0001171843-21-003310 | 10-Q | XBRL Viewer | Biocryst Pharmaceuticals INC

Share-based Payment Arrangement [Text Block]

Note 7 — Stock-Based Compensation

As of March 31, 2021, the Company had three stock-based employee compensation plans: the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Amended and Restated Inducement Equity Incentive Plan (“Inducement Plan”) and the Amended and Restated Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was amended and restated in March 2020 and approved by the Company’s stockholders on May 12, 2020. The Inducement Plan was adopted by the Board of Directors on April 24, 2019 and amended and restated by the Board of Directors in February 2020 and in July 2020. The ESPP was amended and restated in March 2020 and approved by the Company’s stockholders on May 12, 2020. Both the Incentive Plan and the ESPP were further amended and restated in April 2021 and have been submitted for approval by the Company’s stockholders at the Company’s annual meeting of stockholders to be held on May 25, 2021.

Stock-based compensation expense of $5,479 ($4,554 of expense related to the Incentive Plan, $598 of expense related to the Inducement Plan, and $327 of expense related to the ESPP) was recognized during the three months ended March 31, 2021, while $2,754 ($2,437 of expense related to the Incentive Plan, $198 of expense related to the Inducement Plan and $119 of expense related to the ESPP) was recognized during the three months ended March 31, 2020.

There was approximately $59,329 of total unrecognized compensation expense related to non-vested stock option awards granted by the Company as of March 31, 2021. That expense is expected to be recognized as follows: $14,490 during the remainder of 2021, $18,299 in 2022, $14,511 in 2023, $11,612 in 2024 and $417 in 2025. In addition, the Company has outstanding performance-based stock options for which no compensation expense is recognized until “performance” has occurred and the award vests.

Stock Incentive Plan

The Company grants stock option awards and restricted stock unit awards to its employees, directors, and consultants under the Incentive Plan. Under the Incentive Plan, stock option awards are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards and restricted stock units granted to employees generally vest 25% each year until fully vested after four years.

In August 2013, December 2014 and December 2019, the Company issued 1,032, 1,250 and 315 performance-based stock options, respectively. These awards vest upon successful completion of specific development milestones. As of March 31, 2021, 100%, 85% and 100% of the August 2013, December 2014 and December 2019 grants, respectively, have vested. During 2020, the Company recognized $1,768 and $684 of stock compensation expense related to two milestones within the August 2013 and December 2019 grants for which achievement became probable.

Stock option awards granted to non-employee directors of the Company generally vest over one year. All stock option awards have contractual terms of 10 years. The vesting and exercise provisions of all awards granted under the Incentive Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the Incentive Plan.

Related activity under the Incentive Plan is as follows:

							Weighted
							Average
	*Awards*			*Options*			*Exercise*
	*Available*			*Outstanding*			*Price*
Balance December 31, 2020		4,592			24,885		$	6.52
Restricted stock unit awards granted		(100	)		-			-
Stock option awards granted		(1,074	)		1,074			10.06
Stock option awards exercised		-			(586	)		3.97
Stock option awards cancelled		39			(39	)		8.15
Balance March 31, 2021		3,457			25,334		$	6.72

For stock option awards granted under the Incentive Plan during the first three months of 2021 and 2020, the fair value was estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted in the table below. The weighted average grant date fair value per share of the awards granted during the first three months of 2021 and 2020 was $6.87 and $1.87, respectively. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method.

Inducement Equity Incentive Plan

The Company has the ability to grant stock option awards to newly-hired employees as inducements material to each employee entering employment with the Company. Stock option awards granted to newly hired employees are granted with an exercise price equal to the market price of the Company’s stock at the date of grant and generally vest 25% each year until fully vested after four years. Each stock option has a term of 10 years and is subject to the terms and conditions of the Inducement Plan. The vesting and exercise provisions of all awards granted under the Inducement Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the Inducement Plan.

Related activity under the Inducement Plan is as follows:

							Weighted
							Average
	*Awards*			*Options*			*Exercise*
	*Available*			*Outstanding*			*Price*
Balance December 31, 2020		229			4,171		$	3.88
Stock option awards granted		(138	)		138			8.52
Stock option awards exercised		-			(7	)		3.63
Stock option awards cancelled		27			(27	)		2.44
Balance March 31, 2021		118			4,275		$	4.04

For stock option awards granted under the Inducement Plan during the first three months of 2021 and 2020, the fair value was estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted in the table below. The weighted average grant date fair value per share of the awards granted during the first three months of 2021 and 2020 was $5.86 and $1.77, respectively.

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan and the Inducement Plan during the first three months of 2021 and 2020, respectively. The expected life is based on the average of the assumption that all outstanding stock option awards will be exercised at full vesting and the assumption that all outstanding stock option awards will be exercised at the midpoint of the current date (if already vested) or at full vesting (if not yet vested) and the full contractual term. The expected volatility represents the historical volatility on the Company’s publicly traded common stock. The Company has assumed no expected dividend yield, as dividends have never been paid to stock or option holders and will not be paid for the foreseeable future. The weighted average risk-free interest rate is the implied yield currently available on zero-coupon government issues with a remaining term equal to the expected term.

Weighted Average Assumptions for Stock Option Awards Granted to

Employees and Directors under the Plans

	2021		2020
Expected Life in Years	5.5			5.5
Expected Volatility	84.2	%		83.5	%
Expected Dividend Yield	0.0	%		0.0	%
Risk-Free Interest Rate	0.8	%		0.8	%

Employee Stock Purchase Plan (“ESPP”)

The Company has reserved a total of 4,475 shares of common stock to be purchased under the ESPP, of which 2,679 shares remain available for purchase as of March 31, 2021. Eligible employees may authorize up to 15% of their salary to purchase common stock at the lower of 85% of the beginning or 85% of the ending price during six-month purchase intervals. No more than 3 shares may be purchased by any one employee at the six-month purchase dates, and no employee may purchase stock having a fair market value at the commencement date of $25 or more in any one calendar year. The Company issued 193 shares during the first three months of 2021 under the ESPP. Compensation expense for shares purchased under the ESPP related to the purchase discount and the “look-back” option were determined using a Black-Scholes option pricing model.

Note 5 - Lease Obligations and Other Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Operating Lease, Weighted Average Remaining Lease Term (Year)	13 years 4 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	12.80%
Operating Lease, Expense	$ 452	$ 448
Operating Lease, Payments	440	$ 408
Operating Lease, Right-of-Use Asset, Accumulated Amortization	2,940		$ 2,641
Accrued Liabilities, Current [Member]
Operating Lease, Liability, Current	1,001		1,179
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Noncurrent	3,883		3,871
Other Noncurrent Assets [Member]
Operating Lease, Right-of-Use Asset	$ 3,625		$ 3,802
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years

Note 4 - Senior Credit Facility	3 Months Ended
Note 4 - Senior Credit Facility	Mar. 31, 2021
Senior Credit Facility [Member]
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4 — Senior Credit Facility On February 5, 2019, the Company entered into a $100,000 Senior Credit Facility with an affiliate of MidCap Financial Services, LLC, as administrative agent (the “Second Amended and Restated Senior Credit Facility”). Borrowings under the Second Amended and Restated Senior Credit Facility were available in three tranches, with (i) the first tranche comprised of $50,000 funded at closing, which included $30,000 of proceeds that were deemed rolled over from the outstanding principal amount under the Company’s prior credit agreement, (ii) the second tranche comprised of $30,000, and (iii) the third tranche comprised of $20,000, with the second and third tranches to have been funded upon the completion of certain contingencies related to the Company’s development activities of its product candidates and the establishment of certain financial covenants. The Second Amended and Restated Senior Credit Facility had a variable interest rate of LIBOR (which was not to be less than 0.5%) plus 8%. The Second Amended and Restated Senior Credit Facility included an interest-only payment period through June 2020 and scheduled monthly principal and interest payments for the subsequent 30 months. For the three months ended March 31, 2020, the Company recognized $1,454 in interest expense related to the Second Amended and Restated Senior Credit Facility. In December 2020, the Company repaid the outstanding principal of the Second Amended and Restated Senior Credit Facility of $40,000 along with exit fees and accrued interest through the payoff date that totaled $3,298. The unamortized deferred financing cost and original issue discount of $1,211 was expensed as a loss on debt extinguishment.

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	Jun. 01, 2020 USD ($) $ / shares shares
Stock Issued During Period, Shares, New Issues (in shares) \| shares	22,044
Shares Issued, Price Per Share (in dollars per share)	$ 4.50
Proceeds from Issuance or Sale of Equity, Total \| $	$ 108,096
Warrants Issued in Public Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares	3,511
Class of Warrant or Right, Warrants Issued, Price Per Warrant (in dollars per share)	$ 4.49
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.01

Note 7 - Stock-based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans (Details) - Incentive Plan and Inducement Plan [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Expected Life (Year)	5 years 6 months	5 years 6 months
Expected Volatility	84.20%	83.50%
Expected Dividend Yield	0.00%	0.00%
Risk-Free Interest Rate	0.80%	0.80%

Note 3 - Credit Agreement (Details Textual) - USD ($) $ in Thousands			3 Months Ended
	Dec. 07, 2020	Feb. 05, 2019	Mar. 31, 2021	Dec. 31, 2020
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%
Debt Instrument, Interest Rate, Effective Percentage				12.17%
Paid-in-Kind Interest on Secured Term Loan			$ 3,549
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total			8,010
Long-term Debt, Including Paid-in-Kind Interest			$ 128,549
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
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 3 - Credit Agreement	3 Months Ended
Note 3 - Credit Agreement	Mar. 31, 2021
Senior Credit Facility [Member]
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4 — Senior Credit Facility On February 5, 2019, the Company entered into a $100,000 Senior Credit Facility with an affiliate of MidCap Financial Services, LLC, as administrative agent (the “Second Amended and Restated Senior Credit Facility”). Borrowings under the Second Amended and Restated Senior Credit Facility were available in three tranches, with (i) the first tranche comprised of $50,000 funded at closing, which included $30,000 of proceeds that were deemed rolled over from the outstanding principal amount under the Company’s prior credit agreement, (ii) the second tranche comprised of $30,000, and (iii) the third tranche comprised of $20,000, with the second and third tranches to have been funded upon the completion of certain contingencies related to the Company’s development activities of its product candidates and the establishment of certain financial covenants. The Second Amended and Restated Senior Credit Facility had a variable interest rate of LIBOR (which was not to be less than 0.5%) plus 8%. The Second Amended and Restated Senior Credit Facility included an interest-only payment period through June 2020 and scheduled monthly principal and interest payments for the subsequent 30 months. For the three months ended March 31, 2020, the Company recognized $1,454 in interest expense related to the Second Amended and Restated Senior Credit Facility. In December 2020, the Company repaid the outstanding principal of the Second Amended and Restated Senior Credit Facility of $40,000 along with exit fees and accrued interest through the payoff date that totaled $3,298. The unamortized deferred financing cost and original issue discount of $1,211 was expensed as a loss on debt extinguishment.
Credit Agreement [Member]
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 3 — Credit Agreement On December 7, 2020, the Company entered into a $200,000 Credit Agreement with Athyrium Opportunities III Co-Invest 1 LP (“Athyrium”), as lender and as administrative agent for the lenders. BioCryst Ireland Limited, BioCryst US Sales Co., LLC, and BioCryst UK Limited, each of which is a wholly-owned subsidiary of the Company, are guarantors to the Credit Agreement. The Credit Agreement provided for an initial term loan in the principal amount of $125,000 (the “Term A Loan”), which was received by the Company on December 7, 2020 and is recorded in “Secured term loan” on the Company’s balance sheet. The Company used a portion of the proceeds from the Term A Loan to repay $43,298 of outstanding indebtedness, including accrued interest, under its then-existing credit facility with MidCap Financial Trust. The Credit Agreement also provides for two additional term loans, at the Company's option, in the respective principal amounts of $25,000 (the “Term B Loan”) and $50,000 (the “Term C Loan” and collectively with the Term A Loan and the Term B Loan, the “Term Loans”). The Term B Loan and the Term C Loan may be drawn upon if, among other conditions, the Company reaches defined revenue milestones and, with respect to a draw on the Term C Loan, the Term B Loan has been funded prior to or contemporaneously with the Term C Loan. The maturity date of the Credit Agreement is 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 full fiscal quarters following December 7, 2020, the Company has the option to make the applicable interest payment in-kind (a “PIK Interest Payment”) by capitalizing the entire amount of interest accrued during the applicable interest period with the unpaid original principal amount outstanding on the last day of such period. The Term Loans will bear interest at a rate equal to the three-month LIBOR rate, which shall be no less than 1.75% and no more than 3.50% (“LIBOR”), plus 8.25%, or for each interest period in which a PIK Interest Payment is made, LIBOR plus 10.25%. 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 make voluntary prepayments in whole or in part. Prepayments are subject to a premium equal to, (i) with respect to any voluntary prepayment and certain mandatory prepayments paid on or prior to the second anniversary of the applicable Term Loan borrowing date, the amount, if any, by which (a) the sum of (1) 102.00% of the principal amount of the Term Loan being prepaid plus (2) the present value of all interest that would have accrued on the principal amount of the Term Loan being prepaid through and including the second anniversary of the date of the borrowing of such Term Loan, plus 0.50%, exceeds (b) the principal amount of the Term Loan being prepaid; (ii) with respect to any prepayment made between the second and third anniversaries of the applicable Term Loan borrowing date, 2.00% of the principal amount of the Term Loan being prepaid; (iii) with respect to any prepayment made between the third and fourth anniversaries of the applicable Term Loan borrowing date, 1.00% of the principal amount of the Term Loan being prepaid; and (iv) with respect to any prepayment made after the fourth anniversary of the applicable Term Loan borrowing date, 0.00% of the principal amount of the Term Loan being prepaid. Upon the prepayment or repayment, including at maturity, of all or any of the Term Loans, the Company is obligated to pay an exit fee in an amount equal to 2.00% of the principal amount of the Term Loans prepaid or repaid. In addition, each Term Loan is subject to a 1.00% commitment fee at its respective borrowing date. 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 Test Date occurring immediately after the Term C Loan is drawn, if applicable, the Company may not permit consolidated net revenues from ORLADEYO sales in the United States for the four-fiscal quarter period ending on such Test Date to be less than the specified amounts set forth in the Credit Agreement (collectively, the “Revenue Tests”). If the Company fails to satisfy the Revenue Tests as of any Test Date, it will have a one-time right (the “Cure Right”) to repay in full the entire amount of the Term C Loan outstanding at such time together with all accrued and unpaid interest thereon plus the prepayment premium, exit fee, and any other fees or amounts payable under the Credit Agreement at such time. In addition, the Credit Agreement contains a minimum liquidity covenant requiring the Company to maintain at all times, as applicable, at least $15,000 of unrestricted cash and cash equivalents if only the Term A Loan has been drawn; at least $20,000 of unrestricted cash and cash equivalents if the Term B Loan has been drawn but the Term C Loan has not been drawn; and at least $15,000 (or, if the Cure Right has been exercised, $20,000) of unrestricted cash and cash equivalents if the Term C Loan has been drawn, subject to certain exceptions. 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. 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. The Company has elected the first quarterly interest payment to be a PIK Interest Payment and began accruing interest at a rate of 12.17%. For the three months ended March 31, 2021, the PIK Interest Payment of $3,549 was added to the outstanding balance of the Term Loan. As of March 31, 2021, debt fees and issuance costs totaled $8,010 and are being amortized as part of interest expense on an effective interest rate method over the term of the Term A Loan. As of March 31, 2021, borrowings, including the PIK Interest Payment, under the Credit Agreement totaled $128,549. The carrying amount of the debt approximates its fair value based on prevailing interest rates as of the balance sheet date. The Credit Agreement contains two provisions that, if deemed probable, would create the recognition of an embedded feature; however, at this time, the Company does not believe either provision is probable.

Note 1 - Significant Accounting Policies - Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost	$ 13,433	$ 28,211
Accrued Interest	17	25
Gross Unrealized Gains	4	6
Gross Unrealized Losses	0	(3)
Estimated Fair Value	13,454	28,239
US Government Agencies Debt Securities [Member]
Amortized Cost	10,675	24,986
Accrued Interest	6	14
Gross Unrealized Gains	3	3
Gross Unrealized Losses	0	(3)
Estimated Fair Value	10,684	25,000
Certificates of Deposit [Member]
Amortized Cost	2,758	3,225
Accrued Interest	11	11
Gross Unrealized Gains	1	3
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 2,770	$ 3,239

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 226,902	$ 272,127
Restricted cash	4,008	2,221
Investments	13,454	28,239
Trade receivables	18,386	8,646
Inventories	5,113	7,039
Prepaid expenses and other current assets	5,908	5,528
Total current assets	273,771	323,800
Property and equipment, net	7,035	7,113
Other assets	3,625	3,802
Total assets	284,431	334,715
Liabilities and Stockholders’ Equity
Accounts payable	13,529	18,713
Accrued expenses	32,719	33,942
Interest payable	23,547	21,670
Deferred collaboration revenue	405	150
Lease financing obligation	1,001	1,179
Non-recourse notes payable	30,000	30,000
Total current liabilities	101,201	105,654
Lease financing obligation	3,883	3,871
Royalty financing obligation	131,296	124,717
Secured term loan	123,039	119,735
Stockholders’ equity:
Preferred stock, $0.001 par value; shares authorized - 5,000; no shares issued and outstanding	0	0
Common stock, $0.01 par value: shares authorized - 450,000; shares issued and outstanding – 177,670 in 2021 and 176,883 in 2020	1,777	1,769
Additional paid-in capital	1,010,779	1,002,408
Accumulated other comprehensive income	182	3
Accumulated deficit	(1,087,726)	(1,023,442)
Total stockholders’ equity	(74,988)	(19,262)
Total liabilities and stockholders’ equity	$ 284,431	$ 334,715

Note 7 - Stock-based Compensation - Stock Plan Activities (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Options outstanding, stock option awards exercised (in shares)	(593)
Incentive Plan [Member]
Awards available, beginning balance (in shares)	4,592
Options outstanding, beginning balance (in shares)	24,885
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 6.52
Awards available, Restricted stock awards granted (in shares)	(100)
Awards available, stock option awards granted (in shares)	(1,074)
Options outstanding, stock option awards granted (in shares)	1,074
Weighted average exercise price, stock option awards granted (in dollars per share) \| $ / shares	$ 10.06
Options outstanding, stock option awards exercised (in shares)	(586)
Weighted average exercise price, stock option awards exercised (in dollars per share) \| $ / shares	$ 3.97
Awards available, stock option awards cancelled (in shares)	39
Options outstanding, stock option awards cancelled (in shares)	(39)
Weighted average exercise price, stock option awards cancelled (in dollars per share) \| $ / shares	$ 8.15
Awards available, ending balance (in shares)	3,457
Options outstanding, ending balance (in shares)	25,334
Weighted average exercise price, ending balance (in dollars per share) \| $ / shares	$ 6.72
Inducement Plan [Member]
Awards available, beginning balance (in shares)	229
Options outstanding, beginning balance (in shares)	4,171
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 3.88
Awards available, stock option awards granted (in shares)	(138)
Options outstanding, stock option awards granted (in shares)	138
Weighted average exercise price, stock option awards granted (in dollars per share) \| $ / shares	$ 8.52
Options outstanding, stock option awards exercised (in shares)	(7)
Weighted average exercise price, stock option awards exercised (in dollars per share) \| $ / shares	$ 3.63
Awards available, stock option awards cancelled (in shares)	27
Options outstanding, stock option awards cancelled (in shares)	(27)
Weighted average exercise price, stock option awards cancelled (in dollars per share) \| $ / shares	$ 2.44
Awards available, ending balance (in shares)	118
Options outstanding, ending balance (in shares)	4,275
Weighted average exercise price, ending balance (in dollars per share) \| $ / shares	$ 4.04

Note 7 - Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Share-based Payment Arrangement, Activity [Table Text Block]

							Weighted
							Average
	*Awards*			*Options*			*Exercise*
	*Available*			*Outstanding*			*Price*
Balance December 31, 2020		4,592			24,885		$	6.52
Restricted stock unit awards granted		(100	)		-			-
Stock option awards granted		(1,074	)		1,074			10.06
Stock option awards exercised		-			(586	)		3.97
Stock option awards cancelled		39			(39	)		8.15
Balance March 31, 2021		3,457			25,334		$	6.72

							Weighted
							Average
	*Awards*			*Options*			*Exercise*
	*Available*			*Outstanding*			*Price*
Balance December 31, 2020		229			4,171		$	3.88
Stock option awards granted		(138	)		138			8.52
Stock option awards exercised		-			(7	)		3.63
Stock option awards cancelled		27			(27	)		2.44
Balance March 31, 2021		118			4,275		$	4.04

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2021		2020
Expected Life in Years	5.5			5.5
Expected Volatility	84.2	%		83.5	%
Expected Dividend Yield	0.0	%		0.0	%
Risk-Free Interest Rate	0.8	%		0.8	%

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net loss	$ (64,284)	$ (37,599)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	178	218
Stock-based compensation expense	5,479	2,754
Non-cash interest expense on royalty financing obligation	7,536	0
Non-cash paid in-kind interest on secured term loan	3,549	0
Amortization of debt issuance costs	(58)	341
Amortization of premium/discount on investments	14	4
Change in fair value of foreign currency derivative	0	20
Changes in operating assets and liabilities:
Receivables	(261)	16,504
Inventory	1,927	0
Prepaid expenses and other assets	(9,850)	(847)
Accounts payable, accrued expenses and other liabilities	(7,373)	(5,100)
Interest payable	1,877	1,477
Deferred revenue	255	(1,053)
Net cash used in operating activities	(61,011)	(23,281)
Investing activities
Acquisitions of property and equipment	(99)	(116)
Sales and maturities of investments	14,771	10,840
Realized gain on investments	1	0
Net cash provided by investing activities	14,673	10,724
Financing activities
Net proceeds from common stock issued under stock-based compensation plans	2,900	266
Net cash provided by financing activities	2,900	266
Decrease in cash, cash equivalents and restricted cash	(43,438)	(12,291)
Cash, cash equivalents and restricted cash at beginning of period	274,348	115,723
Cash, cash equivalents and restricted cash at end of period	$ 230,910	$ 103,432

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000	5,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000	450,000
Common stock, shares issued (in shares)	177,670	176,883
Common stock, shares outstanding (in shares)	177,670	176,883

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Entity Central Index Key	0000882796
Entity Registrant Name	BIOCRYST PHARMACEUTICALS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	000-23186
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1413174
Entity Address, Address Line One	4505 Emperor Blvd., Suite 200
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	859-1302
Title of 12(b) Security	Common Stock
Trading Symbol	BCRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		177,696,474

Note 6 - Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note Disclosure [Text Block]

Note 6 — Stockholders’ Equity

Sales of Common Stock

On April 24, 2020, the Company filed a shelf registration statement on Form S-3 with the SEC. This shelf registration statement became effective on May 14, 2020 and allows the Company to sell up to $500,000 in securities, including common stock, preferred stock, depositary shares, purchase contracts, warrants, debt securities, and units, from time to time at prices and on terms to be determined at the time of sale.

On June 1, 2020, the Company issued 22,044 shares of common stock to the public at a purchase price of $4.50 per share and pre-funded warrants to purchase 3,511 shares of common stock at a purchase of $4.49 per pre-funded warrant, for total net proceeds to the Company of $108,096 million after deducting underwriting discounts and commissions and other offering expenses. Each pre-funded warrant is exercisable subject to conditions in the warrant agreement into one share of common stock at an exercise price of $0.01 per share. All warrants issued in this offering remain outstanding at March 31, 2021.

On March 1, 2021, the Company filed an automatic shelf registration statement on Form S-3 with the SEC. This shelf registration statement became effective automatically upon filing and allows the Company to sell an indeterminate number of securities, including common stock, preferred stock, depositary shares, purchase contracts, warrants, debt securities, and units, from time to time at prices and on terms to be determined at the time of sale.

Note 5 - Lease Obligations and Other Contingencies - Remaining Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2021 USD ($)
2021	$ 902
2022	805
2023	666
2024	584
2025	582
Thereafter	7,327
Total lease payments	10,866
Less imputed interest	5,982
Accrued Liabilities, Current and Other Noncurrent Liabilities [Member]
Total	$ 4,884

Note 9 - Subsequent Event

3 Months Ended

Mar. 31, 2021

Subsequent Events [Text Block]

Note 9 — Subsequent Event

In January 2021, the Ministry of Health, Labor and Welfare in Japan granted marketing and manufacturing approval for ORLADEYO for prophylactic treatment of hereditary angioedema in adults and pediatric patients 12 years and older. On April 14, 2021, the Company announced that the Japanese National Health Insurance System (“NHI”) approved the addition of oral, once-daily ORLADEYO™ (berotralstat) to the NHI drug price list on April 21, 2021. This triggered a $15,000 milestone payment to the Company from Torii. The Company will record the $15,000 milestone revenue in the second quarter of 2021.Torii launched ORLADEYO in Japan on April 23, 2021. The Company will receive tiered royalties ranging from 20 percent to 40 percent of Japanese net sales (See Note 8, Collaborative Agreements).

Note 2 - Royalty Monetizations (Details Textual) $ in Thousands			3 Months Ended
	Dec. 07, 2020 USD ($)	Mar. 09, 2011 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 01, 2020 USD ($)	Nov. 30, 2020 ¥ / $
Future Royalties Payable			$ 131,296	$ 124,717
RPI 2019 Intermediate Finance Trust [Member]
Future Royalties Payable				$ 125,000
Accrued Royalties			957
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]
Proceeds from Issuance of Debt	$ 125,000
Debt Issuance Costs, Net, Total			$ 2,370
Debt Instrument, Interest Rate, Effective Percentage			24.00%
Royalty Financing Obligation Interest Accretion			$ 7,536
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			$ 22,244
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 5 - Lease Obligations and Other Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Lessee, Lease, Liability, Maturity [Table Text Block]

Remaining Maturities of Lease Liabilities
Year Ending December 31,	Operating Leases
2021	$	902
2022		805
2023		666
2024		584
2025		582
Thereafter		7,327
Total lease payments		10,866
Less imputed interest		5,982
Total	$	4,884

Note 1 - Significant Accounting Policies - Summary of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Revenues	$ 19,059	$ 4,823
Torii Pharmaceutical Co. [Member]
Revenues		1,053	$ 20,101
Product [Member]
Revenues	17,871	218
Product [Member] \| ORLADEYO [Member]
Revenues	10,938	0
Product [Member] \| PERAMIVIR [Member]
Revenues	6,820	218
Product [Member] \| RAPIVAB [Member]
Revenues	113	0
Royalty [Member]
Revenues	(897)	1,945
Collaborative and Other Research and Development [Member]
Revenues	2,085	2,660
Collaborative and Other Research and Development [Member] \| US Department of Health and Human Services [Member]
Revenues	2,085	1,607
Collaborative and Other Research and Development [Member] \| Torii Pharmaceutical Co. [Member]
Revenues	$ 0	$ 1,053

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Revenues	$ 19,059	$ 4,823
Expenses
Cost of product sales	5,923	0
Research and development	42,435	29,867
Selling, general and administrative	22,114	15,865
Royalty	(36)	69
Total operating expenses	70,436	45,801
Loss from operations	(51,377)	(40,978)
Interest and other income	26	6,446
Interest expense	(12,904)	(3,047)
Loss on foreign currency	(29)	(20)
Net loss	(64,284)	(37,599)
Foreign currency translation adjustment	178	0
Unrealized gain (loss) on available for sale investments	1	(25)
Comprehensive loss	$ (64,105)	$ (37,624)
Basic and diluted net loss per common share (in dollars per share)	$ (0.36)	$ (0.24)
Weighted average shares outstanding (in shares)	177,343	154,156
Product [Member]
Revenues:
Revenues	$ 17,871	$ 218
Royalty [Member]
Revenues:
Revenues	(897)	1,945
Collaborative and Other Research and Development [Member]
Revenues:
Revenues	$ 2,085	$ 2,660

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) shares in Thousands	3 Months Ended
	Mar. 31, 2021 shares
Employee stock purchase plan sales, shares (in shares)	193
Exercise of stock options, shares (in shares)	593

Note 5 - Lease Obligations and Other Contingencies

3 Months Ended

Mar. 31, 2021

Leases of Lessor Disclosure [Text Block]

Note 5 — Lease Obligations and Other Contingencies

The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases as of March 31, 2020. The Company accounts for its leases in accordance with ASU 2016-02: Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for most operating leases. Certain operating leases provide for renewal options, which can vary by lease. The right-of-use asset and lease liabilities on the Company’s Consolidated Balance Sheets represent payments over the lease term, which includes renewal options for certain real estate leases that we are likely to exercise. As part of the Company’s assessment of the lease term, the Company elected the hindsight practical expedient, which allows companies to use current knowledge and expectations when determining the likelihood to extend lease options. Renewal options for the Company’s leases range from 1 to 5 years in length and begin from 2023 through 2026. The weighted average lease term for the Company’s operating leases was 13.4 years. The discount rate used in the calculation of the Company’s right-of-use asset and lease liability was determined based on the stated rate within each contract when available, or the Company’s collateralized borrowing rate from lending institutions. The weighted average discount rate for the Company’s operating leases was 12.8%.

The Company has not made any residual value guarantees related to its operating leases; therefore, the Company has no corresponding liability recorded on its Consolidated Balance Sheets.

Aggregate lease expense under operating leases was $452 and $448 for the three months ended March 31, 2021 and 2020, respectively. Certain operating leases include rent escalation provisions, which the Company recognizes as expense on a straight-line basis. Lease expense for leases with an initial term of twelve months or less was not material. Cash paid for amounts included in the measurement of lease liabilities was $440 and $408 for the three months ended March 31, 2021 and 2020, respectively.

Future lease payments for assets under operating leases as of March 31, 2021, are as follows:

Remaining Maturities of Lease Liabilities
Year Ending December 31,	Operating Leases
2021	$	902
2022		805
2023		666
2024		584
2025		582
Thereafter		7,327
Total lease payments		10,866
Less imputed interest		5,982
Total	$	4,884

The Company’s current lease liability as of March 31, 2021 and December 31, 2020 was $1,001 and $1,179, respectively. The Company’s long-term lease liability as of March 31, 2021 and December 31, 2020 was $3,883 and $3,871, respectively. The current and long-term portions of the Company’s lease liability are presented within “Lease financing obligations” on the Consolidated Balance Sheets. The Company’s right-of use asset balance associated with operating leases totaled $3,625 and $3,802 at March 31, 2021 and December 31, 2020, respectively. These amounts are presented within “Other assets” on the Consolidated Balance Sheets. Operating right-of-use assets are recorded net of accumulated amortization of $2,940 and $2,641 as of March 31, 2021 and December 31, 2020, respectively.

Note 1 - Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Significant Accounting Policies [Text Block]

Note 1 - Significant Accounting Policies

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 and incorporated in Delaware in 1991, and its headquarters is located in Durham, North Carolina. The Company integrates the disciplines of biology, crystallography, medicinal chemistry and computer modeling to discover and develop small molecule pharmaceuticals through the process known as structure-guided drug design. The Company has incurred losses and negative cash flows from operations since inception.

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 March 31, 2021 will be sufficient to fund its operations into 2023. The Company has sustained operating losses for the majority of its corporate history and expects that its 2021 expenses will exceed its 2021 revenues. The Company expects to continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations. The Company’s liquidity needs will be largely determined by the success of operations in regard to the successful commercialization of its products and the progression of its product candidates in the future. The Company also may consider other plans to fund future operations, including: (1) securing or increasing U.S. Government funding of its programs, including obtaining procurement contracts; (2) out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestone payments; (3) raising additional capital through equity or debt financings or from other sources, including royalty or other monetization transactions; (4) obtaining additional product candidate regulatory approvals, which would generate revenue, milestone payments and cash flow; (5) reducing spending on one or more research and development programs, including by discontinuing development; and/or (6) restructuring operations to change its overhead structure. The Company may issue securities, including common stock, preferred stock, depositary shares, purchase contracts, warrants, debt securities and units, through private placement transactions or registered public offerings in the future. The Company’s future liquidity needs, and ability to address those needs, will largely be determined by the success of its products and product candidates, timing, scope and magnitude of its commercial expenses and key development and regulatory events and its decisions in the future.

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances among the consolidated entities have been eliminated from the consolidated financial statements.

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Such 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 adjustments other than normal recurring adjustments.

These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2020 and the notes thereto included in the Company’s 2020 Annual Report on Form 10-K. Interim operating results are not necessarily indicative of operating results for the full year. The balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements included in the Company’s most recent Annual Report on Form 10-K.

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 months or less at the time of purchase. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these items.

Restricted Cash

Restricted cash as of March 31, 2021 and December 31, 2020 reflects $2,587 and $796, respectively, in royalty revenue paid by Shionogi & Co., Ltd. (“Shionogi”) designated for interest on the PhaRMA Notes (defined in Note 2) and $1,421 and $1,425, respectively, the Company is required to maintain as collateral for a letter of credit associated with the lease execution and build-out of its Birmingham research facilities.

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 consist of U.S. Government and government agency securities, money market and mutual fund investments, municipal and corporate notes and bonds, commercial paper and asset or mortgage-backed securities, among others. The Company’s investment policy requires it to purchase high-quality marketable securities with a maximum individual maturity of three years and requires an average portfolio maturity of no more than 18 months. Some of the securities the Company invests in may have market risk. This means that a change in prevailing interest rates may cause the principal amount of the investment to fluctuate. To minimize this risk, the Company schedules its investments with maturities that coincide with expected cash flow needs, thus avoiding the need to redeem an investment prior to its maturity date. Accordingly, the Company does not believe it has a material exposure to interest rate risk arising from its investments. Generally, the Company’s investments are not collateralized. The Company has not realized any significant losses from its investments.

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 be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are reflected in interest and other income in the Consolidated Statements of Comprehensive Loss and are determined using the specific identification method with transactions recorded on a settlement date basis. Investments with original maturities at date of purchase beyond three months and which mature at or less than 12 months from the balance sheet date are classified as current. Investments with a maturity beyond 12 months from the balance sheet date are classified as long-term. At March 31, 2021, the Company believes that the cost of its investments is recoverable in all material respects.

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 in the fair value hierarchy as defined in U.S. GAAP. These valuations are based on observable direct and indirect inputs, primarily quoted prices of similar, but not identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. These fair values are obtained from independent pricing services which utilize Level 2 inputs.

March 31, 2021

Gross

Gross

Amortized

Accrued

Unrealized

Unrealized

Estimated

Cost

Interest

Gains

Losses

Fair Value

Obligations of U.S. Government and its agencies
$ 10,675 $ 6 $ 3 $ - $ 10,684

Certificates of deposit
2,758 11 1 - 2,770

Total investments
$ 13,433 $ 17 $ 4 $ - $ 13,454

December 31, 2020

Gross

Gross

Amortized

Accrued

Unrealized

Unrealized

Estimated

Cost

Interest

Gains

Losses

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

The Company’s investments at March 31, 2021 and December 31, 2020 have maturities of one year or less.

Trade Receivables

Product Sales

Receivables from product sales are recorded for amounts due to the Company related to sales of ORLADEYO™ and RAPIVAB®. At March 31, 2021 and December 31, 2020, receivables related to sales of ORLADEYO were $9,882 and $149, respectively. At March 31, 2021 and December 31, 2020, receivables related to sales of RAPIVAB were $0 and $254, respectively. Receivables from product sales are evaluated to determine if any reserve or allowance should be recorded based on consideration of the current economic environment, expectations of future economic conditions and the Company’s own historical collection experience. No reserve or allowance amounts were recorded as of March 31, 2021 and December 31, 2020, respectively.

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”), and Mundipharma International Holdings Limited (“Mundipharma”). These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date based on historical collection experience or specific circumstances, and no amounts were recorded at March 31, 2021 and December 31, 2020.

At March 31, 2021 and December 31, 2020, the Company had the following receivables.

March 31, 2021

Billed

Unbilled

Total

U.S. Department of Health and Human Services
$ 3,966 $ 3,514 $ 7,480

Shionogi & Co. Ltd.
(190 ) 4 (186 )

Green Cross Corporation
1,157 21 1,178

Mundipharma International Holdings Limited
32 - 32

Total receivables
$ 4,965 $ 3,539 $ 8,504

December 31, 2020

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

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.

Inventory

At March 31, 2021 and December 31, 2020, the Company’s inventory related to ORLADEYO and peramivir, which are being manufactured for the Company’s partners and, in the case of peramivir, the U.S. Government. The Company values its inventories at the lower of cost or estimated net realizable value. The Company determines the cost of its inventories, which includes amounts related to materials, labor, manufacturing overhead and shipping and handling costs on a first-in, first-out (FIFO) basis. Raw materials and work-in-process include all inventory costs prior to packaging and labelling, including raw material, active product ingredient, and drug product. Finished goods include packaged and labelled products.

The Company’s inventories are subject to expiration dating. The Company regularly evaluates the carrying value of its inventories and provides valuation reserves for any estimated obsolete, short-dated or unmarketable inventories. In addition, the Company may experience spoilage of its raw materials and supplies. The Company’s determination that a valuation reserve might be required, in addition to the quantification of such reserve, requires it to utilize significant judgment.

The Company’s inventories as of March 31, 2021 and December 31, 2020, consisted of the following:

March 31,

December, 31

2021

2020

Raw materials
$ 101 $ 206

Work-in-process
5,012 2,555

Finished goods
270 4,548

Total Inventory
$ 5,383 $ 7,309

Reserves
(270 ) (270 )

Total Inventory, net
$ 5,113 $ 7,039

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 years. Laboratory equipment, office equipment, and software are depreciated over a life of five years. Furniture and fixtures are depreciated over a life of seven years. Leasehold improvements are amortized over their estimated useful lives or the expected lease term, whichever is less.

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 be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written down to their estimated fair values. Property and equipment to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

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-party vendors who provide research and development, manufacturing, distribution, 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 yet been invoiced or otherwise notified of actual cost. The majority of service providers invoice the Company monthly in arrears for services performed. The Company makes estimates of accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Examples of estimated accrued expenses include:

●

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 result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. As of March 31, 2021 and December 31, 2020, the carrying value of accrued expenses approximates their fair value due to their short-term settlement.

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 cumulative foreign currency translation adjustments and unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders’ equity. Realized gain and loss amounts on available-for-sale investments are reclassified from accumulated other comprehensive loss and recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. For the three months ended March 31, 2021, realized gains of $1 were reclassified out of accumulated other comprehensive loss. No reclassifications out of accumulated other comprehensive loss were recorded in the three months ended March 31, 2020.

Revenue Recognition

Pursuant to Accounting Standards Codification (“ASC”) Topic 606, the Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, Topic 606 includes provisions within a five step model that includes i) identifying the contract with a customer, ii) identifying the performance obligations in the contract, iii) determining the transaction price, iv) allocating the transaction price to the performance obligations, and v) recognizing revenue when, or as, an entity satisfies a performance obligation.

At contract inception, the Company identifies the goods or services promised within each contract, assesses whether each promised good or service is distinct and determines those that are performance obligations. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied.

The Company recorded the following revenues for the three months ended March 31, 2021 and 2020:

Three Months Ended March 31,

2021

2020

Product sales, net:

ORLADEYO
$ 10,938 $ -

Peramivir
6,820 218

RAPIVAB
113 -

Total product sales, net
17,871 218

Royalty revenue
(897 ) 1,945

Collaborative and other research and development revenues:

U.S. Department of Health and Human Services
2,085 1,607

Torii Pharmaceutical Co., Ltd.
- 1,053

Total collaborative and other research and development revenues
2,085 2,660

Total revenues
$ 19,059 $ 4,823

Product Sales, Net

The Company’s principal sources of product sales are sales of ORLADEYO, which the Company began shipping to customers in December 2020, sales of peramivir to the Company’s licensing partners and sales of RAPIVAB to the U.S. Department of Health and Human Services under the Company’s procurement contract. The Company recognizes revenue for sales when the customer obtains control of the product, which generally occurs upon delivery. For ORLADEYO, the Company classifies payments to its customer for certain services provided by its customer as selling, general and administrative expenses to the extent such services provided are determined to be distinct from the sale of its product.

The Company sells ORLADEYO directly to patients through a single specialty pharmacy in the United States. Net revenue from sales of ORLADEYO is recorded at net selling price (transaction price), which includes estimates of variable consideration for which reserves are established for (i) estimated government rebates, such as Medicaid and Medicare Part D reimbursements, and estimated managed care rebates, (ii) estimated chargebacks, (iii) estimated costs of co-payment assistance programs and (iv) product returns. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable or as a current liability. Where appropriate, these estimates take into consideration a range of possible outcomes, which are probability-weighted for relevant factors, such as the Company’s current contractual and statutory requirements and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the applicable contract. The amount of variable consideration included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company's estimates. If actual results in the future vary from estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known.

Government and Managed Care Rebates. The Company contracts with government agencies and managed care organizations or, collectively, third-party payors, so that ORLADEYO will be eligible for purchase by, or partial or full reimbursement from, such third-party payors. The Company estimates the rebates it will provide to third-party payors and deducts these estimated amounts from total gross product revenues at the time the revenues are recognized. These reserves are recorded in the same period in which the revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. The Company estimates the rebates that it will provide to third-party payors based upon (i) the Company's contracts with these third-party payors, (ii) the government mandated discounts applicable to government-funded programs, (iii) a range of possible outcomes that are probability-weighted for the estimated payor mix, and (iv) product distribution information obtained from the Company's specialty pharmacy.

Chargebacks. Chargebacks are discounts that occur when certain contracted customers, pharmacy benefit managers, insurance companies, government programs and group purchasing organizations purchase directly from the Company’s specialty pharmacy. These customers purchase the Company’s product under contracts negotiated between them and the Company’s specialty pharmacy. The specialty pharmacy, in turn, charges back to the Company the difference between the price the specialty pharmacy paid and the negotiated price paid by the contracted customers, which may be higher or lower than the specialty pharmacy’s purchase price from the Company. The Company estimates chargebacks and adjusts gross product revenues and accounts receivable based on the estimates at the time revenues are recognized.

Co-payment assistance and patient assistance programs. Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. Based upon the terms of the program and co-payment assistance utilization reports received from the specialty pharmacy, the Company is able to estimate the co-payment assistance amounts, which are recorded in the same period in which the related revenue is recognized, resulting in a reduction of product revenue. The Company also offers a patient assistance program that provides free drug product, for a limited period of time, to allow a patient’s insurance coverage to be established. Based on patient assistance program utilization reports provided by the specialty pharmacy, the Company records gross revenue of the product provided and a full reduction of the revenue amount for the free drug discount.

Product returns. The Company does not provide contractual return rights to its customer, except in instances where the product is damaged or defective. Non-acceptance by the patient of shipped drug product by the specialty pharmacy is reflected as a reversal of sales in the period in which the sales were originally recorded. Reserves for estimated non-acceptances by patients are recorded as a reduction of revenue in the period that the related revenue is recognized, as well as a reduction to accounts receivable. Estimates of non-acceptance are based on quantitative information provided by the specialty pharmacy.

Collaborative and Other Research and Development Arrangements and Royalties

The Company has collaboration and license agreements with a number of third parties, as well as research and development agreements with certain government entities. The Company’s primary sources of revenue from these collaborative and other research and development arrangements are license, service and royalty revenues.

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 further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement.

Arrangements that involve the delivery of more than one performance obligation are initially evaluated as to whether the intellectual property licenses granted by the Company represent distinct performance obligations. If they are determined to be distinct, the value of the intellectual property licenses would be recognized up front while the research and development service fees would be recognized as the performance obligations are satisfied. For performance obligations based on services performed, the Company measures progress using an input method based on the effort it expends or costs it incurs toward the satisfaction of the performance obligation in relation to the total estimated effort or costs. Variable consideration is assessed at each reporting period as to whether it is not subject to significant future reversal and, therefore, should be included in the transaction price at the inception of the contract. If a contract includes a fixed or minimum amount of research and development support, this also would be included in the transaction price. Changes to collaborations, such as the extensions of the research term or increasing the number of targets or technology covered under an existing agreement, are assessed for whether they represent a modification or should be accounted for as a new contract. For contracts with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price using either an adjusted market assessment approach or an expected cost plus margin approach, representing the amount that the Company believes the market is willing to pay for the product or service. Analyzing the arrangement to identify performance obligations requires the use of judgment, and each may be an obligation to deliver services, a right or license to use an asset, or another performance obligation.

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 probable at the inception of the agreement; and (ii) the Company has a right to payment. Any milestone payments received prior to satisfying these revenue recognition criteria are recorded as deferred revenue.

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.

Cost of Product Sales

Cost of product sales includes the cost of producing and distributing inventories that are related to product revenue during the respective period, including freight. In addition, shipping and handling costs for product shipments are recorded as incurred. Finally, cost of product sales may also include costs related to excess or obsolete inventory adjustment charges.

Advertising

Advertising and promotional costs are expensed in “Selling, general and administrative” as the costs are incurred. Advertising expenses related to ORLADEYO were $1,404 for the three months ended March 31, 2021. The Company did not incur advertising and product promotion expenses in the corresponding prior year period.

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-party CROs. Costs for studies performed by CROs are accrued by the Company over the service periods specified in the contracts, and estimates are adjusted, if required, based upon the Company’s ongoing review of the level of services actually performed.

Additionally, the Company has license agreements with third parties, such as Albert Einstein College of Medicine of Yeshiva University (“AECOM”), Industrial Research, Ltd. (“IRL”), and the University of Alabama at Birmingham (“UAB”), which require fees related to sublicense agreements or maintenance fees. The Company expenses sublicense payments as incurred unless they are related to revenues that have been deferred, in which case the expenses are deferred and recognized over the related revenue recognition period. The Company expenses maintenance payments as incurred.

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 have been incurred without receipt of such payments or modifications from the Company’s commercial partners and are being expensed in proportion to the related revenue being recognized. The Company believes that this accounting treatment appropriately matches expenses with the associated revenue.

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 compensation expense is recognized until “performance” is deemed to have occurred.

Interest Expense and Deferred Financing Costs

Interest expense for the three months ended March 31, 2021 and March 31, 2020 was $12,904 and $3,047, respectively, and primarily relates to the royalty financing obligation, the secured term loan borrowing from the Credit Agreement (Note 3), the PhaRMA Notes (Note 2) and the Senior Credit Facility (Note 4). Costs directly associated with the borrowings have been capitalized and are netted against the corresponding debt liabilities on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the terms of the corresponding borrowings using the effective interest rate method. Amortization of deferred financing costs and original issue discount included in interest expense was $(58) and $341 for each of the three months ended March 31, 2021 and March 31, 2020, respectively.

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 require 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.

Currency Hedge Agreement

In connection with the issuance by JPR Royalty Sub LLC 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. The Currency Hedge Agreement did not qualify for hedge accounting treatment; therefore mark-to-market adjustments were recognized in the Company’s Consolidated Statements of Comprehensive Loss. For the three months ended March 31, 2020, cumulative mark-to-market adjustments resulted in a loss of $20.

Net Loss Per Share

Net loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted loss per share is equivalent to basic net loss per share for all periods presented herein because common equivalent shares from unexercised stock options, warrants and common shares expected to be issued under the Company’s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the three months ended March 31, 2021 and 2020 does not include 23,741 and 12,196, respectively, of such potential common shares, as their impact would be anti-dilutive.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The most significant estimates in the Company’s consolidated financial statements relate to the valuation of stock options, the ORLADEYO royalty financing 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 readily apparent from other sources. Actual results could differ from those estimates.

Significant Customers and Other Risks

Significant Customers

The Company’s primary sources of revenue and cash flow are the sales of ORLADEYO to a specialty pharmacy, the reimbursement of galidesivir (formerly BCX4430) development expenses earned under cost-plus-fixed-fee contracts with BARDA/HHS and NIAID/HHS and sales of RAPIVAB (peramivir injection) under our procurement contract with the Assistant Secretary for Preparedness and Response within the United States Department of Health and Human Services.

ORLADEYO is distributed through an arrangement with a single specialty pharmacy in the U.S. The specialty pharmacy subsequently sells ORLADEYO to its customers (pharmacy benefit managers, insurance companies, government programs and group purchasing organizations) and dispenses product to patients. The specialty pharmacy’s inability or unwillingness to continue these distribution activities could adversely impact the Company’s business, results of operations and financial condition.

The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its galidesivir program and stockpiling sales of RAPIVAB to HHS. Accordingly, reimbursement of these expenses represents a significant portion of the Company’s collaborative and other research and development revenues. Additionally, HHS is the primary customer for RABIVAB. The completion or termination of the NIAID/HHS and BARDA/HHS galidesivir contracts or the reduction or stoppage of purchases of RAPIVAB by HHS could adversely impact the Company’s business, results of operations and financial condition.

Further, the Company’s drug development activities are performed by a limited group of third-party vendors. If any of these vendors were unable to perform their services, this could significantly impact the Company’s ability to complete its drug development activities.

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.

Credit Risk

Cash equivalents and investments are financial instruments that potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may exceed the amount of insurance provided on such deposits. The Company believes it has established guidelines for investment of its excess cash relative to diversification and maturities that maintain safety and liquidity. To minimize the exposure due to adverse shifts in interest rates, the Company maintains a portfolio of investments with an average maturity of approximately 18 months or less.

The Company’s receivables from sales of ORLADEYO are due from one customer, resulting in a concentration of credit risk. Sales of ORLADEYO from the Company to the specialty pharmacy only occur once an order of product has been received by the specialty pharmacy from one of its customers, which include pharmacy benefit managers, insurance companies, government programs and group purchasing organizations.

The majority of the Company’s receivables from collaborations are due from the U.S. Government, for which there is no assumed credit risk.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12 (ASC Topic 740), Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies accounting for income taxes by removing certain exceptions to the general principles and clarifying existing guidance. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. The adoption of this standard did not have a material impact to the Company’s financial position, results of operations or cash flows.

The Company has reviewed other new accounting pronouncements that were issued as of March 31, 2021 and does not believe that these pronouncements are either applicable to the Company, or that they will have a material impact on its financial position or results of operations.

Note 8 - Collaborative and Other Research and Development Contracts

3 Months Ended

Mar. 31, 2021

Collaborative Arrangement Disclosure [Text Block]

Note 8 — Collaborative and Other Research and Development Contracts

National Institute of Allergy and Infectious Diseases (“NIAID/HHS”). In September 2013, NIAID/HHS contracted with the Company for the development of galidesivir as a treatment for Marburg virus disease and subsequently, Yellow Fever and Ebola virus disease. As of March 31, 2021, all options under this contract, as amended, have been awarded, and the total value of the contract, as amended, is $45,931, inclusive of the $2,897 added to the contract in August 2020 to support the development of galidesivir. In August 2020, NIAID/HHS awarded the Company a new contract, with potential aggregate funding up of to $43,908 if all contract options are exercised, to manufacture and evaluate the safety, efficacy and tolerability of galidesivir. NIAID/HHS made an initial award of $6,326 to the Company under this new contract.

Biomedical Advanced Research and Development Authority (“BARDA/HHS”). In March 2015, BARDA/HHS awarded the Company a contract for the continued development of galidesivir as a potential treatment for diseases caused by RNA pathogens, including filoviruses. This BARDA/HHS contract includes a base contract of $16,265 to support galidesivir drug manufacturing, as well as $22,855 in additional development options that can be exercised by the government, bringing the potential value of the contract to $39,120. As of March 31, 2021, a total of $20,574 has been awarded under exercised options within this contract.

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”). In September 2018, HHS awarded the Company a $34,660 contract for the procurement of up to 50,000 doses of RAPIVAB (peramivir injection) over a five-year period, including an initial base order of 10,000 doses. In September 2019, HHS exercised its option to purchase an additional 10,000 doses of RAPIVAB. The Company delivered a total of 20,000 doses of RAPIVAB and approximately $13,864 of product sales in 2019. On September 3, 2020, the Company announced that HHS had exercised an option under this contract to purchase an additional 10,000 doses of RAPIVAB for $6,932, which the Company expects to deliver in 2021. No shipments were delivered in the three months ended March 31, 2021 under this additional 10,000 dose option.

Torii Pharmaceutical Co., Ltd. (“Torii”). On November 5, 2019, the Company entered into a Commercialization and License Agreement with Torii (the “Torii Agreement”), granting Torii the exclusive right to commercialize ORLADEYO™ for the prevention of hereditary angioedema (“HAE”) attacks in Japan.

Under the Torii Agreement, the Company received an upfront, non-refundable payment of $22,000. The Japanese National Health Insurance System’s (“NHI”) approval of the addition of ORLADEYO to the NHI drug price list in April 2021 triggered a $15,000 milestone payment from Torii to the Company.

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 be reduced by more than 50% of the amount that otherwise would have been payable to the Company in the applicable calendar quarter. Torii’s royalty payment obligations commence upon the first commercial sale of ORLADEYO in Japan and expire upon the later of (i) the tenth anniversary of the date of first commercial sale of ORLADEYO in Japan, (ii) the expiration of the Company’s patents covering ORLADEYO, and (iii) the expiration of regulatory exclusivity for ORLADEYO in Japan. The Company will be responsible for supplying Torii with its required amounts of ORLADEYO. The activities of the parties pursuant to the Torii Agreement will be overseen by a joint steering committee, to be composed of an equal number of representatives from each party to coordinate the development and commercialization of ORLADEYO in Japan.

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 upfront consideration to the identified performance obligations using estimation approaches to determine the standalone selling prices under ASC Topic 606. Specifically, in determining the value related to the license, a valuation approach utilizing risk adjusted discounted cash flow projections was used and an expected cost plus margin approach was utilized for the other performance obligations. For the three months ended March 31, 2020, $1,053 of the $22,000 upfront payment was recognized as revenue as the services were delivered. Prior to 2020, the Company had recognized as revenue $20,101 of the $22,000 upfront payment.

Seqirus UK Limited (“SUL”). On June 16, 2015, the Company and SUL, a limited company organized under the laws of the United Kingdom and a subsidiary of CSL Limited, a company organized under the laws of Australia, entered into a License Agreement (the “SUL Agreement”) granting SUL and its affiliates worldwide rights to develop, manufacture and commercialize RAPIVAB (peramivir injection) for the treatment of influenza except for the rights to conduct such activities in Israel, Japan, Korea and Taiwan (the permitted geographies together constituting the “Territory”). Under the terms of the SUL Agreement, the Company received an upfront payment of $33,740 and has achieved all development milestones under the contract totaling $12,000.

On March 4, 2020, the International Court of Arbitration of the International Chamber of Commerce (“ICC Tribunal”) delivered a Partial Arbitration Award (the “Partial Arbitration Award”) in an arbitration matter between the Company and SUL with respect to the SUL Agreement. In the Partial Arbitration Award, the ICC Tribunal found that, during the term, SUL materially breached and abandoned its core duties to the Company under the Diligent Efforts (as defined in the SUL Agreement) requirements of the SUL Agreement as applicable in the U.S. The ICC Tribunal granted a declaratory judgment in favor of the Company terminating the SUL Agreement and restoring all rights to peramivir to the Company. The parties agreed on a transition process for the product, with a full transition of commercialization of the product in the U.S. and Australia returned to the Company as of August 1, 2020 and November 1, 2020, respectively. The ICC Tribunal also awarded the Company its attorneys’ fees and expenses incurred in securing the declaratory judgment as well as the costs incurred by the Company in the arbitration. Finally, the ICC Tribunal found that SUL breached the SUL Agreement by failing to pay the milestone payment due to the Company within 30 days of the approval of peramivir for adult use in the European Union and awarded the Company $5,000 (plus interest) for this claim. The ICC Tribunal retained jurisdiction for further proceedings relating to the award of attorneys’ fees and for any dispute relating to the return to the Company of all rights to peramivir in the Territory. The Company recognized a settlement gain of $6,138 in other income and legal fees and other expenses of $4,668 in selling, general and administrative expenses for the three months ended March 31, 2020.

Shionogi & Co., Ltd. (“Shionogi”). In February 2007, the Company entered into an exclusive license agreement with Shionogi to develop and commercialize peramivir in Japan for the treatment of seasonal and potentially life-threatening human influenza. Under the terms of the agreement, Shionogi obtained rights to injectable formulations of peramivir in Japan. The Company developed peramivir under a license from UAB and will owe sublicense payments to UAB on any future milestone payments and/or royalties received by the Company from Shionogi. In October 2008, the Company and Shionogi amended the license agreement to expand the territory covered by the agreement to include Taiwan. Shionogi has commercially launched peramivir under the commercial name RAPIACTA in Japan and Taiwan.

In December 2017, the Company, on behalf of Royalty Sub, instituted arbitration proceedings against Shionogi in order to resolve a dispute with Shionogi under the Shionogi Agreement regarding the achievement of sales milestones and escalating royalties. The arbitration proceedings have concluded, with the decision that no sale milestones had been achieved and that royalties would remain the same. The costs associated with the arbitration proceedings are recoverable from the assets of Royalty Sub in accordance with the terms of the indenture and servicing agreement relating to the PhaRMA Notes.

Green Cross Corporation (“Green Cross”). In June 2006, the Company entered into an agreement with Green Cross to develop and commercialize peramivir in Korea. Under the terms of the agreement, Green Cross will be responsible for all development, regulatory, and commercialization costs in Korea. The Company received a one-time license fee of $250. The license also provides that the Company will share in profits resulting from the sale of peramivir in Korea, including the sale of peramivir to the Korean government for stockpiling purposes. Furthermore, Green Cross will pay the Company a premium over its cost to supply peramivir for development and any future marketing of peramivir products in Korea.

Mundipharma International Holdings Limited (“Mundipharma”). In February 2006, the Company entered into an exclusive, royalty bearing right and license agreement with Mundipharma for the development and commercialization of Mundesine, a Purine Nucleoside Phosphorylase (“PNP”) inhibitor, for use in oncology. The agreement, as amended and restated, provides for the possibility of future event payments totaling $15,000 for achieving specified regulatory events for certain indications and tiered royalties ranging from mid to high single-digit percentages of net product sales in each country where Mundesine is sold by Mundipharma. The Company licensed forodesine and other PNP inhibitors from AECOM/IRL (as defined below) and will owe sublicense payments to AECOM/IRL on all milestone payments and royalties received from Mundipharma.

Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. (“AECOM” and “IRL,” respectively). In June 2000, the Company licensed a series of potent inhibitors of PNP from AECOM and IRL, (together, the “Licensors”). The lead product candidate from this collaboration is forodesine. The Company has obtained worldwide exclusive rights to develop and ultimately distribute this, or any other, product candidates that might arise from research on these inhibitors. The Company has the option to expand the agreement to include other inventions in the field made by the investigators or employees of the Licensors. Under this agreement, as amended and restated, the Company has agreed to use commercially reasonable efforts to develop these drugs and to pay certain milestone payments for each licensed product (which range in the aggregate from $1,400 to almost $4,000 per indication) for future development, single digit royalties on net sales of any resulting product made by the Company, and to share a portion of future payments received from other third-party partners, if any. In addition, the Company has agreed to pay annual license fees, which can range from $150 to $500, that are creditable against actual royalties and other payments due to the Licensors. The Licensors have also granted the Company an exclusive worldwide license of galidesivir for any antiviral use.

The University of Alabama at Birmingham (“UAB”). The Company currently has agreements with UAB for influenza neuraminidase and complement inhibitors. Under the terms of these agreements, UAB performed specific research for the Company in return for research payments and license fees. UAB has granted the Company certain rights to any discoveries in these areas resulting from research developed by UAB or jointly developed by UAB with the Company. The Company has agreed to pay single digit royalties on sales of any resulting product and to share in future payments received from other third-party partners. The Company has completed the research under the UAB agreements. These two agreements each have an initial 25-year term, are automatically renewable for five-year terms throughout the life of the last patent and are terminable by the Company upon three months’ notice and by UAB under certain circumstances. Upon termination, both parties shall cease using the other parties’ proprietary and confidential information and materials, the parties shall jointly own joint inventions and UAB shall resume full ownership of all UAB licensed products. There is currently no activity between the Company and UAB on these agreements, but when the Company licenses this technology, such as in the case of the Shionogi and Green Cross collaborations, or commercializes products related to these programs, the Company will owe sublicense fees or royalties on amounts received.

Note 2 - Royalty Monetizations

3 Months Ended

Mar. 31, 2021

Royalty Monetization [Text Block]

Note 2—Royalty Monetizations

RAPIACTA Royalty Monetization

Overview

On March 9, 2011, the Company completed a $30,000 financing transaction to monetize certain future royalty and milestone payments under the Company’s agreement with Shionogi (the “Shionogi Agreement”), pursuant to which Shionogi licensed from the Company the rights to market RAPIACTA in Japan and Taiwan. The Company received net proceeds of $22,691 from the transaction after transaction costs of $4,309 and the establishment of a $3,000 interest reserve account by JPR Royalty Sub LLC, a wholly-owned subsidiary of the Company (“Royalty Sub”), available to help cover interest shortfalls in the future. All of the interest reserve account has been fully utilized with the September 2012 interest payment.

As part of the transaction, the Company entered into a purchase and sale agreement dated as of March 9, 2011 with Royalty Sub, whereby the Company transferred to Royalty Sub, among other things, (i) its rights to receive certain royalty and milestone payments from Shionogi arising under the Shionogi Agreement, and (ii) the right to receive payments under a Japanese yen/US dollar foreign currency hedge arrangement (as further described below, the “Currency Hedge Agreement”) put into place by the Company in connection with the transaction. Royalty payments are paid by Shionogi in Japanese yen, and any milestone payments will be paid in U.S. dollars. The Company’s collaboration with Shionogi was not impacted as a result of this transaction.

Non-Recourse Notes Payable

On March 9, 2011, Royalty Sub completed a private placement to institutional investors of $30,000 in aggregate principal amount of its PhaRMA Senior Secured 14.0% Notes due on December 1, 2020 (the “PhaRMA Notes”). The PhaRMA Notes were issued by Royalty Sub under an Indenture, dated as of March 9, 2011 (the “Indenture”), by and between Royalty Sub and U.S. Bank National Association, as Trustee. Principal and interest on the PhaRMA Notes are payable from, and are secured by, the rights to royalty and milestone payments under the Shionogi Agreement transferred by the Company to Royalty Sub and payments, if any, made to Royalty Sub under the Currency Hedge Agreement. The PhaRMA Notes bear interest at 14% per annum, payable annually in arrears on September 1st of each year. The Company remains entitled to receive any royalties and milestone payments related to sales of peramivir by Shionogi following repayment of the PhaRMA Notes.

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, but is not obligated to, make capital contributions to a capital account that may be used to redeem, or on up to one occasion pay any interest shortfall on, the PhaRMA Notes.

In September 2014, Royalty Sub was unable to pay the accrued interest obligation due September 3, 2013. Under the terms of the Indenture, Royalty Sub’s inability to pay the full amount of interest payable in September 2013 by the next succeeding payment date for the PhaRMA Notes, which was September 1, 2014, constituted an event of default. Accordingly, the PhaRMA Notes and related accrued interest have been classified as current liabilities on the December 31, 2014 balance sheet and thereafter. The PhaRMA Notes had a final legal maturity date of December 1, 2020, at which time the outstanding principal amount of the PhaRMA Notes, together with accrued and unpaid interest, was due in full. As of March 31, 2021, the PhaRMA Notes remained outstanding and in default, and the Company will continue to record the liability and accrued interest owed until the Company is determined to no longer be the financial obligor. As a result of the continuing events of default under the PhaRMA Notes, the holders of the PhaRMA Notes may foreclose on the collateral securing the PhaRMA Notes and the equity interest in Royalty Sub and exercise other remedies available to them under the Indenture in respect of the PhaRMA Notes. In such event, the Company may not realize the benefit of future royalty payments that might otherwise accrue to it following repayment of the PhaRMA Notes and it might otherwise be adversely affected. Due to the non-recourse nature of the PhaRMA Notes, in the event of any potential foreclosure, the primary impact to the Company would be the loss of future royalty payments from Shionogi and legal costs associated with retiring the PhaRMA Notes. As the PhaRMA Notes are the obligation of Royalty Sub and non-recourse to the Company, the events of default of the PhaRMA Notes are not expected to have a significant impact on the Company’s future results of operations or cash flows. As of March 31, 2021, the outstanding principal amount of the PhaRMA Notes was $30,000 and accrued and unpaid interest was $22,244.

The Indenture does not contain any financial covenants. The Indenture includes customary representations and warranties of Royalty Sub, affirmative and negative covenants of Royalty Sub, Events of Default and related remedies, and provisions regarding the duties of the Trustee, indemnification of the Trustee, and other matters typical for indentures used in structured financings of this type.

As of March 31, 2021, the aggregate fair value of the PhaRMA Notes was estimated to be approximately 3% of its carrying value of $30,000. The estimated fair value of the PhaRMA Notes is classified as Level 3 in the fair value hierarchy as defined in U.S. GAAP.

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 Currency Hedge Agreement did not qualify for hedge accounting treatment; therefore mark-to-market adjustments were recognized in the Company’s Consolidated Statements of Comprehensive Loss. The final tranche of the options under the Currency Hedge Agreement expired in November 2020.

ORLADEYO Royalty Monetization

On December 7, 2020, the Company and RPI 2019 Intermediate Finance Trust (“RPI”) entered into a Purchase and Sale Agreement (the “Royalty Purchase Agreement”), pursuant to which the Company sold to RPI the right to receive certain royalty payments from the Company for a purchase price of $125,000 in cash (the “Royalty Sale”). Under the Royalty Purchase Agreement, RPI is entitled to receive tiered, sales-based royalties on net product sales of ORLADEYO in the United States, certain key European markets, and other markets where the Company sells ORLADEYO directly or through distributors (collectively, the “Key Territories”) in an amount equal to: (i) 8.75% of aggregate annual net sales of ORLADEYO in the Key Territories for annual net sales up to $350,000 and (ii) 2.75% of annual net sales in the Key Territories for annual net sales between $350,000 and $550,000. No royalty payments are payable on annual net sales in the Key Territories over $550,000. In addition, RPI will be entitled to receive 1.0% of global net sales, if any, of 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 in the Other Markets; and (iii) 10% of proceeds received by the Company on annual net sales between $150,000 and $230,000 in the Other Markets. No royalty payments are payable on annual net sales above $230,000 in the Other Markets. No payment will be due to RPI for any achievement milestone which may be payable under the existing out-license for ORLADEYO.

The Company will be required to make royalty payments of amounts owed to RPI each calendar quarter following the first commercial sale of ORLADEYO in any country.

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-party audits of royalties paid under the Royalty Purchase Agreement, and restrictions on the ability of the Company or any of its subsidiaries to incur indebtedness other than certain royalty sales and as is permitted to be incurred under the terms of the Company’s Credit Agreement with Athyrium Opportunities III Co-Invest 1 LP. Refer to Note 3 for further details on the Credit Agreement. The restrictions on the ability of the Company or any of its subsidiaries to incur indebtedness are eliminated after the achievement of certain specified milestones in the Royalty Purchase Agreement.

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. The fair value for the royalty financing obligation at the time of the transaction was based on the Company’s estimates of future royalties expected to be paid to RPI over the life of the arrangement. The estimates of future net product sales (and resulting royalty payments) are based on key assumptions including population, penetration and sales price and are determined using forecasts from market data sources, which are considered Level 3 inputs. Deferred issuance costs, which consist primarily of advisory and legal fees, totaled $2,370 as of March 31, 2021. The royalty financing obligation and the deferred issuance costs are amortized using the effective interest method over the term of the arrangement, in accordance with the respective guidance. The effective interest rate as of March 31, 2021 was approximately 24%. For the three months ended March 31, 2021, accrued interest expense in the amount of $7,536 was added to the balance of the royalty financing obligation. Additionally, as of March 31, 2021, the Company had accrued royalties payable to RPI of $957, which reduced the royalty financing obligation. The Company will utilize the prospective method to account for subsequent changes in the estimated future payments to be made to RPI.

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2019	$ 1,541	$ 877,300	$ 39	$ (840,628)	$ 38,252
Net loss				(37,599)	(37,599)
Other comprehensive income (loss)	0	0	(25)	0	(25)
Exercise of stock options, net	1	265			266
Stock-based compensation expense		2,754			2,754
Balance at Mar. 31, 2020	1,542	880,319	14	(878,227)	3,648
Balance at Dec. 31, 2020	1,769	1,002,408	3	(1,023,442)	(19,262)
Net loss				(64,284)	(64,284)
Other comprehensive income (loss)			179		179
Employee stock purchase plan sales, net	2	721			723
Exercise of stock options, net	6	2,171	0	0	2,177
Stock-based compensation expense		5,479			5,479
Balance at Mar. 31, 2021	$ 1,777	$ 1,010,779	$ 182	$ (1,087,726)	$ (74,988)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

Debt Securities, Available-for-sale [Table Text Block]

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note 4 - Senior Credit Facility (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 05, 2019	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Interest Expense, Debt, Total			$ 12,904	$ 3,047
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Minimum LIBOR	0.50%
Debt Instrument, Term (Month)	30 months
Interest Expense, Debt, Total				$ 1,454
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
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	8.00%
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member] \| Secured Credit Facility, First Tranche [Member]
Debt Instrument, Face Amount	$ 50,000
Repayments of Long-term Debt, Total	30,000
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member] \| Secured Credit Facility, Second Tranche [Member]
Debt Instrument, Face Amount	30,000
MidCap Financial Services, LLC [Member] \| Senior Credit Facility [Member] \| Secured Credit Facility, Third Tranche [Member]
Debt Instrument, Face Amount	$ 20,000

Note 1 - Significant Accounting Policies - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Raw materials	$ 101	$ 206
Work-in-process	5,012	2,555
Finished goods	270	4,548
Total Inventory	5,383	7,309
Reserves	(270)	(270)
Total Inventory, net	$ 5,113	$ 7,039

Note 1 - Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

	March 31, 2021
					Gross		Gross
	*Amortized*		*Accrued*		*Unrealized*		*Unrealized*		*Estimated*
	*Cost*		*Interest*		*Gains*		*Losses*		*Fair Value*
Obligations of U.S. Government and its agencies	$	10,675	$	6	$	3	$	-	$	10,684
Certificates of deposit		2,758		11		1		-		2,770
Total investments	$	13,433	$	17	$	4	$	-	$	13,454

	December 31, 2020
					Gross		Gross
	*Amortized*		*Accrued*		*Unrealized*		*Unrealized*			*Estimated*
	*Cost*		*Interest*		*Gains*		*Losses*			*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

Schedule of Receivables from Collaborations [Table Text Block]

	March 31, 2021
	Billed			Unbilled		Total
U.S. Department of Health and Human Services	$	3,966		$	3,514	$	7,480
Shionogi & Co. Ltd.		(190	)		4		(186	)
Green Cross Corporation		1,157			21		1,178
Mundipharma International Holdings Limited		32			-		32
Total receivables	$	4,965		$	3,539	$	8,504

	December 31, 2020
	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

Schedule of Inventory, Current [Table Text Block]

	March 31,			December, 31
	2021			2020
Raw materials	$	101		$	206
Work-in-process		5,012			2,555
Finished goods		270			4,548
Total Inventory	$	5,383		$	7,309
Reserves		(270	)		(270	)
Total Inventory, net	$	5,113		$	7,039

Disaggregation of Revenue [Table Text Block]

	Three Months Ended March 31,
	2021			2020
Product sales, net:
ORLADEYO	$	10,938		$	-
Peramivir		6,820			218
RAPIVAB		113			-
Total product sales, net		17,871			218
Royalty revenue		(897	)		1,945
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		2,085			1,607
Torii Pharmaceutical Co., Ltd.		-			1,053
Total collaborative and other research and development revenues		2,085			2,660
Total revenues	$	19,059		$	4,823

Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2014	Aug. 31, 2013	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Payment Arrangement, Expense				$ 5,479	$ 2,754
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total				59,329
Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year				14,490
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Next Year				18,299
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two				14,511
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three				11,612
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four				$ 417
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)				193
Incentive Plan [Member]
Share-based Payment Arrangement, Expense				$ 4,554	$ 2,437
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)				3,457		4,592
Incentive Plan [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)				$ 6.87	$ 1.87
Incentive Plan [Member] \| Share-based Payment Arrangement, Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year)				10 years
Incentive Plan [Member] \| Share-based Payment Arrangement, Option [Member] \| Vest 25% Each Year Until Fully Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				4 years
Incentive Plan [Member] \| Performance Shares [Member] \| August 2013 [Member]
Share-based Payment Arrangement, Expense						$ 1,768
Incentive Plan [Member] \| Performance Shares [Member] \| December 2019 [Member]
Share-based Payment Arrangement, Expense						$ 684
Incentive Plan [Member] \| Performance Shares [Member] \| Vest Upon Successful Completion of Specific Development Milestones [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%	85.00%	100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	315	1,250	1,032
Inducement Plan [Member]
Share-based Payment Arrangement, Expense				$ 598	$ 198
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)				10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)				118		229
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, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)				$ 5.86	$ 1.77
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				$ 327	$ 119
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)				2,679
Percentage of Salary to Purchase Common Stock, Maximum				15.00%
Percentage of Common Stock Shares, Beginning				85.00%
Percentage of Common Stock Shares, Ending				85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in shares)				3
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee, Amount				$ 25
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)				193

Note 9 - Subsequent Event (Details Textual) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Nov. 05, 2019
Revenue from Contract with Customer, Including Assessed Tax		$ 19,059	$ 4,823
Torii Pharmaceutical Co. [Member]
Potential Milestone Payments Receivable if Regulatory Approval Before December 31, 2021					$ 15,000
Revenue from Contract with Customer, Including Assessed Tax			$ 1,053	$ 20,101
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%
Torii Pharmaceutical Co. [Member] \| Forecast [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 15,000