Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | BIOCRYST PHARMACEUTICALS INC | |
Entity Central Index Key | 0000882796 | |
Trading Symbol | bcrx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 110,438,425 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 30,760 | $ 26,731 |
Restricted cash | 4,629 | 1,544 |
Investments | 61,387 | 77,736 |
Receivables from collaborations | 3,602 | 4,293 |
Inventory | 1,000 | 1,649 |
Prepaid expenses and other current assets | 2,341 | 2,399 |
Total current assets | 103,719 | 114,352 |
Investments | 741 | 22,376 |
Property and equipment, net | 7,551 | 9,135 |
Other assets | 4,333 | 978 |
Total assets | 116,344 | 146,841 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 8,298 | 7,769 |
Accrued expenses | 19,343 | 15,938 |
Interest payable | 14,745 | 11,848 |
Deferred collaboration revenue | 221 | 221 |
Senior credit facility | 4,580 | |
Non-recourse notes payable | 29,341 | 29,121 |
Total current liabilities | 71,948 | 69,477 |
Deferred rent | 54 | |
Other non-current liabilities | 3,742 | 2,703 |
Senior credit facility | 49,847 | 25,372 |
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; shares authorized — 5,000; no shares issued and outstanding | ||
Common stock, $0.01 par value: shares authorized — 200,000; shares issued and outstanding — 110,370 in 2019 and 110,063 in 2018 | 1,104 | 1,101 |
Additional paid-in capital | 790,076 | 780,400 |
Accumulated other comprehensive income (loss) | 41 | (297) |
Accumulated deficit | (800,414) | (731,969) |
Total stockholders’ equity | (9,193) | 49,235 |
Total liabilities and stockholders’ equity | $ 116,344 | $ 146,841 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000 | 5,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 110,370 | 110,063 |
Common stock, shares outstanding (in shares) | 110,370 | 110,063 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Revenues | $ 1,448 | $ 12,494 | $ 7,335 | $ 16,470 |
Expenses | ||||
Cost of product sales | 1,399 | |||
Research and development | 27,681 | 21,010 | 55,174 | 39,451 |
General and administrative | 8,659 | 9,492 | 14,897 | 17,101 |
Royalty | 26 | 243 | 113 | 383 |
Total operating expenses | 36,366 | 30,745 | 71,583 | 56,935 |
Loss from operations | (34,918) | (18,251) | (64,248) | (40,465) |
Interest and other income | 547 | 493 | 1,143 | 955 |
Interest expense | (3,035) | (2,195) | (5,761) | (4,416) |
(Loss) gain on foreign currency derivative | (223) | 1,507 | 183 | (297) |
Net loss | (37,629) | (18,446) | (68,683) | (44,223) |
Unrealized gain (loss) on available for sale investments | 130 | 24 | 338 | (209) |
Comprehensive loss | $ (37,499) | $ (18,422) | $ (68,345) | $ (44,432) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.34) | $ (0.19) | $ (0.62) | $ (0.45) |
Weighted average shares outstanding (in shares) | 110,338 | 98,787 | 110,253 | 98,690 |
Product [Member] | ||||
Revenues: | ||||
Revenues | $ 1,679 | |||
Royalty [Member] | ||||
Revenues: | ||||
Revenues | 696 | 142 | 3,018 | 3,803 |
Collaborative and Other Research and Development [Member] | ||||
Revenues: | ||||
Revenues | $ 752 | $ 12,352 | $ 2,638 | $ 12,667 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net loss | $ (68,683) | $ (44,223) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 357 | 377 |
Stock-based compensation expense | 8,702 | 4,987 |
Amortization of debt issuance costs | 596 | 455 |
Amortization of premium/discount on investments | (17) | 140 |
Change in fair value of foreign currency derivative | 646 | 1,185 |
Changes in operating assets and liabilities: | ||
Receivables | 691 | 3,775 |
Inventory | 649 | (221) |
Prepaid expenses and other assets | 84 | (347) |
Deferred collaboration expense | 140 | |
Accounts payable and accrued expenses | 2,579 | 4,447 |
Interest payable | 2,897 | 2,737 |
Deferred revenue | (7,000) | |
Net cash used in operating activities | (51,499) | (33,548) |
Investing activities | ||
Acquisitions of property and equipment | (180) | (221) |
Purchases of investments | (3,018) | (16,754) |
Sales and maturities of investments | 41,357 | 34,435 |
Net cash provided by investing activities | 38,159 | 17,460 |
Financing activities | ||
Payment of senior credit facility | (3,450) | |
Proceeds from senior credit facility | 19,477 | |
Net proceeds from common stock issued under stock-based compensation plans | 977 | 736 |
Increase in lease financing obligation | (37) | |
Net cash provided by (used in) financing activities | 20,454 | (2,751) |
Increase (decrease) in cash, cash equivalents and restricted cash | 7,114 | (18,839) |
Cash, cash equivalents and restricted cash at beginning of period | 28,275 | 53,568 |
Cash, cash equivalents and restricted cash at end of period | $ 35,389 | $ 34,729 |
Consolidated Statements Stockho
Consolidated Statements Stockholders' Equity (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, 2017 | $ 984 | $ 714,869 | $ (243) | $ (631,843) | $ 83,767 |
Impact to retained earnings from adoption of new standard at Dec. 31, 2017 | 1,126 | 1,126 | |||
Net loss | (25,777) | (25,777) | |||
Other comprehensive income | (233) | (233) | |||
Exercise of stock options | 2 | 79 | 81 | ||
Employee stock purchase plan sales | 1 | 186 | 187 | ||
Stock-based compensation expense | 2,903 | 2,903 | |||
Balance at Mar. 31, 2018 | 987 | 718,037 | (476) | (656,494) | 62,054 |
Balance at Dec. 31, 2017 | 984 | 714,869 | (243) | (631,843) | 83,767 |
Impact to retained earnings from adoption of new standard at Dec. 31, 2017 | 1,126 | 1,126 | |||
Net loss | (44,223) | ||||
Balance at Jun. 30, 2018 | 989 | 720,587 | (452) | (674,940) | 46,184 |
Balance at Mar. 31, 2018 | 987 | 718,037 | (476) | (656,494) | 62,054 |
Net loss | (18,446) | (18,446) | |||
Other comprehensive income | 24 | 24 | |||
Exercise of stock options | 2 | 466 | 468 | ||
Stock-based compensation expense | 2,084 | 2,084 | |||
Balance at Jun. 30, 2018 | 989 | 720,587 | (452) | (674,940) | 46,184 |
Balance at Dec. 31, 2018 | 1,101 | 780,400 | (297) | (731,969) | 49,235 |
Impact to retained earnings from adoption of new standard at Dec. 31, 2018 | 238 | 238 | |||
Net loss | (31,054) | (31,054) | |||
Other comprehensive income | 208 | 208 | |||
Exercise of stock options | 2 | 341 | 343 | ||
Employee stock purchase plan sales | 220 | 220 | |||
Stock-based compensation expense | 3,317 | 3,317 | |||
Balance at Mar. 31, 2019 | 1,103 | 784,278 | (89) | (762,785) | 22,507 |
Balance at Dec. 31, 2018 | 1,101 | 780,400 | (297) | (731,969) | 49,235 |
Impact to retained earnings from adoption of new standard at Dec. 31, 2018 | 238 | 238 | |||
Net loss | (68,683) | ||||
Balance at Jun. 30, 2019 | 1,104 | 790,076 | 41 | (800,414) | (9,193) |
Balance at Mar. 31, 2019 | 1,103 | 784,278 | (89) | (762,785) | 22,507 |
Net loss | (37,629) | (37,629) | |||
Other comprehensive income | 130 | 130 | |||
Exercise of stock options | 1 | 413 | 414 | ||
Stock-based compensation expense | 5,385 | 5,385 | |||
Balance at Jun. 30, 2019 | $ 1,104 | $ 790,076 | $ 41 | $ (800,414) | $ (9,193) |
Consolidated Statements Stock_2
Consolidated Statements Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - Common Stock [Member] - shares shares in Thousands | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Exercise of stock options, shares (in shares) | 100 | 160 | 226 | 242 |
Employee stock purchase plan sales, shares (in shares) | 47 | 49 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 The Company BioCryst Pharmaceuticals, Inc. (the “Company”) is a biotechnology company that discovers novel, oral, small-molecule medicines. The Company focuses on oral treatments for 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 incorporated in Delaware in 1986 With the funds available at June 30, 2019 5 2020. 2019 2019 2020. may 2020 1 2 3 4 5 one 6 may Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (“Royalty Sub”) and MDCP, LLC (“MDCP”). Both subsidiaries were formed to facilitate financing transactions for the Company. Royalty Sub was formed in connection with a $30,000 March 9, 2011. 4, $23,000 September 23, 2016 July 20, 2018 February 5, 2019. 5 The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10 not no These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2018 2018 10 not December 31, 2018 10 Cash and Cash Equivalents The Company generally considers cash equivalents to be all cash held in commercial checking accounts, certificates of deposit, money market accounts or investments in debt instruments with maturities of three Restricted Cash Restricted cash as of June 30, 2019 $3,210 4 $1,419 Investments The Company invests in high credit quality investments in accordance with its investment policy, which is designed to minimize the possibility of loss. The objective of the Company’s investment policy is to ensure the safety and preservation of invested funds, as well as maintaining liquidity sufficient to meet cash flow requirements. The Company places its excess cash with high credit quality financial institutions, commercial companies, and government agencies in order to limit the amount of its credit exposure. In accordance with its policy, the Company is able to invest in marketable debt securities that may three no 18 may may not not not The Company classifies all of its investments as available-for-sale. Unrealized gains and losses on investments are recognized in comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not three 12 12 June 30, 2019, The following tables summarize the fair value of the Company’s investments by type. The estimated fair values of the Company’s fixed income investments are classified as Level 2 not not 2 June 30, 2019 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of the U.S. Government and its agencies $ 32,488 $ 144 $ 50 $ (13 ) $ 32,669 Corporate debt securities 25,731 147 24 (27 ) 25,875 Certificates of deposit 3,559 18 8 (1 ) 3,584 Total investments $ 61,778 $ 309 $ 82 $ (41 ) $ 62,128 December 31, 2018 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of U.S. Government and its agencies $ 50,613 $ 176 $ 15 $ (131 ) $ 50,673 Corporate debt securities 45,793 254 4 (171 ) 45,880 Certificates of deposit 3,559 14 — (14 ) 3,559 Total investments $ 99,965 $ 444 $ 19 $ (316 ) $ 100,112 The following table summarizes the scheduled maturity for the Company’s investments at June 30, 2019 December 31, 2018. June 30, 2019 December 31, 2018 Maturing in one year or less $ 61,387 $ 77,736 Maturing after one year through two years 741 22,376 Total investments $ 62,128 $ 100,112 Receivables from Collaborations Receivables from collaborations are recorded for amounts due to the Company related to reimbursable research and development costs from the U.S. Department of Health and Human Services, royalty receivables from Shionogi, Green Cross Corporation (“Green Cross”), Mundipharma International Holdings Limited (“Mundipharma”) and Seqirus UK Limited (“SUL”), and product sales to SUL, Shionogi, and Green Cross. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At June 30, 2019 December 31, 2018, June 30, 2019 Billed Unbilled Total U.S. Department of Health and Human Services $ 998 $ 989 $ 1,987 Shionogi & Co. Ltd. 96 — 96 Green Cross Corporation 542 — 542 Mundipharma International Holdings Limited 49 — 49 Seqirus UK Limited 902 26 928 Total receivables $ 2,587 $ 1,015 $ 3,602 December 31, 2018 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 1,525 $ 1,525 Shionogi & Co. Ltd. 854 — 854 Green Cross Corporation 876 28 904 Mundipharma International Holdings Limited 44 — 44 Seqirus UK Limited 940 26 966 Total receivables $ 2,714 $ 1,579 $ 4,293 Monthly invoices are submitted to the U.S. Department of Health and Human Services related to reimbursable research and development costs. The Company is also entitled to monthly reimbursement of indirect costs based on rates stipulated in the underlying contract. The Company’s calculations of its indirect cost rates are subject to audit by the U.S. Government. Receivables from Product Sales Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. Inventory At June 30, 2019 December 31, 2018, first first Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven December 31, 2018, not No. 2016 02: Leases (Topic 842 January 1, 2019, 7, In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not not Patents and Licenses The Company seeks patent protection on all internally developed processes and products. All patent related costs are expensed to general and administrative expenses when incurred as recoverability of such expenditures is uncertain. Accrued Expenses The Company generally enters into contractual agreements with third not • fees paid to Clinical Research Organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials; • fees paid to investigative sites in connection with clinical trials; • fees paid to contract manufacturers in connection with the production of the Company’s raw materials, drug substance and drug products; and • professional fees. The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may June 30, 2019 December 31, 2018, Income Taxes The liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders’ equity. Amounts reclassified from accumulated other comprehensive loss are recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. No six June 30, 2019 June 30, 2018. Revenue Recognition Collaborative and Other Research and Development Arrangements and Royalties The Company recognizes revenue when it satisfies a performance obligation by transferring promised goods or services to a customer. Revenue is measured at the transaction price that is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not The Company has collaboration and license agreements with a number of third Revenue from license fees, royalty payments, milestone payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has no Arrangements that involve the delivery of more than one not not may Milestone payments are recognized as licensing revenue upon the achievement of specified milestones if (i) the milestone is substantive in nature and the achievement of the milestone was not Reimbursements received for direct out-of-pocket expenses related to research and development costs are recorded as revenue in the Consolidated Statements of Comprehensive Loss rather than as a reduction in expenses. Under the Company’s contracts with the Biomedical Advanced Research and Development Authority within the United States Department of Health and Human Services (”BARDA/HHS”) and the National Institute of Allergy and Infectious Diseases (“NIAID/HHS”), revenue is recognized as reimbursable direct and indirect costs are incurred. Under certain of the Company’s license agreements, the Company receives royalty payments based upon its licensees’ net sales of covered products. Royalties are recognized at the later of when (i) the subsequent sale or usage occurs, or (ii) the performance obligation to which some or all of the sales-based or usage-based royalty has been satisfied. Product Sales The Company recognizes revenue for sales of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company’s specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, prior to the SUL agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations. With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all third TM ® ® Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves. The Company recorded the following revenues for the three six June 30, 2019 2018: Three Months Six Months 2019 2018 2019 2018 Product sales $ — $ — $ 1,679 $ — Royalty revenue 696 142 3,018 3,803 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 752 352 2,638 667 Seqirus UK Limited — 12,000 — 12,000 Total collaborative and other research and development revenues 752 12,352 2,638 12,667 Total revenues $ 1,448 $ 12,494 $ 7,335 $ 16,470 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets. Contract assets Contract liabilities Contract Costs The Company may Advertising The Company engages in very limited distribution and direct-response advertising. Advertising and promotional costs are expensed as the costs are incurred. Research and Development Expenses The Company’s research and development costs are charged to expense when incurred. Research and development expenses include all direct and indirect development costs related to the development of the Company’s portfolio of product candidates. Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed. Research and development expenses include, among other items, personnel costs, including salaries and benefits, manufacturing costs, clinical, regulatory, and toxicology services performed by CROs, materials and supplies, and overhead allocations consisting of various administrative and facilities related costs. Most of the Company’s manufacturing and clinical and preclinical studies are performed by third Additionally, the Company has license agreements with third Deferred collaboration expenses represent sub-license payments, paid to the Company’s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to the Company’s academic partners for modification to existing license agreements. These deferred expenses would not Stock-Based Compensation All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company’s Consolidated Statements of Comprehensive Loss based on their fair values. The fair value of stock option awards is estimated using the Black-Scholes option pricing model. The fair value of restricted stock unit awards is based on the grant date closing price of the common stock. Stock-based compensation cost is recognized as expense on a straight-line basis over the requisite service period of the award. In addition, we have outstanding performance-based stock options for which no Interest Expense and Deferred Financing Costs Interest expense for the three June 30, 2019 2018 $3,035 $2,195, six June 30, 2019 2018 $5,761 $4,416, 4 5 $341 $223 three June 30, 2019 2018, $596 $455 six June 30, 2019 2018, Currency Hedge Agreement In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does not six June 30, 2019 2018 $646 $1,186, third not 2 $830 $889 first six 2019 2018, June 30, 2019 December 31, 2018, no Net Loss Per Share Net loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted loss per share is equivalent to basic net loss per share for all periods presented herein because common equivalent shares from unexercised stock options and common shares expected to be issued under the Company’s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the three June 30, 2019 2018 not 1,927 1,939, six June 30, 2019 2018 not 2,528 1,854, 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, 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 Significant Customers and Other Risks Significant Customers Prior to the SUL Agreement, the Company relied primarily on three three 90% one third Other than royalty revenues, the Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of galidesivir (formerly BCX4430 third Risks from Third Party Manufacturing and Distribution Concentration The Company generally relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company’s product candidates in development. Credit Risk Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may 18 no Recent Accounting Pronouncements In February 2016, No. 2016 02: Leases (Topic 842 2016 02” 12 July 2018, No. 2018 11: Targeted Improvements to Leases 2018 11” 2016 02 January 1, 2019 2018 11. ASU 2016 02 not not not The most significant effects of adoption relate to ( 1 2 7, |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 2 As of June 30, 2019, three April 19, 2019 May 29, 2019. April 24, 2019. March 2014 May 2014. $8,702 $8,535 $16 $151 first six 2019, $4,987 $4,904 $83 first six 2018. There was approximately $29,218 June 30, 2019. $8,827 2019, $8,574 2020, $6,529 2021, $5,103 2022 $185 2023. no Stock Incentive Plan The Company grants stock option awards and restricted stock unit awards to its employees, directors, and consultants under the Incentive Plan. Under the Incentive Plan, stock option awards are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards and restricted stock units granted to employees generally vest 25% four August 2013 December 2014, 1,032 1,250 June 30, 2019, 75% August 2013 three 30% December 2014 second 2019, $2.0 two December 2014 one 5 10 Related activity under the Incentive Plan is as follows: Awards Available Options Outstanding Weighted Average Exercise Price Balance December 31, 2018 805 17,491 $ 6.49 Plan amendment 4,000 — — Stock option awards granted (826 ) 826 6.90 Stock option awards exercised — (251 ) 3.75 Stock option awards cancelled 123 (123 ) 7.28 Balance June 30, 2019 4,102 17,943 $ 6.54 For stock option awards granted under the Incentive Plan during the first six 2019 2018, first six 2019 2018 $4.69 $4.13, first six 2019 2018. not no not zero Inducement Equity Incentive Plan The Company has the ability to grant stock option awards to newly-hired employees as inducements material to each employee entering employment with the Company. Stock option awards granted to newly hired employees generally vest 25% four 10 During the six June 30, 2019, 242 $3.94. six June 30, 2019 $5.81. Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Plans 2019 2018 Expected Life in Years 5.5 5.5 Expected Volatility 81.0 % 82.0 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 2.3 % 2.7 % Employee Stock Purchase Plan (“ESPP”) The Company has reserved a total of 1,475 187 June 30, 2019. may 15% 85% 85% six No 3 may one six no may $25 one 47 first six 2019 |
Note 3 - Collaborative and Othe
Note 3 - Collaborative and Other Research and Development Contracts | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 3 National Institute of Allergy and Infectious Diseases (“NIAID/HHS”). September 2013, $5,000 1 June 30, 2019, $43,035. June 30, 2019, U.S. Department of Health and Human Services (“BARDA/HHS”). March 31, 2015, $16,265 $22,855 $39,120. June 30, 2019, $20,574 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 contract is based on the Company’s performance, the timeliness and quality of deliverables, and other factors. The government has rights under certain contract clauses to terminate these contracts. These contracts are terminable by the government at any time for breach or without cause. Centers for Disease Control and Prevention (“CDC”) On September 6, 2018, $34,660 50,000 five Seqirus UK Limited (“SUL”). June 16, 2015, Pursuant to the SUL Agreement, RAPIVAB will be commercialized by CSL’s subsidiary, SUL, which specializes in influenza prevention through the supply of seasonal and pandemic vaccine to global markets. SUL will manufacture, commercialize and exercise decision-making authority with respect to the development and commercialization of RAPIVAB within the Territory and be responsible for all related costs, including sales and promotion. Under the terms of the SUL Agreement, the Company is responsible for fulfilling all post-marketing approval commitments in connection with the FDA's approval of the NDA, and upon fulfillment will transfer ownership of and financial responsibility for the NDA to SUL. Pursuant to rights to sell ALPIVAB in the EU, the Company was also responsible for regulatory filings and interactions with the European Medicines Agency (“EMA”). In accordance with the SUL Agreement, the Company and SUL formed a joint steering committee, composed of an equal number of representatives from each party, to oversee, review and coordinate the conduct and progress of the commercialization of RAPIVAB in the Territory and any additional development. In October 2017, Under the terms of the SUL Agreement, the Company has received an upfront payment of $33,740 $12,000. July 1 - June 30) ten The Company and SUL are engaged in a formal dispute resolution process, which has now entered arbitration proceedings. The dispute involves many items under the SUL Agreement including, but not no Shionogi & Co., Ltd. (“Shionogi”). February 2007, October 2008, In December 2017, no not not Green Cross Corporation (“Green Cross”). June 2006, one $250. Mundipharma International Holdings Limited (“Mundipharma”). February 2006, $10,000 On November 11, 2011, November 11, 2011, $15,000 Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. (“AECOM” and “IRL” respectively). June 2000, $1,400 $4,000 one third $150 $500, may 60 In May 2010, one third not may February 1, 2006 On November 17, 2011, one On June 19, 2012, At its sole option and subject to certain agreed upon conditions, any future non-royalty payments due to be paid by the Company to AECOM/IRL under the license agreement may On January 6, 2014, The University of Alabama at Birmingham (“UAB”). third two 25 five three no |
Note 4 - Royalty Monetization
Note 4 - Royalty Monetization | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Royalty Monetization [Text Block] | Note 4 Overview On March 9, 2011, $30,000 $22,691 $4,309 $3,000 September 2012 As part of the transaction, the Company entered into a purchase and sale agreement dated as of March 9, 2011 not Non-Recourse Notes Payable On March 9, 2011, $30,000 14.0% 2020 March 9, 2011 14% September 1st Royalty Sub’s obligations to pay principal and interest on the PhaRMA Notes are obligations solely of Royalty Sub and are without recourse to any other person, including the Company, except to the extent of the Company’s pledge of its equity interests in Royalty Sub in support of the PhaRMA Notes. The Company may, not may one In September 2014, September 3, 2013. September 2013 September 1, 2014, December 31, 2014 may may may not may no not June 30, 2019, The Indenture does not As of June 30, 2019, 50% $30,000. 2 The PhaRMA Notes are redeemable at the option of Royalty Sub at any time at a redemption price equal to the outstanding principal balance of the PhaRMA Notes being redeemed plus accrued and unpaid interest through the redemption date on the PhaRMA Notes being redeemed. Currency Hedge Agreement In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. Under the Currency Hedge Agreement, the Company has the right to purchase dollars and sell yen at a rate of 100 may 2019 2020, $1,950 May 18 100 The Currency Hedge Agreement does not six June 30, 2019 2018 $646 $1,186 June 30, 2019 December 31, 2018, no not June 30, 2019, may $1,950. |
Note 5 - Senior Credit Facility
Note 5 - Senior Credit Facility | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 On February 5, 2019, $100,000 three first $50,000 $30,000 second $30,000, third $20,000, second third July 20, 2018 ( not 0.5% 8%. June 2020 30 $25,000 second $30,000 2 $40,000. As of June 30, 2019, $50,000 10.4%. Principal Payments 2020 $ 10,000 2021 20,000 2022 20,000 Total $ 50,000 The debt agreement contains two |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6 On November 8, 2017, $200,000 3 December 12, 2017 On August 6, 2018, 10,455 $5.50 30 $53,400 |
Note 7 - Leases
Note 7 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Leases of Lessor Disclosure [Text Block] | Note 7 In February 2016, 2016 02: Leases (Topic 842 2016 02 December 15, 2018, July 2018, 2018 11, Leases (Topic 842 January 1, 2019 The Company elected the package of practical expedients referenced in ASU 2016 02, twelve not January 1, 2019 $3,621 $4,822, no $238. The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases at December 31, 2018. 1 5 2023 2026. 12.8 12.6%. The Company has not no Aggregate lease expense under operating leases was $706 six June 30, 2019. twelve not Future lease payments for assets under operating leases as of June 30, 2019, Remaining Maturities of Lease Liabilities Year Ending December 31, Operating Leases 2019 $ 790 2020 1,432 2021 562 2022 510 2023 512 Thereafter 7,766 Total lease payments 11,572 Less imputed interest 6,379 Total $ 5,193 Of the Company’s total lease liability, $1,451 $3,742 June 30, 2019. $4,001 June 30, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Description of Company [Policy Text Block] | The Company BioCryst Pharmaceuticals, Inc. (the “Company”) is a biotechnology company that discovers novel, oral, small-molecule medicines. The Company focuses on oral treatments for 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 incorporated in Delaware in 1986 With the funds available at June 30, 2019 5 2020. 2019 2019 2020. may 2020 1 2 3 4 5 one 6 may |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (“Royalty Sub”) and MDCP, LLC (“MDCP”). Both subsidiaries were formed to facilitate financing transactions for the Company. Royalty Sub was formed in connection with a $30,000 March 9, 2011. 4, $23,000 September 23, 2016 July 20, 2018 February 5, 2019. 5 The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10 not no These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2018 2018 10 not December 31, 2018 10 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company generally considers cash equivalents to be all cash held in commercial checking accounts, certificates of deposit, money market accounts or investments in debt instruments with maturities of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash as of June 30, 2019 $3,210 4 $1,419 |
Investment, Policy [Policy Text Block] | Investments The Company invests in high credit quality investments in accordance with its investment policy, which is designed to minimize the possibility of loss. The objective of the Company’s investment policy is to ensure the safety and preservation of invested funds, as well as maintaining liquidity sufficient to meet cash flow requirements. The Company places its excess cash with high credit quality financial institutions, commercial companies, and government agencies in order to limit the amount of its credit exposure. In accordance with its policy, the Company is able to invest in marketable debt securities that may three no 18 may may not not not The Company classifies all of its investments as available-for-sale. Unrealized gains and losses on investments are recognized in comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not three 12 12 June 30, 2019, The following tables summarize the fair value of the Company’s investments by type. The estimated fair values of the Company’s fixed income investments are classified as Level 2 not not 2 June 30, 2019 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of the U.S. Government and its agencies $ 32,488 $ 144 $ 50 $ (13 ) $ 32,669 Corporate debt securities 25,731 147 24 (27 ) 25,875 Certificates of deposit 3,559 18 8 (1 ) 3,584 Total investments $ 61,778 $ 309 $ 82 $ (41 ) $ 62,128 December 31, 2018 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of U.S. Government and its agencies $ 50,613 $ 176 $ 15 $ (131 ) $ 50,673 Corporate debt securities 45,793 254 4 (171 ) 45,880 Certificates of deposit 3,559 14 — (14 ) 3,559 Total investments $ 99,965 $ 444 $ 19 $ (316 ) $ 100,112 The following table summarizes the scheduled maturity for the Company’s investments at June 30, 2019 December 31, 2018. June 30, 2019 December 31, 2018 Maturing in one year or less $ 61,387 $ 77,736 Maturing after one year through two years 741 22,376 Total investments $ 62,128 $ 100,112 |
Receivable [Policy Text Block] | Receivables from Collaborations Receivables from collaborations are recorded for amounts due to the Company related to reimbursable research and development costs from the U.S. Department of Health and Human Services, royalty receivables from Shionogi, Green Cross Corporation (“Green Cross”), Mundipharma International Holdings Limited (“Mundipharma”) and Seqirus UK Limited (“SUL”), and product sales to SUL, Shionogi, and Green Cross. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At June 30, 2019 and December 31, 2018, the Company had the following receivables. June 30, 2019 Billed Unbilled Total U.S. Department of Health and Human Services $ 998 $ 989 $ 1,987 Shionogi & Co. Ltd. 96 — 96 Green Cross Corporation 542 — 542 Mundipharma International Holdings Limited 49 — 49 Seqirus UK Limited 902 26 928 Total receivables $ 2,587 $ 1,015 $ 3,602 December 31, 2018 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 1,525 $ 1,525 Shionogi & Co. Ltd. 854 — 854 Green Cross Corporation 876 28 904 Mundipharma International Holdings Limited 44 — 44 Seqirus UK Limited 940 26 966 Total receivables $ 2,714 $ 1,579 $ 4,293 Monthly invoices are submitted to the U.S. Department of Health and Human Services related to reimbursable research and development costs. The Company is also entitled to monthly reimbursement of indirect costs based on rates stipulated in the underlying contract. The Company’s calculations of its indirect cost rates are subject to audit by the U.S. Government. Receivables from Product Sales Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. |
Inventory, Policy [Policy Text Block] | Inventory At June 30, 2019 December 31, 2018, first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven December 31, 2018, not No. 2016 02: Leases (Topic 842 January 1, 2019, 7, In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patents and Licenses The Company seeks patent protection on all internally developed processes and products. All patent related costs are expensed to general and administrative expenses when incurred as recoverability of such expenditures is uncertain. |
Accrued Expenses [Policy Text Block] | Accrued Expenses The Company generally enters into contractual agreements with third not • fees paid to Clinical Research Organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials; • fees paid to investigative sites in connection with clinical trials; • fees paid to contract manufacturers in connection with the production of the Company’s raw materials, drug substance and drug products; and • professional fees. The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may June 30, 2019 December 31, 2018, |
Income Tax, Policy [Policy Text Block] | Income Taxes The liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders’ equity. Amounts reclassified from accumulated other comprehensive loss are recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. No six June 30, 2019 June 30, 2018. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Collaborative and Other Research and Development Arrangements and Royalties The Company recognizes revenue when it satisfies a performance obligation by transferring promised goods or services to a customer. Revenue is measured at the transaction price that is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not The Company has collaboration and license agreements with a number of third Revenue from license fees, royalty payments, milestone payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has no Arrangements that involve the delivery of more than one not not may Milestone payments are recognized as licensing revenue upon the achievement of specified milestones if (i) the milestone is substantive in nature and the achievement of the milestone was not Reimbursements received for direct out-of-pocket expenses related to research and development costs are recorded as revenue in the Consolidated Statements of Comprehensive Loss rather than as a reduction in expenses. Under the Company’s contracts with the Biomedical Advanced Research and Development Authority within the United States Department of Health and Human Services (”BARDA/HHS”) and the National Institute of Allergy and Infectious Diseases (“NIAID/HHS”), revenue is recognized as reimbursable direct and indirect costs are incurred. Under certain of the Company’s license agreements, the Company receives royalty payments based upon its licensees’ net sales of covered products. Royalties are recognized at the later of when (i) the subsequent sale or usage occurs, or (ii) the performance obligation to which some or all of the sales-based or usage-based royalty has been satisfied. Product Sales The Company recognizes revenue for sales of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company’s specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, prior to the SUL agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations. With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all third TM ® ® Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves. The Company recorded the following revenues for the three six June 30, 2019 2018: Three Months Six Months 2019 2018 2019 2018 Product sales $ — $ — $ 1,679 $ — Royalty revenue 696 142 3,018 3,803 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 752 352 2,638 667 Seqirus UK Limited — 12,000 — 12,000 Total collaborative and other research and development revenues 752 12,352 2,638 12,667 Total revenues $ 1,448 $ 12,494 $ 7,335 $ 16,470 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets. Contract assets Contract liabilities Contract Costs The Company may Advertising The Company engages in very limited distribution and direct-response advertising. Advertising and promotional costs are expensed as the costs are incurred. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses The Company’s research and development costs are charged to expense when incurred. Research and development expenses include all direct and indirect development costs related to the development of the Company’s portfolio of product candidates. Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed. Research and development expenses include, among other items, personnel costs, including salaries and benefits, manufacturing costs, clinical, regulatory, and toxicology services performed by CROs, materials and supplies, and overhead allocations consisting of various administrative and facilities related costs. Most of the Company’s manufacturing and clinical and preclinical studies are performed by third Additionally, the Company has license agreements with third Deferred collaboration expenses represent sub-license payments, paid to the Company’s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to the Company’s academic partners for modification to existing license agreements. These deferred expenses would not |
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 June 30, 2019 2018 $3,035 $2,195, six June 30, 2019 2018 $5,761 $4,416, 4 5 $341 $223 three June 30, 2019 2018, $596 $455 six June 30, 2019 2018, |
Currency Hedge Agreement [Policy Text Block] | Currency Hedge Agreement In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does not six June 30, 2019 2018 $646 $1,186, third not 2 $830 $889 first six 2019 2018, June 30, 2019 December 31, 2018, no |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share Net loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted loss per share is equivalent to basic net loss per share for all periods presented herein because common equivalent shares from unexercised stock options and common shares expected to be issued under the Company’s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the three June 30, 2019 2018 not 1,927 1,939, six June 30, 2019 2018 not 2,528 1,854, |
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, 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 |
Concentration of Market Risk [Policy Text Block] | Significant Customers and Other Risks Significant Customers Prior to the SUL Agreement, the Company relied primarily on three three 90% one third Other than royalty revenues, the Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of galidesivir (formerly BCX4430 third Risks from Third Party Manufacturing and Distribution Concentration The Company generally relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company’s product candidates in development. Credit Risk Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may 18 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In February 2016, No. 2016 02: Leases (Topic 842 2016 02” 12 July 2018, No. 2018 11: Targeted Improvements to Leases 2018 11” 2016 02 January 1, 2019 2018 11. ASU 2016 02 not not not The most significant effects of adoption relate to ( 1 2 7, |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | June 30, 2019 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of the U.S. Government and its agencies $ 32,488 $ 144 $ 50 $ (13 ) $ 32,669 Corporate debt securities 25,731 147 24 (27 ) 25,875 Certificates of deposit 3,559 18 8 (1 ) 3,584 Total investments $ 61,778 $ 309 $ 82 $ (41 ) $ 62,128 December 31, 2018 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of U.S. Government and its agencies $ 50,613 $ 176 $ 15 $ (131 ) $ 50,673 Corporate debt securities 45,793 254 4 (171 ) 45,880 Certificates of deposit 3,559 14 — (14 ) 3,559 Total investments $ 99,965 $ 444 $ 19 $ (316 ) $ 100,112 |
Available For Sale Securities Debt Maturities Fair Value [Table Text Block] | June 30, 2019 December 31, 2018 Maturing in one year or less $ 61,387 $ 77,736 Maturing after one year through two years 741 22,376 Total investments $ 62,128 $ 100,112 |
Schedule of Receivables from Collaborations [Table Text Block] | June 30, 2019 Billed Unbilled Total U.S. Department of Health and Human Services $ 998 $ 989 $ 1,987 Shionogi & Co. Ltd. 96 — 96 Green Cross Corporation 542 — 542 Mundipharma International Holdings Limited 49 — 49 Seqirus UK Limited 902 26 928 Total receivables $ 2,587 $ 1,015 $ 3,602 December 31, 2018 Billed Unbilled Total U.S. Department of Health and Human Services $ — $ 1,525 $ 1,525 Shionogi & Co. Ltd. 854 — 854 Green Cross Corporation 876 28 904 Mundipharma International Holdings Limited 44 — 44 Seqirus UK Limited 940 26 966 Total receivables $ 2,714 $ 1,579 $ 4,293 |
Disaggregation of Revenue [Table Text Block] | Three Months Six Months 2019 2018 2019 2018 Product sales $ — $ — $ 1,679 $ — Royalty revenue 696 142 3,018 3,803 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 752 352 2,638 667 Seqirus UK Limited — 12,000 — 12,000 Total collaborative and other research and development revenues 752 12,352 2,638 12,667 Total revenues $ 1,448 $ 12,494 $ 7,335 $ 16,470 |
Note 2 - Stock-based Compensa_2
Note 2 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | Awards Available Options Outstanding Weighted Average Exercise Price Balance December 31, 2018 805 17,491 $ 6.49 Plan amendment 4,000 — — Stock option awards granted (826 ) 826 6.90 Stock option awards exercised — (251 ) 3.75 Stock option awards cancelled 123 (123 ) 7.28 Balance June 30, 2019 4,102 17,943 $ 6.54 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2019 2018 Expected Life in Years 5.5 5.5 Expected Volatility 81.0 % 82.0 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 2.3 % 2.7 % |
Note 5 - Senior Credit Facili_2
Note 5 - Senior Credit Facility (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Principal Payments 2020 $ 10,000 2021 20,000 2022 20,000 Total $ 50,000 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessee, Lease, Liability, Maturity [Table Text Block] | <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0"><div style="display: inline; font-weight: bold;">Remaining Maturities of Lease Liabilities</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0"><div style="display: inline; font-weight: bold;">Year Ending December 31,</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Operating Leases</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 86%">2019</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">790</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,432</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">562</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">510</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">512</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Thereafter</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,766</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 11pt">Total lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,572</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less imputed interest</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,379</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 11pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,193</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0"><div style="display: inline; font-weight: bold;">Remaining Maturities of Lease Liabilities</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0"><div style="display: inline; font-weight: bold;">Year Ending December 31,</div></div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Operating Leases</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 86%">2019</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">790</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,432</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">562</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">510</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">512</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Thereafter</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,766</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 11pt">Total lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,572</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less imputed interest</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,379</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 11pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,193</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table></div> |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018USD ($) | Sep. 23, 2016USD ($) | Mar. 09, 2011USD ($) | |
Long-term Line of Credit, Total | $ 49,847 | $ 49,847 | $ 25,372 | ||||
Restricted Cash and Cash Equivalents, Current, Total | 4,629 | 4,629 | 1,544 | ||||
Interest Expense, Debt, Total | 3,035 | $ 2,195 | 5,761 | $ 4,416 | |||
Amortization of Debt Issuance Costs | $ 341 | $ 223 | $ 596 | $ 455 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 1,927 | 1,939 | 2,528 | 1,854 | |||
RAPIVAB [Member] | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | |||||||
Number of Major Customers | 3 | ||||||
RAPIVAB [Member] | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | Three Customers [Member] | |||||||
Concentration Risk, Percentage | 90.00% | ||||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivative, Loss on Derivative | $ 646 | $ 1,186 | |||||
Derivative, Gain on Derivative | 830 | $ 889 | |||||
Currency Hedge Agreement [Member] | |||||||
Collateral Already Posted, Aggregate Fair Value | $ 0 | $ 0 | $ 0 | ||||
Computer Equipment [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Laboratory Equipment, Office Equipment and Software [Member] | |||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||
Furniture and Fixtures [Member] | |||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||
Maximum [Member] | |||||||
Maturity Period of High Quality Marketable Securities | 3 years | ||||||
Average Maturity Period of High Quality Marketable Securities | 1 year 180 days | ||||||
Maturity Period of Short Term Investment | 1 year | ||||||
Average Maturity for Portfolio Investments | 1 year 180 days | ||||||
Minimum [Member] | |||||||
Long-term Investment Maturity, Minimum | 1 year | ||||||
Royalty Receivable [Member] | |||||||
Restricted Cash and Cash Equivalents, Current, Total | 3,210 | $ 3,210 | |||||
Collateral for Credit [Member] | |||||||
Restricted Cash and Cash Equivalents, Current, Total | 1,419 | 1,419 | |||||
Senior Credit Facility [Member] | MidCap Financial Services, LLC [Member] | |||||||
Long-term Line of Credit, Total | $ 50,000 | $ 50,000 | $ 23,000 | ||||
JPR Royalty Sub LLC [Member] | |||||||
Revenue Recognition Royalty and Milestone Revenue Recognized | $ 30,000 |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies - Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | $ 61,778 | $ 99,965 |
Accrued Interest | 309 | 444 |
Gross Unrealized Gains | 82 | 19 |
Gross Unrealized Losses | (41) | (316) |
Estimated Fair Value | 62,128 | 100,112 |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 32,488 | 50,613 |
Accrued Interest | 144 | 176 |
Gross Unrealized Gains | 50 | 15 |
Gross Unrealized Losses | (13) | (131) |
Estimated Fair Value | 32,669 | 50,673 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 25,731 | 45,793 |
Accrued Interest | 147 | 254 |
Gross Unrealized Gains | 24 | 4 |
Gross Unrealized Losses | (27) | (171) |
Estimated Fair Value | 25,875 | 45,880 |
Certificates of Deposit [Member] | ||
Amortized Cost | 3,559 | 3,559 |
Accrued Interest | 18 | 14 |
Gross Unrealized Gains | 8 | |
Gross Unrealized Losses | (1) | (14) |
Estimated Fair Value | $ 3,584 | $ 3,559 |
Note 1 - Significant Accounti_5
Note 1 - Significant Accounting Policies - Scheduled Maturity for the Company's Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Maturing in one year or less | $ 61,387 | $ 77,736 |
Maturing after one year through two years | 741 | 22,376 |
Total investments | $ 62,128 | $ 100,112 |
Note 1 - Significant Accounti_6
Note 1 - Significant Accounting Policies - Summary of Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables | $ 3,602 | $ 4,293 |
Billed Revenues [Member] | ||
Receivables | 2,587 | 2,714 |
Unbilled Revenues [Member] | ||
Receivables | 1,015 | 1,579 |
US Department of Health and Human Services [Member] | ||
Receivables | 1,987 | 1,525 |
US Department of Health and Human Services [Member] | Billed Revenues [Member] | ||
Receivables | 998 | |
US Department of Health and Human Services [Member] | Unbilled Revenues [Member] | ||
Receivables | 989 | 1,525 |
Shionogi and Co. Ltd [Member] | ||
Receivables | 96 | 854 |
Shionogi and Co. Ltd [Member] | Billed Revenues [Member] | ||
Receivables | 96 | 854 |
Shionogi and Co. Ltd [Member] | Unbilled Revenues [Member] | ||
Receivables | ||
Green Cross Corporation [Member] | ||
Receivables | 542 | 904 |
Green Cross Corporation [Member] | Billed Revenues [Member] | ||
Receivables | 542 | 876 |
Green Cross Corporation [Member] | Unbilled Revenues [Member] | ||
Receivables | 28 | |
Mundipharma International Holdings Limited [Member] | ||
Receivables | 49 | 44 |
Mundipharma International Holdings Limited [Member] | Billed Revenues [Member] | ||
Receivables | 49 | 44 |
Mundipharma International Holdings Limited [Member] | Unbilled Revenues [Member] | ||
Receivables | ||
Seqirus UK Limited [Member] | ||
Receivables | 928 | 966 |
Seqirus UK Limited [Member] | Billed Revenues [Member] | ||
Receivables | 902 | 940 |
Seqirus UK Limited [Member] | Unbilled Revenues [Member] | ||
Receivables | $ 26 | $ 26 |
Note 1 - Significant Accounti_7
Note 1 - Significant Accounting Policies - Summary of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 1,448 | $ 12,494 | $ 7,335 | $ 16,470 |
Product [Member] | ||||
Revenues | 1,679 | |||
Royalty [Member] | ||||
Revenues | 696 | 142 | 3,018 | 3,803 |
Collaborative and Other Research and Development [Member] | ||||
Revenues | 752 | 12,352 | 2,638 | 12,667 |
Collaborative and Other Research and Development [Member] | US Department of Health and Human Services [Member] | ||||
Revenues | 752 | 352 | 2,638 | 667 |
Collaborative and Other Research and Development [Member] | Seqirus UK Limited [Member] | ||||
Revenues | $ 12,000 | $ 12,000 |
Note 2 - Stock-based Compensa_3
Note 2 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2014 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expense | $ 8,702 | $ 4,987 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 29,218 | 29,218 | ||||
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year | 8,827 | 8,827 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two | 8,574 | 8,574 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three | 6,529 | 6,529 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four | 5,103 | 5,103 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Five | $ 185 | 185 | ||||
Incentive Plan [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 8,535 | $ 4,904 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.69 | $ 4.13 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 6.90 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,102 | 4,102 | 805 | |||
Incentive 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% | |||||
Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years | |||||
Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 10 years | |||||
Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Non-employee Directors [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 2,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, First Vesting Period After Grant Date | 1 year | |||||
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 | 4 years | |||||
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,032 | 1,250 | ||||
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | August 2013 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | |||||
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | December 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||
Inducement Plan [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 16 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 242 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.94 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 5.81 | |||||
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% | |||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 151 | $ 83 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,475 | 1,475 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 187 | 187 | ||||
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 | 3 | |||||
Shar-based Compensation Arrangement by Shar-based Payment Award, Maximum Number of Shares Per Employee, Amount | $ 25 | $ 25 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 47 |
Note 2 - Stock-based Compensa_4
Note 2 - Stock-based Compensation - Stock Incentive Plan Activities (Details) - Incentive Plan [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Awards available, beginning balance (in shares) | 805 |
Options outstanding, beginning balance (in shares) | 17,491 |
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares | $ 6.49 |
Awards available, plan amendment (in shares) | 4,000 |
Awards available, stock option awards granted (in shares) | (826) |
Options outstanding, stock option awards granted (in shares) | 826 |
Weighted average exercise price, stock option awards granted (in dollars per share) | $ / shares | $ 6.90 |
Options outstanding, stock option awards exercised (in shares) | (251) |
Weighted average exercise price, stock option awards exercised (in dollars per share) | $ / shares | $ 3.75 |
Awards available, stock option awards cancelled (in shares) | 123 |
Options outstanding, stock option awards cancelled (in shares) | (123) |
Weighted average exercise price, stock option awards cancelled (in dollars per share) | $ / shares | $ 7.28 |
Awards available, ending balance (in shares) | 4,102 |
Options outstanding, ending balance (in shares) | 17,943 |
Weighted average exercise price, ending balance (in dollars per share) | $ / shares | $ 6.54 |
Note 2 - Stock-based Compensa_5
Note 2 - Stock-based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans (Details) - Incentive Plan [Member] | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Expected Life (Year) | 5 years 182 days | 5 years 182 days |
Expected Volatility | 81.00% | 82.00% |
Expected Dividend Yield | 0.00% | 0.00% |
Risk-Free Interest Rate | 2.30% | 2.70% |
Note 3 - Collaborative and Ot_2
Note 3 - Collaborative and Other Research and Development Contracts (Details Textual) - USD ($) | Sep. 06, 2018 | Jun. 16, 2015 | Feb. 28, 2006 | Sep. 30, 2013 | Jun. 30, 2006 | Jun. 30, 2000 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2015 | Nov. 11, 2011 |
Centers for Disease Control and Prevention [Member] | |||||||||||
Collaborative Agreement Contract Value | $ 34,660 | ||||||||||
Contract Term | 5 years | ||||||||||
CSL Limited [Member | |||||||||||
Proceeds from License Fees Received | $ 33,740,000 | ||||||||||
Milestone Payment Received | $ 12,000,000 | ||||||||||
Royalty Term | 10 years | ||||||||||
Base Contract [Member] | |||||||||||
Government Contract Receivable | $ 16,265,000 | ||||||||||
Additional Development Options [Member] | |||||||||||
Government Contract Receivable | 22,855,000 | ||||||||||
ASPRBARDA Contract [Member] | |||||||||||
Government Contract Receivable | $ 39,120,000 | ||||||||||
Proceeds from awards for Research and Development Contracts | $ 20,574,000 | ||||||||||
Green Cross Corporation [Member] | |||||||||||
Proceeds from License Fees Received | $ 250,000 | ||||||||||
Mundipharma [Member] | |||||||||||
Upfront Payments Receivable Amount | $ 10,000,000 | ||||||||||
Potential Milestone Payments Receivable | $ 15,000,000 | ||||||||||
AECOM and IRL [Member] | |||||||||||
Milestone Payment Minimum | $ 1,400,000 | ||||||||||
Milestone Payment Maximum | 4,000,000 | ||||||||||
Annual License Fee Minimum | 150,000 | ||||||||||
Annual License Fee Maximum | $ 500,000 | ||||||||||
Advance Notice Period for Termination of Agreement | 60 days | ||||||||||
National Institute of Allergy and Infectious Diseases [Member] | |||||||||||
Collaborative Agreement Contract Value | $ 5,000,000 | ||||||||||
Expected Receivable From Awards for Research and Development Contracts | $ 43,035,000 | ||||||||||
UAB [Member] | |||||||||||
Period of Agreement | 25 years | ||||||||||
Renewable Period of Agreement | 5 years |
Note 4 - Royalty Monetization (
Note 4 - Royalty Monetization (Details Textual) $ in Thousands | May 18, 2016USD ($) | Mar. 09, 2011USD ($) | Jun. 30, 2019USD ($)¥ / $ | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Currency Hedge Agreement [Member] | |||||
Collateral Already Posted, Aggregate Fair Value | $ 0 | $ 0 | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative, Loss on Derivative | $ 646 | $ 1,186 | |||
PhaRMA Notes Member] | Currency Hedge Agreement [Member] | |||||
Derivative, Forward Exchange Rate | ¥ / $ | 100 | ||||
Payments for (Proceeds from) Hedge, Investing Activities, Total | $ 1,950 | ||||
Required Foreign Currency Hedge Per Dollar | 100 | ||||
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | |||||
Private Placement of Senior Secured Notes | $ 30,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | ||||
Percentage of Carrying Amount in Excess of Fair Value | 50.00% | ||||
JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | Currency Hedge Agreement [Member] | |||||
Collateral Already Posted, Aggregate Fair Value | $ 0 | $ 0 | |||
Maximum Amount of Collateral Required to Post | 1,950 | ||||
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 5 - Senior Credit Facili_3
Note 5 - Senior Credit Facility (Details Textual) - USD ($) $ in Thousands | Feb. 05, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 23, 2016 |
Long-term Line of Credit, Total | $ 49,847 | $ 25,372 | ||
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | ||||
Debt Instrument, Face Amount | $ 100,000 | |||
Debt Instrument, Minimum LIBOR | 0.50% | |||
Debt Instrument, Term | 2 years 180 days | |||
Line of Credit, Restricted Cash Required | $ 25,000 | |||
Long-term Line of Credit, Total | $ 50,000 | $ 23,000 | ||
Line of Credit Facility, Interest Rate at Period End | 10.40% | |||
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 8.00% | |||
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | Secured Credit Facility, First Tranche [Member] | ||||
Debt Instrument, Face Amount | $ 50,000 | |||
Repayments of Long-term Debt, Total | 30,000 | |||
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | Secured Credit Facility, Second Tranche [Member] | ||||
Debt Instrument, Face Amount | 30,000 | |||
Line of Credit, Restricted Cash Required | 40,000 | |||
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | Secured Credit Facility, Third Tranche [Member] | ||||
Debt Instrument, Face Amount | $ 20,000 |
Note 5 - Senior Credit Facili_4
Note 5 - Senior Credit Facility - Scheduled Principal Repayments of the Credit Facility (Details) $ in Millions | Jun. 30, 2019USD ($) |
2020 | $ 10 |
2021 | 20 |
2022 | 20 |
Total | $ 50 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Aug. 06, 2018 | Nov. 08, 2017 |
Maximum Aggregate Offering Price | $ 200 | |
Stock Issued During Period, Shares, New Issues | 10,455 | |
Shares Issued, Price Per Share | $ 5.50 | |
Proceeds from Issuance of Common Stock | $ 53.4 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Lease, Liability, Total | $ 5,193 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 238 | $ 1,126 | ||
Operating Lease, Weighted Average Remaining Lease Term | 12 years 292 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 12.60% | |||
Operating Lease, Expense | $ 706 | |||
Accrued Liabilities, Current [Member] | ||||
Operating Lease, Liability, Current | 1,451 | |||
Other Noncurrent Liabilities [Member] | ||||
Operating Lease, Right-of-Use Asset | 4,001 | |||
Operating Lease, Liability, Noncurrent | $ 3,742 | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 238 | $ 1,126 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 3,621 | |||
Operating Lease, Liability, Total | 4,822 | |||
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 238 |
Note 7 - Leases - Remaining Mat
Note 7 - Leases - Remaining Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2019 | $ 790 |
2020 | 1,432 |
2021 | 562 |
2022 | 510 |
2023 | 512 |
Thereafter | 7,766 |
Total lease payments | 11,572 |
Less imputed interest | 6,379 |
Total | $ 5,193 |