||
Acquisitions of property and equipment | (3,000) | (3,260,000) |
Change in restricted cash | (1,252,000) | (353,000) |
Sales and maturities of investments | 14,136,000 | 6,320,000 |
Net cash provided by investing activities | 12,881,000 | 2,707,000 |
Financing activities | ||
Sale of common stock, net | 47,750,000 | |
Net proceeds from common stock issued under stock-based compensation plans | 950,000 | 7,000 |
Increase in lease financing obligation | 131,000 | |
Net cash provided by financing activities | 48,700,000 | 138,000 |
Increase (decrease) in cash and cash equivalents | 53,054,000 | (15,997,000) |
Cash and cash equivalents at beginning of period | 22,104,000 | 28,899,000 |
Cash and cash equivalents at end of period | $ 75,158,000 | $ 12,902,000 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 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 oral treatments for rare diseases in which significant unmet medical needs exist and that align with its capabilities and expertise. The Company was incorporated in Delaware in 1986 With the funds available at March 31, 2017, 2018. 2017 2017 may (1) (2) (3) (4) (5) one (6) may 3 March 3, 2015. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (“Royalty Sub”) and MDCP, LLC (“MDCP”). Both subsidiaries were formed to facilitate financing transactions for the Company. Royalty Sub was formed in connection with a $30,000 March 9, 2011. 4, $23,000 September 23, 2016. 5, 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 These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2016 2016 10 December 31, 2016 10 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 Restricted Cash Restricted cash as of March 31, 2017 $1,391 4) $1,407 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 three 18 may may 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 three 12 12 March 31, 2017, The following tables summarize the fair value of the Company’s investments by type. The estimated fair values of the Company’s fixed income investments are classified as Level 2 2 March 31, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 7,312 $ 27 $ — $ (5 ) $ 7,334 Corporate debt securities 6,171 21 — (4 ) 6,188 Certificates of deposit 13,775 24 11 (5 ) 13,805 Total investments $ 27,258 $ 72 $ 11 $ (14 ) $ 27,327 December 31, 2016 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 20,266 $ 34 $ 2 $ (4 ) $ 20,298 Corporate debt securities 6,179 26 2 (8 ) 6,199 Certificates of deposit 14,962 17 7 (11 ) 14,975 Total investments $ 41,407 $ 77 $ 11 $ (23 ) $ 41,472 The following table summarizes the scheduled maturity for the Company’s investments at March 31, 2017 December 31, 2016. 2017 2016 Maturing in one year or less $ 23,524 $ 32,546 Maturing after one year through two years 3,803 8,926 Total investments $ 27,327 $ 41,472 Receivables from Collaborations Receivables from collaborations are recorded for amounts due to the Company related to reimbursable research and development costs from the U.S. Department of Health and Human Services, royalty receivables from Shionogi, Green Cross Corporation (“Green Cross”) and Seqirus UK Limited (“SUL”), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At March 31, 2017 December 31, 2016, March 31, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 114 $ 2,186 $ 2,300 Shionogi & Co. Ltd. 5,834 — 5,834 Green Cross Corporation 382 — 382 Seqirus UK Limited 891 157 1,048 Total receivables $ 7,221 $ 2,343 $ 9,564 December 31, 2016 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 3,495 $ 3,495 Shionogi & Co. Ltd. 3,451 — 3,451 Green Cross Corporation 686 — 686 Seqirus UK Limited 957 179 1,136 Total receivables $ 5,094 $ 3,674 $ 8,768 Monthly invoices are submitted to the U.S. Department of Health and Human Services related to reimbursable research and development costs. The Company is also entitled to monthly reimbursement of indirect costs based on rates stipulated in the underlying contract. The Company’s calculations of its indirect cost rates are subject to audit by the U.S. Government. Receivables from Product Sales Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB ® . These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. Inventory At March 31, 2017 December 31, 2016, first first During 2014, The Company’s inventory consisted of the following at March 31, 2017 December 31, 2016: 2017 2016 Work in process $ 655 $ 500 Inventories $ 655 $ 500 Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may Patents and Licenses The Company seeks patent protection on all internally developed processes and products. All patent related costs are expensed to general and administrative expenses when incurred as recoverability of such expenditures is uncertain. Accrued Expenses The Company generally enters into contractual agreements with third • fees paid to Contract Research Organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials; • fees paid to investigative sites in connection with clinical trials; • fees paid to contract manufacturers in connection with the production of the Company’s raw materials, drug substance and drug products; and • professional fees. The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may March 31, 2017 December 31, 2016, 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. No reclassifications out of accumulated other comprehensive loss were recorded during the three March 31, 2017 March 31, 2016. 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 third may In June 2015, three $33,740 $7,000 $21,777 2015. $3,740 2015, $1,223 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 $10,000 2010 17, Milestone Method of Revenue Recognition first 2017, first 2016. 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 the Company’s 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, and prior to the SUL Agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations. With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, RAPIACTA ® ® 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 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 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 nine may may 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. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, RAPIACTA, and PERAMIFLU) will be made by the Company’s partners, except for U.S. Government stockpiling sales, and the Company will be reliant on these partners to generate sales and to provide for discounts and sales incentives. Product Returns The Company does not record a product return allowance as it does not offer the ability to return goods once a bona fide shipment has been accepted by a specialty distributor. The Company recorded the following revenues for the three March 31, 2017 2016: 2017 2016 Royalty revenue $ 6,321 $ 1,890 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 654 2,324 Shionogi & Co., Ltd. 296 296 Seqirus UK Limited 2,166 310 Total collaborative and other research and development revenues 3,116 2,930 Total revenues $ 9,437 $ 4,820 Advertising The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred. Research and Development Expenses The Company’s research and development costs are charged to expense when incurred. Research and development expenses include all direct and indirect development costs related to the development of the Company’s portfolio of product candidates. Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed. Research and development expenses include, among other items, personnel costs, including salaries and benefits, manufacturing costs, clinical, regulatory, and toxicology services performed by CROs, materials and supplies, and overhead allocations consisting of various administrative and facilities related costs. Most of the Company’s manufacturing and clinical and preclinical studies are performed by third Additionally, the Company has license agreements with third Deferred collaboration expenses represent sub-license payments, paid to the Company’s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to the Company’s academic partners for modification to existing license agreements. These deferred expenses would not have been incurred without receipt of such payments or modifications from the Company’s commercial partners and are being expensed in proportion to the related revenue being recognized. The Company believes that this accounting treatment appropriately matches expenses with the associated revenue. Stock-Based Compensation All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company’s Consolidated Statements of Comprehensive Loss based on their fair values. The fair value of stock option awards is estimated using the Black-Scholes option pricing model. The fair value of restricted stock unit awards is based on the grant date closing price of the common stock. Stock-based compensation cost is recognized as expense on a straight-line basis over the requisite service period of the award. In addition, we have outstanding performance-based stock options for which no compensation expense is recognized until “performance” is deemed to have occurred. Interest Expense and Deferred Financing Costs Interest expense for the three March 31, 2017 2016 $2,020 $1,338, 4) 5). $220 $110 three March 31, 2017 2016, Lease Financing Obligation Based on the terms of the lease agreement for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of $1,589 December 31, 2015, 2016, 20.5 three March 31, 2017 2016 $80 $132, At each of March 31, 2017 December 31, 2016, $2,704 March 31, 2017 $4,662. Currency Hedge Agreement In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does not qualify for hedge accounting treatment; therefore mark to market adjustments are recognized in the Company’s Consolidated Statements of Comprehensive Loss. Cumulative mark to market adjustments for the three March 31, 2017 2016 $1,543 $2,753, third 2 March 31, 2017 December 31, 2016, 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 March 31, 2017 2016 2,762 1,330, Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Significant Customers and Other Risks Significant Customers Prior to the SUL Agreement, the Company relied primarily on three three 90% one Other than royalty revenues, the Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of RAPIVAB and galidesivir (formerly BCX4430) June 30, 2014 third Risks from Third Party Manufacturing and Distribution Concentration The Company relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company’s product candidates in development. Credit Risk Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may 18 Going Concern The Company’s liquidity needs will be largely determined by the success of operations in regards to the progression of its product candidates in the future. The Company’s plans to alleviate the doubt of its going concern, which are probable of effectively being implemented and mitigating these conditions, primarily include its ability to control the timing and spending on its research and development programs and raising additional funds through equity financings. The Company also may (1) (2) (3) (4) (5) one (6) may 3 March 3, 2015. Recent Accounting Pronouncements In November 2016 2016 18: Statement of Cash Flows (Topic 230): 2016 18”). December 15, 2017, In August 2016, 2016 15: Statement of Cash Flows (Topic 230): 2016 15”). one 2016 15 December 15, 2017, In March 2016, 2016 09: Compensation - Stock Compensation (Topic 718): 2016 09”). ASU 2016 09 2016 09, January 1, 2017, 2016 09. January 1, 2017 March 31, 2017 The Company elected not to change its policy on accounting for forfeitures and continues to estimate the total number of awards for which the requisite service period will not be rendered. The Company adopted ASU 2016 09 January 1, 2017. 2016 09 In February 2016, 2016 02: Leases (Topic 842) 2016 02”). 12 2016 02 2019, In January 2016, 2016 01: Financial Instruments - Overall (Subtopic 825 10): 2016 01”). 2016 01 2018, In July 2015, 2015 11: Inventory (Topic 330): 2015 11”), 2015 11 first first first 2015 11 December 15, 2016. 2015 11 January 1, 2017. In May 2014, 2014 09: Revenue from Contracts with Customers (Topic 606) 2014 09”), 2014 09 July 2015, one January 1, 2018; January 1, 2017. 2017. January 1, 2018. |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 2 As of March 31, 2017, two April 2016 May 2016. March 2014 May 2014. $2,462 ($2,326 $136 first three 2017, $2,645 ($2,556 $89 first three 2016. There was approximately $19,865 March 31, 2017. $6,313 2017, $6,402 2018, $4,482 2019, $2,344 2020 $324 2021. Stock Incentive Plan The Company grants stock option awards and restricted stock unit awards to its employees, directors, and consultants under the Incentive Plan. Under the Incentive Plan, stock option awards are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards granted to employees generally vest 25% four August 2013 December 2014, 1,032 1,250 March 31, 2017, 75% August 2013 three (1) 1 second 2014, (2) fourth 2014, (3) 1 BCX7353 second 2015. March 31, 2017, 25% August 2013 100% December 2014 one 5 10 Related activity under the Incentive Plan is as follows: Awards Options Weighted Balance December 31, 2016 2,273 12,095 $ 6.55 Restricted stock unit awards granted (5 ) — — Restricted stock unit awards cancelled 2 — — Stock option awards granted (2,296 ) 2,296 5.51 Stock option awards exercised — (319 ) 3.50 Stock option awards cancelled 617 (617 ) 10.90 Balance March 31, 2017 591 13,455 $ 6.24 For stock option awards granted under the Incentive Plan during the first three 2017, first three 2017 $3.75. No first three 2016. first three 2017. zero Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive Plan 2017 Expected Life in Years 5.5 Expected Volatility 82 % Expected Dividend Yield 0.0 % Risk-Free Interest Rate 1.9 % Employee Stock Purchase Plan (“ESPP”) The Company has reserved a total of 1,475 364 March 31, 2017. may 15% 85% 85% six 3 may one six may $25 one 58 first three 2017 |
Note 3 - Collaborative and Othe
Note 3 - Collaborative and Other Research and Development Contracts | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 3 U.S. Department of Health and Human Services (“BARDA/HHS”). March 31, 2015, $16,265 $22,855 $39,120. March 31, 2017, $20,574 National Institute of Allergy and Infectious Diseases (“NIAID/HHS”). September 2013, $5,000 1 March 31, 2017, $39,477. March 31, 2017, 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 contract provisions that are related to the development of galidesivir plus a fixed fee, or profit. BARDA/HHS and NIAID/HHS will make periodic assessments of progress and the continuation of the contract is based on the Company’s performance, the timeliness and quality of deliverables, and other factors. The government has rights under certain contract clauses to terminate these contracts. These contracts are terminable by the government at any time for breach or without cause. Seqirus UK Limited (“SUL”). June 16, 2015, first December 2014 18 two Pursuant to the SUL Agreement, RAPIVAB will be commercialized by CSL's subsidiary, SUL, which specializes in influenza prevention through the supply of seasonal and pandemic vaccine to global markets. SUL will manufacture, commercialize and exercise decision-making authority with respect to the development and commercialization of RAPIVAB within the Territory and be responsible for all related costs, including sales and promotion. Under the terms of the SUL Agreement, the Company is responsible for fulfilling all post-marketing approval commitments in connection with the FDA's approval of the NDA, and upon fulfillment will transfer ownership of and financial responsibility for the NDA to SUL. Pursuant to 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, $2,000 may $10,000 July 1 June 30) ten Shionogi & Co., Ltd. (“Shionogi”). February 2007, October 2008, Green Cross Corporation (“Green Cross”). June 2006, one $250. Mundipharma International Holdings Limited (“Mundipharma”). February 2006, $10,000 April 2017, ® Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. (“AECOM” and “IRL” respectively). June 2000, $1,400 $4,000 one third $150 $500, may 60 In May 2010, one third may February 1, 2006 On June 19, 2012, The University of Alabama at Birmingham (“UAB”). third two 25 five three |
Note 4 - Royalty Monetization
Note 4 - Royalty Monetization | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Royalty Monetization [Text Block] | Note 4 Overview On March 9, 2011, $30,000 $22,691 $4,309 $3,000 September 2012 As part of the transaction, the Company entered into a purchase and sale agreement dated as of March 9, 2011 Non-Recourse Notes Payable On March 9, 2011, $30,000 14.0% 2020 March 9, 2011 14% September 1st 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, may one On September 1, 2014, may may may may March 31, 2017, The Indenture does not contain any financial covenants. The Indenture includes customary representations and warranties of Royalty Sub, affirmative and negative covenants of Royalty Sub, Events of Default and related remedies, and provisions regarding the duties of the Trustee, indemnification of the Trustee, and other matters typical for indentures used in structured financings of this type. As of March 31, 2017, 50% $30,000. 2 The PhaRMA Notes are redeemable at the option of Royalty Sub at any time at a redemption price equal to the outstanding principal balance of the PhaRMA Notes being redeemed plus accrued and unpaid interest through the redemption date on the PhaRMA Notes being redeemed. Currency Hedge Agreement In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. Under the Currency Hedge Agreement, the Company has the right to purchase dollars and sell yen at a rate of 100 may 2017 2020, $1,950 May 18 100 The Currency Hedge Agreement does not qualify for hedge accounting treatment; therefore, mark to market adjustments are recognized in the Company’s Consolidated Statement of Comprehensive Loss. Cumulative mark to market adjustments for the three March 31, 2017 2016 $1,543 $2,753 March 31, 2017 December 31, 2016, no March 31, 2017, may $7,800. |
Note 5 - Senior Credit Facility
Note 5 - Senior Credit Facility | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 On September 23, 2016, $23,000 0.5%) 8%. 2017 40 5% As of March 31, 2017, $23,000 8.8%. Principal Payments 2017 $ — 2018 6,900 2019 6,900 2020 6,900 2021 2,300 Total $ 23,000 The debt agreement contains two |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6 On March 3, 2015, $150,000 3 February 26, 2016, April 18, 2016. In March 2017, 6,061 $8.50 $47,750 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 oral treatments for rare diseases in which significant unmet medical needs exist and that align with its capabilities and expertise. The Company was incorporated in Delaware in 1986 With the funds available at March 31, 2017, 2018. 2017 2017 may (1) (2) (3) (4) (5) one (6) may 3 March 3, 2015. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (“Royalty Sub”) and MDCP, LLC (“MDCP”). Both subsidiaries were formed to facilitate financing transactions for the Company. Royalty Sub was formed in connection with a $30,000 March 9, 2011. 4, $23,000 September 23, 2016. 5, 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 These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2016 2016 10 December 31, 2016 10 |
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 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash as of March 31, 2017 $1,391 4) $1,407 |
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 three 18 may may 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 three 12 12 March 31, 2017, The following tables summarize the fair value of the Company’s investments by type. The estimated fair values of the Company’s fixed income investments are classified as Level 2 2 March 31, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 7,312 $ 27 $ — $ (5 ) $ 7,334 Corporate debt securities 6,171 21 — (4 ) 6,188 Certificates of deposit 13,775 24 11 (5 ) 13,805 Total investments $ 27,258 $ 72 $ 11 $ (14 ) $ 27,327 December 31, 2016 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 20,266 $ 34 $ 2 $ (4 ) $ 20,298 Corporate debt securities 6,179 26 2 (8 ) 6,199 Certificates of deposit 14,962 17 7 (11 ) 14,975 Total investments $ 41,407 $ 77 $ 11 $ (23 ) $ 41,472 The following table summarizes the scheduled maturity for the Company’s investments at March 31, 2017 December 31, 2016. 2017 2016 Maturing in one year or less $ 23,524 $ 32,546 Maturing after one year through two years 3,803 8,926 Total investments $ 27,327 $ 41,472 |
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, Green Cross Corporation (“Green Cross”) and Seqirus UK Limited (“SUL”), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At March 31, 2017 December 31, 2016, March 31, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 114 $ 2,186 $ 2,300 Shionogi & Co. Ltd. 5,834 — 5,834 Green Cross Corporation 382 — 382 Seqirus UK Limited 891 157 1,048 Total receivables $ 7,221 $ 2,343 $ 9,564 December 31, 2016 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 3,495 $ 3,495 Shionogi & Co. Ltd. 3,451 — 3,451 Green Cross Corporation 686 — 686 Seqirus UK Limited 957 179 1,136 Total receivables $ 5,094 $ 3,674 $ 8,768 Monthly invoices are submitted to the U.S. Department of Health and Human Services related to reimbursable research and development costs. The Company is also entitled to monthly reimbursement of indirect costs based on rates stipulated in the underlying contract. The Company’s calculations of its indirect cost rates are subject to audit by the U.S. Government. Receivables from Product Sales Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB ® . These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. |
Inventory, Policy [Policy Text Block] | Inventory At March 31, 2017 December 31, 2016, first first During 2014, The Company’s inventory consisted of the following at March 31, 2017 December 31, 2016: 2017 2016 Work in process $ 655 $ 500 Inventories $ 655 $ 500 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may |
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 • fees paid to Contract Research Organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials; • fees paid to investigative sites in connection with clinical trials; • fees paid to contract manufacturers in connection with the production of the Company’s raw materials, drug substance and drug products; and • professional fees. The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may March 31, 2017 December 31, 2016, |
Income Tax, Policy [Policy Text Block] | Income Taxes The liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders’ equity. Amounts reclassified from accumulated other comprehensive loss are recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. No reclassifications out of accumulated other comprehensive loss were recorded during the three March 31, 2017 March 31, 2016. |
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 third may In June 2015, three $33,740 $7,000 $21,777 2015. $3,740 2015, $1,223 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 $10,000 2010 17, Milestone Method of Revenue Recognition first 2017, first 2016. 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 the Company’s 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, and prior to the SUL Agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations. With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, RAPIACTA ® ® 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 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 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 nine may may 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. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, RAPIACTA, and PERAMIFLU) will be made by the Company’s partners, except for U.S. Government stockpiling sales, and the Company will be reliant on these partners to generate sales and to provide for discounts and sales incentives. Product Returns The Company does not record a product return allowance as it does not offer the ability to return goods once a bona fide shipment has been accepted by a specialty distributor. The Company recorded the following revenues for the three March 31, 2017 2016: 2017 2016 Royalty revenue $ 6,321 $ 1,890 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 654 2,324 Shionogi & Co., Ltd. 296 296 Seqirus UK Limited 2,166 310 Total collaborative and other research and development revenues 3,116 2,930 Total revenues $ 9,437 $ 4,820 Advertising The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses The Company’s research and development costs are charged to expense when incurred. Research and development expenses include all direct and indirect development costs related to the development of the Company’s portfolio of product candidates. Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed. Research and development expenses include, among other items, personnel costs, including salaries and benefits, manufacturing costs, clinical, regulatory, and toxicology services performed by CROs, materials and supplies, and overhead allocations consisting of various administrative and facilities related costs. Most of the Company’s manufacturing and clinical and preclinical studies are performed by third Additionally, the Company has license agreements with third Deferred collaboration expenses represent sub-license payments, paid to the Company’s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to the Company’s academic partners for modification to existing license agreements. These deferred expenses would not have been incurred without receipt of such payments or modifications from the Company’s commercial partners and are being expensed in proportion to the related revenue being recognized. The Company believes that this accounting treatment appropriately matches expenses with the associated revenue. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company’s Consolidated Statements of Comprehensive Loss based on their fair values. The fair value of stock option awards is estimated using the Black-Scholes option pricing model. The fair value of restricted stock unit awards is based on the grant date closing price of the common stock. Stock-based compensation cost is recognized as expense on a straight-line basis over the requisite service period of the award. In addition, we have outstanding performance-based stock options for which no compensation expense is recognized until “performance” is deemed to have occurred. |
Interest Expense and Deferred Financing Costs [Policy Text Block] | Interest Expense and Deferred Financing Costs Interest expense for the three March 31, 2017 2016 $2,020 $1,338, 4) 5). $220 $110 three March 31, 2017 2016, |
Lessee, Leases [Policy Text Block] | Lease Financing Obligation Based on the terms of the lease agreement for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of $1,589 December 31, 2015, 2016, 20.5 three March 31, 2017 2016 $80 $132, At each of March 31, 2017 December 31, 2016, $2,704 March 31, 2017 $4,662. |
Currency Hedge Agreement [Policy Text Block] | Currency Hedge Agreement In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does not qualify for hedge accounting treatment; therefore mark to market adjustments are recognized in the Company’s Consolidated Statements of Comprehensive Loss. Cumulative mark to market adjustments for the three March 31, 2017 2016 $1,543 $2,753, third 2 March 31, 2017 December 31, 2016, |
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 March 31, 2017 2016 2,762 1,330, |
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 Significant Customers Prior to the SUL Agreement, the Company relied primarily on three three 90% one Other than royalty revenues, the Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of RAPIVAB and galidesivir (formerly BCX4430) June 30, 2014 third Risks from Third Party Manufacturing and Distribution Concentration The Company relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company’s product candidates in development. Credit Risk Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may 18 |
Going Concern, Policy [Policy Text Block] | Going Concern The Company’s liquidity needs will be largely determined by the success of operations in regards to the progression of its product candidates in the future. The Company’s plans to alleviate the doubt of its going concern, which are probable of effectively being implemented and mitigating these conditions, primarily include its ability to control the timing and spending on its research and development programs and raising additional funds through equity financings. The Company also may (1) (2) (3) (4) (5) one (6) may 3 March 3, 2015. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In November 2016 2016 18: Statement of Cash Flows (Topic 230): 2016 18”). December 15, 2017, In August 2016, 2016 15: Statement of Cash Flows (Topic 230): 2016 15”). one 2016 15 December 15, 2017, In March 2016, 2016 09: Compensation - Stock Compensation (Topic 718): 2016 09”). ASU 2016 09 2016 09, January 1, 2017, 2016 09. January 1, 2017 March 31, 2017 The Company elected not to change its policy on accounting for forfeitures and continues to estimate the total number of awards for which the requisite service period will not be rendered. The Company adopted ASU 2016 09 January 1, 2017. 2016 09 In February 2016, 2016 02: Leases (Topic 842) 2016 02”). 12 2016 02 2019, In January 2016, 2016 01: Financial Instruments - Overall (Subtopic 825 10): 2016 01”). 2016 01 2018, In July 2015, 2015 11: Inventory (Topic 330): 2015 11”), 2015 11 first first first 2015 11 December 15, 2016. 2015 11 January 1, 2017. In May 2014, 2014 09: Revenue from Contracts with Customers (Topic 606) 2014 09”), 2014 09 July 2015, one January 1, 2018; January 1, 2017. 2017. January 1, 2018. |
Note 1 - Significant Accounti13
Note 1 - Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 7,312 $ 27 $ — $ (5 ) $ 7,334 Corporate debt securities 6,171 21 — (4 ) 6,188 Certificates of deposit 13,775 24 11 (5 ) 13,805 Total investments $ 27,258 $ 72 $ 11 $ (14 ) $ 27,327 December 31, 2016 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 20,266 $ 34 $ 2 $ (4 ) $ 20,298 Corporate debt securities 6,179 26 2 (8 ) 6,199 Certificates of deposit 14,962 17 7 (11 ) 14,975 Total investments $ 41,407 $ 77 $ 11 $ (23 ) $ 41,472 |
Available For Sale Securities Debt Maturities Fair Value [Table Text Block] | 2017 2016 Maturing in one year or less $ 23,524 $ 32,546 Maturing after one year through two years 3,803 8,926 Total investments $ 27,327 $ 41,472 |
Schedule of Receivables from Collaborations [Table Text Block] | March 31, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 114 $ 2,186 $ 2,300 Shionogi & Co. Ltd. 5,834 — 5,834 Green Cross Corporation 382 — 382 Seqirus UK Limited 891 157 1,048 Total receivables $ 7,221 $ 2,343 $ 9,564 December 31, 2016 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 3,495 $ 3,495 Shionogi & Co. Ltd. 3,451 — 3,451 Green Cross Corporation 686 — 686 Seqirus UK Limited 957 179 1,136 Total receivables $ 5,094 $ 3,674 $ 8,768 |
Schedule of Inventory, Current [Table Text Block] | 2017 2016 Work in process $ 655 $ 500 Inventories $ 655 $ 500 |
Schedule of Revenues from Collaborations [Table Text Block] | 2017 2016 Royalty revenue $ 6,321 $ 1,890 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 654 2,324 Shionogi & Co., Ltd. 296 296 Seqirus UK Limited 2,166 310 Total collaborative and other research and development revenues 3,116 2,930 Total revenues $ 9,437 $ 4,820 |
Note 2 - Stock-based Compensa14
Note 2 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Awards Options Weighted Balance December 31, 2016 2,273 12,095 $ 6.55 Restricted stock unit awards granted (5 ) — — Restricted stock unit awards cancelled 2 — — Stock option awards granted (2,296 ) 2,296 5.51 Stock option awards exercised — (319 ) 3.50 Stock option awards cancelled 617 (617 ) 10.90 Balance March 31, 2017 591 13,455 $ 6.24 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 Expected Life in Years 5.5 Expected Volatility 82 % Expected Dividend Yield 0.0 % Risk-Free Interest Rate 1.9 % |
Note 5 - Senior Credit Facili15
Note 5 - Senior Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Principal Payments 2017 $ — 2018 6,900 2019 6,900 2020 6,900 2021 2,300 Total $ 23,000 |
Note 1 - Significant Accounti16
Note 1 - Significant Accounting Policies (Details Textual) shares in Thousands | 1 Months Ended | 3 Months Ended | |||||
Jun. 30, 2015USD ($) | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($)shares | Dec. 31, 2016USD ($) | Sep. 23, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 09, 2011USD ($) | |
Long-term Line of Credit | $ 21,611,000 | $ 22,777,000 | |||||
Restricted Cash and Cash Equivalents, Current | 2,798,000 | 1,546,000 | |||||
Revenues | 9,437,000 | $ 4,820,000 | |||||
Interest Expense, Debt | 2,020,000 | 1,338,000 | |||||
Amortization of Debt Issuance Costs | 220,000 | 110,000 | |||||
Interest Expense | 2,100,000 | $ 1,470,000 | |||||
Lease Financing Obligation, Net of Current | $ 2,704,000 | 2,704,000 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 2,762 | 1,330 | |||||
Loss on Sale of Investments | $ 0 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | $ 0 | |||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivative, Loss on Derivative | 1,543,000 | 2,753,000 | |||||
Currency Hedge Agreement [Member] | |||||||
Collateral Already Posted, Aggregate Fair Value | 0 | 0 | |||||
Birmingham Research Facility [Member] | |||||||
Interest Expense | 80,000 | $ 132,000 | |||||
Lease Financing Obligation, Net of Current | 2,704,000 | $ 2,704,000 | |||||
Capital Leases, Future Minimum Payments Due | $ 4,662,000 | ||||||
RAPIVAB [Member] | Customer Concentration Risk [Member] | Sales Revenue, Product Line [Member] | |||||||
Number of Major Customers | 3 | ||||||
RAPIVAB [Member] | Customer Concentration Risk [Member] | Sales Revenue, Product Line [Member] | Three Customers [Member] | |||||||
Concentration Risk, Percentage | 90.00% | ||||||
Agreement [Member] | CSL [Member] | RAPIVAB [Member] | |||||||
Proceeds from License Fees Received | $ 33,740,000 | ||||||
Revenues | 21,777,000 | ||||||
Milestone Payment Maximum | 10,000,000 | ||||||
Agreement [Member] | CSL [Member] | RAPIVAB [Member] | Revenue from Sale of Inventory to be Recognized When the Inventory Transfer Is Complete [Member] | |||||||
Deferred Revenue, Additions | 3,740,000 | ||||||
Agreement [Member] | CSL [Member] | RAPIVAB [Member] | Regulatory Support Revenue for Canadian and EU Marketing Approvals, Portion Recognized Ratably Over Expected Period of Involvement [Member] | |||||||
Deferred Revenue, Additions | 1,223,000 | ||||||
Agreement [Member] | CSL [Member] | RAPIVAB [Member] | Contingent upon EU Marketing Approval [Member] | |||||||
Proceeds from License Fees Received | $ 7,000,000 | ||||||
Computer Equipment [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Laboratory Equipment, Office Equipment and Software [Member] | |||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||
Furniture and Fixtures [Member] | |||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||
Leasehold Improvements [Member] | Birmingham Research Facility [Member] | |||||||
Property, Plant and Equipment, Useful Life | 20 years 182 days | ||||||
Property, Plant and Equipment, Gross | $ 1,589,000 | ||||||
Maximum [Member] | |||||||
Maturity Period of High Quality Marketable Securities | 3 years | ||||||
Average Maturity Period of High Quality Marketable Securities | 1 year 180 days | ||||||
Maturity Period of Short Term Investment | 1 year | ||||||
Average Maturity for Portfolio Investments | 1 year 180 days | ||||||
Minimum [Member] | |||||||
Maturity Period of Short Term Investment | 90 days | ||||||
Long-term Investment Maturity, Minimum | 1 year | ||||||
Royalty Receivable [Member] | |||||||
Restricted Cash and Cash Equivalents, Current | $ 1,391,000 | ||||||
Collateral for Credit [Member] | |||||||
Restricted Cash and Cash Equivalents, Current | 1,407,000 | ||||||
Senior Credit Facility [Member] | MidCap Financial Services, LLC [Member] | |||||||
Long-term Line of Credit | $ 23,000,000 | $ 23,000,000 | |||||
JPR Royalty Sub LLC [Member] | |||||||
Revenue Recognition Royalty and Milestone Revenue Recognized | $ 30,000,000 |
Note 1 - Significant Accounti17
Note 1 - Significant Accounting Policies - Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized Cost | $ 27,258 | $ 41,407 |
Accrued Interest | 72 | 77 |
Gross Unrealized Gains | 11 | 11 |
Gross Unrealized Losses | (14) | (23) |
Estimated Fair Value | 27,327 | 41,472 |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 7,312 | 20,266 |
Accrued Interest | 27 | 34 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (5) | (4) |
Estimated Fair Value | 7,334 | 20,298 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 6,171 | 6,179 |
Accrued Interest | 21 | 26 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (4) | (8) |
Estimated Fair Value | 6,188 | 6,199 |
Certificates of Deposit [Member] | ||
Amortized Cost | 13,775 | 14,962 |
Accrued Interest | 24 | 17 |
Gross Unrealized Gains | 11 | 7 |
Gross Unrealized Losses | (5) | (11) |
Estimated Fair Value | $ 13,805 | $ 14,975 |
Note 1 - Significant Accounti18
Note 1 - Significant Accounting Policies - Scheduled Maturity for the Company's Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Maturing in one year or less | $ 23,524 | $ 32,546 |
Maturing after one year through two years | 3,803 | 8,926 |
Total investments | $ 27,327 | $ 41,472 |
Note 1 - Significant Accounti19
Note 1 - Significant Accounting Policies - Summary of Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables | $ 9,564 | $ 8,768 |
Billed Revenues [Member] | ||
Receivables | 7,221 | 5,094 |
Unbilled Revenues [Member] | ||
Receivables | 2,343 | 3,674 |
US Department of Health and Human Services [Member] | ||
Receivables | 2,300 | 3,495 |
US Department of Health and Human Services [Member] | Billed Revenues [Member] | ||
Receivables | 114 | |
US Department of Health and Human Services [Member] | Unbilled Revenues [Member] | ||
Receivables | 2,186 | 3,495 |
Shionogi and Co. Ltd [Member] | ||
Receivables | 5,834 | 3,451 |
Shionogi and Co. Ltd [Member] | Billed Revenues [Member] | ||
Receivables | 5,834 | 3,451 |
Shionogi and Co. Ltd [Member] | Unbilled Revenues [Member] | ||
Receivables | ||
Green Cross Corporation [Member] | ||
Receivables | 382 | 686 |
Green Cross Corporation [Member] | Billed Revenues [Member] | ||
Receivables | 382 | 686 |
Green Cross Corporation [Member] | Unbilled Revenues [Member] | ||
Receivables | ||
Seqirus UK Limited [Member] | ||
Receivables | 1,048 | 1,136 |
Seqirus UK Limited [Member] | Billed Revenues [Member] | ||
Receivables | 891 | 957 |
Seqirus UK Limited [Member] | Unbilled Revenues [Member] | ||
Receivables | $ 157 | $ 179 |
Note 1 - Significant Accounti20
Note 1 - Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Work in process | $ 655 | $ 500 |
Inventories | $ 655 | $ 500 |
Note 1 - Significant Accounti21
Note 1 - Significant Accounting Policies - Summary of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Royalty revenue | $ 6,321 | $ 1,890 |
Collaborative and other research and development revenues | 3,116 | 2,930 |
Revenues | 9,437 | 4,820 |
US Department of Health and Human Services [Member] | ||
Collaborative and other research and development revenues | 654 | 2,324 |
Shionogi and Co. Ltd [Member] | ||
Collaborative and other research and development revenues | 296 | 296 |
Seqirus UK Limited [Member] | ||
Collaborative and other research and development revenues | $ 2,166 | $ 310 |
Note 2 - Stock-based Compensa22
Note 2 - Stock-based Compensation (Details Textual) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2013shares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)shares | Dec. 31, 2014shares | Dec. 31, 2016shares | |
Number of Stock-based Compensation Plans | 2 | ||||
Allocated Share-based Compensation Expense | $ 2,462,000 | $ 2,645 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 19,865,000 | ||||
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year | 6,313,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two | 6,402,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three | 4,482,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four | 2,344,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Five | 324,000 | ||||
Incentive Plan [Member] | |||||
Allocated Share-based Compensation Expense | $ 2,326,000 | $ 2,556,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.75 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 591 | 2,273 | |||
Incentive Plan [Member] | Employee Stock Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years | ||||
Incentive Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 10 years | ||||
Incentive Plan [Member] | Employee Stock Option [Member] | Non-employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, First Vesting Period After Grant Date | 1 year | ||||
Incentive Plan [Member] | Employee Stock Option [Member] | Vest 25% Each Year Until Fully Vested [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,032 | 1,250 | |||
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | August 2013 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | ||||
Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage | 25.00% | ||||
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | December 2014 [Member] | |||||
Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage | 100.00% | ||||
Employee Stock Purchase Plan [Member] | |||||
Allocated Share-based Compensation Expense | $ 136,000 | $ 89,000 | |||
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 | 364 | ||||
Percentage of Salary to Purchase Common Stock, Maximum | 15.00% | ||||
Percentage of Common Stock Shares, Beginning | 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 | 58 |
Note 2 - Stock-based Compensa23
Note 2 - Stock-based Compensation - Stock Incentive Plan Activities (Details) - Incentive Plan [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Awards Available (in shares) | 2,273 |
Options Outstanding (in shares) | 12,095 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 6.55 |
Stock option awards granted (in shares) | (2,296) |
Stock option awards granted (in shares) | 2,296 |
Stock option awards granted (in dollars per share) | $ / shares | $ 5.51 |
Stock option awards exercised (in shares) | (319) |
Stock option awards exercised (in dollars per share) | $ / shares | $ 3.50 |
Stock option awards cancelled (in shares) | 617 |
Stock option awards cancelled (in shares) | (617) |
Stock option awards cancelled (in dollars per share) | $ / shares | $ 10.90 |
Awards Available (in shares) | 591 |
Options Outstanding (in shares) | 13,455 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 6.24 |
Restricted Stock Units (RSUs) [Member] | |
Restricted stock unit awards granted (in shares) | (5) |
Restricted stock unit awards cancelled (in shares) | 2 |
Note 2 - Stock-based Compensa24
Note 2 - Stock-based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Incentive Plan (Details) - Incentive Plan [Member] | 3 Months Ended |
Mar. 31, 2017 | |
Expected Life in Years (Year) | 5 years 182 days |
Expected Volatility | 82.00% |
Expected Dividend Yield | 0.00% |
Risk-Free Interest Rate | 1.90% |
Note 3 - Collaborative and Ot25
Note 3 - Collaborative and Other Research and Development Contracts (Details Textual) - USD ($) $ in Thousands | Jun. 16, 2015 | Sep. 30, 2013 | Jun. 30, 2006 | Feb. 28, 2006 | Jun. 30, 2000 | Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2015 |
CSL Limited [Member | |||||||||
Proceeds from License Fees Received | $ 33,740 | ||||||||
Milestone Payment Received | 2,000 | ||||||||
Milestone Payment Maximum | $ 10,000 | ||||||||
Royalty Term | 10 years | ||||||||
National Institute of Allergy and Infectious Diseases [Member] | |||||||||
Proceeds from awards for Research and Development Contracts | $ 5,000 | ||||||||
Expected Receivable From Awards for Research and Development Contracts | $ 39,477 | ||||||||
UAB [Member] | |||||||||
Period of Agreement | 25 years | ||||||||
Renewable Period of Agreement | 5 years | ||||||||
Base Contract [Member] | |||||||||
Government Contract Receivable | $ 16,265 | ||||||||
Additional Development Options [Member] | |||||||||
Government Contract Receivable | 22,855 | ||||||||
ASPRBARDA Contract [Member] | |||||||||
Government Contract Receivable | $ 39,120 | ||||||||
Proceeds from awards for Research and Development Contracts | $ 20,574 | ||||||||
Green Cross Corporation [Member] | |||||||||
Proceeds from License Fees Received | $ 250 | ||||||||
Mundipharma [Member] | |||||||||
Upfront Payments Receivable Amount | $ 10,000 | ||||||||
AECOM and IRL [Member] | |||||||||
Milestone Payment Maximum | $ 4,000 | ||||||||
Milestone Payment Minimum | 1,400 | ||||||||
Annual License Fee Minimum | 150 | ||||||||
Annual License Fee Maximum | $ 500 | ||||||||
Advance Notice Period for Termination of Agreement | 60 days |
Note 4 - Royalty Monetization (
Note 4 - Royalty Monetization (Details Textual) | May 18, 2016USD ($) | Mar. 09, 2011USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | May 18, 2016JPY (¥) |
Currency Hedge Agreement [Member] | ||||||
Collateral Already Posted, Aggregate Fair Value | $ 0 | $ 0 | ||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative, Loss on Derivative | $ 1,543,000 | $ 2,753,000 | ||||
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] | Japan, Yen | Currency Hedge Agreement [Member] | ||||||
Derivative, Forward Exchange Rate | 100 | |||||
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | ||||||
Private Placement of Senior Secured Notes | $ 30,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | |||||
Percentage of Carrying Amount in Excess of Fair Value | 50.00% | |||||
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | Currency Hedge Agreement [Member] | ||||||
Maximum Amount of Collateral Required to Post | $ 7,800,000 | |||||
Collateral Already Posted, Aggregate Fair Value | 0 | $ 0 | ||||
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Notes Payable, Fair Value Disclosure | $ 30,000,000 | |||||
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 |
Note 5 - Senior Credit Facili27
Note 5 - Senior Credit Facility (Details Textual) - USD ($) | Sep. 23, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Long-term Line of Credit | $ 21,611,000 | $ 22,777,000 | |
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | |||
Long-term Line of Credit | $ 23,000,000 | $ 23,000,000 | |
Debt Instrument, Minimum LIBOR | 0.50% | ||
Debt Instrument, Term | 3 years 120 days | ||
Debt Instrument, Final Payment Fee, Percentage | 5.00% | ||
Line of Credit Facility, Interest Rate at Period End | 8.80% | ||
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 8.00% |
Note 5 - Senior Credit Facili28
Note 5 - Senior Credit Facility - Scheduled Principal Repayments of the Credit Facility (Details) $ in Millions | Mar. 31, 2017USD ($) |
2,017 | |
2,018 | 6.9 |
2,019 | 6.9 |
2,020 | 6.9 |
2,021 | 2.3 |
Total | $ 23 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 03, 2015 | |
Maximum Aggregate Offering Price | $ 150,000 | |||
Stock Issued During Period, Shares, New Issues | 6,061 | |||
Shares Issued, Price Per Share | $ 8.50 | $ 8.50 | ||
Proceeds from Issuance of Common Stock | $ 47,750 | $ 47,750 |