BioCryst Pharmaceuticals (BCRX) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
Entity Central Index Key	0000882796
Entity Registrant Name	BIOCRYST PHARMACEUTICALS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-23186
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1413174
Entity Address, Address Line One	4505 Emperor Blvd., Suite 200
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	859-1302
Title of 12(b) Security	Common Stock
Trading Symbol	BCRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		185,583,896

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 395,504	$ 504,389
Restricted cash	3,354	3,345
Investments	47,964	3,212
Trade receivables	36,415	29,413
Inventory	16,144	15,791
Prepaid expenses and other current assets	12,333	9,986
Total current assets	511,714	566,136
Property and equipment, net	8,799	8,714
Long-term investments	0	6,829
Other assets	7,207	6,472
Total assets	527,720	588,151
Liabilities and Stockholders’ Deficit
Accounts payable	13,881	27,808
Accrued expenses	63,584	72,670
Deferred revenue	1,471	1,421
Lease financing obligation	2,081	1,819
Total current liabilities	81,017	103,718
Non-current operating lease liabilities	6,457	5,962
Royalty financing obligations	464,225	449,375
Secured term loan	140,236	136,082
Stockholders’ equity:
Preferred stock, $0.01 par value; shares authorized - 5,000; no shares issued and outstanding	0	0
Common stock, $0.01 par value; shares authorized - 450,000; shares issued and outstanding – 185,572 as of March 31, 2022 and 184,350 as of December 31, 2021	1,856	1,843
Additional paid-in capital	1,115,443	1,098,498
Accumulated other comprehensive income	186	177
Accumulated deficit	(1,281,700)	(1,207,504)
Total stockholders’ deficit	(164,215)	(106,986)
Total liabilities and stockholders’ deficit	$ 527,720	$ 588,151

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
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)	450,000,000	450,000,000
Common stock, shares issued (in shares)	185,572,000	184,350,000
Common stock, shares outstanding (in shares)	185,572,000	184,350,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenues	$ 49,923	$ 19,059
Expenses
Cost of product sales	236	5,923
Research and development	65,360	42,435
Selling, general and administrative	34,282	22,114
Royalty	2	(36)
Total operating expenses	99,880	70,436
Loss from operations	(49,957)	(51,377)
Interest and other income	54	26
Interest expense	(23,837)	(12,904)
Foreign currency losses, net	(177)	(29)
Loss before income taxes	(73,917)	(64,284)
Income tax expense	279	0
Net loss	(74,196)	(64,284)
Foreign currency translation adjustment	78	178
Unrealized (loss) gain on available for sale investments	(69)	1
Comprehensive loss	$ (74,187)	$ (64,105)
Basic and diluted net loss per common share (in dollars per share)	$ (0.40)	$ (0.36)
Weighted average shares outstanding (in shares)	184,898	177,343
Product [Member]
Revenues:
Revenues	$ 49,546	$ 17,871
Royalty [Member]
Revenues:
Revenues	347	(897)
Collaborative and Other Research and Development [Member]
Revenues:
Revenues	$ 30	$ 2,085

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (74,196)	$ (64,284)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	317	178
Stock-based compensation expense	9,601	5,479
Non-cash interest expense on royalty financing obligations and secured term loan and amortization of debt issuance costs	19,003	11,027
Amortization of premium/discount on investments	30	14
Changes in operating assets and liabilities:
Receivables	(7,048)	(261)
Inventory	(354)	1,927
Prepaid expenses and other assets	(2,320)	(9,850)
Accounts payable and accrued expenses	(22,908)	(7,373)
Interest payable	0	1,877
Deferred revenue	75	255
Net cash used in operating activities	(77,800)	(61,011)
Cash flows from investing activities:
Acquisitions of property and equipment	(406)	(99)
Purchase of investments	(38,066)	0
Sales and maturities of investments	0	14,771
Realized gain on investments	0	1
Net cash (used in) provided by investing activities	(38,472)	14,673
Cash flows from financing activities:
Net proceeds from common stock issued under stock-based compensation plans	7,356	2,900
Net cash provided by financing activities	7,356	2,900
Effect of exchange rate on cash, cash equivalents, and restricted cash	40	0
Decrease in cash, cash equivalents and restricted cash	(108,876)	(43,438)
Cash, cash equivalents and restricted cash at beginning of period	507,734	274,348
Cash, cash equivalents and restricted cash at end of period	$ 398,858	$ 230,910

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2020	$ 1,769	$ 1,002,408	$ 3	$ (1,023,442)	$ (19,262)
Net loss				(64,284)	(64,284)
Other comprehensive income (loss)			179		179
Employee stock purchase plan	2	721			723
Exercise of stock options, net	6	2,171			2,177
Stock-based compensation expense		5,479			5,479
Balance at Mar. 31, 2021	1,777	1,010,779	182	(1,087,726)	(74,988)
Balance at Dec. 31, 2021	1,843	1,098,498	177	(1,207,504)	(106,986)
Net loss				(74,196)	(74,196)
Other comprehensive income (loss)			9		9
Employee stock purchase plan	1	1,503			1,504
Exercise of stock options, net	12	5,841			5,853
Stock-based compensation expense		9,601			9,601
Balance at Mar. 31, 2022	$ 1,856	$ 1,115,443	$ 186	$ (1,281,700)	$ (164,215)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Deficit (Unaudited) (Parentheticals) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Stock [Member]
Employee stock purchase plan sales, shares (in shares)	115,000	193,000
Exercise of stock options, shares (in shares)		593,000
Employee stock purchase plan sales, shares (in shares)	115,000	193,000
Exercise of stock options, shares (in shares)	1,108

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies and Concentrations of Risk	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1 Significant Accounting Policies and Concentrations of Risk The Company BioCryst Pharmaceuticals, Inc. (the “Company”) is a commercial-stage biotechnology company that discovers novel, oral, small-molecule medicines. The Company focuses on the treatment of rare diseases in which significant unmet medical needs exist and an enzyme plays the key role in the biological pathway of the disease. The Company was founded in 1986 1991, The Company’s marketed products include oral, once-daily ORLADEYO® for the prevention of hereditary angioedema (“HAE”) attacks and RAPIVAB® (peramivir injection) for the treatment of acute uncomplicated influenza in the United States. ORLADEYO received regulatory approval in the United States in December 2020. 2021, Based on the Company’s expectations for revenue, operating expenses, and the additional $75 million available to the Company under its existing credit facility, the Company believes its financial resources available at March 31, 2022 12 2022 2022 1 2 3 4 5 one 6 may Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances among the consolidated entities have been eliminated from the consolidated financial statements. 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, 2021 2021 10 not December 31, 2021 10 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The most significant estimates in the Company’s consolidated financial statements relate to the valuation of stock options, the ORLADEYO and Factor D inhibitors royalty financing obligations and the valuation allowance for deferred tax assets resulting from net operating losses. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not Revenue Recognition Pursuant to Accounting Standards Codification (“ASC”) Topic 606, 606 five At contract inception, the Company identifies the goods or services promised within each contract, assesses whether each promised good or service is distinct and determines those that are performance obligations. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. Product Sales, Net The Company’s principal sources of product sales are sales of ORLADEYO, which the Company began shipping to patients in December 2020, The Company recognizes revenue for sales when its customers obtain control of the product, which generally occurs upon delivery. For ORLADEYO, the Company classifies payments to its specialty pharmacy customer for certain services provided by its customer as selling, general and administrative expenses to the extent such services provided are determined to be distinct from the sale of its product. Net revenue from sales of ORLADEYO is recorded at net selling price (transaction price), which includes estimates of variable consideration for which reserves are established for (i) estimated government rebates, such as Medicaid and Medicare Part D reimbursements, and estimated managed care rebates, (ii) estimated chargebacks, (iii) estimated costs of co-payment assistance programs and (iv) product returns. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable or as a current liability. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the applicable contract. The amount of variable consideration included in the transaction price may not may Government and Managed Care Rebates third third third third third Chargebacks may Co-payment assistance and patient assistance programs may Product returns not Collaborative and Other Research and Development Arrangements and Royalties 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 HHS (”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. 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 of $1,924 as of both March 31, 2022 December 31, 2021 6 March 31, 2022 December 31, 2021, 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 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 March 31, 2022, Trade Receivables The majority of the Company’s trade receivables arise from product sales and primarily represent amounts due from its specialty pharmacy customer in the United States and other third 30 90 Receivables from collaborations are recorded for amounts due to the Company related to reimbursable research and development costs from the HHS, and royalty receivables from the Company’s partners, including Shionogi, Green Cross, and Torii. Monthly invoices are submitted to HHS 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. The Company does not one The Company provides reserves against trade receivables for estimated losses that may Inventory The Company values its inventories at the lower of cost or estimated net realizable value. The Company determines the cost of its inventories, which includes amounts related to materials, labor, manufacturing overhead and shipping and handling costs on a first first The Company’s inventories are subject to expiration dating. The Company regularly evaluates the carrying value of its inventories and provides valuation reserves for any estimated obsolete, short-dated or unmarketable inventories. In addition, the Company may The Company expenses costs related to the production of inventories as research and development expenses in the period incurred until such time it is believed that future economic benefit is expected to be recognized, which generally is reliant upon receipt of regulatory approval. Upon regulatory approval, the Company capitalizes subsequent costs related to the production of inventories. Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not not Accrued Expenses The Company generally enters into contractual agreements with third not 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, 2022 December 31, 2021, Cost of Product Sales Cost of product sales includes the cost of producing and distributing inventories that are related to product revenue during the respective period, including freight. In addition, shipping and handling costs for product shipments are recorded as incurred. Finally, cost of product sales may 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 Selling, General and Administrative Expenses Selling, general and administrative expense is primarily comprised of compensation and benefits associated with sales and marketing, finance, human resources, legal, information technology and other administrative personnel. Additionally, selling, general and administrative expenses are comprised of market research, marketing, advertising and legal expenses, including patent costs, licenses and other general and administrative costs. Advertising expenses related to ORLADEYO were $3,984 three March 31, 2022 March 31, 2021, 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. Leases The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases as of March 31, 2022. 2016 02: Leases (Topic 842 Certain of the Company’s operating leases provide for renewal options, which can vary by lease. The right-of-use asset and lease liabilities on the Company’s Consolidated Balance Sheet represent payments over the lease term, which includes renewal options for certain real estate leases that we are likely to exercise. As part of the Company’s assessment of the lease term, the Company elected the hindsight practical expedient, which allows companies to use current knowledge and expectations when determining the likelihood to extend lease options. Certain operating leases include rent escalation provisions, which the Company recognizes as expense on a straight-line basis. Lease expense for leases with an initial term of twelve not The discount rate used in the calculation of the Company’s right-of-use asset and lease liability was determined based on the stated rate within each contract when available, or the Company’s collateralized borrowing rate from lending institutions. The Company has not no 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, 2022 March 31, 2021 6 7 6 three March 31, 2022 March 31, 2021, In December 2021, 6—Royalty Interest Expense and Royalty Financing Obligations The royalty financing obligations are eligible to be repaid based on royalties from net sales of ORLADEYO, BCX9930, 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. Beginning in fiscal year 2021, 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, warrants and common shares expected to be issued under the Company’s equity compensation plans were anti-dilutive. The calculation of diluted earnings per share for the three March 31, 2022 2021 not 28,699 Accumulated Other Comprehensive Income Accumulated other comprehensive income is comprised of cumulative foreign currency translation adjustments and unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders’ equity. Realized gain and loss amounts on available-for-sale investments are reclassified from accumulated other comprehensive income and recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. For the three March 31, 2021, three March 31, 2022. Significant Customers and Other Risks Significant Customers The Company’s primary sources of revenue and cash flow are the sales of ORLADEYO to a specialty pharmacy, the reimbursement of galidesivir (formerly BCX4430 ORLADEYO is distributed through an arrangement with a single specialty pharmacy in the United States. The specialty pharmacy subsequently sells ORLADEYO to its customers (pharmacy benefit managers, insurance companies, government programs and group purchasing organizations) and dispenses product to patients. The specialty pharmacy’s inability or unwillingness to continue these distribution activities could adversely impact the Company’s business, results of operations and financial condition. The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its galidesivir program and stockpiling sales of RAPIVAB to HHS. Accordingly, reimbursement of these expenses represents a significant portion of the Company’s collaborative and other research and development revenues. Additionally, HHS is the primary customer for RABIVAB. The completion or termination of the NIAID/HHS and BARDA/HHS galidesivir contracts or the reduction or stoppage of purchases of RAPIVAB by HHS could adversely impact the Company’s business, results of operations and financial condition. Further, the Company’s drug development activities are performed by a limited group of third Risks from Third-Party Manufacturing and Distribution Concentration The Company relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development and on a single specialty pharmacy for distribution of approved drug product in the United States. 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. Credit Risk Cash equivalents and investments are financial instruments that 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 12 The Company’s receivables from sales of ORLADEYO are primarily due from one one The majority of the Company’s receivables from collaborations are due from the U.S. Government, for which there is no Recently Adopted Accounting Pronouncements There have been no three March 31, 2022, 1 10 December 31, 2021,

Note 2 - Revenue

Note 2 - Revenue	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 2 Revenue The Company recorded the following revenues for the three March 31, 2022 2021: Three Months Ended March 31, 2022 2021 Product sales, net: ORLADEYO $ 49,386 $ 10,938 RAPIVAB 160 113 Peramivir — 6,820 Total product sales, net 49,546 17,871 Royalty revenue 347 (897 ) Collaborative and other research and development revenues: U.S. Department of Health and Human Services 30 2,085 Total collaborative and other research and development revenues 30 2,085 Total revenues $ 49,923 $ 19,059

Note 3 - Investments

Note 3 - Investments	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Investments and Other Noncurrent Assets [Text Block]	Note 3 Investments 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, 2022 Gross Gross Amortized Accrued Unrealized Unrealized Estimated Cost Interest Gains Losses Fair Value Obligations of U.S. Government and its agencies $ 42,005 $ 98 $ 1 $ (42 ) $ 42,062 Corporate debt securities 4,272 19 — (32 ) 4,259 Certificates of deposit 1,648 3 — (8 ) 1,643 Total investments $ 47,925 $ 120 $ 1 $ (82 ) $ 47,964 December 31, 2021 Gross Gross Amortized Accrued Unrealized Unrealized Estimated Cost Interest Gains Losses Fair Value Obligations of U.S. Government and its agencies $ 4,043 $ 17 $ — $ (7 ) $ 4,053 Corporate debt securities 4,294 40 — (5 ) 4,329 Certificates of deposit 1,652 8 — (1 ) 1,659 Total investments $ 9,989 $ 65 $ — $ (13 ) $ 10,041 The following table summarizes the scheduled maturity for the Company’s investments at March 31, 2022 December 31, 2021: March 31, 2022 December 31, 2021 Maturing in one year or less $ 47,964 $ 3,212 Maturing after one year through two years — 6,829 Total investments $ 47,964 $ 10,041

Note 4 - Trade Receivables

Note 4 - Trade Receivables	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Trade Receivables [Text Block]	Note 4 Trade Receivables Product Sales Receivables from product sales are recorded for amounts due to the Company related to sales of ORLADEYO and RAPIVAB. At March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021, Collaborations At March 31, 2022 December 31, 2021, March 31, 2022 Billed Unbilled Total U.S. Department of Health and Human Services $ 5 $ 1,600 $ 1,605 Royalty receivables from partners 327 — 327 Total receivables $ 332 $ 1,600 $ 1,932 December 31, 2021 Billed Unbilled Total U.S. Department of Health and Human Services $ 5 $ 1,670 $ 1,675 Royalty receivables from partners 305 — 305 Total receivables $ 310 $ 1,670 $ 1,980 As of both March 31, 2022 December 31, 2021,

Note 5 - Inventory

Note 5 - Inventory	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 5 Inventory At March 31, 2022 December 31, 2021, The Company’s inventories consisted of the following: March 31, December 31, 2022 2021 Raw materials $ 5,269 $ 5,658 Work-in-process 10,434 9,669 Finished goods 694 709 Total Inventory $ 16,397 $ 16,036 Reserves (253 ) (245 ) Total Inventory, net $ 16,144 $ 15,791

Note 6 - Royalty Monetizations

Note 6 - Royalty Monetizations	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Royalty Monetization [Text Block]	Note 6 Royalty Monetizations RAPIACTA Overview On March 9, 2011, 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, December 1, 2020 ( March 9, 2011 ( 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 In September 2014, September 3, 2013. September 2013 September 1, 2014, December 31, 2014 may may not December 1, 2020, Non-Recourse Notes Payable Debt Extinguishment During 2021, September 1, 2014 December 1, 2020 no December 31, 2021. ORLADEYO and Factor D Inhibitors On December 7, 2020, 2019 “2020 “2020 2020 $350,000 $350,000 $550,000. $550,000. BCX9930. Under the 2020 $150,000 $150,000 $230,000 $230,000 On November 19, 2021, “2021 2020 $150,000 Under the 2021 $350,000 $350,000 $550,000. $550,000. $150,000 $150,000 $230,000 No $230,000 Under the 2021 BCX9930 $1.5 $1.5 $3.0 The royalties payable under the 2021 2020 Under the OMERS Royalty Purchase Agreement, commencing with the calendar quarter beginning October 1, 2023, $350,000 $350,000 $550,000 $550,000 2023 January 1, 2024, 2023 $350,000 $350,000 $550,000 $550,000 Under the OMERS Royalty Purchase Agreement, OMERS is also entitled to receive a tiered revenue share on ORLADEYO sublicense revenue or net sales by licensees in the Other Markets in an amount equal to: (i) 20.0% of the proceeds received by the Company for upfront license fees and development milestones for ORLADEYO in the Other Markets, (ii) 20.0% of proceeds received by the Company on annual net sales of up to $150,000 $150,000 $230,000 $230,000 Under the 2020 first 2021 October 1, 2021. October 1, 2023. no 2023. The transactions contemplated by each of the Royalty Purchase Agreements are referred to herein as the “Royalty Sales”. Under the Royalty Purchase Agreements, the Company has agreed to specified affirmative and negative covenants, including covenants regarding periodic reporting of information by the Company to RPI and OMERS, third 1 7 The cash consideration obtained pursuant to the Royalty Purchase Agreements is recorded in “Royalty financing obligations” on the Company’s consolidated balance sheet. The fair value for the royalty financing obligations at the time of the transactions was based on the Company’s estimates of future royalties expected to be paid to the counterparty over the life of the arrangement. The Company subsequently records the obligations at its carrying value using the effective interest method. In order to amortize the royalty financing obligations, the Company utilizes the prospective method to estimate the future royalties to be paid by the Company to the counterparty over the life of the arrangement. Under the prospective method, a new effective interest rate is determined based on the revised estimate of remaining cash flows. The new rate is the discount rate that equates the present value of the revised estimate of remaining cash flows with the carrying amount of the debt, and it will be used to recognize interest expense for the remaining periods. The Company periodically assesses the amount and timing of expected royalty payments using a combination of internal projections and forecasts from external sources. The estimates of future net product sales (and resulting royalty payments) are based on key assumptions including population, penetration, probability of success, and sales price, among others. To the extent such payments are greater or less than the Company’s initial estimates or the timing of such payments is materially different than its original estimates, the Company will prospectively adjust the amortization of the royalty financing obligations and the effective interest rate. The following table shows the activity within the Royalty financing obligations account (in thousands) as well as the effective interest rate as of March 31, 2022: 2020 RPI 2021 RPI OMERS Total Balance as of December 31, 2021 $ 147,224 $ 153,377 $ 148,774 $ 449,375 Deferred financing costs − (34 ) − (34 ) Non-cash Interest expense on Royalty financing obligations 10,165 6,327 3,157 19,649 Royalty revenues paid and payable (4,385 ) (380 ) − (4,765 ) Balance as of March 31, 2022 $ 153,004 $ 159,290 $ 151,931 $ 464,225 Effective interest rate 27.3 % 16.5 % 8.5 % Deferred issuance costs pursuant to the Royalty financing obligations, which consist primarily of advisory and legal fees, totaled $8,531 as of March 31, 2022. Concurrent with entering into the 2021 9

Note 7 - Debt

Note 7 - Debt	3 Months Ended
	Mar. 31, 2022
Credit Agreement [Member]
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 7 Debt Credit Agreement On December 7, 2020, 1 December 7, 2020 March 31, 2022. The Credit Agreement also provides for two may December 7, 2025. On November 19, 2021, 2021 not x The Credit Agreement provides for quarterly interest-only payments until the maturity date, with the unpaid principal amount of the outstanding Term Loans due and payable on the maturity date. For each of the first eight December 7, 2020, three no no Subject to certain exceptions, the Company is required to make mandatory prepayments of the Term Loans with the proceeds of certain asset sales, certain ORLADEYO out-licensing or royalty monetization transactions (excluding the Royalty Sales), extraordinary receipts, debt issuances, or upon a change of control of the Company and specified other events, subject to certain exceptions. The Company may second 1 2 second second third third fourth fourth The Credit Agreement also contains representations and warranties and affirmative and negative covenants customary for financings of this type, as well as customary events of default. Certain of the customary negative covenants limit the ability of the Company and certain of its subsidiaries to, among other things, grant liens, make investments, incur additional indebtedness, engage in mergers, acquisitions, and similar transactions, dispose of assets, license certain property, distribute dividends, make certain restricted payments, change the nature of the Company’s business, engage in transactions with affiliates and insiders, prepay other indebtedness, or engage in sale and leaseback transactions, subject to certain exceptions. Additionally, as of the last day of each fiscal quarter (a “Test Date”), beginning with the first may not four one not A failure to comply with the covenants in the Credit Agreement could permit the Lenders under the Credit Agreement to declare the outstanding principal as well as accrued interest and fees, to be immediately due and payable. The Company's obligations under the Credit Agreement are secured by a security interest in, subject to certain exceptions, substantially all of the Company's assets. As of March 31, 2022, three March 31, 2022 2021 March 31, 2022, 2 As of March 31, 2022, three March 31, 2022 2021, The Credit Agreement contains two not

Note 8 - Lease Obligations

Note 8 - Lease Obligations	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 8 Lease Obligations The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases as of March 31, 2022. 2023 2026. Aggregate lease expense under operating leases was $594 and $452 for the three March 31, 2022 2021, All of the Company’s leases qualify as operating leases. The following table summarizes the presentation in the consolidated balance sheets of the Company’s operating leases: Balance Sheet Location As of March 31, 2022 As of December 31, 2021 Assets: Operating lease assets, net Other Assets $ 7,207 $ 6,472 Liabilities: Current operating lease liabilities Lease financing obligation current liabilities $ 2,081 $ 1,819 Non-current operating lease liabilities Lease financing obligation long-term liabilities 6,457 5,962 Total operating lease liabilities $ 8,538 $ 7,781 Operating lease assets are recorded net of accumulated amortization of $3,019 and $2,626 as of March 31, 2022 December 31, 2021, three March 31, 2022 2021, Maturities of operating lease liabilities as of March 31, 2022, 2022 (remaining) $ 1,820 2023 2,190 2024 1,641 2025 1,348 2026 617 Thereafter 6,734 Total lease payments 14,350 Less imputed interest (5,812 ) Total $ 8,538

Note 9 - Stockholders' Equity

Note 9 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 9 Stockholders Equity Sales of Common Stock On April 24, 2020, 3 May 14, 2020 On March 1, 2021, 3 On November 19, 2021 , 2021 20 November 17, 2021 , 2021

Note 10 - Stock-based Compensat

Note 10 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 10 Stock-Based Compensation As of March 31, 2022, three April 1, 2021 May 25, 2021. April 18, 2022 June 7, 2022. July 23, 2021. April 1, 2021 May 25, 2021. Stock-based compensation expense of $9,601 ($8,078 of expense related to the Incentive Plan, $1,225 of expense related to the Inducement Plan, and $298 of expense related to the ESPP) was recognized during the three March 31, 2022, three March 31, 2021. There was approximately $109,635 of total unrecognized compensation expense related to non-vested stock option and restricted stock unit awards granted by the Company as of March 31, 2022. March 31, 2022, 2022, 2023, 2024, 2025 2026. no Stock Incentive Plan The Company grants stock option awards, restricted stock and restricted stock units 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. Commencing March 1, 2011, four In December 2014, March 31, 2022, In January 2022, 2022, first second third three Stock option awards granted to non-employee directors of the Company generally vest over one first 36 three Related activity under the Incentive Plan is as follows: Weighted Average Awards Options Exercise Available Outstanding Price Balance December 31, 2021 3,651 28,685 $ 7.90 Restricted stock unit awards granted (391 ) — — Restricted stock unit awards cancelled 40 — — Stock option awards granted (109 ) 109 16.49 Stock option awards exercised — (1,033 ) 5.83 Stock option awards cancelled 369 (369 ) 11.22 Balance March 31, 2022 3,560 27,392 $ 7.96 For stock option awards granted under the Incentive Plan during the first three 2022 2021, first three 2022 2021 first three 2022 Inducement Equity Incentive Plan The Company has the ability to grant stock option and restricted stock unit awards to newly-hired employees as inducements material to each employee entering employment with the Company. Awards granted to newly hired employees generally vest 25% each year until fully vested after four Related activity under the Inducement Plan is as follows: Weighted Average Awards Options Exercise Available Outstanding Price Balance December 31, 2021 900 4,408 $ 6.20 Restricted stock unit awards granted (134 ) — — Stock option awards granted (566 ) 566 16.10 Stock option awards exercised — (51 ) 3.22 Stock option awards cancelled 58 (58 ) 6.29 Balance March 31, 2022 258 4,865 $ 7.42 For stock option awards granted under the Inducement Plan during the first three 2022 2021, first three 2022 2021 first three 2022 No first three 2021. The following table summarizes the key assumptions used by the Company to value the stock option awards granted under all plans during the first three 2022 2021, not not zero Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Plans 2022 2021 Expected Life in Years 5.5 5.5 Expected Volatility 84.1 % 84.2 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 1.9 % 0.8 % Employee Stock Purchase Plan The Company has reserved a total of 7,975 shares of common stock to be purchased under the ESPP, of which 5,937 shares remain available for purchase as of March 31, 2022. may six No may one six no may one three March 31, 2022, 2021,

Note 11- Collaborative and Othe

Note 11- Collaborative and Other Relationships	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	Note 11 Collaborative and Other Relationships National Institute of Allergy and Infectious Diseases September 2013, September 15, 2021, In August 2020, Biomedical Advanced Research and Development Authority March 2015, March 31, 2022, March 31, 2022. The contracts with NIAID/HHS and BARDA/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 contracts 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. U.S. Department of Health and Human Services September 2018, five March 31, 2022, 29,980 50,000 Torii Pharmaceutical Co., Ltd. November 5, 2019, Under the Torii Agreement, the Company received an upfront, non-refundable payment of $22,000. The Japanese National Health Insurance System’s (“NHI”) approval of the addition of ORLADEYO to the NHI drug price list in April 2021 May 2021. In addition, under the Torii Agreement, the Company is entitled to receive tiered royalty payments, ranging from 20% to 40% of annual net sales of ORLADEYO in Japan during each calendar year. Torii’s royalty payment obligations are subject to customary reductions in certain circumstances, but may not first tenth first April 23, 2021. The Company identified performance obligations related to (i) the license to develop and commercialize ORLADEYO, (ii) regulatory approval support and (iii) reimbursement pricing approval support. These were each determined to be distinct from the other performance obligations. The Company allocated the $22,000 606. Shionogi & Co., Ltd. February 2007, October 2008, Green Cross Corporation. June 2006, Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. June 2000, third The University of Alabama at Birmingham. third two five three no

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Description of Company [Policy Text Block]	The Company BioCryst Pharmaceuticals, Inc. (the “Company”) is a commercial-stage biotechnology company that discovers novel, oral, small-molecule medicines. The Company focuses on the treatment of rare diseases in which significant unmet medical needs exist and an enzyme plays the key role in the biological pathway of the disease. The Company was founded in 1986 1991, The Company’s marketed products include oral, once-daily ORLADEYO® for the prevention of hereditary angioedema (“HAE”) attacks and RAPIVAB® (peramivir injection) for the treatment of acute uncomplicated influenza in the United States. ORLADEYO received regulatory approval in the United States in December 2020. 2021, Based on the Company’s expectations for revenue, operating expenses, and the additional $75 million available to the Company under its existing credit facility, the Company believes its financial resources available at March 31, 2022 12 2022 2022 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 subsidiaries. All intercompany transactions and balances among the consolidated entities have been eliminated from the consolidated financial statements. 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, 2021 2021 10 not December 31, 2021 10
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The most significant estimates in the Company’s consolidated financial statements relate to the valuation of stock options, the ORLADEYO and Factor D inhibitors royalty financing obligations and the valuation allowance for deferred tax assets resulting from net operating losses. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not
Revenue [Policy Text Block]	Revenue Recognition Pursuant to Accounting Standards Codification (“ASC”) Topic 606, 606 five At contract inception, the Company identifies the goods or services promised within each contract, assesses whether each promised good or service is distinct and determines those that are performance obligations. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. Product Sales, Net The Company’s principal sources of product sales are sales of ORLADEYO, which the Company began shipping to patients in December 2020, The Company recognizes revenue for sales when its customers obtain control of the product, which generally occurs upon delivery. For ORLADEYO, the Company classifies payments to its specialty pharmacy customer for certain services provided by its customer as selling, general and administrative expenses to the extent such services provided are determined to be distinct from the sale of its product. Net revenue from sales of ORLADEYO is recorded at net selling price (transaction price), which includes estimates of variable consideration for which reserves are established for (i) estimated government rebates, such as Medicaid and Medicare Part D reimbursements, and estimated managed care rebates, (ii) estimated chargebacks, (iii) estimated costs of co-payment assistance programs and (iv) product returns. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable or as a current liability. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the applicable contract. The amount of variable consideration included in the transaction price may not may Government and Managed Care Rebates third third third third third Chargebacks may Co-payment assistance and patient assistance programs may Product returns not Collaborative and Other Research and Development Arrangements and Royalties 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 HHS (”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.
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 of $1,924 as of both March 31, 2022 December 31, 2021 6 March 31, 2022 December 31, 2021,
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 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 March 31, 2022,
Receivable [Policy Text Block]	Trade Receivables The majority of the Company’s trade receivables arise from product sales and primarily represent amounts due from its specialty pharmacy customer in the United States and other third 30 90 Receivables from collaborations are recorded for amounts due to the Company related to reimbursable research and development costs from the HHS, and royalty receivables from the Company’s partners, including Shionogi, Green Cross, and Torii. Monthly invoices are submitted to HHS 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. The Company does not one The Company provides reserves against trade receivables for estimated losses that may
Inventory, Policy [Policy Text Block]	Inventory The Company values its inventories at the lower of cost or estimated net realizable value. The Company determines the cost of its inventories, which includes amounts related to materials, labor, manufacturing overhead and shipping and handling costs on a first first The Company’s inventories are subject to expiration dating. The Company regularly evaluates the carrying value of its inventories and provides valuation reserves for any estimated obsolete, short-dated or unmarketable inventories. In addition, the Company may The Company expenses costs related to the production of inventories as research and development expenses in the period incurred until such time it is believed that future economic benefit is expected to be recognized, which generally is reliant upon receipt of regulatory approval. Upon regulatory approval, the Company capitalizes subsequent costs related to the production of inventories.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not not
Accrued Expenses [Policy Text Block]	Accrued Expenses The Company generally enters into contractual agreements with third not 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, 2022 December 31, 2021,
Cost of Goods and Service [Policy Text Block]	Cost of Product Sales Cost of product sales includes the cost of producing and distributing inventories that are related to product revenue during the respective period, including freight. In addition, shipping and handling costs for product shipments are recorded as incurred. Finally, cost of product sales may
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
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Selling, General and Administrative Expenses Selling, general and administrative expense is primarily comprised of compensation and benefits associated with sales and marketing, finance, human resources, legal, information technology and other administrative personnel. Additionally, selling, general and administrative expenses are comprised of market research, marketing, advertising and legal expenses, including patent costs, licenses and other general and administrative costs. Advertising expenses related to ORLADEYO were $3,984 three March 31, 2022 March 31, 2021, 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.
Lessee, Leases [Policy Text Block]	Leases The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases as of March 31, 2022. 2016 02: Leases (Topic 842 Certain of the Company’s operating leases provide for renewal options, which can vary by lease. The right-of-use asset and lease liabilities on the Company’s Consolidated Balance Sheet represent payments over the lease term, which includes renewal options for certain real estate leases that we are likely to exercise. As part of the Company’s assessment of the lease term, the Company elected the hindsight practical expedient, which allows companies to use current knowledge and expectations when determining the likelihood to extend lease options. Certain operating leases include rent escalation provisions, which the Company recognizes as expense on a straight-line basis. Lease expense for leases with an initial term of twelve not The discount rate used in the calculation of the Company’s right-of-use asset and lease liability was determined based on the stated rate within each contract when available, or the Company’s collateralized borrowing rate from lending institutions. The Company has not no
Share-Based Payment Arrangement [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 March 31, 2022 March 31, 2021 6 7 6 three March 31, 2022 March 31, 2021, In December 2021, 6—Royalty
Interest Expense and Royalty Financing Obligation [Policy Text Block]	Interest Expense and Royalty Financing Obligations The royalty financing obligations are eligible to be repaid based on royalties from net sales of ORLADEYO, BCX9930,
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. Beginning in fiscal year 2021, 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, warrants and common shares expected to be issued under the Company’s equity compensation plans were anti-dilutive. The calculation of diluted earnings per share for the three March 31, 2022 2021 not 28,699
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Income Accumulated other comprehensive income is comprised of cumulative foreign currency translation adjustments and unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders’ equity. Realized gain and loss amounts on available-for-sale investments are reclassified from accumulated other comprehensive income and recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. For the three March 31, 2021, three March 31, 2022.
Concentration of Market Risk [Policy Text Block]	Significant Customers and Other Risks Significant Customers The Company’s primary sources of revenue and cash flow are the sales of ORLADEYO to a specialty pharmacy, the reimbursement of galidesivir (formerly BCX4430 ORLADEYO is distributed through an arrangement with a single specialty pharmacy in the United States. The specialty pharmacy subsequently sells ORLADEYO to its customers (pharmacy benefit managers, insurance companies, government programs and group purchasing organizations) and dispenses product to patients. The specialty pharmacy’s inability or unwillingness to continue these distribution activities could adversely impact the Company’s business, results of operations and financial condition. The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its galidesivir program and stockpiling sales of RAPIVAB to HHS. Accordingly, reimbursement of these expenses represents a significant portion of the Company’s collaborative and other research and development revenues. Additionally, HHS is the primary customer for RABIVAB. The completion or termination of the NIAID/HHS and BARDA/HHS galidesivir contracts or the reduction or stoppage of purchases of RAPIVAB by HHS could adversely impact the Company’s business, results of operations and financial condition. Further, the Company’s drug development activities are performed by a limited group of third Risks from Third-Party Manufacturing and Distribution Concentration The Company relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development and on a single specialty pharmacy for distribution of approved drug product in the United States. 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. Credit Risk Cash equivalents and investments are financial instruments that 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 12 The Company’s receivables from sales of ORLADEYO are primarily due from one one The majority of the Company’s receivables from collaborations are due from the U.S. Government, for which there is no
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements There have been no three March 31, 2022, 1 10 December 31, 2021,

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2022 2021 Product sales, net: ORLADEYO $ 49,386 $ 10,938 RAPIVAB 160 113 Peramivir — 6,820 Total product sales, net 49,546 17,871 Royalty revenue 347 (897 ) Collaborative and other research and development revenues: U.S. Department of Health and Human Services 30 2,085 Total collaborative and other research and development revenues 30 2,085 Total revenues $ 49,923 $ 19,059

Note 3 - Investments (Tables)

Note 3 - Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Debt Securities, Available-for-Sale [Table Text Block]	March 31, 2022 Gross Gross Amortized Accrued Unrealized Unrealized Estimated Cost Interest Gains Losses Fair Value Obligations of U.S. Government and its agencies $ 42,005 $ 98 $ 1 $ (42 ) $ 42,062 Corporate debt securities 4,272 19 — (32 ) 4,259 Certificates of deposit 1,648 3 — (8 ) 1,643 Total investments $ 47,925 $ 120 $ 1 $ (82 ) $ 47,964 December 31, 2021 Gross Gross Amortized Accrued Unrealized Unrealized Estimated Cost Interest Gains Losses Fair Value Obligations of U.S. Government and its agencies $ 4,043 $ 17 $ — $ (7 ) $ 4,053 Corporate debt securities 4,294 40 — (5 ) 4,329 Certificates of deposit 1,652 8 — (1 ) 1,659 Total investments $ 9,989 $ 65 $ — $ (13 ) $ 10,041
Debt Securities, Held-to-Maturity [Table Text Block]	March 31, 2022 December 31, 2021 Maturing in one year or less $ 47,964 $ 3,212 Maturing after one year through two years — 6,829 Total investments $ 47,964 $ 10,041

Note 4 - Trade Receivables (Tab

Note 4 - Trade Receivables (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Receivables from Collaborations [Table Text Block]	March 31, 2022 Billed Unbilled Total U.S. Department of Health and Human Services $ 5 $ 1,600 $ 1,605 Royalty receivables from partners 327 — 327 Total receivables $ 332 $ 1,600 $ 1,932 December 31, 2021 Billed Unbilled Total U.S. Department of Health and Human Services $ 5 $ 1,670 $ 1,675 Royalty receivables from partners 305 — 305 Total receivables $ 310 $ 1,670 $ 1,980

Note 5 - Inventory (Tables)

Note 5 - Inventory (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2022 2021 Raw materials $ 5,269 $ 5,658 Work-in-process 10,434 9,669 Finished goods 694 709 Total Inventory $ 16,397 $ 16,036 Reserves (253 ) (245 ) Total Inventory, net $ 16,144 $ 15,791

Note 6 - Royalty Monetizations

Note 6 - Royalty Monetizations (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Royalty Financing Obligations [Table Text Block]	2020 RPI 2021 RPI OMERS Total Balance as of December 31, 2021 $ 147,224 $ 153,377 $ 148,774 $ 449,375 Deferred financing costs − (34 ) − (34 ) Non-cash Interest expense on Royalty financing obligations 10,165 6,327 3,157 19,649 Royalty revenues paid and payable (4,385 ) (380 ) − (4,765 ) Balance as of March 31, 2022 $ 153,004 $ 159,290 $ 151,931 $ 464,225 Effective interest rate 27.3 % 16.5 % 8.5 %

Note 8 - Lease Obligations (Tab

Note 8 - Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Lessee, Operating Lease, Assets and Liabilities [Table Text Block]	Balance Sheet Location As of March 31, 2022 As of December 31, 2021 Assets: Operating lease assets, net Other Assets $ 7,207 $ 6,472 Liabilities: Current operating lease liabilities Lease financing obligation current liabilities $ 2,081 $ 1,819 Non-current operating lease liabilities Lease financing obligation long-term liabilities 6,457 5,962 Total operating lease liabilities $ 8,538 $ 7,781
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2022 (remaining) $ 1,820 2023 2,190 2024 1,641 2025 1,348 2026 617 Thereafter 6,734 Total lease payments 14,350 Less imputed interest (5,812 ) Total $ 8,538

Note 10 - Stock-based Compens_2

Note 10 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Share-Based Payment Arrangement, Activity [Table Text Block]	Weighted Average Awards Options Exercise Available Outstanding Price Balance December 31, 2021 3,651 28,685 $ 7.90 Restricted stock unit awards granted (391 ) — — Restricted stock unit awards cancelled 40 — — Stock option awards granted (109 ) 109 16.49 Stock option awards exercised — (1,033 ) 5.83 Stock option awards cancelled 369 (369 ) 11.22 Balance March 31, 2022 3,560 27,392 $ 7.96 Weighted Average Awards Options Exercise Available Outstanding Price Balance December 31, 2021 900 4,408 $ 6.20 Restricted stock unit awards granted (134 ) — — Stock option awards granted (566 ) 566 16.10 Stock option awards exercised — (51 ) 3.22 Stock option awards cancelled 58 (58 ) 6.29 Balance March 31, 2022 258 4,865 $ 7.42
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2022 2021 Expected Life in Years 5.5 5.5 Expected Volatility 84.1 % 84.2 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 1.9 % 0.8 %

Note 1 - Significant Accounti_2

Note 1 - Significant Accounting Policies and Concentrations of Risk (Details Textual) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Restricted Cash and Cash Equivalents, Current, Total	$ 3,354		$ 3,345
Advertising Expense	3,984	$ 1,404
Interest Expense, Debt, Total	23,837	12,904
Amortization of Debt Financing Costs and Original Issue Discounts	$ 167	$ 58
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	28,699	23,741
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	$ 0	$ (1)
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Laboratory Equipment, Office Equipment and Software [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)	7 years
Maximum [Member]
Maturity Period of High Quality Marketable Securities (Year)	3 years
Average Maturity Period of High Quality Marketable Securities (Month)	12 months
Maturity Period of Short Term Investment (Month)	12 months
Minimum [Member]
Long-term Investment Maturity, Minimum (Year)	12 years
Royalty Receivable [Member]
Restricted Cash and Cash Equivalents, Current, Total	$ 1,924		1,924
Collateral for Credit [Member]
Restricted Cash and Cash Equivalents, Current, Total	1,430		$ 1,421
Senior Credit Facility [Member] | MidCap Financial Services, LLC [Member]
Line of Credit Facility, Remaining Borrowing Capacity	$ 75,000

Note 2 - Revenue - Summary of R

Note 2 - Revenue - Summary of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 49,923	$ 19,059
Product [Member]
Revenues	49,546	17,871
Product [Member] | ORLADEYO [Member]
Revenues	49,386	10,938
Product [Member] | RAPIVAB [Member]
Revenues	160	113
Product [Member] | PERAMIVIR [Member]
Revenues	0	6,820
Royalty [Member]
Revenues	347	(897)
Collaborative and Other Research and Development [Member]
Revenues	30	2,085
Collaborative and Other Research and Development [Member] | US Department of Health and Human Services [Member]
Revenues	$ 30	$ 2,085

Note 3 - Investments- Fair Valu

Note 3 - Investments- Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost	$ 47,925	$ 9,989
Accrued Interest	120	65
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(82)	(13)
Total investments	47,964	10,041
US Government Agencies Debt Securities [Member]
Amortized Cost	42,005	4,043
Accrued Interest	98	17
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(42)	(7)
Total investments	42,062	4,053
Corporate Debt Securities [Member]
Amortized Cost	4,272	4,294
Accrued Interest	19	40
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(32)	(5)
Total investments	4,259	4,329
Certificates of Deposit [Member]
Amortized Cost	1,648	1,652
Accrued Interest	3	8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(8)
Total investments	$ 1,643	$ 1,659

Note 3 - Investment - Schedule

Note 3 - Investment - Schedule of Maturity of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Maturing in one year or less	$ 47,964	$ 3,212
Maturing after one year through two years	0	6,829
Total investments	$ 47,964	$ 10,041

Note 4 - Trade Receivables (Det

Note 4 - Trade Receivables (Details Textual) - Trade Accounts Receivable [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss, Total	$ 0	$ 0
ORLADEYO [Member]
Accounts Receivable, after Allowance for Credit Loss, Total	34,405	27,384
RAPIVAB [Member]
Accounts Receivable, after Allowance for Credit Loss, Total	78	49
Green Cross Corporation [Member]
Accounts Receivable, after Allowance for Credit Loss, Total	$ 701	$ 701

Note 4 - Trade Receivables - Su

Note 4 - Trade Receivables - Summary of Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total receivables	$ 1,932	$ 1,980
Billed Revenues [Member]
Total receivables	332	310
Unbilled Revenues [Member]
Total receivables	1,600	1,670
US Department of Health and Human Services [Member]
Total receivables	1,605	1,675
US Department of Health and Human Services [Member] | Billed Revenues [Member]
Total receivables	5	5
US Department of Health and Human Services [Member] | Unbilled Revenues [Member]
Total receivables	1,600	1,670
Royalty Receivables from Partners [Member]
Receivables	327	305
Royalty Receivables from Partners [Member] | Billed Revenues [Member]
Receivables	$ 327	305
Royalty Receivables from Partners [Member] | Unbilled Revenues [Member]
Receivables		$ 0

Note 5 - Inventory - Summary of

Note 5 - Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Raw materials	$ 5,269	$ 5,658
Work-in-process	10,434	9,669
Finished goods	694	709
Total Inventory	16,397	16,036
Reserves	(253)	(245)
Total Inventory, net	$ 16,144	$ 15,791

Note 6 - Royalty Monetization_2

Note 6 - Royalty Monetizations (Details Textual) - USD ($) $ in Thousands	Nov. 19, 2021	Dec. 07, 2020	Mar. 09, 2011	Dec. 31, 2021	Mar. 31, 2022	Jun. 30, 2021	Dec. 01, 2020
Debt Issuance Costs, Net, Total					$ 34
RPI 2019 Intermediate Finance Trust [Member]
Shares Issued, Common Stock, Premium					4,269
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member]
Royalty Purchase Agreement, Royalties, Percentage of Sublicense Revenue in Other Markets		20.00%
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Under $350,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories		8.75%
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Between $350,000 and $550,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories		2.75%
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Over $550,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories		0.00%
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Under $150,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Other Markets		20.00%
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Between $150,000 and $230,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Other Markets		10.00%
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Over $230,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Other Markets		0.00%
RPI 2019 Intermediate Finance Trust [Member] | BCX9930 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Global Annual Net Sales		1.00%
Royalty Purchase Agreement, Royalties, Maximum Tiered Profit Share Percentage on Permitted Sales in Other Markets	3.00%
RPI 2019 Intermediate Finance Trust [Member] | BCX9930 [Member] | Annual Net Sales Over $3 Billions [Member]
Royalty Purchase Agreement, Royalties, Annual Net Sales Payment Threshold	$ 3,000,000
RPI 2019 Intermediate Finance Trust [Member] | Future Royalties Payable [Member]
Proceeds from Issuance of Debt		$ 125,000
Debt Issuance Costs, Net, Total					$ 8,531
RPI 2021 and 2020 Intermediate Finance Trust [Member] | Future Royalties Payable [Member]
Proceeds from Issuance of Debt	$ 150,000
The 2021 RPI Royalty Purchase Agreement [Member] | Annual Net Sales Under $350,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories	0.75%
The 2021 RPI Royalty Purchase Agreement [Member] | Annual Net Sales Between $350,000 and $550,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories	1.75%
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Other Markets	0.00%
The 2021 RPI Royalty Purchase Agreement [Member] | Annual Net Sales Under $150,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Sublicense Revenue in Other Markets	3.00%
The 2021 RPI Royalty Purchase Agreement [Member] | Annual Net Sales Between $150,000 and $230,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Sublicense Revenue in Other Markets	2.00%
The 2021 RPI Royalty Purchase Agreement [Member] | BCX9930 [Member] | Annual Net Sales Under $1.5 Billion [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories	3.00%
The 2021 RPI Royalty Purchase Agreement [Member] | BCX9930 [Member] | Annual Net Sales Between $1.5 and $3 Billions [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories	2.00%
The 2021 RPI Royalty Purchase Agreement [Member] | BCX9930 [Member] | Annual Net Sales Over $3 Billions [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Other Markets	0.00%
OMERS Capital Markets [Member] | ORLADEYO [Member]
Royalty Purchase Agreement, Royalties, Percentage of Sublicense Revenue in Other Markets	20.00%
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Other Markets	10.00%
Royalty Purchase Agreement, Royalties, Purchase Price, Amount	$ 150,000
OMERS Capital Markets [Member] | ORLADEYO [Member] | Minimum [Member]
Royalty Purchase Agreement, Royalties, Percentage of Purchase Price	142.50%
OMERS Capital Markets [Member] | ORLADEYO [Member] | Maximum [Member]
Royalty Purchase Agreement, Royalties, Percentage of Purchase Price	155.00%
OMERS Capital Markets [Member] | ORLADEYO [Member] | Annual Net Sales Under $350,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales	7.50%
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales, Based on Reduction in Sales	10.00%
OMERS Capital Markets [Member] | ORLADEYO [Member] | Annual Net Sales Between $350,000 and $550,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales	6.00%
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales, Based on Reduction in Sales	3.00%
OMERS Capital Markets [Member] | ORLADEYO [Member] | Annual Net Sales Over $550,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales	0.00%
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales, Based on Reduction in Sales	0.00%
OMERS Capital Markets [Member] | ORLADEYO [Member] | Annual Net Sales Under $150,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Sublicense Revenue in Other Markets	20.00%
OMERS Capital Markets [Member] | ORLADEYO [Member] | Annual Net Sales Between $150,000 and $230,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Sublicense Revenue in Other Markets	10.00%
OMERS Capital Markets [Member] | ORLADEYO [Member] | Annual Net Sales Over $230,000 [Member]
Royalty Purchase Agreement, Royalties, Percentage of Sublicense Revenue in Other Markets	0.00%
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member]
Private Placement of Senior Secured Notes			$ 30,000
Debt Instrument, Interest Rate, Stated Percentage			14.00%
Secured Debt, Total							$ 30,000
Interest Payable							$ 20,614
Gain (Loss) on Extinguishment of Debt, Total				$ 25,838
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]
Debt Instrument, Face Amount			$ 30,000
Proceeds from Issuance of Secured Debt			22,691
Transaction Costs			4,309
Interest Reserve			$ 3,000

Note 6 - Royalty Monetization_3

Note 6 - Royalty Monetizations - Schedule of Royalty Financing Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Balance	$ 449,375
Deferred financing costs	(34)
Non-cash Interest expense on Royalty financing obligations	19,649
Royalty revenues paid and payable	(4,765)
Balance	464,225
2020 RPI Royalty Agreement [Member]
Balance	147,224
Non-cash Interest expense on Royalty financing obligations	10,165
Royalty revenues paid and payable	(4,385)
Balance	$ 153,004
Effective interest rate	27.30%
2021 RPI Royalty Agreement [Member]
Deferred financing costs	$ (34)
Non-cash Interest expense on Royalty financing obligations	6,327
Royalty revenues paid and payable	(380)
Balance	$ 159,290
Effective interest rate	16.50%
OMERS Royalty Agreement [Member]
Non-cash Interest expense on Royalty financing obligations	$ 3,157
Balance	$ 151,931
Effective interest rate	8.50%

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) - USD ($) $ in Thousands	Dec. 07, 2020	Mar. 31, 2022	Mar. 31, 2021
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member]
Repayments of Lines of Credit	$ 43,298
Credit Agreement [Member] | Athyrium [Member]
Debt Instrument, Face Amount	$ 200,000
Debt Instrument, LIBOR Floor	1.75%
Debt Instrument, LIBOR Cap	3.50%
Debt Instrument, Exit Fee, Percentage of Principal	2.00%
Debt Instrument, Commitment Fee Percentage	1.00%
Long-term Debt, Gross		$ 125,000
Paid-in-Kind Interest		4,321	$ 3,549
Long-Term Debt, Total		$ 146,386
Debt Instrument, Interest Rate, Effective Percentage		12.17%
Credit Agreement [Member] | Athyrium [Member] | Prior to the Second Anniversary [Member]
Debt Instrument, Prepayment Fee, Percentage of Principal Voluntary Payments	102.00%
Debt Instrument, Prepayment Fee, Percentage of Accrued Interest	0.50%
Credit Agreement [Member] | Athyrium [Member] | Between the Second and Third Anniversaries [Member]
Debt Instrument, Prepayment Fee, Percentage of Principal Voluntary Payments	2.00%
Credit Agreement [Member] | Athyrium [Member] | Between the Third and Fourth Anniversaries [Member]
Debt Instrument, Prepayment Fee, Percentage of Principal Voluntary Payments	1.00%
Credit Agreement [Member] | Athyrium [Member] | After Fourth Anniversary [Member]
Debt Instrument, Prepayment Fee, Percentage of Principal Voluntary Payments	0.00%
Credit Agreement [Member] | Athyrium [Member] | Term Loan A Drawn [Member]
Debt Instrument, Covenant, Minimum Unrestricted Cash and Cash Equivalents	$ 15,000
Credit Agreement [Member] | Athyrium [Member] | Term Loan A and B Drawn [Member]
Debt Instrument, Covenant, Minimum Unrestricted Cash and Cash Equivalents	20,000
Credit Agreement [Member] | Athyrium [Member] | Term Loans A, B and C Drawn [Member]
Debt Instrument, Covenant, Minimum Unrestricted Cash and Cash Equivalents	15,000
Credit Agreement [Member] | Athyrium [Member] | Term Loans A, B and C Drawn and Cure Right Exercised [Member]
Debt Instrument, Covenant, Minimum Unrestricted Cash and Cash Equivalents	$ 20,000
Credit Agreement [Member] | Athyrium [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	8.25%
Credit Agreement [Member] | Athyrium [Member] | London Interbank Offered Rate (LIBOR) [Member] | PIK Interest Payment is Made [Member]
Debt Instrument, Basis Spread on Variable Rate	10.25%
Credit Agreement [Member] | Athyrium [Member] | Term A Loan [Member]
Proceeds from Issuance of Long-term Debt, Total	$ 125,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total		$ 8,651
Amortization of Debt Issuance Costs		$ 167	$ 58
Credit Agreement [Member] | Athyrium [Member] | Term B Loan [Member]
Debt Instrument, Face Amount	25,000
Credit Agreement [Member] | Athyrium [Member] | Term C Loan [Member]
Debt Instrument, Face Amount	$ 50,000

Note 8 - Lease Obligations (Det

Note 8 - Lease Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating Lease, Weighted Average Remaining Lease Term (Year)	8 years
Operating Lease, Weighted Average Discount Rate, Percent		10.36%
Operating Lease, Expense	$ 594	$ 452
Operating Lease, Right-of-Use Asset, Accumulated Amortization	3,019		$ 2,626
Operating Lease, Payments	$ 574	$ 440
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years

Note 8 - Lease Obligations -Bal

Note 8 - Lease Obligations -Balance Sheets of the Company's Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liabilities:
Current operating lease liabilities	$ 2,081	$ 1,819
Non-current operating lease liabilities	6,457	5,962
Total operating lease liabilities	8,538	7,781
Other Assets [Member]
Assets:
Operating lease assets, net	$ 7,207	$ 6,472

Note 8 - Lease Obligations - Ma

Note 8 - Lease Obligations - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
2022 (remaining)	$ 1,820
2023	2,190
2024	1,641
2025	1,348
2026	617
Thereafter	6,734
Total lease payments	14,350
Less imputed interest	(5,812)
Total	8,538	$ 7,781
Accrued Liabilities, Current and Other Noncurrent Liabilities [Member]
Total	$ 8,538

Note 9 - Stockholders' Equity (

Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Nov. 19, 2021	Nov. 17, 2021	Apr. 24, 2020
Maximum Aggregate Offering Price			$ 500,000
Common Stock Purchase Agreement with RPI [Member]
Stock Issued During Period, Shares, New Issues (in shares)	3,846,154
Proceeds from Issuance of Common Stock	$ 50,000
Shares Issued, Price Per Share (in dollars per share)	$ 13	$ 13
Shares Issued, Price Per Share, Premium (in dollars per share)		1.11
Shares Issued, Price Per Share, Closing Price (in dollars per share)		$ 11.89
Shares Issued, Common Stock, Premium		$ 4,269

Note 10 - Stock-based Compens_3

Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2022	Dec. 31, 2014	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-Based Payment Arrangement, Expense			$ 9,601	$ 5,479
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			109,635
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year			28,801
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Next Year			33,073
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two			30,267
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three			17,094
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four			$ 400
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)			115	193
Share-Based Payment Arrangement, Option [Member] | Non-employee Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			1 year
Incentive Plan [Member]
Share-Based Payment Arrangement, Expense			$ 8,078	$ 4,554
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			3,560		3,651
Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 11.48	$ 6.87
Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year)			10 years
Incentive Plan [Member] | Share-Based Payment Arrangement, 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 (Year)			4 years
Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Thirty-six Equal Monthly Installments [Member] | Non-employee Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			3 years
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		1,250
Incentive Plan [Member] | Performance-based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Incentive Plan [Member] | Performance-based Restricted Stock Units [Member] | Vest 25% Each Year Until Fully Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Incentive Plan [Member] | Performance-based Restricted Stock Units [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	221
Incentive Plan [Member] | Performance-based Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 15.49
Inducement Plan [Member]
Share-Based Payment Arrangement, Expense			$ 1,225	$ 598
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 11.14	$ 5.86
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)			10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			258		900
Inducement Plan [Member] | Vest 25% Each Year Until Fully Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Inducement Plan [Member] | Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate			0.00%
Inducement Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 16.27
Employee Stock Purchase Plan [Member]
Share-Based Payment Arrangement, Expense			$ 298	$ 327
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)			7,975
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			5,937
Percentage of Salary to Purchase Common Stock, Maximum			15.00%
Percentage of Common Stock Shares, Beginning			85.00%
Percentage of Common Stock Shares, Ending			85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in shares)			3
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee, Amount			$ 25

Note 10 - Stock-based Compens_4

Note 10 - Stock-based Compensation - Stock Plan Activities (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Options outstanding, stock option awards exercised (in shares)	(1,108)
Incentive Plan [Member]
Awards available, beginning balance (in shares)	3,651,000
Options outstanding, beginning balance (in shares)	28,685,000
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares	$ 7.90
Awards available, Restricted stock awards granted (in shares)	(391,000)
Awards available, Restricted stock unit awards cancelled (in shares)	40,000
Awards available, stock option awards granted (in shares)	(109,000)
Options outstanding, stock option awards granted (in shares)	109,000
Weighted average exercise price, stock option awards granted (in dollars per share) | $ / shares	$ 16.49
Options outstanding, stock option awards exercised (in shares)	(1,033,000)
Weighted average exercise price, stock option awards exercised (in dollars per share) | $ / shares	$ 5.83
Awards available, stock option awards cancelled (in shares)	369,000
Options outstanding, stock option awards cancelled (in shares)	(369,000)
Weighted average exercise price, stock option awards cancelled (in dollars per share) | $ / shares	$ 11.22
Awards available, ending balance (in shares)	3,560,000
Options outstanding, ending balance (in shares)	27,392,000
Weighted average exercise price, ending balance (in dollars per share) | $ / shares	$ 7.96
Inducement Plan [Member]
Awards available, beginning balance (in shares)	900,000
Options outstanding, beginning balance (in shares)	4,408,000
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares	$ 6.20
Awards available, Restricted stock awards granted (in shares)	(134,000)
Awards available, stock option awards granted (in shares)	(566,000)
Options outstanding, stock option awards granted (in shares)	566,000
Weighted average exercise price, stock option awards granted (in dollars per share) | $ / shares	$ 16.10
Options outstanding, stock option awards exercised (in shares)	(51,000)
Weighted average exercise price, stock option awards exercised (in dollars per share) | $ / shares	$ 3.22
Awards available, stock option awards cancelled (in shares)	58,000
Options outstanding, stock option awards cancelled (in shares)	(58,000)
Weighted average exercise price, stock option awards cancelled (in dollars per share) | $ / shares	$ 6.29
Awards available, ending balance (in shares)	258,000
Options outstanding, ending balance (in shares)	4,865,000
Weighted average exercise price, ending balance (in dollars per share) | $ / shares	$ 7.42

Note 10 - Stock-based Compens_5

Note 10 - Stock-based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans (Details) - Incentive Plan and Inducement Plan [Member]	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Expected Life (Year)	5 years 6 months	5 years 6 months
Expected Volatility	84.10%	84.20%
Expected Dividend Yield	0.00%	0.00%
Risk-Free Interest Rate	1.90%	0.80%

Note 11- Collaborative and Ot_2

Note 11- Collaborative and Other Relationships (Details Textual) $ in Thousands	Sep. 15, 2021USD ($)	Nov. 05, 2019USD ($)	Sep. 06, 2018USD ($)	Sep. 30, 2013USD ($)	Aug. 31, 2020USD ($)	Jun. 30, 2000USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2015USD ($)
Revenue from Contract with Customer, Including Assessed Tax							$ 49,923	$ 19,059
US Department of Health and Human Services [Member]
Collaborative Agreement Contract Value			$ 34,660
Contract Term (Year)			5 years
US Department of Health and Human Services [Member] | RAPIVAB [Member]
Maximum Number of Products, Doses			50,000
Proceeds from Collaborators							20,782
Torii Pharmaceutical Co. [Member]
Revenue from Contract with Customer, Including Assessed Tax		$ 22,000
Potential Milestone Payments Receivable if Regulatory Approval Before December 31, 2021		$ 15,000
Maximum Customary Reduction on Royalty Rate		50.00%
Royalty Payments Receivable, Expiration Term From First Commercial (Year)		10 years
Torii Pharmaceutical Co. [Member] | Minimum [Member]
Royalty Rate if Maintains Sakigake Designation		20.00%
Torii Pharmaceutical Co. [Member] | Maximum [Member]
Royalty Rate if Maintains Sakigake Designation		40.00%
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
AECOM and IRL [Member]
Milestone Payment Minimum						$ 1,400
Milestone Payment Maximum						4,000
Annual License Fee Minimum						150
Annual License Fee Maximum						$ 500
National Institute of Allergy and Infectious Diseases [Member]
Expected Receivable From Awards for Research and Development Contracts	$ 47,315			$ 45,931
Collaborative Agreement Contract, Covenant, Maximum Amount of Funding					$ 43,908
Collaborative Agreement Contract Value					$ 6,326
UAB [Member]
Period of Agreement (Year)							25 years
Renewable Period of Agreement (Year)							5 years