BioCryst Pharmaceuticals (BCRX) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 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)		80,428,121
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 39,696	$ 22,104
Restricted cash	5,357	1,546
Investments	40,977	32,546
Receivables from collaborations	3,325	8,768
Inventory	1,305	500
Prepaid expenses and other current assets	1,524	1,438
Deferred collaboration expense	79	85
Total current assets	92,263	66,987
Investments	9,603	8,926
Property and equipment, net	9,602	9,922
Deferred collaboration expense	170	199
Other assets	1,871	3,813
Total assets	113,509	89,847
Liabilities and Stockholders’ Equity
Accounts payable	1,844	4,269
Accrued expenses	12,329	10,836
Interest payable	11,587	8,990
Deferred collaboration revenue	1,717	2,022
Senior credit facility	2,997
Non-recourse notes payable	28,463	28,243
Total current liabilities	58,937	54,360
Deferred collaboration revenue	7,592	8,184
Deferred rent	201	244
Lease financing obligation	2,704	2,704
Long-term Line of Credit	19,999	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 — 80,428 in 2017 and 73,782 in 2016	804	738
Additional paid-in capital	620,453	566,913
Accumulated other comprehensive loss	(15)	(12)
Accumulated deficit	(597,166)	(566,061)
Total stockholders’ equity	24,076	1,578
Total liabilities and stockholders’ equity	$ 113,509	$ 89,847

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 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)	80,428	73,782
Common stock, shares outstanding (in shares)	80,428	73,782

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Royalty revenue	$ 489	$ 629	$ 6,810	$ 2,519
Collaborative and other research and development	2,610	4,158	5,726	7,088
Total revenues	3,099	4,787	12,536	9,607
Expenses
Research and development	15,759	14,166	32,529	34,745
General and administrative	2,834	2,724	5,892	5,936
Royalty	22	27	316	104
Total operating expenses	18,615	16,917	38,737	40,785
Loss from operations	(15,516)	(12,130)	(26,201)	(31,178)
Interest and other income	203	147	312	586
Interest expense	(2,094)	(1,421)	(4,194)	(2,891)
Gain (loss) on foreign currency derivative	521	(2,877)	(1,022)	(5,630)
Net loss	$ (16,886)	$ (16,281)	$ (31,105)	$ (39,113)
Basic and diluted net loss per common share (in dollars per share)	$ (0.21)	$ (0.22)	$ (0.40)	$ (0.53)
Weighted average shares outstanding (in shares)	80,418	73,695	77,807	73,648
Unrealized loss on available for sale investments	$ (12)	$ (2)	$ (3)	$ 252
Comprehensive loss	$ (16,898)	$ (16,283)	$ (31,108)	$ (38,861)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net loss	$ (31,105)	$ (39,113)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	344	136
Stock-based compensation expense	4,788	4,491
Amortization of Debt Issuance Costs	439	220
Amortization of premium/discount on investments	86	302
Change in fair value of foreign currency derivative	1,943	6,441
Changes in operating assets and liabilities:
Receivables	5,443	4,009
Inventory	(805)	(337)
Prepaid expenses and other assets	(87)	1,000
Deferred collaboration expense	35	37
Accounts payable and accrued expenses	(975)	(8,742)
Interest payable	2,597	2,457
Deferred revenue	(897)	(927)
Net cash used in operating activities	(18,194)	(30,026)
Investing activities
Acquisitions of property and equipment	(24)	(5,099)
Change in restricted cash	(3,811)	(2,814)
Purchases of investments	(33,070)
Sales and maturities of investments	23,873	19,064
Net cash (used in) provided by investing activities	(13,032)	11,151
Financing activities
Sale of common stock, net	47,750
Net proceeds from common stock issued under stock-based compensation plans	1,068	33
Payment of foreign currency derivative collateral		(1,610)
Increase in lease financing obligation		214
Net cash provided by (used in) financing activities	48,818	(1,363)
Increase (decrease) in cash and cash equivalents	17,592	(20,238)
Cash and cash equivalents at beginning of period	22,104	28,899
Cash and cash equivalents at end of period	$ 39,696	$ 8,661

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 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 not no These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2016 2016 10 not 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 June 30, 2017 $3,949 4 $1,408 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 no 18 may may not not not 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 three 12 12 June 30, 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 not not 2 June 30, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 26,436 $ 85 $ — $ (11 ) $ 26,510 Corporate debt securities 9,248 42 1 (8 ) 9,283 Certificates of deposit 14,762 22 9 (6 ) 14,787 Total investments $ 50,446 $ 149 $ 10 $ (25 ) $ 50,580 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 June 30, 2017 December 31, 2016. 2017 2016 Maturing in one year or less $ 40,977 $ 32,546 Maturing after one year through two years 9,603 8,926 Total investments $ 50,580 $ 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 June 30, 2017 December 31, 2016, June 30, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 276 $ 1,630 $ 1,906 Shionogi & Co. Ltd. 107 — 107 Green Cross Corporation 359 — 359 Seqirus UK Limited 747 206 953 Total receivables $ 1,489 $ 1,836 $ 3,325 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 ® Inventory At June 30, 2017 December 31, 2016, first first The Company’s inventory consisted of the following at June 30, 2017 December 31, 2016: 2017 2016 Work in process $ 1,305 $ 500 Inventories $ 1,305 $ 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 not In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not not 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 not • 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 June 30, 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. Realized losses of $1 $10 six June 30, 2017 2016, Revenue Recognition The Company recognizes revenues from collaborative and other research and development arrangements and royalties 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 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 not 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 Under the terms of the SUL Agreement, the Company may $10,000 2010 17, Milestone Method of Revenue Recognition first six 2017, No first six 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. The Company recorded the following revenues for the three six June 30, 2017 2016: Three Months Six Months 2017 2016 2017 2016 Royalty revenue $ 489 $ 629 $ 6,810 $ 2,519 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 2,161 3,709 2,815 6,033 Shionogi & Co. Ltd. 296 296 592 592 Seqirus UK Limited 153 153 2,319 463 Total collaborative and other research and development revenues 2,610 4,158 5,726 7,088 Total revenues $ 3,099 $ 4,787 $ 12,536 $ 9,607 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 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 Interest Expense and Deferred Financing Costs Interest expense for the three June 30, 2017 2016 $2,094 $1,421, six June 30, 2017 2016 $4,194 $2,891, 4 5 $220 $110 three June 30, 2017 2016, $439 $220 six June 30, 2017 2016, Lease Financing Obligation Based on the terms of the lease agreement for the research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of $1,589 December 31, 2015, 2016, not 20.5 no three June 30, 2017 2016 $55 $83, six June 30, 2017 $135 $214, At each of June 30, 2017 December 31, 2016, $2,704 June 30, 2017 $4,553. 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 six June 30, 2017 2016 $1,943 $6,441, third not 2 $921 $811 first six 2017 2016, June 30, 2017 December 31, 2016, no 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 June 30, 2017 2016 not 2,208 885, six June 30, 2017 2016 not 2,475 1,091, 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 All peramivir sales (i.e., RAPIVAB, RAPIACTA, and PERAMIFLU) are made by the Company’s partners and the Company will be reliant on these partners to generate sales and remit cash to satisfy receivables. Other than royalty revenues, the Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of RAPIVAB and galidesivir (formerly BCX4430 June 30, 2014 third 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 no 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 the doubt about its ability to continue as a going concern, 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, No. 2016 15: Statement of Cash Flows (Topic 230 2016 15” one 2016 15 December 15, 2017, In March 2016, No. 2016 09: Compensation - Stock Compensation (Topic 718 2016 09” ASU 2016 09 2016 09, January 1, 2017, 2016 09. January 1, 2017 no June 30, 2017 The Company elected not not 2016 09 January 1, 2017. 2016 09 not In February 2016, No. 2016 02: Leases (Topic 842 2016 02” 12 2016 02 2019, In January 2016, No. 2016 01: Financial Instruments - Overall (Subtopic 825 10 2016 01” 2016 01 2018, not In July 2015, No. 2015 11: Inventory (Topic 330 2015 11” 2015 11 not first first first 2015 11 December 15, 2016. 2015 11 January 1, 2017. not In May 2014, No. 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	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 2 As of June 30, 2017, two April 2017 May 2017. March 2014 May 2014. $4,788 $4,652 $136 first six 2017, $4,491 $4,402 $89 first six 2016. There was approximately $18,575 June 30, 2017. $4,555 2017, $6,768 2018, $4,525 2019, $2,387 2020 $340 2021. no 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 June 30, 2017, 75% August 2013 three 1 1 second 2014, 2 fourth 2014, 3 1 BCX7353 second 2015. June 30, 2017, 25% August 2013 100% December 2014 no 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 Plan amendment 1,000 — — Restricted stock unit awards granted (11 ) — — Restricted stock unit awards cancelled 2 — — Stock option awards granted (2,563 ) 2,563 5.49 Stock option awards exercised — (368 ) 3.37 Stock option awards cancelled 877 (877 ) 10.30 Balance June 30, 2017 1,578 13,413 $ 6.19 For stock option awards granted under the Incentive Plan during the first six 2017 2016, first six 2017 2016 $3.74 $2.18, first six 2017 2016. not no not zero Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive Plan 2017 2016 Expected Life in Years 5.5 5.6 Expected Volatility 82.0 % 82.0 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 1.9 % 1.4 % Employee Stock Purchase Plan (“ESPP”) The Company has reserved a total of 1,475 364 June 30, 2017. may 15% 85% 85% six No 3 may one six no may $25 one 58 first six 2017

Note 3 - Collaborative and Othe

Note 3 - Collaborative and Other Research and Development Contracts	6 Months Ended
	Jun. 30, 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. June 30, 2017, $20,574 National Institute of Allergy and Infectious Diseases (“NIAID/HHS”). September 2013, $5,000 1 June 30, 2017, $39,477. June 30, 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 no two Pursuant to the SUL Agreement, RAPIVAB is commercialized by CSL's subsidiary, SUL, which specializes in influenza prevention through the supply of seasonal and pandemic vaccine to global markets. SUL manufactures, commercializes and exercises decision-making authority with respect to the commercialization of RAPIVAB within the Territory and is 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 the EU, the Company is also responsible for regulatory filings and interactions with 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 not may February 1, 2006 On June 19, 2012, The University of Alabama at Birmingham (“UAB”). third two 25 five three no

Note 4 - Royalty Monetization

Note 4 - Royalty Monetization	6 Months Ended
	Jun. 30, 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 not 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, not may one On September 1, 2014, may may may not may no not June 30, 2017, The Indenture does not As of June 30, 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 2018 2020, $1,950 May 18 100 The Currency Hedge Agreement does not six June 30, 2017 2016 $1,943 $6,441, June 30, 2017 December 31, 2016, no not June 30, 2017, may $5,850.

Note 5 - Senior Credit Facility

Note 5 - Senior Credit Facility	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5 On September 23, 2016, $23,000 not 0.5% 8%. 2017 40 5% As of June 30, 2017, $23,000 9.1%. Principal Payments 2017 $ — 2018 6,900 2019 6,900 2020 6,900 2021 2,300 Total $ 23,000 The debt agreement contains two not

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 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 not no These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2016 2016 10 not 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 June 30, 2017 $3,949 4 $1,408
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 no 18 may may not not not 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 three 12 12 June 30, 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 not not 2 June 30, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 26,436 $ 85 $ — $ (11 ) $ 26,510 Corporate debt securities 9,248 42 1 (8 ) 9,283 Certificates of deposit 14,762 22 9 (6 ) 14,787 Total investments $ 50,446 $ 149 $ 10 $ (25 ) $ 50,580 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 June 30, 2017 December 31, 2016. 2017 2016 Maturing in one year or less $ 40,977 $ 32,546 Maturing after one year through two years 9,603 8,926 Total investments $ 50,580 $ 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 June 30, 2017 December 31, 2016, June 30, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 276 $ 1,630 $ 1,906 Shionogi & Co. Ltd. 107 — 107 Green Cross Corporation 359 — 359 Seqirus UK Limited 747 206 953 Total receivables $ 1,489 $ 1,836 $ 3,325 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 ®
Inventory, Policy [Policy Text Block]	Inventory At June 30, 2017 December 31, 2016, first first The Company’s inventory consisted of the following at June 30, 2017 December 31, 2016: 2017 2016 Work in process $ 1,305 $ 500 Inventories $ 1,305 $ 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 not In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not not
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 not • 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 June 30, 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. Realized losses of $1 $10 six June 30, 2017 2016,
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company recognizes revenues from collaborative and other research and development arrangements and royalties 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 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 not 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 Under the terms of the SUL Agreement, the Company may $10,000 2010 17, Milestone Method of Revenue Recognition first six 2017, No first six 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. The Company recorded the following revenues for the three six June 30, 2017 2016: Three Months Six Months 2017 2016 2017 2016 Royalty revenue $ 489 $ 629 $ 6,810 $ 2,519 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 2,161 3,709 2,815 6,033 Shionogi & Co. Ltd. 296 296 592 592 Seqirus UK Limited 153 153 2,319 463 Total collaborative and other research and development revenues 2,610 4,158 5,726 7,088 Total revenues $ 3,099 $ 4,787 $ 12,536 $ 9,607
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
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
Interest Expense and Deferred Financing Costs [Policy Text Block]	Interest Expense and Deferred Financing Costs Interest expense for the three June 30, 2017 2016 $2,094 $1,421, six June 30, 2017 2016 $4,194 $2,891, 4 5 $220 $110 three June 30, 2017 2016, $439 $220 six June 30, 2017 2016,
Lessee, Leases [Policy Text Block]	Lease Financing Obligation Based on the terms of the lease agreement for the research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of $1,589 December 31, 2015, 2016, not 20.5 no three June 30, 2017 2016 $55 $83, six June 30, 2017 $135 $214, At each of June 30, 2017 December 31, 2016, $2,704 June 30, 2017 $4,553.
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 six June 30, 2017 2016 $1,943 $6,441, third not 2 $921 $811 first six 2017 2016, June 30, 2017 December 31, 2016, no
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 June 30, 2017 2016 not 2,208 885, six June 30, 2017 2016 not 2,475 1,091,
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 All peramivir sales (i.e., RAPIVAB, RAPIACTA, and PERAMIFLU) are made by the Company’s partners and the Company will be reliant on these partners to generate sales and remit cash to satisfy receivables. Other than royalty revenues, the Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of RAPIVAB and galidesivir (formerly BCX4430 June 30, 2014 third 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 no
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 the doubt about its ability to continue as a going concern, 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, No. 2016 15: Statement of Cash Flows (Topic 230 2016 15” one 2016 15 December 15, 2017, In March 2016, No. 2016 09: Compensation - Stock Compensation (Topic 718 2016 09” ASU 2016 09 2016 09, January 1, 2017, 2016 09. January 1, 2017 no June 30, 2017 The Company elected not not 2016 09 January 1, 2017. 2016 09 not In February 2016, No. 2016 02: Leases (Topic 842 2016 02” 12 2016 02 2019, In January 2016, No. 2016 01: Financial Instruments - Overall (Subtopic 825 10 2016 01” 2016 01 2018, not In July 2015, No. 2015 11: Inventory (Topic 330 2015 11” 2015 11 not first first first 2015 11 December 15, 2016. 2015 11 January 1, 2017. not In May 2014, No. 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)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Available-for-sale Securities [Table Text Block]	June 30, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 26,436 $ 85 $ — $ (11 ) $ 26,510 Corporate debt securities 9,248 42 1 (8 ) 9,283 Certificates of deposit 14,762 22 9 (6 ) 14,787 Total investments $ 50,446 $ 149 $ 10 $ (25 ) $ 50,580 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 $ 40,977 $ 32,546 Maturing after one year through two years 9,603 8,926 Total investments $ 50,580 $ 41,472
Schedule of Receivables from Collaborations [Table Text Block]	June 30, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 276 $ 1,630 $ 1,906 Shionogi & Co. Ltd. 107 — 107 Green Cross Corporation 359 — 359 Seqirus UK Limited 747 206 953 Total receivables $ 1,489 $ 1,836 $ 3,325 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 $ 1,305 $ 500 Inventories $ 1,305 $ 500
Schedule of Revenues from Collaborations [Table Text Block]	Three Months Six Months 2017 2016 2017 2016 Royalty revenue $ 489 $ 629 $ 6,810 $ 2,519 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 2,161 3,709 2,815 6,033 Shionogi & Co. Ltd. 296 296 592 592 Seqirus UK Limited 153 153 2,319 463 Total collaborative and other research and development revenues 2,610 4,158 5,726 7,088 Total revenues $ 3,099 $ 4,787 $ 12,536 $ 9,607

Note 2 - Stock-based Compensa14

Note 2 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Share-based Compensation, Activity [Table Text Block]	Awards Options Weighted Balance December 31, 2016 2,273 12,095 $ 6.55 Plan amendment 1,000 — — Restricted stock unit awards granted (11 ) — — Restricted stock unit awards cancelled 2 — — Stock option awards granted (2,563 ) 2,563 5.49 Stock option awards exercised — (368 ) 3.37 Stock option awards cancelled 877 (877 ) 10.30 Balance June 30, 2017 1,578 13,413 $ 6.19
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2017 2016 Expected Life in Years 5.5 5.6 Expected Volatility 82.0 % 82.0 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 1.9 % 1.4 %

Note 5 - Senior Credit Facili15

Note 5 - Senior Credit Facility (Tables)	6 Months Ended
	Jun. 30, 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) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Sep. 23, 2016	Dec. 31, 2015	Mar. 09, 2011
Revenues		$ 3,099	$ 4,787	$ 12,536	$ 9,607
Interest Expense, Debt		2,094	1,421	4,194	2,891
Amortization of Debt Issuance Costs		220	110	439	220
Long-term Line of Credit		19,999		19,999		$ 22,777
Restricted Cash and Cash Equivalents, Current		5,357		5,357		1,546
Loss on Sale of Investments				0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax				(1)	10
Interest Expense		$ 2,094	$ 1,421	$ 4,194	$ 2,891
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		2,208	885	2,475	1,091
Lease Financing Obligation, Net of Current		$ 2,704		$ 2,704		2,704
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative, Gain on Derivative				921	$ 811
Derivative, Loss on Derivative				1,943	6,441
Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value		0		0		0
Birmingham Research Facility [Member]
Interest Expense		55	$ 83	135	$ 214
Lease Financing Obligation, Net of Current		2,704		2,704		$ 2,704
Capital Leases, Future Minimum Payments Due		4,553		$ 4,553
Agreement [Member] | CSL [Member] | RAPIVAB [Member]
Proceeds from License Fees Received	$ 33,740
Revenues	21,777
Milestone Payment Maximum	10,000
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
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
Agreement [Member] | CSL [Member] | RAPIVAB [Member] | Contingent upon EU Marketing Approval [Member]
Proceeds from License Fees Received	$ 7,000
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, Gross								$ 1,589
Property, Plant and Equipment, Useful Life				20 years 182 days
Maximum [Member]
Maturity Period of High Quality Marketable Securities				3 years
Average Maturity Period of High Quality Marketable Securities				1 year 180 days
Maturity Period of Short Term Investment				1 year
Average Maturity for Portfolio Investments				1 year 180 days
Minimum [Member]
Long-term Investment Maturity, Minimum				1 year
Royalty Receivable [Member]
Restricted Cash and Cash Equivalents, Current		3,949		$ 3,949
Collateral for Credit [Member]
Restricted Cash and Cash Equivalents, Current		1,408		1,408
Senior Credit Facility [Member] | MidCap Financial Services, LLC [Member]
Long-term Line of Credit		$ 23,000		$ 23,000			$ 23,000
JPR Royalty Sub LLC [Member]
Revenue Recognition Royalty and Milestone Revenue Recognized									$ 30,000

Note 1 - Significant Accounti17

Note 1 - Significant Accounting Policies - Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Amortized Cost	$ 50,446	$ 41,407
Accrued Interest	149	77
Gross Unrealized Gains	10	11
Gross Unrealized Losses	(25)	(23)
Estimated Fair Value	50,580	41,472
US Government Agencies Debt Securities [Member]
Amortized Cost	26,436	20,266
Accrued Interest	85	34
Gross Unrealized Gains		2
Gross Unrealized Losses	(11)	(4)
Estimated Fair Value	26,510	20,298
Corporate Debt Securities [Member]
Amortized Cost	9,248	6,179
Accrued Interest	42	26
Gross Unrealized Gains	1	2
Gross Unrealized Losses	(8)	(8)
Estimated Fair Value	9,283	6,199
Certificates of Deposit [Member]
Amortized Cost	14,762	14,962
Accrued Interest	22	17
Gross Unrealized Gains	9	7
Gross Unrealized Losses	(6)	(11)
Estimated Fair Value	$ 14,787	$ 14,975

Note 1 - Significant Accounti18

Note 1 - Significant Accounting Policies - Scheduled Maturity for the Company's Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Maturing in one year or less	$ 40,977	$ 32,546
Maturing after one year through two years	9,603	8,926
Total investments	$ 50,580	$ 41,472

Note 1 - Significant Accounti19

Note 1 - Significant Accounting Policies - Summary of Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Receivables	$ 3,325	$ 8,768
Billed Revenues [Member]
Receivables	1,489	5,094
Unbilled Revenues [Member]
Receivables	1,836	3,674
US Department of Health and Human Services [Member]
Receivables	1,906	3,495
US Department of Health and Human Services [Member] | Billed Revenues [Member]
Receivables	276
US Department of Health and Human Services [Member] | Unbilled Revenues [Member]
Receivables	1,630	3,495
Shionogi and Co. Ltd [Member]
Receivables	107	3,451
Shionogi and Co. Ltd [Member] | Billed Revenues [Member]
Receivables	107	3,451
Shionogi and Co. Ltd [Member] | Unbilled Revenues [Member]
Receivables
Green Cross Corporation [Member]
Receivables	359	686
Green Cross Corporation [Member] | Billed Revenues [Member]
Receivables	359	686
Green Cross Corporation [Member] | Unbilled Revenues [Member]
Receivables
Seqirus UK Limited [Member]
Receivables	953	1,136
Seqirus UK Limited [Member] | Billed Revenues [Member]
Receivables	747	957
Seqirus UK Limited [Member] | Unbilled Revenues [Member]
Receivables	$ 206	$ 179

Note 1 - Significant Accounti20

Note 1 - Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Work in process	$ 1,305	$ 500
Inventories	$ 1,305	$ 500

Note 1 - Significant Accounti21

Note 1 - Significant Accounting Policies - Summary of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Royalty revenue	$ 489	$ 629	$ 6,810	$ 2,519
Collaborative and other research and development revenues	2,610	4,158	5,726	7,088
Revenues	3,099	4,787	12,536	9,607
US Department of Health and Human Services [Member]
Collaborative and other research and development revenues	2,161	3,709	2,815	6,033
Shionogi and Co. Ltd [Member]
Collaborative and other research and development revenues	296	296	592	592
Seqirus UK Limited [Member]
Collaborative and other research and development revenues	$ 153	$ 153	$ 2,319	$ 463

Note 2 - Stock-based Compensa22

Note 2 - Stock-based Compensation (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Aug. 31, 2013shares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / shares	Dec. 31, 2014shares	Dec. 31, 2016shares
Number of Stock-based Compensation Plans		2
Allocated Share-based Compensation Expense		$ 4,788	$ 4,491
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		18,575
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year		4,555
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two		6,768
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three		4,525
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four		2,387
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Five		340
Incentive Plan [Member]
Allocated Share-based Compensation Expense		$ 4,652	$ 4,402
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares		$ 3.74	$ 2.18
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares		1,578			2,273
Incentive Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%
Incentive Plan [Member] | Employee Stock Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		5 years
Incentive Plan [Member] | Employee Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		10 years
Incentive Plan [Member] | Employee Stock Option [Member] | Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, First Vesting Period After Grant Date		1 year
Incentive Plan [Member] | Employee Stock Option [Member] | Vest 25% Each Year Until Fully Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%
Incentive Plan [Member] | Performance Shares [Member]
Allocated Share-based Compensation Expense		$ 0
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	1,032			1,250
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | August 2013 [Member]
Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		75.00%
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | December 2014 [Member]
Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage		100.00%
Employee Stock Purchase Plan [Member]
Allocated Share-based Compensation Expense		$ 136	$ 89
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
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	6 Months Ended
	Jun. 30, 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
Plan amendment (in shares)	1,000
Stock option awards granted (in shares)	(2,563)
Stock option awards granted (in shares)	2,563
Options Outstanding (in shares)	13,413
Stock option awards granted (in dollars per share) | $ / shares	$ 5.49
Stock option awards exercised (in shares)	(368)
Stock option awards exercised (in dollars per share) | $ / shares	$ 3.37
Stock option awards cancelled (in shares)	877
Stock option awards cancelled (in shares)	(877)
Stock option awards cancelled (in dollars per share) | $ / shares	$ 10.30
Awards Available (in shares)	1,578
Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 6.19
Restricted Stock Units (RSUs) [Member]
Restricted stock unit awards granted (in shares)	(11)
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]	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Expected Life in Years (Year)	5 years 182 days	5 years 219 days
Expected Volatility	82.00%	82.00%
Expected Dividend Yield	0.00%	0.00%
Risk-Free Interest Rate	1.90%	1.40%

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	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2017	Mar. 31, 2015
CSL Limited [Member
Royalty Term	10 years
Proceeds from License Fees Received	$ 33,740
Milestone Payment Received	2,000
Milestone Payment Maximum	$ 10,000
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 Minimum					$ 1,400
Milestone Payment Maximum					4,000
Annual License Fee Minimum					150
Annual License Fee Maximum					$ 500
Advance Notice Period for Termination of Agreement					60 days

Note 4 - Royalty Monetization (

Note 4 - Royalty Monetization (Details Textual) $ in Thousands	May 18, 2016USD ($)	Mar. 09, 2011USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	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			$ 1,943	$ 6,441
PhaRMA Notes Member] | Currency Hedge Agreement [Member]
Payments for (Proceeds from) Hedge, Investing Activities	$ 1,950
Required Foreign Currency Hedge Per Dollar | ¥						¥ 100
PhaRMA Notes Member] | Japan, Yen | Currency Hedge Agreement [Member]
Derivative, Forward Exchange Rate			100
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member]
Private Placement of Senior Secured Notes		$ 30,000
Debt Instrument, Interest Rate, Stated Percentage		14.00%
Percentage of Carrying Amount in Excess of Fair Value			50.00%
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | Currency Hedge Agreement [Member]
Collateral Already Posted, Aggregate Fair Value			$ 0	$ 0
Maximum Amount of Collateral Required to Post			5,850
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | Fair Value, Inputs, Level 2 [Member]
Notes Payable, Fair Value Disclosure			$ 30,000
JPR Royalty Sub LLC [Member] | Royalty Monetization [Member]
Revenue Recognition Royalty and Milestone Revenue Recognized		$ 30,000
Revenue Recognition Royalty And Milestone Revenue Recognized, Net		22,691
Transaction Costs		4,309
Interest Reserve		$ 3,000

Note 5 - Senior Credit Facili27

Note 5 - Senior Credit Facility (Details Textual) - USD ($) $ in Thousands	Sep. 23, 2016	Jun. 30, 2017	Dec. 31, 2016
Long-term Line of Credit		$ 19,999	$ 22,777
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member]
Debt Instrument, Minimum LIBOR	0.50%
Debt Instrument, Term	3 years 120 days
Debt Instrument, Final Payment Fee, Percentage	5.00%
Long-term Line of Credit	$ 23,000	$ 23,000
Line of Credit Facility, Interest Rate at Period End		9.10%
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	8.00%

Note 5 - Senior Credit Facili28

Note 5 - Senior Credit Facility - Scheduled Principal Repayments of the Credit Facility (Details) $ in Millions	Jun. 30, 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	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 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
Proceeds from Issuance of Common Stock	$ 47,750	$ 47,750