Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 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) | 98,404,761 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 117,776 | $ 22,104 |
Restricted cash | 3,122 | 1,546 |
Investments | 43,848 | 32,546 |
Receivables from collaborations | 8,985 | 8,768 |
Inventory | 500 | |
Prepaid expenses and other current assets | 1,421 | 1,438 |
Deferred collaboration expense | 218 | 85 |
Total current assets | 175,370 | 66,987 |
Investments | 4,539 | 8,926 |
Property and equipment, net | 9,613 | 9,922 |
Deferred collaboration expense | 15 | 199 |
Other assets | 1,955 | 3,813 |
Total assets | 191,492 | 89,847 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 4,603 | 4,269 |
Accrued expenses | 11,871 | 10,836 |
Interest payable | 10,705 | 8,990 |
Deferred collaboration revenue | 8,686 | 2,022 |
Lease financing obligation | 73 | |
Senior credit facility | 4,727 | |
Non-recourse notes payable | 28,572 | 28,243 |
Total current liabilities | 69,237 | 54,360 |
Deferred collaboration revenue | 296 | 8,184 |
Deferred rent | 178 | 244 |
Lease Financing Obligation, Net of Current | 2,770 | 2,704 |
Long-term Line of Credit | 18,379 | 22,777 |
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; shares authorized — 5,000; no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value: shares authorized — 200,000; shares issued and outstanding — 98,389 in 2017 and 73,782 in 2016 | 984 | 738 |
Additional paid-in capital | 711,965 | 566,913 |
Accumulated other comprehensive loss | (17) | (12) |
Accumulated deficit | (612,300) | (566,061) |
Total stockholders’ equity | 100,632 | 1,578 |
Total liabilities and stockholders’ equity | $ 191,492 | $ 89,847 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Sep. 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) | 98,389 | 73,782 |
Common stock, shares outstanding (in shares) | 98,389 | 73,782 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Product sales | $ 1,501 | $ 1,501 | ||
Royalty revenue | 442 | 3,501 | 7,252 | 6,020 |
Collaborative and other research and development | 6,817 | 4,262 | 12,543 | 11,350 |
Total revenues | 8,760 | 7,763 | 21,296 | 17,370 |
Expenses | ||||
Cost of products sold | 1,142 | 1,142 | ||
Research and development | 17,509 | 14,105 | 50,038 | 48,850 |
General and administrative | 3,343 | 2,756 | 9,235 | 8,692 |
Royalty | 115 | 143 | 431 | 247 |
Total operating expenses | 22,109 | 17,004 | 60,846 | 57,789 |
Loss from operations | (13,349) | (9,241) | (39,550) | (40,419) |
Interest and other income | 225 | 109 | 537 | 695 |
Interest expense | (2,140) | (1,465) | (6,334) | (4,356) |
Gain (loss) on foreign currency derivative | 130 | (931) | (892) | (6,561) |
Net loss | $ (15,134) | $ (11,528) | $ (46,239) | $ (50,641) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.18) | $ (0.16) | $ (0.58) | $ (0.69) |
Weighted average shares outstanding (in shares) | 83,570 | 73,734 | 79,749 | 73,677 |
Unrealized loss on available for sale investments | $ (2) | $ (24) | $ (5) | $ 228 |
Comprehensive loss | $ (15,136) | $ (11,552) | $ (46,244) | $ (50,413) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net loss | $ (46,239) | $ (50,641) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 522 | 311 |
Loss on disposal of property and equipment | 21 | |
Stock-based compensation expense | 10,307 | 6,478 |
Amortization of debt issuance costs | 658 | 335 |
Amortization of premium/discount on investments | 125 | 499 |
Change in fair value of foreign currency derivative | 1,858 | 7,372 |
Changes in operating assets and liabilities: | ||
Receivables | (217) | 275 |
Inventory | 500 | (620) |
Prepaid expenses and other assets | 17 | 667 |
Deferred collaboration expense | 51 | 43 |
Accounts payable and accrued expenses | 1,303 | (12,066) |
Interest payable | 1,715 | 817 |
Deferred revenue | (1,224) | (1,075) |
Net cash used in operating activities | (30,624) | (47,584) |
Investing activities | ||
Acquisitions of property and equipment | (213) | (5,278) |
Change in restricted cash | (1,576) | 106 |
Purchases of investments | (39,572) | |
Sales and maturities of investments | 32,527 | 38,272 |
Net cash (used in) provided by investing activities | (8,834) | 33,100 |
Financing activities | ||
Sale of common stock, net | 133,500 | |
Net proceeds from common stock issued under stock-based compensation plans | 1,491 | 204 |
Proceeds from senior credit facility | 22,658 | |
Payment of foreign currency derivative collateral | (2,190) | |
Increase in lease financing obligation | 139 | 300 |
Net cash provided by financing activities | 135,130 | 20,972 |
Increase in cash and cash equivalents | 95,672 | 6,488 |
Cash and cash equivalents at beginning of period | 22,104 | 28,899 |
Cash and cash equivalents at end of period | $ 117,776 | $ 35,387 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 9 Months Ended |
Sep. 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 September 30, 2017, third 2019. 2017 2017 may third 2019 1 2 3 4 5 one 6 may 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 September 30, 2017 $1,713 4 $1,409 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 September 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 September 30, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 27,897 $ 96 $ — $ (7 ) $ 27,986 Corporate debt securities 8,230 39 — (8 ) 8,261 Certificates of deposit 12,108 34 4 (6 ) 12,140 Total investments $ 48,235 $ 169 $ 4 $ (21 ) $ 48,387 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 September 30, 2017 December 31, 2016. 2017 2016 Maturing in one year or less $ 43,848 $ 32,546 Maturing after one year through two years 4,539 8,926 Total investments $ 48,387 $ 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”), Mundipharma International Holdings Limited (“Mundipharma”) and Seqirus UK Limited (“SUL”), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At September 30, 2017 December 31, 2016, September 30, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 63 $ 1,906 $ 1,969 Shionogi & Co. Ltd. 653 — 653 Green Cross Corporation 48 — 48 Mundipharma International Holdings Limited 46 — 46 Seqirus UK Limited 5,794 475 6,269 Total receivables $ 6,604 $ 2,381 $ 8,985 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 The Company’s inventory consisted primarily of peramivir work in process and is being manufactured for the Company’s partners. Inventory is stated at the lower of cost and net realizable value, determined under the first first 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 September 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. No nine September 30, 2017. $11 nine September 30, 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 During the first nine 2017, $2,000 $5,000 two 2010 17, Milestone Method of Revenue Recognition may $5,000 No first nine 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 nine September 30, 2017 2016: Three Months Nine Months 2017 2016 2017 2016 Product sales $ 1,501 $ — $ 1,501 $ — Royalty revenue 442 3,501 7,252 6,020 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 1,490 3,813 4,305 9,846 Shionogi & Co. Ltd. 296 296 888 888 Seqirus UK Limited 5,031 153 7,350 616 Total collaborative and other research and development revenues 6,817 4,262 12,543 11,350 Total revenues $ 8,760 $ 7,763 $ 21,296 $ 17,370 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 September 30, 2017 2016 $2,140 $1,465, nine September 30, 2017 2016 $6,334 $4,356, 4 5 $219 $116 three September 30, 2017 2016, $658 $335 nine September 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 September 30, 2017 2016 $82 $86, nine September 30, 2017 2016 $217 $300, At each of September 30, 2017 December 31, 2016, $2,704 September 30, 2017 $4,444. 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 nine September 30, 2017 2016 $1,858 $7,372, third not 2 $966 $811 first nine 2017 2016, September 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 September 30, 2017 2016 not 1,996 1,291, nine September 30, 2017 2016 not 2,519 1,190, 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 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 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” 2016 09 2016 09, January 1, 2017, 2016 09. January 1, 2017 no September 30, 2017. 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. January 1, 2018 |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 2 As of September 30, 2017, two April 2017 May 2017. March 2014 May 2014. $10,307 $10,107 $200 first nine 2017, $6,478 $6,331 $147 first nine 2016. There was approximately $16,282 September 30, 2017. $2,264 2017, $6,745 2018, $4,527 2019, $2,395 2020 $351 2021. no third 2017, 404 $3,193 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 September 30, 2017, 75% August 2013 three 1 1 second 2014, 2 fourth 2014, 3 1 BCX7353 second 2015. September 30, 2017, 30% December 2014 2 nd August 2017. September 30, 2017, 25% August 2013 70% 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 (16 ) — — Restricted stock unit awards cancelled 3 — — Stock option awards granted (2,591 ) 2,591 5.49 Stock option awards exercised — (422 ) 3.49 Stock option awards cancelled 912 (912 ) 10.22 Balance September 30, 2017 1,581 13,352 $ 6.19 For stock option awards granted under the Incentive Plan during the first nine 2017 2016, first nine 2017 2016 $3.74 $2.17, first nine 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 5.5 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 1,475 330 September 30, 2017. may 15% 85% 85% six No 3 may one six no may $25 one 91 first nine 2017 |
Note 3 - Collaborative and Othe
Note 3 - Collaborative and Other Research and Development Contracts | 9 Months Ended |
Sep. 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. September 30, 2017, $20,574 National Institute of Allergy and Infectious Diseases (“NIAID/HHS”). September 2013, $5,000 1 September 30, 2017, 1 $39,477. September 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 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, $7,000 may $5,000 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 | 9 Months Ended |
Sep. 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 September 30, 2017, The Indenture does not As of September 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 nine September 30, 2017 2016 $1,858 $7,372, September 30, 2017 December 31, 2016, no not September 30, 2017, may $5,850. |
Note 5 - Senior Credit Facility
Note 5 - Senior Credit Facility | 9 Months Ended |
Sep. 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 September 30, 2017, $23,000 9.2%. 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 | 9 Months Ended |
Sep. 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 In September 2017, 17,864 $5.15 $85,750 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 September 30, 2017, third 2019. 2017 2017 may third 2019 1 2 3 4 5 one 6 may |
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 September 30, 2017 $1,713 4 $1,409 |
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 September 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 September 30, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 27,897 $ 96 $ — $ (7 ) $ 27,986 Corporate debt securities 8,230 39 — (8 ) 8,261 Certificates of deposit 12,108 34 4 (6 ) 12,140 Total investments $ 48,235 $ 169 $ 4 $ (21 ) $ 48,387 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 September 30, 2017 December 31, 2016. 2017 2016 Maturing in one year or less $ 43,848 $ 32,546 Maturing after one year through two years 4,539 8,926 Total investments $ 48,387 $ 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”), Mundipharma International Holdings Limited (“Mundipharma”) and Seqirus UK Limited (“SUL”), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At September 30, 2017 December 31, 2016, September 30, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 63 $ 1,906 $ 1,969 Shionogi & Co. Ltd. 653 — 653 Green Cross Corporation 48 — 48 Mundipharma International Holdings Limited 46 — 46 Seqirus UK Limited 5,794 475 6,269 Total receivables $ 6,604 $ 2,381 $ 8,985 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 The Company’s inventory consisted primarily of peramivir work in process and is being manufactured for the Company’s partners. Inventory is stated at the lower of cost and net realizable value, determined under the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three 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 September 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. No nine September 30, 2017. $11 nine September 30, 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 During the first nine 2017, $2,000 $5,000 two 2010 17, Milestone Method of Revenue Recognition may $5,000 No first nine 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 nine September 30, 2017 2016: Three Months Nine Months 2017 2016 2017 2016 Product sales $ 1,501 $ — $ 1,501 $ — Royalty revenue 442 3,501 7,252 6,020 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 1,490 3,813 4,305 9,846 Shionogi & Co. Ltd. 296 296 888 888 Seqirus UK Limited 5,031 153 7,350 616 Total collaborative and other research and development revenues 6,817 4,262 12,543 11,350 Total revenues $ 8,760 $ 7,763 $ 21,296 $ 17,370 |
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 September 30, 2017 2016 $2,140 $1,465, nine September 30, 2017 2016 $6,334 $4,356, 4 5 $219 $116 three September 30, 2017 2016, $658 $335 nine September 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 September 30, 2017 2016 $82 $86, nine September 30, 2017 2016 $217 $300, At each of September 30, 2017 December 31, 2016, $2,704 September 30, 2017 $4,444. |
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 nine September 30, 2017 2016 $1,858 $7,372, third not 2 $966 $811 first nine 2017 2016, September 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 September 30, 2017 2016 not 1,996 1,291, nine September 30, 2017 2016 not 2,519 1,190, |
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 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 |
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” 2016 09 2016 09, January 1, 2017, 2016 09. January 1, 2017 no September 30, 2017. 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. January 1, 2018 |
Note 1 - Significant Accounti13
Note 1 - Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | September 30, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 27,897 $ 96 $ — $ (7 ) $ 27,986 Corporate debt securities 8,230 39 — (8 ) 8,261 Certificates of deposit 12,108 34 4 (6 ) 12,140 Total investments $ 48,235 $ 169 $ 4 $ (21 ) $ 48,387 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 $ 43,848 $ 32,546 Maturing after one year through two years 4,539 8,926 Total investments $ 48,387 $ 41,472 |
Schedule of Receivables from Collaborations [Table Text Block] | September 30, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 63 $ 1,906 $ 1,969 Shionogi & Co. Ltd. 653 — 653 Green Cross Corporation 48 — 48 Mundipharma International Holdings Limited 46 — 46 Seqirus UK Limited 5,794 475 6,269 Total receivables $ 6,604 $ 2,381 $ 8,985 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 Revenues from Collaborations [Table Text Block] | Three Months Nine Months 2017 2016 2017 2016 Product sales $ 1,501 $ — $ 1,501 $ — Royalty revenue 442 3,501 7,252 6,020 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 1,490 3,813 4,305 9,846 Shionogi & Co. Ltd. 296 296 888 888 Seqirus UK Limited 5,031 153 7,350 616 Total collaborative and other research and development revenues 6,817 4,262 12,543 11,350 Total revenues $ 8,760 $ 7,763 $ 21,296 $ 17,370 |
Note 2 - Stock-based Compensa14
Note 2 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 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 (16 ) — — Restricted stock unit awards cancelled 3 — — Stock option awards granted (2,591 ) 2,591 5.49 Stock option awards exercised — (422 ) 3.49 Stock option awards cancelled 912 (912 ) 10.22 Balance September 30, 2017 1,581 13,352 $ 6.19 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 Expected Life in Years 5.5 5.5 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) | 9 Months Ended |
Sep. 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 | 9 Months Ended | ||||||
Jun. 30, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Sep. 23, 2016 | Dec. 31, 2015 | Mar. 09, 2011 | |
Long-term Line of Credit | $ 18,379 | $ 18,379 | $ 22,777 | ||||||
Restricted Cash and Cash Equivalents, Current | 3,122 | 3,122 | 1,546 | ||||||
Loss on Sale of Investments | 0 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | $ 11 | |||||||
Revenues | 8,760 | $ 7,763 | 21,296 | 17,370 | |||||
Interest Expense, Debt | 2,140 | 1,465 | 6,334 | 4,356 | |||||
Amortization of Debt Issuance Costs | 219 | 116 | 658 | 335 | |||||
Interest Expense | 2,140 | $ 1,465 | 6,334 | $ 4,356 | |||||
Lease Financing Obligation, Net of Current | $ 2,770 | $ 2,770 | 2,704 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,996 | 1,291 | 2,519 | 1,190 | |||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||||||
Derivative, Loss on Derivative | $ 1,858 | $ 7,372 | |||||||
Derivative, Gain on Derivative | 966 | 811 | |||||||
Currency Hedge Agreement [Member] | |||||||||
Collateral Already Posted, Aggregate Fair Value | $ 0 | 0 | 0 | ||||||
Birmingham Research Facility [Member] | |||||||||
Interest Expense | 82 | $ 86 | 217 | $ 300 | |||||
Lease Financing Obligation, Net of Current | 2,704 | 2,704 | $ 2,704 | ||||||
Capital Leases, Future Minimum Payments Due | 4,444 | 4,444 | |||||||
RAPIVAB [Member] | |||||||||
Revenue Recognition, Milestone Method, Revenue Recognized | 2,000,000 | ||||||||
Supplemental NDA for RAPIVAB [Member] | |||||||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 5,000,000 | ||||||||
Agreement [Member] | CSL [Member] | RAPIVAB [Member] | |||||||||
Proceeds from License Fees Received | $ 33,740 | ||||||||
Revenues | 21,777 | ||||||||
Milestone Payment Maximum | 5,000 | ||||||||
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, Useful Life | 20 years 182 days | ||||||||
Property, Plant and Equipment, Gross | $ 1,589 | ||||||||
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 | 1,713 | $ 1,713 | |||||||
Collateral for Credit [Member] | |||||||||
Restricted Cash and Cash Equivalents, Current | 1,409 | 1,409 | |||||||
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 | Sep. 30, 2017 | Dec. 31, 2016 |
Amortized Cost | $ 48,235 | $ 41,407 |
Accrued Interest | 169 | 77 |
Gross Unrealized Gains | 4 | 11 |
Gross Unrealized Losses | (21) | (23) |
Estimated Fair Value | 48,387 | 41,472 |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 27,897 | 20,266 |
Accrued Interest | 96 | 34 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (7) | (4) |
Estimated Fair Value | 27,986 | 20,298 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 8,230 | 6,179 |
Accrued Interest | 39 | 26 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (8) | (8) |
Estimated Fair Value | 8,261 | 6,199 |
Certificates of Deposit [Member] | ||
Amortized Cost | 12,108 | 14,962 |
Accrued Interest | 34 | 17 |
Gross Unrealized Gains | 4 | 7 |
Gross Unrealized Losses | (6) | (11) |
Estimated Fair Value | $ 12,140 | $ 14,975 |
Note 1 - Significant Accounti18
Note 1 - Significant Accounting Policies - Scheduled Maturity for the Company's Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Maturing in one year or less | $ 43,848 | $ 32,546 |
Maturing after one year through two years | 4,539 | 8,926 |
Total investments | $ 48,387 | $ 41,472 |
Note 1 - Significant Accounti19
Note 1 - Significant Accounting Policies - Summary of Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables | $ 8,985 | $ 8,768 |
Billed Revenues [Member] | ||
Receivables | 6,604 | 5,094 |
Unbilled Revenues [Member] | ||
Receivables | 2,381 | 3,674 |
US Department of Health and Human Services [Member] | ||
Receivables | 1,969 | 3,495 |
US Department of Health and Human Services [Member] | Billed Revenues [Member] | ||
Receivables | 63 | |
US Department of Health and Human Services [Member] | Unbilled Revenues [Member] | ||
Receivables | 1,906 | 3,495 |
Shionogi and Co. Ltd [Member] | ||
Receivables | 653 | 3,451 |
Shionogi and Co. Ltd [Member] | Billed Revenues [Member] | ||
Receivables | 653 | 3,451 |
Shionogi and Co. Ltd [Member] | Unbilled Revenues [Member] | ||
Receivables | ||
Green Cross Corporation [Member] | ||
Receivables | 48 | 686 |
Green Cross Corporation [Member] | Billed Revenues [Member] | ||
Receivables | 48 | 686 |
Green Cross Corporation [Member] | Unbilled Revenues [Member] | ||
Receivables | ||
Mundipharma International Holdings Limited [Member] | ||
Receivables | 46 | |
Mundipharma International Holdings Limited [Member] | Billed Revenues [Member] | ||
Receivables | 46 | |
Mundipharma International Holdings Limited [Member] | Unbilled Revenues [Member] | ||
Receivables | ||
Seqirus UK Limited [Member] | ||
Receivables | 6,269 | 1,136 |
Seqirus UK Limited [Member] | Billed Revenues [Member] | ||
Receivables | 5,794 | 957 |
Seqirus UK Limited [Member] | Unbilled Revenues [Member] | ||
Receivables | $ 475 | $ 179 |
Note 1 - Significant Accounti20
Note 1 - Significant Accounting Policies - Summary of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Product sales | $ 1,501 | $ 1,501 | ||
Royalty revenue | 442 | 3,501 | 7,252 | 6,020 |
Collaborative and other research and development revenues | 6,817 | 4,262 | 12,543 | 11,350 |
Total revenues | 8,760 | 7,763 | 21,296 | 17,370 |
US Department of Health and Human Services [Member] | ||||
Collaborative and other research and development revenues | 1,490 | 3,813 | 4,305 | 9,846 |
Shionogi and Co. Ltd [Member] | ||||
Collaborative and other research and development revenues | 296 | 296 | 888 | 888 |
Seqirus UK Limited [Member] | ||||
Collaborative and other research and development revenues | $ 5,031 | $ 153 | $ 7,350 | $ 616 |
Note 2 - Stock-based Compensa21
Note 2 - Stock-based Compensation (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 31, 2013shares | Sep. 30, 2017USD ($)shares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / shares | Dec. 31, 2014shares | Dec. 31, 2016shares | |
Number of Stock-based Compensation Plans | 2 | |||||
Allocated Share-based Compensation Expense | $ 10,307 | $ 6,478 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 16,282 | 16,282 | ||||
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year | 2,264 | 2,264 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two | 6,745 | 6,745 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three | 4,527 | 4,527 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four | 2,395 | 2,395 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Five | 351 | 351 | ||||
Performance-based Option [Member] | ||||||
Allocated Share-based Compensation Expense | $ 3,193 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | 404 | |||||
Incentive Plan [Member] | ||||||
Allocated Share-based Compensation Expense | $ 10,107 | $ 6,331 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.74 | $ 2.17 | ||||
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 | 1,581 | 1,581 | 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 Rights, Percentage | 25.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
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 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 Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||
Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage | 70.00% | |||||
Employee Stock Purchase Plan [Member] | ||||||
Allocated Share-based Compensation Expense | $ 200 | $ 147 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 1,475 | 1,475 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 330 | 330 | ||||
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 | $ 25 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | shares | 91 |
Note 2 - Stock-based Compensa22
Note 2 - Stock-based Compensation - Stock Incentive Plan Activities (Details) - Incentive Plan [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Awards available, beginning balance (in shares) | 2,273 |
Options outstanding, beginning balance (in shares) | 12,095 |
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares | $ 6.55 |
Awards available, plan amendment (in shares) | 1,000 |
Awards available, stock option awards granted (in shares) | (2,591) |
Options outstanding, stock option awards granted (in shares) | 2,591 |
Weighted average exercise price, stock option awards granted (in dollars per share) | $ / shares | $ 5.49 |
Options outstanding, stock option awards exercised (in shares) | (422) |
Weighted average exercise price, stock option awards exercised (in dollars per share) | $ / shares | $ 3.49 |
Awards available, stock option awards cancelled (in shares) | 912 |
Options outstanding, stock option awards cancelled (in shares) | (912) |
Weighted average exercise price, stock option awards cancelled (in dollars per share) | $ / shares | $ 10.22 |
Awards available, ending balance (in shares) | 1,581 |
Options outstanding, ending balance (in shares) | 13,352 |
Weighted average exercise price, ending balance (in dollars per share) | $ / shares | $ 6.19 |
Restricted Stock Units (RSUs) [Member] | |
Awards available, restricted stock unit awards granted (in shares) | (16) |
Awards available, restricted stock unit awards cancelled (in shares) | 3 |
Note 2 - Stock-based Compensa23
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] | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Expected Life (Year) | 5 years 182 days | 5 years 182 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 Ot24
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 | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Mar. 31, 2015 |
CSL Limited [Member | |||||||||
Proceeds from License Fees Received | $ 33,740 | ||||||||
Milestone Payment Received | 7,000 | ||||||||
Milestone Payment Maximum | $ 5,000 | ||||||||
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) $ in Thousands | May 18, 2016USD ($) | Mar. 09, 2011USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | 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 | $ 1,858 | $ 7,372 | ||||
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 Facili26
Note 5 - Senior Credit Facility (Details Textual) - USD ($) $ in Thousands | Sep. 23, 2016 | Sep. 30, 2017 | Dec. 31, 2016 |
Long-term Line of Credit | $ 18,379 | $ 22,777 | |
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | |||
Long-term Line of Credit | $ 23,000 | $ 23,000 | |
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 | 9.20% | ||
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 Facili27
Note 5 - Senior Credit Facility - Scheduled Principal Repayments of the Credit Facility (Details) $ in Millions | Sep. 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 | 9 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 03, 2015 | |
Maximum Aggregate Offering Price | $ 150,000 | ||||
Stock Issued During Period, Shares, New Issues | 17,864 | 6,061 | |||
Shares Issued, Price Per Share | $ 5.15 | $ 8.50 | $ 5.15 | ||
Proceeds from Issuance of Common Stock | $ 85,750 | $ 47,750 | $ 133,500 |