Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 154,253,225 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 101,873 | $ 114,172 |
Restricted cash | 1,559 | 1,551 |
Investments | 11,185 | 22,054 |
Receivables from collaborations | 5,642 | 22,146 |
Prepaid expenses and other current assets | 5,249 | 4,422 |
Total current assets | 125,508 | 164,345 |
Property and equipment, net | 7,270 | 7,347 |
Other assets | 3,811 | 3,590 |
Total assets | 136,589 | 175,282 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 10,061 | 13,988 |
Accrued expenses | 20,192 | 21,365 |
Interest payable | 16,381 | 14,904 |
Deferred collaboration revenue | 1,067 | 2,120 |
Lease financing obligation | 1,301 | 1,377 |
Senior credit facility | 14,026 | 9,020 |
Non-recourse notes payable | 29,671 | 29,561 |
Total current liabilities | 92,699 | 92,335 |
Lease financing obligation | 3,729 | 3,406 |
Senior credit facility | 36,513 | 41,289 |
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 – 154,192 in 2020 and 154,082 in 2019 | 1,542 | 1,541 |
Additional paid-in capital | 880,319 | 877,300 |
Accumulated other comprehensive income | 14 | 39 |
Accumulated deficit | (878,227) | (840,628) |
Total stockholders’ equity | 3,648 | 38,252 |
Total liabilities and stockholders’ equity | $ 136,589 | $ 175,282 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
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) | 154,192 | 154,082 |
Common stock, shares outstanding (in shares) | 154,192 | 154,082 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Revenues | $ 4,823 | $ 5,887 |
Expenses | ||
Cost of product sales | 1,399 | |
Research and development | 29,867 | 27,493 |
Selling, general and administrative | 15,865 | 6,238 |
Royalty | 69 | 87 |
Total operating expenses | 45,801 | 35,217 |
Loss from operations | (40,978) | (29,330) |
Interest and other income | 6,446 | 596 |
Interest expense | (3,047) | (2,726) |
(Loss) gain on foreign currency derivative | (20) | 406 |
Net loss | (37,599) | (31,054) |
Unrealized (loss) gain on available for sale investments | (25) | 208 |
Net comprehensive loss | $ (37,624) | $ (30,846) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.24) | $ (0.28) |
Weighted average shares outstanding (in shares) | 154,156 | 110,167 |
Product [Member] | ||
Revenues: | ||
Revenues | $ 218 | $ 1,679 |
Royalty [Member] | ||
Revenues: | ||
Revenues | 1,945 | 2,322 |
Collaborative and Other Research and Development [Member] | ||
Revenues: | ||
Revenues | $ 2,660 | $ 1,886 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net loss | $ (37,599) | $ (31,054) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 218 | 176 |
Stock-based compensation expense | 2,754 | 3,317 |
Amortization of debt issuance costs | 341 | 255 |
Amortization of premium/discount on investments | 4 | (62) |
Change in fair value of foreign currency derivative | 20 | (406) |
Deferred revenue | (1,053) | |
Changes in operating assets and liabilities: | ||
Receivables | 16,504 | (709) |
Prepaid expenses and other assets | (847) | 1,370 |
Accounts payable and accrued expenses | (5,100) | (1,429) |
Interest payable | 1,477 | 1,544 |
Net cash used in operating activities | (23,281) | (26,998) |
Investing activities | ||
Acquisitions of property and equipment | (116) | (93) |
Purchases of investments | (3,018) | |
Sales and maturities of investments | 10,840 | 18,992 |
Net cash provided by investing activities | 10,724 | 15,881 |
Financing activities | ||
Proceeds from senior credit facility | 19,477 | |
Net proceeds from common stock issued under stock-based compensation plans | 266 | 563 |
Net cash provided by financing activities | 266 | 20,040 |
Increase (decrease) in cash, cash equivalents and restricted cash | (12,291) | 8,923 |
Cash, cash equivalents and restricted cash at beginning of period | 115,723 | 28,275 |
Cash, cash equivalents and restricted cash at end of period | $ 103,432 | $ 37,198 |
Consolidated Statements Stockho
Consolidated Statements Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | $ 238 | $ 238 | ||||||||
Balance at Dec. 31, 2018 | $ 1,101 | $ 780,400 | $ (297) | $ (731,969) | $ 49,235 | |||||
Net loss | (31,054) | (31,054) | ||||||||
Other comprehensive loss | 208 | 208 | ||||||||
Employee stock purchase plan sales | 220 | 220 | ||||||||
Stock-based compensation expense | 3,317 | 3,317 | ||||||||
Exercise of stock options | 2 | 341 | 343 | |||||||
Balance at Mar. 31, 2019 | 1,103 | 784,278 | (89) | (762,785) | 22,507 | |||||
Balance at Dec. 31, 2019 | 1,541 | 877,300 | 39 | (840,628) | 38,252 | |||||
Net loss | (37,599) | (37,599) | ||||||||
Other comprehensive loss | (25) | (25) | ||||||||
Employee stock purchase plan sales | 1 | 265 | 266 | |||||||
Stock-based compensation expense | 2,754 | 2,754 | ||||||||
Balance at Mar. 31, 2020 | $ 1,542 | $ 880,319 | $ 14 | $ (878,227) | $ 3,648 |
Consolidated Statements Stock_2
Consolidated Statements Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - Common Stock [Member] - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee stock purchase plan sales, shares (in shares) | 110 | 47 |
Exercise of stock options, shares (in shares) | 160 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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 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 incorporated in Delaware in 1986 With the funds available at March 31, 2020, 2021. 2020 2020 2021. may 2021 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, 2019 2019 10 not December 31, 2019 10 Cash and Cash Equivalents The Company generally considers cash equivalents to be all cash held in commercial checking accounts, certificates of deposit, money market accounts or investments in debt instruments with maturities of three Restricted Cash Restricted cash as of March 31, 2020 December 31, 2019 $134 4 $1,425 $1,417, Investments The Company invests in high credit quality investments in accordance with its investment policy, which is designed to minimize the possibility of loss. The objective of the Company’s investment policy is to ensure the safety and preservation of invested funds, as well as maintaining liquidity sufficient to meet cash flow requirements. The Company places its excess cash with high credit quality financial institutions, commercial companies, and government agencies in order to limit the amount of its credit exposure. In accordance with its policy, the Company is able to invest in marketable debt securities that may three no 18 may may not not not The Company classifies all of its investments as available-for-sale. Unrealized gains and losses on investments are recognized in comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not three 12 12 March 31, 2020, 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, 2020 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 4,501 $ 44 $ 8 $ - $ 4,553 Corporate debt securities 5,387 52 2 (1 ) 5,440 Certificates of deposit 1,180 7 5 - 1,192 Total investments $ 11,068 $ 103 $ 15 $ (1 ) $ 11,185 December 31, 2019 Amortized Accrued Gross Gross Estimated Obligations of U.S. Government and its agencies $ 10,488 $ 50 $ 23 $ - $ 10,561 Corporate debt securities 9,742 59 10 (1 ) 9,810 Certificates of deposit 1,669 7 7 - 1,683 Total investments $ 21,899 $ 116 $ 40 $ (1 ) $ 22,054 Receivables from Collaborations Receivables from collaborations are recorded for amounts due to the Company related to reimbursable research and development costs from the U.S. Department of Health and Human Services, royalty receivables from Shionogi, Green Cross Corporation (“Green Cross”), Mundipharma International Holdings Limited (“Mundipharma”) and Seqirus UK Limited (“SUL”), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At March 31, 2020 December 31, 2019, March 31, 2020 Billed Unbilled Total U.S. Department of Health and Human Services $ - $ 2,343 $ 2,343 Shionogi & Co. Ltd. 1,679 3 1,682 Green Cross Corporation 1,186 8 1,194 Mundipharma International Holdings Limited 18 - 18 Seqirus UK Limited 405 - 405 Total receivables $ 3,288 $ 2,354 $ 5,642 December 31, 2019 Billed Unbilled Total U.S. Department of Health and Human Services $ 1,353 $ 15,023 $ 16,376 Shionogi & Co. Ltd. 1,336 4 1,340 Green Cross Corporation 2,924 8 2,932 Mundipharma International Holdings Limited 56 - 56 Seqirus UK Limited 1,091 351 1,442 Total receivables $ 6,760 $ 15,386 $ 22,146 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 Inventory is stated at the lower of cost and net realizable value, determined under the first first Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven 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 March 31, 2020 December 31, 2019, 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 three March 31, 2020 March 31, 2019. 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’s principal sources of product sales are sales of peramivir to our licensing partners and sales of RAPIVAB to the U.S. Department of Health and Human Services under the Company’s procurement contract. The Company recognizes revenue for sales when the customer obtains control of the product, which generally occurs upon delivery. The Company recorded the following revenues for the three March 31, 2020 2019: 2020 2019 Product sales $ 218 $ 1,679 Royalty revenues 1,945 2,322 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 1,607 1,886 Torii Pharmaceutical Co., Ltd. 1,053 - Total collaborative and other research and development revenues 2,660 1,886 Total revenues $ 4,823 $ 5,887 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets. Contract assets Contract liabilities Contract Costs The Company may Advertising The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred. Research and Development Expenses The Company’s research and development costs are charged to expense when incurred. Research and development expenses include all direct and indirect development costs related to the development of the Company’s portfolio of product candidates. Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed. Research and development expenses include, among other items, personnel costs, including salaries and benefits, manufacturing costs, clinical, regulatory, and toxicology services performed by CROs, materials and supplies, and overhead allocations consisting of various administrative and facilities related costs. Most of the Company’s manufacturing and clinical and preclinical studies are performed by third Additionally, the Company has license agreements with third Deferred collaboration expenses represent sub-license payments, paid to the Company’s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to the Company’s academic partners for modification to existing license agreements. These deferred expenses would not Stock-Based Compensation All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company’s Consolidated Statements of Comprehensive Loss based on their fair values. The fair value of stock option awards is estimated using the Black-Scholes option pricing model. The fair value of restricted stock unit awards is based on the grant date closing price of the common stock. Stock-based compensation cost is recognized as expense on a straight-line basis over the requisite service period of the award. In addition, we have outstanding performance-based stock options for which no Interest Expense and Deferred Financing Costs Interest expense for the three March 31, 2020 2019 $3,047 $2,726, 4 5 $341 $255 three March 31, 2020 2019, Currency Hedge Agreement In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does not three March 31, 2020 2019 $20 $406, third not 2 March 31, 2020 December 31, 2019, 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 employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the three March 31, 2020 2019 not 12,196 3,406, 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 Other than royalty revenues, the Company’s primary sources of revenue that have an underlying cash flow stream are the reimbursement of galidesivir (formerly BCX4430 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. 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 June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” . 2016 13 2016 13 . ASU 2016 13 The Company adopted ASU 2016 02 January 1, 2020. Given the nature of the Company’s receivables from collaborators, investment portfolio and other financial assets, adoption of this standard did not In August 2018, No. 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 2018 15” 2018 15 2018 15 December 15, 2019, October 1, 2019 Adoption did not |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 2 As of March 31, 2020, three April 19, 2019 May 29, 2019. April 24, 2019 February 2020. March 2014 May 2014. $2,754 $2,437 $198 $119 first three 2020, $3,317 $3,166 $151 first three 2019. There was approximately $22,215 March 31, 2020. $6,646 2020, $7,273 2021, $6,091 2022, $2,153 2023 $52 2024. 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 December 2019, 1,032, 1,250 315 March 31, 2020, 75% August 2013 March 31, 2020, 85% December 2014 March 31, 2020, none December 2019 no 2019, $4,998 two December 2014 one 10 Related activity under the Incentive Plan is as follows: Awards Options Weighted Balance December 31, 2019 968 21,050 $ 5.96 Restricted stock unit awards granted (13 ) - - Restricted stock unit awards cancelled - - - Stock option awards granted (15 ) 15 2.75 Stock option awards exercised - - - Stock option awards cancelled 1,838 (1,838 ) 6.90 Balance March 31, 2020 2,778 19,227 $ 5.87 For stock option awards granted under the Incentive Plan during the first three 2020 2019, first three 2020 2019 $1.87 $6.07, first three 2020 2019. 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 are granted with an exercise price equal to the market price of the Company’s stock at the date of grant and generally vest 25% four 10 Related activity under the Inducement Plan is as follows: Awards Options Weighted Balance December 31, 2019 171 1,329 $ 3.60 Plan amendment 1,700 - - Stock option awards granted (759 ) 759 2.60 Stock option awards exercised - - - Stock option awards cancelled 55 (55 ) 6.53 Balance March 31, 2020 1,167 2,033 $ 3.15 The fair value was estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted in the table below. The weighted average grant date fair value of these stock option awards was $1.77. The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan and the Inducement Plan during first three 2020 2019, not no not zero Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Plans 2020 2019 Expected Life in Years 5.5 5.5 Expected Volatility 83.5 % 81.0 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 0.8 % 2.5 % Employee Stock Purchase Plan (“ESPP”) The Company has reserved a total of 1,475 9 March 31, 2020. may 15% 85% 85% six No 3 may one six no may $25 one 110 first three 2020 |
Note 3 - Collaborative and Othe
Note 3 - Collaborative and Other Research and Development Contracts | 3 Months Ended |
Mar. 31, 2020 | |
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 April 2020, 19 April 9, 2020, 19. March 31, 2020, $43,035. March 31, 2020, U.S. Department of Health and Human Services (“BARDA/HHS”). March 31, 2015, $16,265 $22,855 $39,120. March 31, 2020, $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. U.S. Department of Health and Human Services (“HHS”) September 6, 2018, $34,660 50,000 five two 2019 $13,864, one 2020, $6,932. Torii Pharmaceutical Co., Ltd. (“Torii”). November 5, 2019, Under the Torii Agreement, the Company received an upfront, non-refundable payment of $22,000 may $20,000 December 31, 2020, $15,000 December 31, 2021. In addition, the Company will be entitled under the Torii Agreement to receive tiered royalty payments based on the amount of annual net sales of berotralstat in Japan during each calendar year. If berotralstat maintains its Sakigake designation during the PMDA review, the tiered royalty rate will range from 20% 40% 15% 35% may not 50% first tenth first Under the Torii Agreement, the Company has granted Torii a right of first may not third The Company identified performance obligations related to (i) the license to develop and commercialize berotralstat, (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. $20,101 2019 $19,344 $757 two $1,899 $22,000 2020 Seqirus UK Limited (“SUL”). June 16, 2015, 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 entered arbitration proceedings that involved many items under the SUL Agreement including, but not March 4, 2020, In the Partial Arbitration Award, the ICC Tribunal found that, during the term, SUL materially breached and abandoned its core duties to the Company under the Diligent Efforts (as defined in the SUL Agreement) requirements of the SUL Agreement as applicable in the U.S. The ICC Tribunal granted a declaratory judgment in favor of the Company terminating the SUL Agreement and restoring all rights to peramivir to the Company as of March 17, 2020 ( 30 $5,000 $6,138 $4,668 three March 31, 2020. Shionogi & Co., Ltd. (“Shionogi”). February 2007, October 2008, In December 2017, no 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020, The Indenture does not As of March 31, 2020, 3% $30,000. 3 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 2020, $1,950 May 18, 100 The Currency Hedge Agreement does not three March 31, 2020 2019 $20 $406 March 31, 2020 December 31, 2019, no not March 31, 2020, may $1,950. |
Note 5 - Senior Credit Facility
Note 5 - Senior Credit Facility | 3 Months Ended |
Mar. 31, 2020 | |
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 September 10, 2019 first second November 30, 2019. November 30, 2019, second The Second Amended and Restated Senior Credit Facility refinanced and replaced the Amended and Restated Senior Credit Facility dated as of July 20, 2018 ( not 0.5% 8%. June 2020 30 $25,000 As of March 31, 2020, $50,000 9.6%. Principal Payments 2020 $ 10,000 2021 20,000 2022 20,000 Total $ 50,000 The debt agreement contains two not |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6 On April 24, 2020, $500,000 3 On November 8, 2017, $200,000 3 December 12, 2017 |
Note 7 - Lease Obligations and
Note 7 - Lease Obligations and Other Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessor Disclosure [Text Block] | Note 7 The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases at March 31, 2020. 1 5 2023 2026. 13.5 12.7%. The Company has not no Aggregate lease expense under operating leases was $448 $309 three March 31, 2020 March 31, 2019, twelve not Future lease payments for assets under operating leases as of March 31, 2020, Remaining Maturities of Lease Liabilities Operating Leases 2020 $ 1,257 2021 645 2022 582 2023 563 2024 568 Thereafter 7,903 Total lease payments 11,518 Less imputed interest 6,488 Total $ 5,030 Of the Company’s total lease liability, $1,301 $3,729 March 31, 2020. $3,811 March 31, 2020. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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 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 incorporated in Delaware in 1986 With the funds available at March 31, 2020, 2021. 2020 2020 2021. may 2021 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, 2019 2019 10 not December 31, 2019 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 March 31, 2020 December 31, 2019 $134 4 $1,425 $1,417, |
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 March 31, 2020, 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, 2020 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 4,501 $ 44 $ 8 $ - $ 4,553 Corporate debt securities 5,387 52 2 (1 ) 5,440 Certificates of deposit 1,180 7 5 - 1,192 Total investments $ 11,068 $ 103 $ 15 $ (1 ) $ 11,185 December 31, 2019 Amortized Accrued Gross Gross Estimated Obligations of U.S. Government and its agencies $ 10,488 $ 50 $ 23 $ - $ 10,561 Corporate debt securities 9,742 59 10 (1 ) 9,810 Certificates of deposit 1,669 7 7 - 1,683 Total investments $ 21,899 $ 116 $ 40 $ (1 ) $ 22,054 |
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. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At March 31, 2020 December 31, 2019, March 31, 2020 Billed Unbilled Total U.S. Department of Health and Human Services $ - $ 2,343 $ 2,343 Shionogi & Co. Ltd. 1,679 3 1,682 Green Cross Corporation 1,186 8 1,194 Mundipharma International Holdings Limited 18 - 18 Seqirus UK Limited 405 - 405 Total receivables $ 3,288 $ 2,354 $ 5,642 December 31, 2019 Billed Unbilled Total U.S. Department of Health and Human Services $ 1,353 $ 15,023 $ 16,376 Shionogi & Co. Ltd. 1,336 4 1,340 Green Cross Corporation 2,924 8 2,932 Mundipharma International Holdings Limited 56 - 56 Seqirus UK Limited 1,091 351 1,442 Total receivables $ 6,760 $ 15,386 $ 22,146 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 Inventory is stated at the lower of cost and net realizable value, determined under the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven 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 March 31, 2020 December 31, 2019, |
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 three March 31, 2020 March 31, 2019. |
Revenue [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’s principal sources of product sales are sales of peramivir to our licensing partners and sales of RAPIVAB to the U.S. Department of Health and Human Services under the Company’s procurement contract. The Company recognizes revenue for sales when the customer obtains control of the product, which generally occurs upon delivery. The Company recorded the following revenues for the three March 31, 2020 2019: 2020 2019 Product sales $ 218 $ 1,679 Royalty revenues 1,945 2,322 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 1,607 1,886 Torii Pharmaceutical Co., Ltd. 1,053 - Total collaborative and other research and development revenues 2,660 1,886 Total revenues $ 4,823 $ 5,887 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets. Contract assets Contract liabilities Contract Costs The Company may Advertising The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred. |
Research and Development 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 March 31, 2020 2019 $3,047 $2,726, 4 5 $341 $255 three March 31, 2020 2019, |
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 three March 31, 2020 2019 $20 $406, third not 2 March 31, 2020 December 31, 2019, 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 employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the three March 31, 2020 2019 not 12,196 3,406, |
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 Other than royalty revenues, the Company’s primary sources of revenue that have an underlying cash flow stream are the reimbursement of galidesivir (formerly BCX4430 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. 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 June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” . 2016 13 2016 13 . ASU 2016 13 The Company adopted ASU 2016 02 January 1, 2020. Given the nature of the Company’s receivables from collaborators, investment portfolio and other financial assets, adoption of this standard did not In August 2018, No. 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 2018 15” 2018 15 2018 15 December 15, 2019, October 1, 2019 Adoption did not |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | March 31, 2020 Amortized Accrued Gross Gross Estimated Obligations of the U.S. Government and its agencies $ 4,501 $ 44 $ 8 $ - $ 4,553 Corporate debt securities 5,387 52 2 (1 ) 5,440 Certificates of deposit 1,180 7 5 - 1,192 Total investments $ 11,068 $ 103 $ 15 $ (1 ) $ 11,185 December 31, 2019 Amortized Accrued Gross Gross Estimated Obligations of U.S. Government and its agencies $ 10,488 $ 50 $ 23 $ - $ 10,561 Corporate debt securities 9,742 59 10 (1 ) 9,810 Certificates of deposit 1,669 7 7 - 1,683 Total investments $ 21,899 $ 116 $ 40 $ (1 ) $ 22,054 |
Schedule of Receivables from Collaborations [Table Text Block] | March 31, 2020 Billed Unbilled Total U.S. Department of Health and Human Services $ - $ 2,343 $ 2,343 Shionogi & Co. Ltd. 1,679 3 1,682 Green Cross Corporation 1,186 8 1,194 Mundipharma International Holdings Limited 18 - 18 Seqirus UK Limited 405 - 405 Total receivables $ 3,288 $ 2,354 $ 5,642 December 31, 2019 Billed Unbilled Total U.S. Department of Health and Human Services $ 1,353 $ 15,023 $ 16,376 Shionogi & Co. Ltd. 1,336 4 1,340 Green Cross Corporation 2,924 8 2,932 Mundipharma International Holdings Limited 56 - 56 Seqirus UK Limited 1,091 351 1,442 Total receivables $ 6,760 $ 15,386 $ 22,146 |
Disaggregation of Revenue [Table Text Block] | 2020 2019 Product sales $ 218 $ 1,679 Royalty revenues 1,945 2,322 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 1,607 1,886 Torii Pharmaceutical Co., Ltd. 1,053 - Total collaborative and other research and development revenues 2,660 1,886 Total revenues $ 4,823 $ 5,887 |
Note 2 - Stock-based Compensa_2
Note 2 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | Awards Options Weighted Balance December 31, 2019 968 21,050 $ 5.96 Restricted stock unit awards granted (13 ) - - Restricted stock unit awards cancelled - - - Stock option awards granted (15 ) 15 2.75 Stock option awards exercised - - - Stock option awards cancelled 1,838 (1,838 ) 6.90 Balance March 31, 2020 2,778 19,227 $ 5.87 Awards Options Weighted Balance December 31, 2019 171 1,329 $ 3.60 Plan amendment 1,700 - - Stock option awards granted (759 ) 759 2.60 Stock option awards exercised - - - Stock option awards cancelled 55 (55 ) 6.53 Balance March 31, 2020 1,167 2,033 $ 3.15 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 2019 Expected Life in Years 5.5 5.5 Expected Volatility 83.5 % 81.0 % Expected Dividend Yield 0.0 % 0.0 % Risk-Free Interest Rate 0.8 % 2.5 % |
Note 5 - Senior Credit Facili_2
Note 5 - Senior Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 - Lease Obligations an_2
Note 7 - Lease Obligations and Other Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lessee, Lease, Liability, Maturity [Table Text Block] | Remaining Maturities of Lease Liabilities Operating Leases 2020 $ 1,257 2021 645 2022 582 2023 563 2024 568 Thereafter 7,903 Total lease payments 11,518 Less imputed interest 6,488 Total $ 5,030 |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Sep. 23, 2016 | Mar. 09, 2011 | |
Long-term Line of Credit, Total | $ 36,513 | $ 41,289 | |||
Restricted Cash and Cash Equivalents, Current, Total | 1,559 | 1,551 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | $ 0 | |||
Interest Expense, Debt, Total | 3,047 | 2,726 | |||
Amortization of Debt Issuance Costs | $ 341 | $ 255 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 12,196 | 3,406 | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative, Loss on Derivative | $ 20 | ||||
Derivative, Gain on Derivative | $ 406 | ||||
Currency Hedge Agreement [Member] | |||||
Collateral Already Posted, Aggregate Fair Value | $ 0 | 0 | |||
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) | 1 year 180 days | ||||
Maturity Period of Short Term Investment (Month) | 1 year | ||||
Average Maturity for Portfolio Investments (Month) | 1 year 180 days | ||||
Minimum [Member] | |||||
Long-term Investment Maturity, Minimum (Month) | 1 year | ||||
Royalty Receivable [Member] | |||||
Restricted Cash and Cash Equivalents, Current, Total | $ 134 | 134 | |||
Collateral for Credit [Member] | |||||
Restricted Cash and Cash Equivalents, Current, Total | 1,425 | $ 1,417 | |||
Senior Credit Facility [Member] | MidCap Financial Services, LLC [Member] | |||||
Long-term Line of Credit, Total | $ 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 | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | $ 11,068 | $ 21,899 |
Accrued Interest | 103 | 116 |
Gross Unrealized Gains | 15 | 40 |
Gross Unrealized Losses | (1) | (1) |
Estimated Fair Value | 11,185 | 22,054 |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 4,501 | 10,488 |
Accrued Interest | 44 | 50 |
Gross Unrealized Gains | 8 | 23 |
Gross Unrealized Losses | ||
Estimated Fair Value | 4,553 | 10,561 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 5,387 | 9,742 |
Accrued Interest | 52 | 59 |
Gross Unrealized Gains | 2 | 10 |
Gross Unrealized Losses | (1) | (1) |
Estimated Fair Value | 5,440 | 9,810 |
Certificates of Deposit [Member] | ||
Amortized Cost | 1,180 | 1,669 |
Accrued Interest | 7 | 7 |
Gross Unrealized Gains | 5 | 7 |
Gross Unrealized Losses | ||
Estimated Fair Value | $ 1,192 | $ 1,683 |
Note 1 - Significant Accounti_5
Note 1 - Significant Accounting Policies - Summary of Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables | $ 5,642 | $ 22,146 |
Billed Revenues [Member] | ||
Receivables | 3,288 | 6,760 |
Unbilled Revenues [Member] | ||
Receivables | 2,354 | 15,386 |
US Department of Health and Human Services [Member] | ||
Receivables | 2,343 | 16,376 |
US Department of Health and Human Services [Member] | Billed Revenues [Member] | ||
Receivables | 1,353 | |
US Department of Health and Human Services [Member] | Unbilled Revenues [Member] | ||
Receivables | 2,343 | 15,023 |
Shionogi and Co. Ltd [Member] | ||
Receivables | 1,682 | 1,340 |
Shionogi and Co. Ltd [Member] | Billed Revenues [Member] | ||
Receivables | 1,679 | 1,336 |
Shionogi and Co. Ltd [Member] | Unbilled Revenues [Member] | ||
Receivables | 3 | 4 |
Green Cross Corporation [Member] | ||
Receivables | 1,194 | 2,932 |
Green Cross Corporation [Member] | Billed Revenues [Member] | ||
Receivables | 1,186 | 2,924 |
Green Cross Corporation [Member] | Unbilled Revenues [Member] | ||
Receivables | 8 | 8 |
Mundipharma International Holdings Limited [Member] | ||
Receivables | 18 | 56 |
Mundipharma International Holdings Limited [Member] | Billed Revenues [Member] | ||
Receivables | 18 | 56 |
Mundipharma International Holdings Limited [Member] | Unbilled Revenues [Member] | ||
Receivables | ||
Seqirus UK Limited [Member] | ||
Receivables | 405 | 1,442 |
Seqirus UK Limited [Member] | Billed Revenues [Member] | ||
Receivables | 405 | 1,091 |
Seqirus UK Limited [Member] | Unbilled Revenues [Member] | ||
Receivables | $ 351 |
Note 1 - Significant Accounti_6
Note 1 - Significant Accounting Policies - Summary of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenues | $ 4,823 | $ 5,887 | |
Torii Pharmaceutical Co. [Member] | |||
Revenues | $ 20,101 | ||
Product [Member] | |||
Revenues | 218 | 1,679 | |
Royalty [Member] | |||
Revenues | 1,945 | 2,322 | |
Collaborative and Other Research and Development [Member] | |||
Revenues | 2,660 | 1,886 | |
Collaborative and Other Research and Development [Member] | US Department of Health and Human Services [Member] | |||
Revenues | 1,607 | 1,886 | |
Collaborative and Other Research and Development [Member] | Torii Pharmaceutical Co. [Member] | |||
Revenues | $ 1,053 |
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 | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2014 | Aug. 31, 2013 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expense | $ 2,754 | $ 3,317 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 22,215 | |||||
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year | 6,646 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two | 7,273 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three | 6,091 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four | 2,153 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Five | 52 | |||||
Incentive Plan [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 2,437 | $ 3,166 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.87 | $ 6.07 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 968 | 2,778 | 968 | |||
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] | 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] | Performance Shares [Member] | December 2014 [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 4,998 | |||||
Incentive Plan [Member] | Performance Shares [Member] | December 2019 [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 0 | |||||
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 315 | 1,250 | 1,032 | |||
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 | 85.00% | |||||
Inducement Plan [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 198 | |||||
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) | $ 1.77 | |||||
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) | 171 | 1,167 | 171 | |||
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% | |||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 119 | $ 151 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,475 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 9 | |||||
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 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 110 |
Note 2 - Stock-based Compensa_4
Note 2 - Stock-based Compensation - Stock Plan Activities (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Incentive Plan [Member] | |
Awards available, beginning balance (in shares) | 968 |
Options outstanding, beginning balance (in shares) | 21,050 |
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares | $ 5.96 |
Awards available, Restricted stock unit awards granted (in shares) | (13) |
Awards available, Restricted stock unit awards cancelled (in shares) | |
Awards available, stock option awards granted (in shares) | (15) |
Options outstanding, stock option awards granted (in shares) | 15 |
Weighted average exercise price, stock option awards granted (in dollars per share) | $ / shares | $ 2.75 |
Options outstanding, stock option awards exercised (in shares) | |
Weighted average exercise price, stock option awards exercised (in dollars per share) | $ / shares | |
Awards available, stock option awards cancelled (in shares) | 1,838 |
Options outstanding, stock option awards cancelled (in shares) | (1,838) |
Weighted average exercise price, stock option awards cancelled (in dollars per share) | $ / shares | $ 6.90 |
Awards available, ending balance (in shares) | 2,778 |
Options outstanding, ending balance (in shares) | 19,227 |
Weighted average exercise price, ending balance (in dollars per share) | $ / shares | $ 5.87 |
Inducement Plan [Member] | |
Awards available, beginning balance (in shares) | 171 |
Options outstanding, beginning balance (in shares) | 1,329 |
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares | $ 3.60 |
Awards available, stock option awards granted (in shares) | (759) |
Options outstanding, stock option awards granted (in shares) | 759 |
Weighted average exercise price, stock option awards granted (in dollars per share) | $ / shares | $ 2.60 |
Options outstanding, stock option awards exercised (in shares) | |
Weighted average exercise price, stock option awards exercised (in dollars per share) | $ / shares | |
Awards available, stock option awards cancelled (in shares) | 55 |
Options outstanding, stock option awards cancelled (in shares) | (55) |
Weighted average exercise price, stock option awards cancelled (in dollars per share) | $ / shares | $ 6.53 |
Awards available, ending balance (in shares) | 1,167 |
Options outstanding, ending balance (in shares) | 2,033 |
Weighted average exercise price, ending balance (in dollars per share) | $ / shares | $ 3.15 |
Awards available, plan amendment (in shares) | 1,700 |
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 and Inducement Plan [Member] | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Expected Life (Year) | 5 years 182 days | 5 years 182 days |
Expected Volatility | 83.50% | 81.00% |
Expected Dividend Yield | 0.00% | 0.00% |
Risk-Free Interest Rate | 0.80% | 2.50% |
Note 3 - Collaborative and Ot_2
Note 3 - Collaborative and Other Research and Development Contracts 1 (Details Textual) - USD ($) $ in Thousands | Mar. 04, 2020 | Nov. 05, 2019 | Sep. 06, 2018 | Jun. 16, 2015 | Feb. 28, 2006 | Sep. 30, 2013 | Jun. 30, 2006 | Jun. 30, 2000 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2015 | Nov. 11, 2011 |
Revenue from Contract with Customer, Including Assessed Tax | $ 4,823 | $ 5,887 | ||||||||||||||
Arbitration Proceedings of SUL Agreement [Member] | ||||||||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 5,000,000 | |||||||||||||||
Arbitration Proceedings of SUL Agreement [Member] | Other Income [Member] | ||||||||||||||||
Gain (Loss) Related to Litigation Settlement, Total | 6,138 | |||||||||||||||
Arbitration Proceedings of SUL Agreement [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||||||||
Legal Fees | 4,668 | |||||||||||||||
US Department of Health and Human Services [Member] | ||||||||||||||||
Collaborative Agreement Contract Value | $ 34,660 | |||||||||||||||
Contract Term (Year) | 5 years | |||||||||||||||
Proceeds from Collaborators | $ 13,864 | |||||||||||||||
US Department of Health and Human Services [Member] | Forecast [Member] | ||||||||||||||||
Proceeds from Collaborators | $ 6,932 | |||||||||||||||
Torii Pharmaceutical Co. [Member] | ||||||||||||||||
Upfront Payments Receivable Amount | $ 22,000 | |||||||||||||||
Potential Milestone Payments Receivable if Regulatory Approval Before December 31, 2020 | 20,000 | |||||||||||||||
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 | |||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 20,101 | |||||||||||||||
Torii Pharmaceutical Co. [Member] | License [Member] | ||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 19,344 | |||||||||||||||
Torii Pharmaceutical Co. [Member] | Service [Member] | ||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 757 | |||||||||||||||
Torii Pharmaceutical Co. [Member] | Minimum [Member] | ||||||||||||||||
Royalty Rate if Maintains Sakigake Designation | 20.00% | |||||||||||||||
Royalty Rate, Otherwise | 15.00% | |||||||||||||||
Torii Pharmaceutical Co. [Member] | Maximum [Member] | ||||||||||||||||
Royalty Rate if Maintains Sakigake Designation | 40.00% | |||||||||||||||
Royalty Rate, Otherwise | 35.00% | |||||||||||||||
CSL Limited [Member | ||||||||||||||||
Proceeds from License Fees Received | $ 33,740 | |||||||||||||||
Milestone Payment Received | $ 12,000 | |||||||||||||||
Royalty Term (Year) | 10 years | |||||||||||||||
Base Contract [Member] | ||||||||||||||||
Government Contract Receivable | $ 16,265 | |||||||||||||||
Additional Development Options [Member] | ||||||||||||||||
Government Contract Receivable | 22,855 | |||||||||||||||
ASPRBARDA Contract [Member] | ||||||||||||||||
Government Contract Receivable | $ 39,120 | |||||||||||||||
Proceeds from awards for Research and Development Contracts | $ 20,574 | |||||||||||||||
Green Cross Corporation [Member] | ||||||||||||||||
Proceeds from License Fees Received | $ 250 | |||||||||||||||
Mundipharma [Member] | ||||||||||||||||
Upfront Payments Receivable Amount | $ 10,000 | |||||||||||||||
Potential Milestone Payments Receivable | $ 15,000 | |||||||||||||||
AECOM and IRL [Member] | ||||||||||||||||
Milestone Payment Minimum | $ 1,400 | |||||||||||||||
Milestone Payment Maximum | 4,000 | |||||||||||||||
Annual License Fee Minimum | 150 | |||||||||||||||
Annual License Fee Maximum | $ 500 | |||||||||||||||
Advance Notice Period for Termination of Agreement (Day) | 60 days | |||||||||||||||
National Institute of Allergy and Infectious Diseases [Member] | ||||||||||||||||
Collaborative Agreement Contract Value | $ 5,000 | |||||||||||||||
Expected Receivable From Awards for Research and Development Contracts | $ 43,035 | |||||||||||||||
UAB [Member] | ||||||||||||||||
Period of Agreement (Year) | 25 years | |||||||||||||||
Renewable Period of Agreement (Year) | 5 years |
Note 3 - Collaborative and Ot_3
Note 3 - Collaborative and Other Research and Development Contracts 2 (Details Textual) - Torii Pharmaceutical Co. [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 $ in Thousands | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 1,899 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 4 - Royalty Monetization (
Note 4 - Royalty Monetization (Details Textual) $ in Thousands | May 18, 2016USD ($) | Mar. 09, 2011USD ($) | Mar. 31, 2020USD ($)¥ / $ | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
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 | $ 20 | ||||
Derivative, Gain on Derivative | $ 406 | ||||
PhaRMA Notes Member] | Currency Hedge Agreement [Member] | |||||
Derivative, Forward Exchange Rate (in JPY per USD) | ¥ / $ | 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 | 3.00% | ||||
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 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 23, 2016 |
Long-term Line of Credit, Total | $ 36,513 | $ 41,289 | ||
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | ||||
Debt Instrument, Face Amount | $ 100,000 | |||
Debt Instrument, Minimum LIBOR | 0.50% | |||
Debt Instrument, Term (Month) | 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 | 9.60% | |||
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 | |||
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 | Mar. 31, 2020USD ($) |
2020 | $ 10 |
2021 | 20 |
2022 | 20 |
Total | $ 50 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ in Billions | Apr. 24, 2020 | Nov. 08, 2017 |
Maximum Aggregate Offering Price | $ 0.2 | |
Subsequent Event [Member] | ||
Maximum Aggregate Offering Price | $ 0.5 |
Note 7 - Lease Obligations an_3
Note 7 - Lease Obligations and Other Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 13 years 182 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 12.70% | |
Operating Lease, Expense | $ 448 | $ 309 |
Accrued Liabilities, Current [Member] | ||
Operating Lease, Liability, Current | 1,301 | |
Other Noncurrent Liabilities [Member] | ||
Operating Lease, Liability, Noncurrent | 3,729 | |
Other Noncurrent Assets [Member] | ||
Operating Lease, Right-of-Use Asset | $ 3,811 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note 7 - Lease Obligations an_4
Note 7 - Lease Obligations and Other Contingencies - Remaining Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 1,257 |
2021 | 645 |
2022 | 582 |
2023 | 563 |
2024 | 568 |
Thereafter | 7,903 |
Total lease payments | 11,518 |
Less imputed interest | 6,488 |
Accrued Liabilities, Current and Other Noncurrent Liabilities [Member] | |
Total | $ 5,030 |