Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000882796 | ||
Entity Registrant Name | BIOCRYST PHARMACEUTICALS INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-23186 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 62-1413174 | ||
Entity Address, Address Line One | 4505 Emperor Blvd., Suite 200 | ||
Entity Address, City or Town | Durham | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27703 | ||
City Area Code | 919 | ||
Local Phone Number | 859-1302 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | BCRX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 832,869,919 | ||
Entity Common Stock, Shares Outstanding | 177,182,751 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 272,127 | $ 114,172 |
Restricted cash | 2,221 | 1,551 |
Investments | 28,239 | 22,054 |
Receivables | 8,646 | 22,146 |
Inventory | 7,039 | 0 |
Prepaid expenses and other current assets | 5,528 | 4,422 |
Total current assets | 323,800 | 164,345 |
Property and equipment, net | 7,113 | 7,347 |
Other assets | 3,802 | 3,590 |
Total assets | 334,715 | 175,282 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 18,713 | 13,988 |
Accrued expenses | 33,942 | 21,365 |
Interest payable | 21,670 | 14,904 |
Deferred collaboration revenue | 150 | 2,120 |
Lease financing obligation | 1,179 | 1,377 |
Senior credit facility | 0 | 9,020 |
Non-recourse notes payable | 30,000 | 29,561 |
Total current liabilities | 105,654 | 92,335 |
Royalty financing obligation | 124,717 | 0 |
Lease financing obligation | 3,871 | 3,406 |
Senior credit facility | 0 | 41,289 |
Secured term loan | 119,735 | 0 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; shares authorized — 5,000; no shares outstanding | 0 | 0 |
Common stock, $0.01 par value; shares authorized — 450,000; shares issued and outstanding — 176,883 at December 31, 2020 and 154,082 at December 31, 2019 | 1,769 | 1,541 |
Additional paid-in capital | 1,002,408 | 877,300 |
Accumulated other comprehensive income (loss) | 3 | 39 |
Accumulated deficit | (1,023,442) | (840,628) |
Total stockholders’ (deficit) equity | (19,262) | 38,252 |
Total liabilities and stockholders’ equity | $ 334,715 | $ 175,282 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000 | 5,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 450,000 | 450,000 |
Common stock, shares issued (in shares) | 176,883 | 154,082 |
Common stock, shares outstanding (in shares) | 176,883 | 154,082 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Revenues | $ 17,812 | $ 48,835 | $ 20,653 |
Expenses | |||
Cost of products sold | 1,550 | 3,726 | |
Research and development | 122,964 | 107,068 | 84,888 |
Selling, general and administrative | 67,929 | 37,121 | 29,514 |
Royalty | 126 | 375 | 471 |
Total operating expenses | 192,569 | 148,290 | 114,873 |
Loss from operations | (174,757) | (99,455) | (94,220) |
Interest and other income | 9,420 | 1,933 | 2,252 |
Interest expense | (14,501) | (11,892) | (9,176) |
Loss on extinguishment of debt | (2,011) | ||
Gain (loss) on foreign currency | (965) | 517 | (108) |
Net loss | (182,814) | (108,897) | (101,252) |
Unrealized gain (loss) on available for sale investments | (36) | 336 | (54) |
Net comprehensive loss | $ (182,850) | $ (108,561) | $ (101,306) |
Basic and diluted net loss per common share (in dollars per share) | $ (1.09) | $ (0.94) | $ (0.98) |
Weighted average shares outstanding (in shares) | 167,267 | 115,600 | 103,185 |
Product [Member] | |||
Revenues: | |||
Revenues | $ 3,301 | $ 17,533 | |
Royalty [Member] | |||
Revenues: | |||
Revenues | 3,381 | 6,303 | $ 6,101 |
Collaborative and Other Research and Development [Member] | |||
Revenues: | |||
Revenues | $ 11,130 | $ 24,999 | $ 14,552 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (182,814) | $ (108,897) | $ (101,252) |
Depreciation and amortization | 748 | 724 | 770 |
Loss (gain) on disposal of property and equipment | 7 | ||
Stock-based compensation expense | 14,794 | 17,719 | 9,396 |
Amortization of debt issuance costs | 2,428 | 1,278 | 885 |
Amortization of premium/discount on investments | 121 | 117 | 110 |
Change in fair value of foreign currency derivative | 632 | 347 | 1,049 |
Receivables | 13,903 | (17,853) | 1,824 |
Inventory | (7,039) | 1,649 | (1,649) |
Prepaid expenses and other assets | (2,140) | (1,364) | (866) |
Accounts payable and accrued expenses | 17,355 | 11,741 | 4,487 |
Interest payable | 6,766 | 3,056 | (247) |
Deferred revenue | (1,970) | 1,899 | (7,079) |
Net cash used in operating activities: | (137,216) | (89,584) | (92,565) |
Acquisition of property and equipment | (514) | (343) | (366) |
Purchases of investments | (49,818) | (3,018) | (62,614) |
Sales and maturities of investments | 43,475 | 81,295 | 67,748 |
Realized gain on investments | 1 | 0 | 0 |
Net cash provided by (used in) investing activities: | (6,856) | 77,934 | 4,768 |
Sale of common stock, net | 93,279 | 58,500 | 53,400 |
Sale of pre-funded warrants | 14,817 | 19,882 | |
Net proceeds from common stock issued under stock-based compensation plans | 2,446 | 1,239 | 2,852 |
Proceeds from senior credit facility | 0 | 19,477 | 10,353 |
Payment of senior credit facility | (52,420) | (4,025) | |
Net proceeds from secured term loan | 119,867 | ||
Net proceeds from royalty financing obligation | 124,708 | ||
(Decrease) increase in lease financing obligation | (76) | ||
Net cash provided by financing activities: | 302,697 | 99,098 | 62,504 |
Increase (decrease) in cash, cash equivalents and restricted cash | 158,625 | 87,448 | (25,293) |
Cash, cash equivalents and restricted cash at beginning of year | 115,723 | 28,275 | 53,568 |
Cash, cash equivalents and restricted cash at end of year | $ 274,348 | $ 115,723 | $ 28,275 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | 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 2014-09 [Member]) at Dec. 31, 2017 | $ 1,126 | $ 1,126 | |||||
Balance at Dec. 31, 2017 | $ 984 | $ 714,869 | $ (243) | $ (631,843) | $ 83,767 | ||
Net loss | (101,252) | (101,252) | |||||
Other comprehensive income (loss) | (54) | (54) | |||||
Exercise of stock options, net | 11 | 2,490 | 2,501 | ||||
Employee stock purchase plan sales, net | 1 | 350 | 351 | ||||
Issuance of common stock, net | 105 | 53,295 | 53,400 | ||||
Stock-based compensation expense | 9,396 | 9,396 | |||||
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 | (108,897) | (108,897) | |||||
Other comprehensive income (loss) | 336 | 336 | |||||
Exercise of stock options, net | 3 | 832 | 835 | ||||
Employee stock purchase plan sales, net | 1 | 403 | 404 | ||||
Issuance of common stock, net | 436 | 58,064 | 58,500 | ||||
Stock-based compensation expense | 17,719 | 17,719 | |||||
Issuance of pre-funded warrants | 19,882 | 19,882 | |||||
Balance at Dec. 31, 2019 | 1,541 | 877,300 | 39 | (840,628) | 38,252 | ||
Net loss | (182,814) | (182,814) | |||||
Other comprehensive income (loss) | (36) | (36) | |||||
Exercise of stock options, net | 5 | 1,809 | 1,814 | ||||
Employee stock purchase plan sales, net | 3 | 629 | 632 | ||||
Issuance of common stock, net | 220 | 93,059 | 93,279 | ||||
Stock-based compensation expense | 14,794 | 14,794 | |||||
Issuance of pre-funded warrants | 14,817 | 14,817 | |||||
Balance at Dec. 31, 2020 | $ 1,769 | $ 1,002,408 | $ 3 | $ (1,023,442) | $ (19,262) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock [Member] | |||
Exercise of stock options, shares (in shares) | 510,000 | 283,000 | |
Employee stock purchase plan sales, shares (in shares) | 246,000 | 115,000 | 92,000 |
Issuance of common stock, shares (in shares) | 22,044,000 | 43,621,000 | 10,455,000 |
Warrants issued (in shares) | 3,511,000 | 11,765,000 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies and Concentrations of Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 The Company BioCryst Pharmaceuticals, Inc. (the “Company”) is a commercial-stage biotechnology company that discovers novel, oral, small-molecule medicines. The Company focuses on the treatment of rare diseases in which significant unmet medical needs exist and an enzyme plays the key role in the biological pathway of the disease. The Company was founded in 1986 1991, Based on the Company’s expectations for revenue, operating expenses, and its option to access an additional $75 million from its existing credit facility, the Company believes its financial resources available at December 31, 2020 2023. 2021 2021 may 1 2 3 4 5 one 6 may Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances among the consolidated entities have been eliminated from the consolidated financial statements. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Such consolidated financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows. There were no 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 December 31, 2020 2019 3 Investments The Company invests in high credit quality investments in accordance with its investment policy, which is designed to minimize the possibility of loss. The objective of the Company’s investment policy is to ensure the safety and preservation of invested funds, as well as maintaining liquidity sufficient to meet cash flow requirements. The Company places its excess cash with high credit quality financial institutions, commercial companies, and government agencies in order to limit the amount of its credit exposure. In accordance with its policy, the Company is able to invest in marketable debt securities that may three no may may not not not The Company classifies all of its investments as available-for-sale. Unrealized gains and losses on investments are recognized in comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not three December 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 December 31, 2020 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of U.S. Government and its agencies $ 24,986 $ 14 $ 3 $ (3 ) $ 25,000 Certificates of deposit 3,225 11 3 − 3,239 Total Investments $ 28,211 $ 25 $ 6 $ (3 ) $ 28,239 December 31, 2019 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value 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 The Company’s investments at December 31, 2020 2019 one 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 December 31, 2020 2019 . At December 31, 2020 December 31, 2019, December 31, 20 20 Billed Unbilled Total U.S. Department of Health and Human Services $ − $ 5,402 $ 5,402 Shionogi & Co. Ltd. 2,037 4 2,041 Green Cross Corporation 740 21 761 Mundipharma International Holdings Limited 39 − 39 Total receivables $ 2,816 $ 5,427 $ 8,243 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 December 31, 2020, December 31, 2019. December 31, 2020 . Inventory At December 31, 2020 2019, December 31, 2020, December 31, 2019, first first December 31, 2020 2019, The Company expenses costs related to the production of inventories as research and development expenses in the period incurred until such time it is believed that future economic benefit is expected to be recognized, which generally is reliant upon receipt of regulatory approval. Upon regulatory approval, the Company capitalizes subsequent costs related to the production of inventories. Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not not Patents and Licenses The Company seeks patent protection on all internally developed processes and products. All patent related costs are expensed to selling, general and administrative expenses when incurred as recoverability of such expenditures is uncertain. Accrued Expenses The Company generally enters into contractual agreements with third and other services in the ordinary course of business. Some of these contracts are subject to milestone-based invoicing and services are completed over an extended period of time. The Company records liabilities under these contractual commitments when it determines an obligation has been incurred, regardless of the timing of the invoice. This process involves reviewing open contracts and purchase orders, communicating with applicable Company personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has 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, drug products, and product candidates; 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 December 31, 2020 December 31, 2019, Accrued expenses were comprised of the following: December 31, 20 20 201 9 Compensation and benefits $ 11,030 $ 6,190 Development costs 15,150 11,302 Inventory 2,453 29 Professional fees 333 326 Duties and taxes 80 67 Other 4,896 3,451 Total accrued expenses $ 33,942 $ 21,365 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. For the year ended December 31, 2020, 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. In December 2020, The Company recorded the following revenues for the years ended December 31: 2020 2019 2018 Product sales, net $ 3,301 $ 17,533 $ − Royalty revenue 3,381 6,303 6,101 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 9,231 4,898 2,552 Torii Pharmaceutical Co., Ltd. 1,899 20,101 − Seqirus UK Limited − − 12,000 Total collaborative and other research and development revenues 11,130 24,999 14,552 Total revenues $ 17,812 $ 48,835 $ 20,653 Advertising The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed in “Selling, general and administrative” as the costs are incurred. Advertising expenses related to the launch of ORLADEYO were $6,567 for year ended December 31, 2020. not 2019 2018. 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 Royalty Financing Obligation The royalty financing obligation is eligible to be repaid based on royalties from net sales of ORLADEYO. Interest expense is accrued using the effective interest rate method over the estimated period the related liability will be paid. This requires the Company to estimate the total amount of future royalty payments to be generated from product sales over the life of the agreement. The Company imputes interest on the carrying value of the royalty financing obligation and records interest expense using an imputed effective interest rate. The Company will reassess the expected royalty payments each reporting period and account for any changes through an adjustment to the effective interest rate on a prospective basis. The assumptions used in determining the expected repayment term of the debt and amortization period of the issuance costs requires that the Company make estimates that could impact the carrying value of the liability, as well as the period over which associated issuance costs will be amortized. A significant increase or decrease in forecasted net sales could materially impact the liability balance, interest expense and the time period for repayment. Interest Expense and Deferred Financing Costs Interest expense for the years ended December 31, 2020, 2019 2018 3 4 December 2020, 3 4 December 31, 2020, 2019 2018, December 2020, 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 final tranche of the options under the Currency Hedge Agreement expired in November 2020. not December 31, 2020, 2019 2018 third not 2 2020, 2019 2018, 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, outstanding 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 years ended December 31, 2020, 2019, 2018 not 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 and on single source distributors for distribution of approved drug products. 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 no Recent Accounting Pronouncements In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 Credit Losses on Financial Instruments 2016 13” . 2016 13 2016 13 2016 13 2016 13 December 15, 2019. 2016 02 January 1, 2020. 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 not The Company has reviewed other new accounting pronouncements that were issued as of December 31, 2020 not |
Note 2 - Property and Equipment
Note 2 - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 2 Property and equipment consisted of the following at December 31: 20 20 201 9 Furniture and fixtures $ 722 $ 602 Office equipment 211 184 Software 1,159 1,159 Laboratory equipment 3,774 3,462 Leasehold improvements 8,583 8,528 14,449 13,935 Less accumulated depreciation and amortization (7,336 ) (6,588 ) Property and equipment, net $ 7,113 $ 7,347 Depreciation and amortization expense for the years ended December 31, 2020, 2019, 2018 |
Note 3 - Royalty Monetizations
Note 3 - Royalty Monetizations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Royalty Monetization [Text Block] | Note 3—Royalty RAPIACTA Royalty Monetization s Overview On March 9, 2011, September 2012 . As March 9, 2011 not . Non-Recourse Notes Payable On March 9, 2011, December 1, 2020 ( March 9, 2011 ( September 1st Royalty Sub’s obligations to pay principal and interest on the PhaRMA Notes are obligations solely of Royalty Sub and are without recourse to any other person, including the Company, except to the extent of the Company’s pledge of its equity interests in Royalty Sub in support of the PhaRMA Notes. The Company may, not may one In September 2014, September 3, 2013. September 2013 September 1, 2014, December 31, 2014 may may not not December 1, 2020, December 31, 2020, no The Indenture does not As of December 31, 2020, 3 Foreign Currency Hedge 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 had the right to purchase dollars and sell yen at a rate of 100 yen per dollar. The final tranche of the options under the Currency Hedge Agreement expired in November 2020. The Currency Hedge Agreement did not 2020, 2019 2018 2020, 2019 2018, ORLADEYO Royalty Monetization On December 7, 2020, 2019 $350,000 $350,000 $550,000. $550,000. BCX9930. Under the Royalty Purchase Agreement, RPI is also entitled to receive a tiered revenue share on ORLADEYO sublicense revenue or net sales by licensees outside of the Key Territories (the “Other Markets”) equal to: (i) 20% of the proceeds received by the Company for upfront license fees and development milestones for ORLADEYO in the Other Markets; (ii) 20% of proceeds received on annual net sales of up to $150,000 $150,000 $230,000 $230,000 No may The Company will be required to make royalty payments of amounts owed to RPI each calendar quarter following the first Under the Royalty Purchase Agreement, the Company has agreed to specified affirmative and negative covenants, including covenants regarding periodic reporting of information by the Company to RPI, third 1 4 The cash consideration of $125,000 obtained pursuant to the Royalty Purchase Agreement is recorded in “Royalty financing obligation” on the Company’s consolidated balance sheet as of December 31, 2020. 3 December 31, 2020. December 31, 2020 2020, |
Note 4 - Credit Agreement
Note 4 - Credit Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Senior Credit Facility [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 — Senior Credit Facility On February 5, 2019, three first second third 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 June 2020 In December 2020, |
Credit Agreement [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 4 — Credit Agreement On December 7, 2020, 1 December 7, 2020 December 31, 2020. BCX9930 The Credit Agreement also provides for two may December 7, 2025. The Credit Agreement provides for quarterly interest-only payments until the maturity date, with the unpaid principal amount of the outstanding Term Loans due and payable on the maturity date. For each of the first eight December 7, 2020, three no no Subject to certain exceptions, the Company is required to make mandatory prepayments of the Term Loans with the proceeds of certain asset sales, certain ORLADEYO out-licensing or royalty monetization transactions (excluding the Royalty Sale), extraordinary receipts, debt issuances, or upon a change of control of the Company and specified other events, subject to certain exceptions. The Company may second 1 2 second second third third fourth , 1.00% of the principal amount of the Term Loan being prepaid; and (iv) with respect to any prepayment made after the fourth The Credit Agreement also contains representations and warranties and affirmative and negative covenants customary for financings of this type, as well as customary events of default. Certain of the customary negative covenants limit the ability of the Company and certain of its subsidiaries to, among other things, grant liens, make investments, incur additional indebtedness, engage in mergers, acquisitions, and similar transactions, dispose of assets, license certain property, distribute dividends, make certain restricted payments, change the nature of the Company's business, engage in transactions with affiliates and insiders, prepay other indebtedness, or engage in sale and leaseback transactions, subject to certain exceptions. Additionally, as of the last day of each fiscal quarter (a “Test Date”), beginning with the first may not four one not A failure to comply with the covenants in the Credit Agreement could permit the Lenders under the Credit Agreement to declare the outstanding principal as well as accrued interest and fees, to be immediately due and payable. The Company's obligations under the Credit Agreement are secured by a security interest in, subject to certain exceptions, substantially all of the Company's assets. As of December 31, 2020, The Credit Agreement provides for quarterly interest-only payments until the maturity date, with the unpaid principal amount of the outstanding Term Loans due and payable on the maturity date of December 7, 2025. first December 31, 2020, 2020 The Credit Agreement contains two not |
Note 5 - Senior Credit Facility
Note 5 - Senior Credit Facility | 12 Months Ended |
Dec. 31, 2020 | |
Senior Credit Facility [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 — Senior Credit Facility On February 5, 2019, three first second third 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 June 2020 In December 2020, |
Note 6 - Lease Obligations and
Note 6 - Lease Obligations and Other Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessor Disclosure [Text Block] | Note 6 — Lease Obligations and Other Contingencies 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 no The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases as of December 31, 2020. 2023 2026. The Company has not no Aggregate lease expense under operating leases was $1,754 and $1,464 for the twelve December 31, 2020 2019, twelve not Future lease payments for assets under operating leases as of December 31, 2020, Remaining Maturities of Lease Liabilities Year Ending December 31, Operating Leases 2021 $ 1,302 2022 758 2023 619 2024 577 2025 582 Thereafter 7,327 Total lease payments 11,165 Less imputed interest 6,115 Total $ 5,050 The December 31, 2020 2019 December 31, 2020 2019 December 31, 2020 2019, December 31, 2020 2019, December 31, 2020 2019, . |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7 — Stockholders’ Equity Sales of Common Stock On November 8, 2017, 3 December 12, 2017 On August 6, 2018, 30 On November 18, 2019, 30 On November 21, 2019, 1 may December 31, 2020. On April 24, 2020, 3 May 14, 2020 On June 1, 2020, 1 December 31, 2020. |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 8 — Stock-Based Compensation As of December 31, 2020, three Inducement Equity Incentive Plan (“Inducement Plan”) and the Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was amended and restated on March 19, 2020 May 12, 2020. April 24, 2019 February 2020 July 2020. March 2020 May 12, 2020. 2020, 2019 2018. The Company accounts for stock-based compensation in accordance with FASB authoritative guidance regarding share-based payments. Total stock-based compensation was allocated as follows: Year Ended December 31, 20 20 201 9 201 8 Research and development $ 10,222 $ 13,977 $ 6,867 Selling, general and administrative 4,572 3,742 2,529 Total stock-based compensation expense $ 14,794 $ 17,719 $ 9,396 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. Commencing March 1, 2011, four August 2013, December 2014 December 2019, December 31, 2020, August 2013, December 2014 December 2019 2020, August 2013 December 2019 one Related activity under the Incentive Plan is as follows: Weighted Average Awards Options Exercise Available Outstanding Price Balance at December 31, 2017 468 14,452 $ 6.06 Plan amendment 4,400 − − Restricted stock awards granted (13 ) − − Stock option awards granted (4,272 ) 4,272 7.15 Stock option awards exercised − (1,011 ) 2.92 Stock option awards cancelled 222 (222 ) 7.44 Balance at December 31, 2018 805 17,491 6.49 Plan amendment 4,000 − − Restricted stock awards granted (27 ) − − Stock option awards granted (4,511 ) 4,511 3.91 Stock option awards exercised − (251 ) 3.75 Stock option awards cancelled 701 (701 ) 6.82 Balance at December 31, 2019 968 21,050 5.96 Plan amendment 8,000 − − Restricted stock awards granted (31 ) − − Stock option awards granted (7,469 ) 7,469 8.06 Stock option awards exercised − (510 ) 3.56 Stock option awards cancelled 3,124 (3,124 ) 6.93 Balance at December 31, 2020 4,592 24,885 $ 6.52 For stock option awards granted under the Incentive Plan during 2020, 2019, 2018, 2020, 2019, 2018 Inducement Equity Incentive Plan The four . Related activity under the Inducement Plan is as follows: Weighted Average Awards Options Exercise Available Outstanding Price Balance at December 31, 2019 171 1,329 $ 3.60 Plan amendment 2,900 − − Stock option awards granted (3,002 ) 3,002 4.02 Stock option awards cancelled 160 (160 ) 4.15 Balance at December 31, 2020 229 4,171 $ 3.88 For stock option awards granted under the Inducement Plan during 2020 2019, 2020 2019 The following table summarizes the key assumptions used by the Company to value the stock option awards granted under all plans during 2020, 2019, 2018, not not zero Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Plans 20 20 201 9 201 8 Expected Life 5.5 5.5 5.5 Expected Volatility 84 % 81 % 82 % Expected Dividend Yield 0.0 % 0.0 % 0.0 % Risk-Free Interest Rate 0.4 % 1.8 % 2.7 % The total intrinsic value of stock option awards exercised under the Incentive Plan was $1,562 during 2020, 2019, 2018. 2020. The following table summarizes, at December 31, 2020, 1 2 Outstanding Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range Number Life Price Number Price $ 0 to 3 2,514 6.1 $ 2.19 1,414 $ 1.25 3 to 6 12,689 7.0 4.22 6,854 2.48 6 to 9 10,852 9.2 7.88 2,005 4.89 9 to 12 2,347 4.5 10.85 2,129 4.51 12 to 15 559 4.1 12.30 539 6.43 15 to 18 95 4.5 15.39 95 10.57 $ 0 to 18 29,056 7.5 $ 6.14 13,036 $ 3.27 The weighted average remaining contractual life of stock option awards exercisable under the plans at December 31, 2020 The aggregate intrinsic value of stock option awards outstanding and exercisable under the plans at December 31, 2020 The total fair value of the stock option awards vested under the plans was $18,739 during 2020, 2019, 2018. As December 31, 2020, . The following table summarizes the changes in the number and weighted-average grant-date fair value of non-vested stock option awards during 2020: Non-Vested Stock Option Awards Weighted Average Grant-Date Fair Value Balance December 31, 2019 11,688 $ 3.77 Stock option awards granted 10,471 4.69 Stock option awards vested (4,543 ) 4.12 Stock option awards forfeited (1,596 ) 3.96 Balance December 31, 2020 16,020 $ 4.25 As of December 31, 2020, 2021, 2022, 2023, 2024. Employee Stock Purchase Plan The Company has reserved a total of 4,475 shares of common stock to be purchased under the ESPP, of which 2,873 shares remain available for purchase at December 31, 2020. may six No may one six no may one There were 246, 115, and 92 shares of common stock purchased under the ESPP in 2020, 2019, 2018, 2020, 2019, 2018, 2020, 2019, 2018, |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 — Income Taxes The Company has incurred net losses since inception and, consequently, has not The components of loss before provision for income taxes were as followings: 2020 Domestic $ (176,613 ) Foreign (6,201 ) Loss before provision for income taxes $ (182,814 ) The differences between the Company’s effective tax rate and the statutory tax rate in 2020, 2019, 2018, 20 20 201 9 201 8 Income tax benefit at federal statutory rate ( 21% $ (38,391 ) $ (22,868 ) $ (21,263 ) State and local income taxes net of federal tax benefit (2,544 ) (1,591 ) (2,547 ) Permanent items 774 691 503 Rate change (82 ) 625 (29 ) Expiration of attribute carryforwards 3,774 3,976 2,183 Research and development tax credits (4,080 ) (4,938 ) (4,905 ) Foreign rate differential 542 - - Other 1,456 281 18 Change in valuation allowance 38,551 23,824 26,040 Income tax expense $ - $ - $ - The Company recognizes the impact of a tax position in its financial statements if it is more likely than not no not 12 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 20 20 201 9 Balance at January 1, $ 7,210 $ 5,976 Additions to current period tax positions 1,020 1,234 Additions to prior period tax positions − − Reductions to prior period tax provisions − − Balance at December 31, $ 8,230 $ 7,210 The Company’s ability to utilize the net operating loss and tax credit carryforwards in the future may 382 1986, Significant components of the Company’s deferred tax assets and liabilities are as follows: 20 20 201 9 Deferred tax assets: Net federal and state operating losses $ 159,939 $ 155,190 Research and development credits 66,331 63,275 Royalty income 28,034 - Stock-based compensation 10,732 9,786 Leasing obligations 1,135 1,070 Other 5,563 3,801 Total deferred tax assets 271,734 233,122 Deferred tax liabilities: Fixed assets (124 ) (114 ) Right of use asset (854 ) (803 ) Total deferred tax liabilities (978 ) (917 ) Valuation allowance (270,756 ) (232,205 ) Net deferred tax assets $ − $ − The majority of the Company’s deferred tax assets relate to net operating loss and research and development carryforwards that can only be realized if the Company is profitable in future periods. It is uncertain whether the Company will realize any tax benefit related to these carryforwards. Accordingly, the Company has provided a full valuation allowance against the net deferred tax assets due to uncertainties as to their ultimate realization. The valuation allowance will remain at the full amount of the deferred tax assets until it is more likely than not 2020, 2019, 2018, As of December 31, 2020, 2021 2040. 2020. Tax years 2017 2020 2017 2020, 2019 2018. |
Note 10 - Employee 401(k) Plan
Note 10 - Employee 401(k) Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 10 — Employee 401 In January 1991, “401 401 may 401 may 2020, 2019, 2018, |
Note 11 - Collaborative and Oth
Note 11 - Collaborative and Other Research and Development Contracts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 11 — Collaborative and Other Research and Development Contracts National Institute of Allergy and Infectious Diseases (“NIAID/HHS”) September 2013, December 31, 2020, $2,897 August 2020 August 2020, . Biomedical Advanced Research and Development Authority (“BARDA/HHS”) March 2015, December 31, 2020, 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 2018, 50,000 five 10,000 September 2019, 10,000 20,000 2019. September 3, 2020, 10,000 2021. No 2020 10,000 . Torii Pharmaceutical Co., Ltd. (“Torii”) November 5, 2019, Under the Torii Agreement, the Company received an upfront, non-refundable payment of $22,000 and is eligible to receive an additional milestone payment of $15,000 upon receipt from Japan’s National Health Insurance System of a reimbursement price approval for ORLADEYO in excess of the threshold specified in the Torii Agreement. In addition, under the Torii Agreement, the Company is entitled to receive tiered royalty payments, ranging from 20% to 40% of annual net sales of ORLADEYO in Japan during each calendar year. Torii’s royalty payment obligations are subject to customary reductions in certain circumstances, but may not first tenth first 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 ORLADEYO, (ii) regulatory approval support and (iii) reimbursement pricing approval support. These were each determined to be distinct from the other performance obligations. The Company allocated the $22,000 606. 2019 2020 two $22,000 2020 Seqirus UK Limited (“SUL”). June 16, 2015, On March 4, 2020, August 1, 2020 November 1, 2020, 30 December 31, 2020. Shionogi & Co., Ltd. (“Shionogi”). February 2007, October 2008, In December 2017, no Green Cross Corporation (“Green Cross”). June 2006, one Mundipharma International Holdings Limited (“Mundipharma”). February 2006, Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. (“AECOM” and “IRL” respectively). June 2000, third The University of Alabama at Birmingham (“UAB”). third two five three no |
Note 12 - Quarterly Financial I
Note 12 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 12 — Quarterly Financial Information (Unaudited) First Second Third Fourth 20 20 Quarters Revenues $ 4,823 $ 2,871 $ 6,102 $ 4,016 Net Loss (37,599 ) (38,607 ) (46,115 ) (60,493 ) Basic and diluted net loss per share (0.24 ) (0.24 ) (0.26 ) (0.34 ) 2019 Quarters Revenues $ 5,887 $ 1,448 $ 1,775 $ 39,725 Net Loss (31,054 ) (37,629 ) (37,592 ) (2,622 ) Basic and diluted net loss per share (0.28 ) (0.34 ) (0.34 ) (0.02 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Company [Policy Text Block] | The Company BioCryst Pharmaceuticals, Inc. (the “Company”) is a commercial-stage biotechnology company that discovers novel, oral, small-molecule medicines. The Company focuses on the treatment of rare diseases in which significant unmet medical needs exist and an enzyme plays the key role in the biological pathway of the disease. The Company was founded in 1986 1991, Based on the Company’s expectations for revenue, operating expenses, and its option to access an additional $75 million from its existing credit facility, the Company believes its financial resources available at December 31, 2020 2023. 2021 2021 may 1 2 3 4 5 one 6 may |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances among the consolidated entities have been eliminated from the consolidated financial statements. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Such consolidated financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows. There were no |
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 December 31, 2020 2019 3 |
Investment, Policy [Policy Text Block] | Investments The Company invests in high credit quality investments in accordance with its investment policy, which is designed to minimize the possibility of loss. The objective of the Company’s investment policy is to ensure the safety and preservation of invested funds, as well as maintaining liquidity sufficient to meet cash flow requirements. The Company places its excess cash with high credit quality financial institutions, commercial companies, and government agencies in order to limit the amount of its credit exposure. In accordance with its policy, the Company is able to invest in marketable debt securities that may three no may may not not not The Company classifies all of its investments as available-for-sale. Unrealized gains and losses on investments are recognized in comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not three December 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 December 31, 2020 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of U.S. Government and its agencies $ 24,986 $ 14 $ 3 $ (3 ) $ 25,000 Certificates of deposit 3,225 11 3 − 3,239 Total Investments $ 28,211 $ 25 $ 6 $ (3 ) $ 28,239 December 31, 2019 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value 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 The Company’s investments at December 31, 2020 2019 one |
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 December 31, 2020 2019 . At December 31, 2020 December 31, 2019, December 31, 20 20 Billed Unbilled Total U.S. Department of Health and Human Services $ − $ 5,402 $ 5,402 Shionogi & Co. Ltd. 2,037 4 2,041 Green Cross Corporation 740 21 761 Mundipharma International Holdings Limited 39 − 39 Total receivables $ 2,816 $ 5,427 $ 8,243 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 December 31, 2020, December 31, 2019. December 31, 2020 . |
Inventory, Policy [Policy Text Block] | Inventory At December 31, 2020 2019, December 31, 2020, December 31, 2019, first first December 31, 2020 2019, The Company expenses costs related to the production of inventories as research and development expenses in the period incurred until such time it is believed that future economic benefit is expected to be recognized, which generally is reliant upon receipt of regulatory approval. Upon regulatory approval, the Company capitalizes subsequent costs related to the production of inventories. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over a life of three five seven In accordance with U.S. GAAP, the Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not not |
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 selling, 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 and other services in the ordinary course of business. Some of these contracts are subject to milestone-based invoicing and services are completed over an extended period of time. The Company records liabilities under these contractual commitments when it determines an obligation has been incurred, regardless of the timing of the invoice. This process involves reviewing open contracts and purchase orders, communicating with applicable Company personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has 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, drug products, and product candidates; 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 December 31, 2020 December 31, 2019, Accrued expenses were comprised of the following: December 31, 20 20 201 9 Compensation and benefits $ 11,030 $ 6,190 Development costs 15,150 11,302 Inventory 2,453 29 Professional fees 333 326 Duties and taxes 80 67 Other 4,896 3,451 Total accrued expenses $ 33,942 $ 21,365 |
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. For the year ended December 31, 2020, 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. In December 2020, The Company recorded the following revenues for the years ended December 31: 2020 2019 2018 Product sales, net $ 3,301 $ 17,533 $ − Royalty revenue 3,381 6,303 6,101 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 9,231 4,898 2,552 Torii Pharmaceutical Co., Ltd. 1,899 20,101 − Seqirus UK Limited − − 12,000 Total collaborative and other research and development revenues 11,130 24,999 14,552 Total revenues $ 17,812 $ 48,835 $ 20,653 Advertising The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed in “Selling, general and administrative” as the costs are incurred. Advertising expenses related to the launch of ORLADEYO were $6,567 for year ended December 31, 2020. not 2019 2018. |
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 Royalty Financing Obligation [Policy Text Block] | Interest Expense and Royalty Financing Obligation The royalty financing obligation is eligible to be repaid based on royalties from net sales of ORLADEYO. Interest expense is accrued using the effective interest rate method over the estimated period the related liability will be paid. This requires the Company to estimate the total amount of future royalty payments to be generated from product sales over the life of the agreement. The Company imputes interest on the carrying value of the royalty financing obligation and records interest expense using an imputed effective interest rate. The Company will reassess the expected royalty payments each reporting period and account for any changes through an adjustment to the effective interest rate on a prospective basis. The assumptions used in determining the expected repayment term of the debt and amortization period of the issuance costs requires that the Company make estimates that could impact the carrying value of the liability, as well as the period over which associated issuance costs will be amortized. A significant increase or decrease in forecasted net sales could materially impact the liability balance, interest expense and the time period for repayment. |
Interest Expense and Deferred Financing Costs [Policy Text Block] | Interest Expense and Deferred Financing Costs Interest expense for the years ended December 31, 2020, 2019 2018 3 4 December 2020, 3 4 December 31, 2020, 2019 2018, December 2020, |
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 final tranche of the options under the Currency Hedge Agreement expired in November 2020. not December 31, 2020, 2019 2018 third not 2 2020, 2019 2018, |
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, outstanding 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 years ended December 31, 2020, 2019, 2018 not |
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 and on single source distributors for distribution of approved drug products. 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 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 Credit Losses on Financial Instruments 2016 13” . 2016 13 2016 13 2016 13 2016 13 December 15, 2019. 2016 02 January 1, 2020. 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 not The Company has reviewed other new accounting pronouncements that were issued as of December 31, 2020 not |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies and Concentrations of Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | December 31, 2020 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Obligations of U.S. Government and its agencies $ 24,986 $ 14 $ 3 $ (3 ) $ 25,000 Certificates of deposit 3,225 11 3 − 3,239 Total Investments $ 28,211 $ 25 $ 6 $ (3 ) $ 28,239 December 31, 2019 Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value 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] | December 31, 20 20 Billed Unbilled Total U.S. Department of Health and Human Services $ − $ 5,402 $ 5,402 Shionogi & Co. Ltd. 2,037 4 2,041 Green Cross Corporation 740 21 761 Mundipharma International Holdings Limited 39 − 39 Total receivables $ 2,816 $ 5,427 $ 8,243 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 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 20 20 201 9 Compensation and benefits $ 11,030 $ 6,190 Development costs 15,150 11,302 Inventory 2,453 29 Professional fees 333 326 Duties and taxes 80 67 Other 4,896 3,451 Total accrued expenses $ 33,942 $ 21,365 |
Disaggregation of Revenue [Table Text Block] | 2020 2019 2018 Product sales, net $ 3,301 $ 17,533 $ − Royalty revenue 3,381 6,303 6,101 Collaborative and other research and development revenues: U.S. Department of Health and Human Services 9,231 4,898 2,552 Torii Pharmaceutical Co., Ltd. 1,899 20,101 − Seqirus UK Limited − − 12,000 Total collaborative and other research and development revenues 11,130 24,999 14,552 Total revenues $ 17,812 $ 48,835 $ 20,653 |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 20 20 201 9 Furniture and fixtures $ 722 $ 602 Office equipment 211 184 Software 1,159 1,159 Laboratory equipment 3,774 3,462 Leasehold improvements 8,583 8,528 14,449 13,935 Less accumulated depreciation and amortization (7,336 ) (6,588 ) Property and equipment, net $ 7,113 $ 7,347 |
Note 6 - Lease Obligations an_2
Note 6 - Lease Obligations and Other Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Lease, Liability, Maturity [Table Text Block] | Remaining Maturities of Lease Liabilities Year Ending December 31, Operating Leases 2021 $ 1,302 2022 758 2023 619 2024 577 2025 582 Thereafter 7,327 Total lease payments 11,165 Less imputed interest 6,115 Total $ 5,050 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 20 20 201 9 201 8 Research and development $ 10,222 $ 13,977 $ 6,867 Selling, general and administrative 4,572 3,742 2,529 Total stock-based compensation expense $ 14,794 $ 17,719 $ 9,396 |
Share-based Payment Arrangement, Activity [Table Text Block] | Weighted Average Awards Options Exercise Available Outstanding Price Balance at December 31, 2017 468 14,452 $ 6.06 Plan amendment 4,400 − − Restricted stock awards granted (13 ) − − Stock option awards granted (4,272 ) 4,272 7.15 Stock option awards exercised − (1,011 ) 2.92 Stock option awards cancelled 222 (222 ) 7.44 Balance at December 31, 2018 805 17,491 6.49 Plan amendment 4,000 − − Restricted stock awards granted (27 ) − − Stock option awards granted (4,511 ) 4,511 3.91 Stock option awards exercised − (251 ) 3.75 Stock option awards cancelled 701 (701 ) 6.82 Balance at December 31, 2019 968 21,050 5.96 Plan amendment 8,000 − − Restricted stock awards granted (31 ) − − Stock option awards granted (7,469 ) 7,469 8.06 Stock option awards exercised − (510 ) 3.56 Stock option awards cancelled 3,124 (3,124 ) 6.93 Balance at December 31, 2020 4,592 24,885 $ 6.52 Weighted Average Awards Options Exercise Available Outstanding Price Balance at December 31, 2019 171 1,329 $ 3.60 Plan amendment 2,900 − − Stock option awards granted (3,002 ) 3,002 4.02 Stock option awards cancelled 160 (160 ) 4.15 Balance at December 31, 2020 229 4,171 $ 3.88 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 20 20 201 9 201 8 Expected Life 5.5 5.5 5.5 Expected Volatility 84 % 81 % 82 % Expected Dividend Yield 0.0 % 0.0 % 0.0 % Risk-Free Interest Rate 0.4 % 1.8 % 2.7 % |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Outstanding Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range Number Life Price Number Price $ 0 to 3 2,514 6.1 $ 2.19 1,414 $ 1.25 3 to 6 12,689 7.0 4.22 6,854 2.48 6 to 9 10,852 9.2 7.88 2,005 4.89 9 to 12 2,347 4.5 10.85 2,129 4.51 12 to 15 559 4.1 12.30 539 6.43 15 to 18 95 4.5 15.39 95 10.57 $ 0 to 18 29,056 7.5 $ 6.14 13,036 $ 3.27 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Non-Vested Stock Option Awards Weighted Average Grant-Date Fair Value Balance December 31, 2019 11,688 $ 3.77 Stock option awards granted 10,471 4.69 Stock option awards vested (4,543 ) 4.12 Stock option awards forfeited (1,596 ) 3.96 Balance December 31, 2020 16,020 $ 4.25 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2020 Domestic $ (176,613 ) Foreign (6,201 ) Loss before provision for income taxes $ (182,814 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 20 20 201 9 201 8 Income tax benefit at federal statutory rate ( 21% $ (38,391 ) $ (22,868 ) $ (21,263 ) State and local income taxes net of federal tax benefit (2,544 ) (1,591 ) (2,547 ) Permanent items 774 691 503 Rate change (82 ) 625 (29 ) Expiration of attribute carryforwards 3,774 3,976 2,183 Research and development tax credits (4,080 ) (4,938 ) (4,905 ) Foreign rate differential 542 - - Other 1,456 281 18 Change in valuation allowance 38,551 23,824 26,040 Income tax expense $ - $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 20 20 201 9 Balance at January 1, $ 7,210 $ 5,976 Additions to current period tax positions 1,020 1,234 Additions to prior period tax positions − − Reductions to prior period tax provisions − − Balance at December 31, $ 8,230 $ 7,210 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 20 20 201 9 Deferred tax assets: Net federal and state operating losses $ 159,939 $ 155,190 Research and development credits 66,331 63,275 Royalty income 28,034 - Stock-based compensation 10,732 9,786 Leasing obligations 1,135 1,070 Other 5,563 3,801 Total deferred tax assets 271,734 233,122 Deferred tax liabilities: Fixed assets (124 ) (114 ) Right of use asset (854 ) (803 ) Total deferred tax liabilities (978 ) (917 ) Valuation allowance (270,756 ) (232,205 ) Net deferred tax assets $ − $ − |
Note 12 - Quarterly Financial_2
Note 12 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth 20 20 Quarters Revenues $ 4,823 $ 2,871 $ 6,102 $ 4,016 Net Loss (37,599 ) (38,607 ) (46,115 ) (60,493 ) Basic and diluted net loss per share (0.24 ) (0.24 ) (0.26 ) (0.34 ) 2019 Quarters Revenues $ 5,887 $ 1,448 $ 1,775 $ 39,725 Net Loss (31,054 ) (37,629 ) (37,592 ) (2,622 ) Basic and diluted net loss per share (0.28 ) (0.34 ) (0.34 ) (0.02 ) |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies and Concentrations of Risk (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Cash and Cash Equivalents, Current, Total | $ 2,221,000 | $ 2,221,000 | $ 1,551,000 | |
Inventory, Raw Materials, Gross, Total | 206,000 | 206,000 | ||
Inventory, Work in Process, Gross | 2,555,000 | 2,555,000 | ||
Inventory, Finished Goods, Gross, Total | 4,548,000 | 4,548,000 | 276,000 | |
Inventory Valuation Reserves, Ending Balance | 270,000 | 270,000 | 276,000 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,000 | 0 | ||
Advertising Expense | 6,567 | 0 | $ 0 | |
Interest Expense, Debt, Total | 14,501,000 | 11,892,000 | 9,176,000 | |
Amortization of Debt Financing Costs and Original Issue Discounts | $ 1,217,000 | $ 1,278,000 | $ 885,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 14,957 | 2,805 | 2,274 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative, Loss on Derivative | $ 632,000 | $ 347,000 | $ 1,049,000 | |
Derivative, Gain on Derivative | $ 662,000 | 863,000 | $ 941,000 | |
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 | |||
Collaboration Receivables [Member] | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | $ 0 | 0 | |
Trade Accounts Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | ||
Accounts Receivable, after Allowance for Credit Loss, Total | 0 | |||
Trade Accounts Receivable [Member] | RAPIVAB [Member] | ||||
Accounts Receivable, after Allowance for Credit Loss, Total | 254,000 | 254,000 | ||
Trade Accounts Receivable [Member] | ORLADEYO [Member] | ||||
Accounts Receivable, after Allowance for Credit Loss, Total | 149,000 | $ 149,000 | ||
Maximum [Member] | ||||
Maturity Period of High Quality Marketable Securities (Year) | 3 years | |||
Average Maturity Period of High Quality Marketable Securities (Month) | 18 months | |||
Maturity Period of Short Term Investment (Month) | 12 months | |||
Average Maturity for Portfolio Investments (Month) | 18 months | |||
Minimum [Member] | ||||
Long-term Investment Maturity, Minimum (Month) | 12 months | |||
Royalty Receivable [Member] | ||||
Restricted Cash and Cash Equivalents, Current, Total | 796,000 | $ 796,000 | 134,000 | |
Collateral for Credit [Member] | ||||
Restricted Cash and Cash Equivalents, Current, Total | 1,425,000 | 1,425,000 | $ 1,417,000 | |
Senior Credit Facility [Member] | MidCap Financial Services, LLC [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 75,000,000 | 75,000,000 | ||
Write off of Deferred Debt Issuance Cost | $ 1,211,000 | $ 1,211,000 |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies and Concentrations of Risk - Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | $ 28,211 | $ 21,899 |
Accrued Interest | 25 | 116 |
Estimated Fair Value | 28,239 | 22,054 |
Gross Unrealized Gains | 6 | 40 |
Gross Unrealized Losses | (1) | |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 24,986 | 10,488 |
Accrued Interest | 14 | 50 |
Estimated Fair Value | 25,000 | 10,561 |
Gross Unrealized Gains | 23 | |
Certificates of Deposit [Member] | ||
Amortized Cost | 3,225 | 1,669 |
Accrued Interest | 11 | 7 |
Estimated Fair Value | 3,239 | 1,683 |
Gross Unrealized Gains | $ 3 | 7 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 9,742 | |
Accrued Interest | 59 | |
Estimated Fair Value | 9,810 | |
Gross Unrealized Gains | 10 | |
Gross Unrealized Losses | $ (1) |
Note 1 - Significant Accounti_5
Note 1 - Significant Accounting Policies and Concentrations of Risk - Summary of Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables | $ 8,243 | $ 22,146 |
Billed Revenues [Member] | ||
Receivables | 2,816 | 6,760 |
Unbilled Revenues [Member] | ||
Receivables | 5,427 | 15,386 |
US Department of Health and Human Services [Member] | ||
Receivables | 5,402 | 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 | 5,402 | 15,023 |
Shionogi and Co. Ltd [Member] | ||
Receivables | 2,041 | 1,340 |
Shionogi and Co. Ltd [Member] | Billed Revenues [Member] | ||
Receivables | 2,037 | 1,336 |
Shionogi and Co. Ltd [Member] | Unbilled Revenues [Member] | ||
Receivables | 4 | 4 |
Green Cross Corporation [Member] | ||
Receivables | 761 | 2,932 |
Green Cross Corporation [Member] | Billed Revenues [Member] | ||
Receivables | 740 | 2,924 |
Green Cross Corporation [Member] | Unbilled Revenues [Member] | ||
Receivables | 21 | 8 |
Mundipharma International Holdings Limited [Member] | ||
Receivables | 39 | 56 |
Mundipharma International Holdings Limited [Member] | Billed Revenues [Member] | ||
Receivables | $ 39 | 56 |
Seqirus UK Limited [Member] | ||
Receivables | 1,442 | |
Seqirus UK Limited [Member] | Billed Revenues [Member] | ||
Receivables | 1,091 | |
Seqirus UK Limited [Member] | Unbilled Revenues [Member] | ||
Receivables | $ 351 |
Note 1 - Significant Accounti_6
Note 1 - Significant Accounting Policies and Concentrations of Risk - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Compensation and benefits | $ 11,030 | $ 6,190 |
Development costs | 15,150 | 11,302 |
Inventory | 2,453 | 29 |
Professional fees | 333 | 326 |
Duties and taxes | 80 | 67 |
Other | 4,896 | 3,451 |
Total accrued expenses | $ 33,942 | $ 21,365 |
Note 1 - Significant Accounti_7
Note 1 - Significant Accounting Policies and Concentrations of Risk - Summary of Revenues (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 4,016,000 | $ 6,102,000 | $ 2,871,000 | $ 4,823,000 | $ 39,725,000 | $ 1,775,000 | $ 1,448,000 | $ 5,887,000 | $ 17,812,000 | $ 48,835,000 | $ 20,653,000 |
Torii Pharmaceutical Co. [Member] | |||||||||||
Revenues | 20,101,000 | ||||||||||
Product [Member] | |||||||||||
Revenues | 3,301,000 | 17,533,000 | |||||||||
Royalty [Member] | |||||||||||
Revenues | 3,381,000 | 6,303,000 | 6,101,000 | ||||||||
Collaborative and Other Research and Development [Member] | |||||||||||
Revenues | 11,130,000 | 24,999,000 | 14,552,000 | ||||||||
Collaborative and Other Research and Development [Member] | US Department of Health and Human Services [Member] | |||||||||||
Revenues | 9,231,000 | 4,898,000 | 2,552,000 | ||||||||
Collaborative and Other Research and Development [Member] | Torii Pharmaceutical Co. [Member] | |||||||||||
Revenues | $ 1,899,000 | $ 20,101,000 | |||||||||
Collaborative and Other Research and Development [Member] | Seqirus UK Limited [Member] | |||||||||||
Revenues | $ 12,000 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization, Total | $ 748 | $ 724 | $ 770 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property and equipment | $ 14,449 | $ 13,935 |
Less accumulated depreciation and amortization | (7,336) | (6,588) |
Property and equipment, net | 7,113 | 7,347 |
Furniture and Fixtures [Member] | ||
Property and equipment | 722 | 602 |
Office Equipment [Member] | ||
Property and equipment | 211 | 184 |
Software Development [Member] | ||
Property and equipment | 1,159 | 1,159 |
Laboratory Equipment [Member] | ||
Property and equipment | 3,774 | 3,462 |
Leasehold Improvements [Member] | ||
Property and equipment | $ 8,583 | $ 8,528 |
Note 3 - Royalty Monetizations
Note 3 - Royalty Monetizations (Details Textual) $ in Thousands | Dec. 07, 2020USD ($) | Mar. 09, 2011USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 01, 2020USD ($) | Nov. 30, 2020¥ / $ |
Proceeds from Issuance of Secured Debt | $ 119,867 | ||||||
Future Royalties Payable | 124,717 | $ 0 | |||||
RPI 2019 Intermediate Finance Trust [Member] | |||||||
Future Royalties Payable | 125,000 | ||||||
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | |||||||
Royalty Purchase Agreement, Royalties, Percentage of Sublicense Revenue in Other Markets | 20.00% | ||||||
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Under $350,000 [Member] | |||||||
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories | 8.75% | ||||||
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Between $350,000 and $550,000 [Member] | |||||||
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories | 2.75% | ||||||
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Over $550,000 [Member] | |||||||
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Key Territories | 0.00% | ||||||
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Under $150,000 [Member] | |||||||
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Other Markets | 20.00% | ||||||
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Between $150,000 and $230,000 [Member] | |||||||
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Other Markets | 10.00% | ||||||
RPI 2019 Intermediate Finance Trust [Member] | ORLADEYO [Member] | Annual Net Sales Over $230,000 [Member] | |||||||
Royalty Purchase Agreement, Royalties, Percentage of Annual Net Sales in Other Markets | 0.00% | ||||||
RPI 2019 Intermediate Finance Trust [Member] | BCX9930 [Member] | |||||||
Royalty Purchase Agreement, Royalties, Percentage of Global Annual Net Sales | 1.00% | ||||||
RPI 2019 Intermediate Finance Trust [Member] | Future Royalties Payable [Member] | |||||||
Interest Payable | 2,108 | ||||||
Proceeds from Issuance of Debt | $ 125,000 | ||||||
Debt Issuance Costs, Net, Total | $ 2,370 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 24.00% | ||||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivative, Loss on Derivative | $ 632 | 347 | $ 1,049 | ||||
Derivative, Gain on Derivative | $ 662 | $ 863 | $ 941 | ||||
PhaRMA Notes Member] | Currency Hedge Agreement [Member] | |||||||
Derivative, Forward Exchange Rate (in JPY per USD) | ¥ / $ | 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% | ||||||
Secured Debt, Total | $ 30,000 | ||||||
Interest Payable | $ 20,614 | ||||||
Percentage of Carrying Amount in Excess of Fair Value | 3.00% | ||||||
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 4 - Credit Agreement (Deta
Note 4 - Credit Agreement (Details Textual) - USD ($) $ in Thousands | Dec. 07, 2020 | Feb. 05, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Repayments of Lines of Credit | $ 52,420 | $ 4,025 | |||
Interest Expense, Debt, Total | 14,501 | $ 11,892 | 9,176 | ||
Amortization of Debt Issuance Costs | 2,428 | $ 1,278 | $ 885 | ||
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | |||||
Debt Instrument, Face Amount | $ 100,000 | ||||
Repayments of Lines of Credit | $ 43,298 | ||||
MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 8.00% | ||||
Credit Agreement [Member] | Athyrium [Member] | |||||
Debt Instrument, Face Amount | $ 200,000 | ||||
Debt Instrument, LIBOR Floor | 1.75% | ||||
Debt Instrument, LIBOR Cap | 3.50% | ||||
Debt Instrument, Exit Fee, Percentage of Principal | 2.00% | ||||
Debt Instrument, Commitment Fee Percentage | 1.00% | ||||
Long-term Debt, Total | $ 125,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 12.17% | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total | $ 7,764 | ||||
Credit Agreement [Member] | Athyrium [Member] | Prior to the Second Anniversary [Member] | |||||
Debt Instrument, Prepayment Fee, Percentage of Principal Voluntary Payments | 102.00% | ||||
Debt Instrument, Prepayment Fee, Percentage of Accrued Interest | 0.50% | ||||
Credit Agreement [Member] | Athyrium [Member] | Between the Second and Third Anniversaries [Member] | |||||
Debt Instrument, Prepayment Fee, Percentage of Principal Voluntary Payments | 2.00% | ||||
Credit Agreement [Member] | Athyrium [Member] | Between the Third and Fourth Anniversaries [Member] | |||||
Debt Instrument, Prepayment Fee, Percentage of Principal Voluntary Payments | 1.00% | ||||
Credit Agreement [Member] | Athyrium [Member] | After Fourth Anniversary [Member] | |||||
Debt Instrument, Prepayment Fee, Percentage of Principal Voluntary Payments | 0.00% | ||||
Credit Agreement [Member] | Athyrium [Member] | Term Loan A Drawn [Member] | |||||
Debt Instrument, Covenant, Minimum Unrestricted Cash and Cash Equivalents | $ 15,000 | ||||
Credit Agreement [Member] | Athyrium [Member] | Term Loan A and B Drawn [Member] | |||||
Debt Instrument, Covenant, Minimum Unrestricted Cash and Cash Equivalents | 20,000 | ||||
Credit Agreement [Member] | Athyrium [Member] | Term Loans A, B and C Drawn [Member] | |||||
Debt Instrument, Covenant, Minimum Unrestricted Cash and Cash Equivalents | 15,000 | ||||
Credit Agreement [Member] | Athyrium [Member] | Term Loans A, B and C Drawn and Cure Right Exercised [Member] | |||||
Debt Instrument, Covenant, Minimum Unrestricted Cash and Cash Equivalents | $ 20,000 | ||||
Credit Agreement [Member] | Athyrium [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 8.25% | ||||
Credit Agreement [Member] | Athyrium [Member] | London Interbank Offered Rate (LIBOR) [Member] | PIK Interest Payment is Made [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 10.25% | ||||
Credit Agreement [Member] | Athyrium [Member] | Term A Loan [Member] | |||||
Proceeds from Issuance of Long-term Debt, Total | $ 125,000 | ||||
Interest Expense, Debt, Total | 925 | ||||
Amortization of Debt Issuance Costs | $ 131 | ||||
Credit Agreement [Member] | Athyrium [Member] | Term B Loan [Member] | |||||
Debt Instrument, Face Amount | 25,000 | ||||
Credit Agreement [Member] | Athyrium [Member] | Term C Loan [Member] | |||||
Debt Instrument, Face Amount | $ 50,000 |
Note 5 - Senior Credit Facili_2
Note 5 - Senior Credit Facility (Details Textual) - MidCap Financial Services, LLC [Member] - Senior Credit Facility [Member] - USD ($) $ in Thousands | Feb. 05, 2019 | Dec. 31, 2020 | Dec. 31, 2020 |
Debt Instrument, Face Amount | $ 100,000 | ||
Debt Instrument, Minimum LIBOR | 0.50% | ||
Debt Instrument, Term (Month) | 30 months | ||
Extinguishment of Debt, Amount | $ 40,000 | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | 3,298 | ||
Write off of Deferred Debt Issuance Cost | $ 1,211 | $ 1,211 | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 8.00% | ||
Secured Credit Facility, First Tranche [Member] | |||
Debt Instrument, Face Amount | $ 50,000 | ||
Repayments of Long-term Debt, Total | 30,000 | ||
Secured Credit Facility, Second Tranche [Member] | |||
Debt Instrument, Face Amount | 30,000 | ||
Secured Credit Facility, Third Tranche [Member] | |||
Debt Instrument, Face Amount | $ 20,000 |
Note 6 - Lease Obligations an_3
Note 6 - Lease Obligations and Other Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (1,023,442) | $ (840,628) | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 13 years 1 month 6 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 12.70% | ||
Operating Lease, Expense | $ 1,754 | 1,464 | |
Operating Lease, Payments | 1,696 | 1,457 | |
Operating Lease, Right-of-Use Asset, Accumulated Amortization | 2,641 | 1,386 | |
Accrued Liabilities, Current [Member] | |||
Operating Lease, Liability, Current | 1,179 | 1,377 | |
Other Noncurrent Liabilities [Member] | |||
Operating Lease, Liability, Noncurrent | 3,871 | 3,406 | |
Other Noncurrent Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 3,802 | $ 3,590 | |
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
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] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 238 |
Note 6 - Lease Obligations an_4
Note 6 - Lease Obligations and Other Contingencies - Remaining Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 1,302 |
2022 | 758 |
2023 | 619 |
2024 | 577 |
2025 | 582 |
Thereafter | 7,327 |
Total lease payments | 11,165 |
Less imputed interest | 6,115 |
Accrued Liabilities, Current and Other Noncurrent Liabilities [Member] | |
Total | $ 5,050 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2020 | Nov. 21, 2019 | Nov. 18, 2019 | Aug. 06, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 24, 2020 | Nov. 08, 2017 |
Maximum Aggregate Offering Price | $ 500,000 | $ 200,000 | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 22,044 | 43,621,000 | 10,455,000 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 4.50 | $ 1.69 | $ 1.45 | $ 5.50 | |||||
Proceeds from Issuance of Common Stock | $ 58,500 | $ 53,400 | $ 93,279 | $ 58,500 | $ 53,400 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 11,765,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | ||||||||
Proceeds from Issuance of Warrants | $ 19,882 | $ 14,817 | $ 19,882 | ||||||
Proceeds from Issuance or Sale of Equity, Total | $ 108,096,000 | ||||||||
Warrants Issued in Public Offering [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,511 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | ||||||||
Class of Warrant or Right, Warrants Issued, Price Per Warrant (in dollars per share) | $ 4.49 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Expense | $ 14,794,000 | $ 17,719,000 | $ 9,396,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 10,471 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 4.69 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 56,094,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Next Year | 17,758,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two | 16,281,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three | 12,484,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four | 9,571,000 | ||||||
Incentive Plan [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 12,938,000 | $ 17,164,000 | $ 9,223,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.48 | $ 2.63 | $ 4.92 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,562,000 | $ 1,127,000 | $ 4,504,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 968 | 4,592 | 968 | 805 | 468 | ||
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] | August 2013 [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 1,768,000 | ||||||
Incentive Plan [Member] | Performance Shares [Member] | December 2019 [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 684,000 | ||||||
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 | 100.00% | ||||||
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% | ||||||
Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | December 2019 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||
Inducement Plan [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 1,494,000 | $ 323,000 | |||||
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, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 3 months 18 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.73 | $ 2.41 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 29,716,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 171 | 229 | 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 | $ 362,000 | $ 232,000 | $ 173,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,475 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,873 | ||||||
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 | $ 25,000 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 246 | 115 | 92 | ||||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share) | $ 2.56 | $ 3.51 | $ 3.83 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.47 | $ 2.01 | $ 1.89 | ||||
Incentive Plan and Inducement Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 18,739 | $ 12,499,000 | $ 8,952,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 26,487 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 6.13 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term (Year) | 7 years 4 months 24 days |
Note 8 - Stock-Based Compensa_4
Note 8 - Stock-Based Compensation - Stock-based Compensation Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expense | $ 14,794 | $ 17,719 | $ 9,396 |
Research and Development Expense [Member] | |||
Share-based Payment Arrangement, Expense | 10,222 | 13,977 | 6,867 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Payment Arrangement, Expense | $ 4,572 | $ 3,742 | $ 2,529 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Stock Plan Activities (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Incentive Plan [Member] | |||
Awards available, beginning balance (in shares) | 968 | 805 | 468 |
Options outstanding, beginning balance (in shares) | 21,050 | 17,491 | 14,452 |
Weighted average exercise price, beginning balance (in dollars per share) | $ 6.06 | ||
Awards available, plan amendment (in shares) | 8,000 | 4,000 | 4,400 |
Awards available, Restricted stock awards granted (in shares) | (31) | (27) | (13) |
Awards available, stock option awards granted (in shares) | (7,469) | (4,511) | (4,272) |
Options outstanding, stock option awards granted (in shares) | 7,469 | 4,511 | 4,272 |
Weighted average exercise price, stock option awards granted (in dollars per share) | $ 8.06 | $ 3.91 | $ 7.15 |
Options outstanding, stock option awards exercised (in shares) | (510) | (251) | (1,011) |
Weighted average exercise price, stock option awards exercised (in dollars per share) | $ 3.56 | $ 3.75 | $ 2.92 |
Awards available, stock option awards cancelled (in shares) | 3,124 | 701 | 222 |
Options outstanding, stock option awards cancelled (in shares) | (3,124) | (701) | (222) |
Weighted average exercise price, stock option awards cancelled (in dollars per share) | $ 6.93 | $ 6.82 | $ 7.44 |
Awards available, ending balance (in shares) | 4,592 | 968 | 805 |
Options outstanding, ending balance (in shares) | 24,885 | 21,050 | 17,491 |
Weighted average exercise price, ending balance (in dollars per share) | $ 6.52 | $ 5.96 | $ 6.49 |
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) | $ 3.60 | ||
Awards available, plan amendment (in shares) | 2,900 | ||
Awards available, stock option awards granted (in shares) | (3,002) | ||
Options outstanding, stock option awards granted (in shares) | 3,002 | ||
Weighted average exercise price, stock option awards granted (in dollars per share) | $ 4.02 | ||
Awards available, stock option awards cancelled (in shares) | 160 | ||
Options outstanding, stock option awards cancelled (in shares) | (160) | ||
Weighted average exercise price, stock option awards cancelled (in dollars per share) | $ 4.15 | ||
Awards available, ending balance (in shares) | 229 | 171 | |
Options outstanding, ending balance (in shares) | 4,171 | 1,329 | |
Weighted average exercise price, ending balance (in dollars per share) | $ 3.88 | $ 3.60 |
Note 8 - Stock-based Compensa_6
Note 8 - 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] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expected Life (Year) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Expected Volatility | 84.00% | 81.00% | 82.00% |
Expected Dividend Yield | 0.00% | 0.00% | 0.00% |
Risk-Free Interest Rate | 0.40% | 1.80% | 2.70% |
Note 8 - Stock-based Compensa_7
Note 8 - Stock-based Compensation - Number of Stock Option Awards Exercisable and their Weighted Average Exercise Price (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Upper Exercise Price Range (in dollars per share) | $ 18 |
Outstanding Number (in shares) | shares | 29,056 |
Outstanding Weighted Average Remaining Life (Year) | 7 years 6 months |
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 6.14 |
Exercisable Number (in shares) | shares | 13,036 |
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 3.27 |
Exercise Price Range 01 [Member] | |
Upper Exercise Price Range (in dollars per share) | $ 3 |
Outstanding Number (in shares) | shares | 2,514 |
Outstanding Weighted Average Remaining Life (Year) | 6 years 1 month 6 days |
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 2.19 |
Exercisable Number (in shares) | shares | 1,414 |
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 1.25 |
Exercise Price Range 02 [Member] | |
Upper Exercise Price Range (in dollars per share) | $ 6 |
Outstanding Number (in shares) | shares | 12,689 |
Outstanding Weighted Average Remaining Life (Year) | 7 years |
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 4.22 |
Exercisable Number (in shares) | shares | 6,854 |
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 2.48 |
Exercise Price Range 03 [Member] | |
Upper Exercise Price Range (in dollars per share) | $ 9 |
Outstanding Number (in shares) | shares | 10,852 |
Outstanding Weighted Average Remaining Life (Year) | 9 years 2 months 12 days |
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 7.88 |
Exercisable Number (in shares) | shares | 2,005 |
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 4.89 |
Exercise Price Range 04 [Member] | |
Upper Exercise Price Range (in dollars per share) | $ 12 |
Outstanding Number (in shares) | shares | 2,347 |
Outstanding Weighted Average Remaining Life (Year) | 4 years 6 months |
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 10.85 |
Exercisable Number (in shares) | shares | 2,129 |
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 4.51 |
Exercise Price Range 05 [Member] | |
Upper Exercise Price Range (in dollars per share) | $ 15 |
Outstanding Number (in shares) | shares | 559 |
Outstanding Weighted Average Remaining Life (Year) | 4 years 1 month 6 days |
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 12.30 |
Exercisable Number (in shares) | shares | 539 |
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 6.43 |
Exercise Price Range 06 [Member] | |
Upper Exercise Price Range (in dollars per share) | $ 18 |
Outstanding Number (in shares) | shares | 95 |
Outstanding Weighted Average Remaining Life (Year) | 4 years 6 months |
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 15.39 |
Exercisable Number (in shares) | shares | 95 |
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 10.57 |
Note 8 - Stock-based Compensa_8
Note 8 - Stock-based Compensation - Changes in the Number and Weighted-Average Grant-Date Fair Value (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Non-vested stock option awards (in shares) | shares | 11,688 |
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 3.77 |
Stock option awards granted (in shares) | shares | 10,471 |
Stock option awards granted (in dollars per share) | $ / shares | $ 4.69 |
Stock option awards vested (in shares) | shares | (4,543) |
Stock option awards vested (in dollars per share) | $ / shares | $ 4.12 |
Stock option awards forfeited (in shares) | shares | (1,596) |
Stock option awards forfeited (in dollars per share) | $ / shares | $ 3.96 |
Non-vested stock option awards (in shares) | shares | 16,020 |
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 4.25 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 38,551,000 | $ 23,824,000 | $ 26,040,000 |
Open Tax Year | 2017 2018 2019 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | $ 0 |
Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 74,561 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 677,109,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | 494,608,000 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 6,427,000 |
Note 9 - Income Taxes - Loss Be
Note 9 - Income Taxes - Loss Before Provision for Income Taxes (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Domestic | $ (176,613) |
Foreign | (6,201) |
Loss before provision for income taxes | $ (182,814) |
Note 9 - Income Taxes - Differe
Note 9 - Income Taxes - Differences Between the Company's Effective Tax Rate and the Statutory Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax benefit at federal statutory rate (21% for 2020, 2019 and 2018) | $ (38,391) | $ (22,868) | $ (21,263) |
State and local income taxes net of federal tax benefit | (2,544) | (1,591) | (2,547) |
Permanent items | 774 | 691 | 503 |
Rate change | (82) | 625 | (29) |
Expiration of attribute carryforwards | 3,774 | 3,976 | 2,183 |
Research and development tax credits | (4,080) | (4,938) | (4,905) |
Foreign rate differential | 542 | ||
Other | 1,456 | 281 | 18 |
Change in valuation allowance | 38,551 | 23,824 | 26,040 |
Income tax expense | $ 0 | $ 0 | $ 0 |
Note 9 - Income Taxes - Diffe_2
Note 9 - Income Taxes - Differences Between the Company's Effective Tax Rate and the Statutory Tax Rate (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax benefit at federal statutory rate, percentage | 21.00% | 21.00% | 21.00% |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 7,210 | $ 5,976 |
Additions to current period tax positions | 1,020 | 1,234 |
Balance | $ 8,230 | $ 7,210 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Net federal and state operating losses | $ 159,939 | $ 155,190 |
Research and development credits | 66,331 | 63,275 |
Royalty income | 28,034 | 0 |
Stock-based compensation | 10,732 | 9,786 |
Leasing obligations | 1,135 | 1,070 |
Other | 5,563 | 3,801 |
Total deferred tax assets | 271,734 | 233,122 |
Fixed assets | (124) | (114) |
Right of use asset | (854) | (803) |
Total deferred tax liabilities | (978) | (917) |
Valuation allowance | $ (270,756) | $ (232,205) |
Note 10 - Employee 401(k) Plan
Note 10 - Employee 401(k) Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,569 | $ 926 | $ 724 |
Note 11 - Collaborative and O_2
Note 11 - Collaborative and Other Research and Development Contracts (Details Textual) - USD ($) $ in Thousands | Sep. 03, 2020 | Mar. 04, 2020 | Nov. 05, 2019 | Sep. 06, 2018 | Jun. 16, 2015 | Aug. 31, 2020 | Jun. 30, 2006 | Jun. 30, 2000 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2015 | Nov. 11, 2011 |
Revenue from Contract with Customer, Including Assessed Tax | $ 4,016 | $ 6,102 | $ 2,871 | $ 4,823 | $ 39,725 | $ 1,775 | $ 1,448 | $ 5,887 | $ 17,812 | $ 48,835 | $ 20,653 | |||||||||||||
Arbitration Proceedings of SUL Agreement [Member] | ||||||||||||||||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 5,000 | |||||||||||||||||||||||
Arbitration Proceedings of SUL Agreement [Member] | Other Income [Member] | ||||||||||||||||||||||||
Gain (Loss) Related to Litigation Settlement, Total | 8,893 | |||||||||||||||||||||||
Arbitration Proceedings of SUL Agreement [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||||||||||||||||
Legal Fees | $ 5,026 | |||||||||||||||||||||||
US Department of Health and Human Services [Member] | ||||||||||||||||||||||||
Collaborative Agreement Contract Value | $ 34,660 | |||||||||||||||||||||||
Contract Term (Year) | 5 years | |||||||||||||||||||||||
Proceeds from Collaborators | $ 6,932 | 13,864 | ||||||||||||||||||||||
Torii Pharmaceutical Co. [Member] | ||||||||||||||||||||||||
Upfront Payments Receivable Amount | $ 22,000 | |||||||||||||||||||||||
Potential Milestone Payments Receivable if Regulatory Approval Before December 31, 2021 | $ 15,000 | |||||||||||||||||||||||
Maximum Customary Reduction on Royalty Rate | 50.00% | |||||||||||||||||||||||
Royalty Payments Receivable, Expiration Term From First Commercial (Year) | 10 years | |||||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 20,101 | |||||||||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 1,899 | |||||||||||||||||||||||
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% | |||||||||||||||||||||||
Torii Pharmaceutical Co. [Member] | Maximum [Member] | ||||||||||||||||||||||||
Royalty Rate if Maintains Sakigake Designation | 40.00% | |||||||||||||||||||||||
CSL Limited [Member | ||||||||||||||||||||||||
Proceeds from License Fees Received | $ 33,740 | |||||||||||||||||||||||
Milestone Payment Received | $ 12,000 | |||||||||||||||||||||||
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] | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
National Institute of Allergy and Infectious Diseases [Member] | ||||||||||||||||||||||||
Expected Receivable From Awards for Research and Development Contracts | $ 45,931 | |||||||||||||||||||||||
Collaborative Agreement Contract, Covenant, Maximum Amount of Funding | $ 43,908 | |||||||||||||||||||||||
Collaborative Agreement Contract Value | $ 6,326 | |||||||||||||||||||||||
UAB [Member] | ||||||||||||||||||||||||
Period of Agreement (Year) | 25 years | |||||||||||||||||||||||
Renewable Period of Agreement (Year) | 5 years |
Note 12 - Quarterly Financial_3
Note 12 - Quarterly Financial Information (Unaudited) - Schedule of Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 4,016 | $ 6,102 | $ 2,871 | $ 4,823 | $ 39,725 | $ 1,775 | $ 1,448 | $ 5,887 | $ 17,812 | $ 48,835 | $ 20,653 |
Net Loss | $ (60,493) | $ (46,115) | $ (38,607) | $ (37,599) | $ (2,622) | $ (37,592) | $ (37,629) | $ (31,054) | $ (182,814) | $ (108,897) | $ (101,252) |
Basic and diluted net loss per share (in dollars per share) | $ (0.34) | $ (0.26) | $ (0.24) | $ (0.24) | $ (0.02) | $ (0.34) | $ (0.34) | $ (0.28) | $ (1.09) | $ (0.94) | $ (0.98) |