| Significant Accounting Policies [Text Block] | Note 1 Agreement and Plan of Merger On January 21, 2018, At the effective time of the mergers, Holdco will be renamed Valenscion Incorporated. Pursuant to the Merger Agreement, u 0.20 0.50 not The Merger Agreement has been unanimously approved by the boards of directors of BioCryst and Idera. The transaction is subject to approval by the stockholders of both companies, as well as regulatory approvals and satisfaction of other customary closing conditions. On February 15, 2018, July 10, 2018. 14% 18% The combined company, which will be renamed Valenscion Incorporated, will be headquartered in Exton, PA, at the current Idera headquarters, with a consolidated research center in Birmingham, AL, at the current BioCryst facility. The transaction is expected to be completed during the third 2018. 10 10 The Company BioCryst is a biotechnology company that designs, optimizes and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on oral treatments for rare diseases in which significant unmet medical needs exist and that align with its capabilities and expertise. The Company was incorporated in Delaware in 1986 With the funds available at March 31, 2018, third 2019. 2018 2018 third 2019. 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”) and Nautilus Holdco, Inc. All subsidiaries were formed to facilitate financing and/or strategic transactions for the Company. In the case of Nautilus Holdco, Inc., the subsidiary was formed entirely to facilitate a merger with Idera. 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, 2017 2017 10 not December 31, 2017 10 Cash and Cash Equivalents The Company generally considers cash equivalents to be all cash held in commercial checking accounts, certificates of deposit, money market accounts or investments in debt instruments with maturities of three Restricted Cash Restricted cash as of March 31, 2018 $3,188 4 $1,411 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 March 31, 2018, 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 March 31, 2018 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 44,116 $ 148 $ — $ (205 ) $ 44,059 Corporate debt securities 35,299 201 — (250 ) 35,250 Certificates of deposit 9,821 30 — (21 ) 9,830 Total investments $ 89,236 $ 379 $ — $ (476 ) $ 89,139 December 31, 2017 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 60,121 $ 177 $ — $ (122 ) $ 60,176 Corporate debt securities 34,021 203 — (108 ) 34,116 Certificates of deposit 11,099 32 1 (14 ) 11,118 Total investments $ 105,241 $ 412 $ 1 $ (244 ) $ 105,410 The following table summarizes the scheduled maturity for the Company’s investments at March 31, 2018 December 31, 2017. 2018 2017 Maturing in one year or less $ 47,540 $ 64,115 Maturing after one year through two years 38,505 34,257 Maturing after two years 3,094 7,038 Total investments $ 89,139 $ 105,410 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 March 31, 2018 December 31, 2017, March 31, 2018 Billed Unbilled Total U.S. Department of Health and Human Services $ 23 $ 996 $ 1,019 Shionogi & Co. Ltd. 2,422 — 2,422 Green Cross Corporation 899 27 926 Mundipharma International Holdings Limited 22 22 Seqirus UK Limited 1,133 172 1,305 Total receivables $ 4,499 $ 1,195 $ 5,694 December 31, 2017 Billed Unbilled Total U.S. Department of Health and Human Services $ 42 $ 2,020 $ 2,062 Shionogi & Co. Ltd. 1,600 — 1,600 Green Cross Corporation 1,388 28 1,416 Mundipharma International Holdings Limited 47 — 47 Seqirus UK Limited 825 167 992 Total receivables $ 3,902 $ 2,215 $ 6,117 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 March 31, 2018, 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 selling, general and administrative expenses when incurred as recoverability of such expenditures is uncertain. Accrued Expenses The Company generally enters into contractual agreements with third not • fees paid to Clinical Research Organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials; • fees paid to investigative sites in connection with clinical trials; • fees paid to contract manufacturers in connection with the production of the Company’s raw materials, drug substance and drug products; and • professional fees. The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may March 31, 2018 December 31, 2017, 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. Although no three March 31, 2018, 2017 On December 22, 2017, No. 118 118” 118 not one 740, 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 three March 31, 2018 March 31, 2017. Revenue Recognition Transition Considerations In May 2014, No. 2014 09: Revenue from Contracts with Customers (Topic 606 606” 606 606 The Company adopted the provisions of ASC 606 January 1, 2018 not January 1, 2018. January 1, 2018 606, not 606. Adoption of ASC 606 606, 606, January 1, 2018. The following table summarizes the cumulative effect of the changes to the Company’s unaudited Consolidated Balance Sheet as of January 1, 2018 606: Balance at December 31, 2017 Adjustments due to ASC 606 Balance at January 1, 2018 Assets Deferred collaboration expense $ 210 $ (58 ) $ 152 Liabilities Deferred revenue $ 8,484 $ (1,184 ) $ 7,300 Equity Accumulated deficit $ (631,843 ) $ 1,126 $ (630,717 ) The following tables summarize the current period impacts of adopting ASC 606 March 31, 2018 As Reported Adjustments due to ASC 606 Balances without adoption of ASC 606 Assets Deferred collaboration expense $ 152 $ 44 $ 196 Liabilities Deferred revenue $ 7,300 $ 888 $ 8,188 Equity Accumulated deficit $ (656,494 ) $ 282 $ (656,212 ) For the Three Months Ended March 31, 2018 As Reported Adjustments due to ASC 606 Balances without adoption of ASC 606 Collaborative and other research and development revenue $ 315 $ 296 $ 611 Research and development expenses 18,441 14 18,455 Net loss (25,777 ) 282 (25,495 ) Basic and diluted net loss per share $ (0.26 ) $ 0.00 $ (0.26 ) Adoption of the standard had no Collaborative and Other Research and Development Arrangements and Royalties The Company recognizes revenue when it satisfies a performance obligation by transferring promised goods or services to a customer. Revenue is measured at the transaction price that is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not The Company has collaboration and license agreements with a number of third Revenue from license fees, royalty payments, milestone payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has no Arrangements that involve the delivery of more than one not not may 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 Reimbursements received for direct out-of-pocket expenses related to research and development costs are recorded as revenue in the Consolidated Statements of Comprehensive Loss rather than as a reduction in expenses. Under the Company’s contracts with the Biomedical Advanced Research and Development Authority within the United States Department of Health and Human Services (”BARDA/HHS”) and the National Institute of Allergy and Infectious Diseases (“NIAID/HHS”), revenue is recognized as reimbursable direct and indirect costs are incurred. Under certain of the Company’s license agreements, the Company receives royalty payments based upon its licensees’ net sales of covered products. Royalties are recognized at the later of when (i) the subsequent sale or usage occurs, or (ii) the performance obligation to which some or all of the sales-based or usage-based royalty has been satisfied. Product Sales The Company recognizes revenue for sales of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company’s specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, and prior to the SUL Agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations. With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB TM ® ® Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves. The Company recorded the following revenues for the three March 31, 2018 2017: 2018 2017 Royalty revenues $ 3,661 $ 6,321 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 315 654 Shionogi & Co., Ltd. — 296 Seqirus UK Limited — 2,166 Total collaborative and other research and development revenues 315 3,116 Total revenues $ 3,976 $ 9,437 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets. Contract assets Contract liabilities Contract Costs The Company may Advertising The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred. Research and Development Expenses The Company’s research and development costs are charged to expense when incurred. Research and development expenses include all direct and indirect development costs related to the development of the Company’s portfolio of product candidates. Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed. Research and development expenses include, among other items, personnel costs, including salaries and benefits, manufacturing costs, clinical, regulatory, and toxicology services performed by CROs, materials and supplies, and overhead allocations consisting of various administrative and facilities related costs. Most of the Company’s manufacturing and clinical and preclinical studies are performed by third Additionally, the Company has license agreements with third Deferred collaboration expenses represent sub-license payments, paid to the Company’s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to the Company’s academic partners for modification to existing license agreements. These deferred expenses would not 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 March 31, 2018 2017 $2,136 $2,020, 4 5 $232 $220 three March 31, 2018 2017, Lease Financing Obligation Based on the terms of the lease agreement for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of $1,589 December 31, 2015, 2016, not 20.5 no three March 31, 2018 2017 $82 $80, At each of March 31, 2018 December 31, 2017, $2,703 March 31, 2018 $4,225. 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 three March 31, 2018 2017 $1,804 $1,543, third not 2 March 31, 2018 December 31, 2017, 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 March 31, 2018 2017 not 1,775 2,762, Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Significant Customers and Other Risks Significant Customers Prior to the SUL Agreement, the Company relied primarily on three three 90% one Other than peramivir royalty revenues for which Seqirus has a significant percentage of worldwide geography, the Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of galidesivir (formerly BCX4430 third Risks from Third Party Manufacturing and Distribution Concentration The Company primarily relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company’s product candidates in development. Credit Risk Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may 18 no Recent Accounting Pronouncements On December 22, 2017, 118, 118 not one 740, In November 2016, 2016 18: Statement of Cash Flows (Topic 230 2016 18” December 15, 2017, 2016 18 January 1, 2018 2016 18 not In August 2016, No. 2016 15: Statement of Cash Flows (Topic 230 2016 15” one December 15, 2017, 2016 15 January 1, 2018. 2016 15 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” December 15, 2017, 2016 15 January 1, 2018. 2016 15 not |
