<SEC-DOCUMENT>0001171843-18-003719.txt : 20180509
<SEC-HEADER>0001171843-18-003719.hdr.sgml : 20180509
<ACCEPTANCE-DATETIME>20180509141057
ACCESSION NUMBER:		0001171843-18-003719
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		49
CONFORMED PERIOD OF REPORT:	20180331
FILED AS OF DATE:		20180509
DATE AS OF CHANGE:		20180509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOCRYST PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000882796
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				621413174
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23186
		FILM NUMBER:		18817727

	BUSINESS ADDRESS:	
		STREET 1:		4505 EMPEROR BOULEVARD
		STREET 2:		SUITE 200
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
		BUSINESS PHONE:		919-859-1302

	MAIL ADDRESS:	
		STREET 1:		4505 EMPEROR BOULEVARD
		STREET 2:		SUITE 200
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>f10q_050918p.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
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<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 12pt"><b>&nbsp;</b></font></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM 10-Q</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Quarterly Report Pursuant to Section&nbsp;13
or 15(d)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>of the Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the quarterly period ended March&nbsp;31,
2018</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Commission File Number 000-23186</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</p>

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<p style="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIOCRYST PHARMACEUTICALS, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified
in its charter)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 50%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DELAWARE</b></font></td>
    <td style="width: 50%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62-1413174</b></font></td></tr>
<tr>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(State of other jurisdiction of</b></font></td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(I.R.S. Employer</b></font></td></tr>
<tr>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incorporation or organization)</b></font></td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Identification No.)</b></font></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4505 Emperor Blvd., Suite&nbsp;200</b></font></td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Durham, North Carolina</b></font></td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27703</b></font></td></tr>
<tr>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address of principal executive offices)</b></font></td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Zip Code)</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(919) 859-1302</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Registrant&#8217;s telephone number,
including area code)</b> &nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file
such reports), and (2)&nbsp;has been subject to such filing requirements for the past 90&nbsp;days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9746;
&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to submit and post such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9746;
&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non- accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging
growth company&#8221; in Rule&nbsp;12b-2 of the Exchange Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 23%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</font></td>
    <td style="width: 42%">&#9744;</td>
    <td style="width: 29%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer</font></td>
    <td style="width: 6%">&#9746;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</font></td>
    <td>&#9744;<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;(Do not check if a smaller
reporting company)</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</font></td>
    <td><font style="font-family: Wingdings; font-size: 10pt"></font>&#9744;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 23%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</font></td>
    <td style="width: 42%">&#9744;</td>
    <td style="width: 28%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="font-family: Wingdings">&#168;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;
</font><font style="font-family: Wingdings">&#168;</font> <font style="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;
</font><font style="font-family: Wingdings">x</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of shares of Common Stock, par value $0.01, of the
Registrant outstanding as of April&nbsp;30, 2018 was 98,716,856.&nbsp;&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIOCRYST PHARMACEUTICALS, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 90%; padding-left: 0.75pt">&nbsp;</td>
    <td style="width: 10%; border-bottom: black 1pt solid; padding-left: 0.75pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page&nbsp;No.</b></font></td></tr>
<tr>
    <td colspan="2" style="padding-left: 0.75pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part I. Financial Information</font></td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="#a_001"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&nbsp;1. Financial Statements:</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_001"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></a></td></tr>
<tr>
    <td style="padding-left: 20pt"><a href="#a_002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets &#8212; March&nbsp;31, 2018 and December&nbsp;31, 2017</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></a></td></tr>
<tr>
    <td style="padding-left: 20pt"><a href="#a_003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Comprehensive Loss &#8212; Three Months Ended March&nbsp;31, 2018 and 2017</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></a></td></tr>
<tr>
    <td style="padding-left: 20pt"><a href="#a_004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows &#8212; Three Months Ended March&nbsp;31, 2018 and 2017</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></a></td></tr>
<tr>
    <td style="padding-left: 20pt"><a href="#a_005"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_005"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></a></td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="#a_006"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&nbsp;2. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_006"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></a></td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="#a_007"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&nbsp;3. Quantitative and Qualitative Disclosures About Market Risk</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_007"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></a></td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="#a_008"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&nbsp;4. Controls and Procedures</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_008"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></a></td></tr>
<tr>
    <td colspan="2" style="padding-left: 0.75pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part II. Other Information</font></td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="#a_009"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1. Legal Proceedings</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_009"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></a></td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="#a_010"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&nbsp;1A. Risk Factors</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_010"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></a></td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="#a_011"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&nbsp;6. Exhibits</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_011"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></a></td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="#a_012"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signatures</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center"><a href="#a_012"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</font></a></td></tr>
<tr>
    <td style="padding-left: 0.75pt">&nbsp;</td>
    <td style="padding-left: 0.75pt; text-align: center">&nbsp;</td></tr>
<tr>
    <td style="padding-left: 0.75pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh_101.htm">EX-10.1</A></font></td>
    <td style="padding-left: 0.75pt; text-align: center">&nbsp;</td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="exh_311.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX-31.1</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center">&nbsp;</td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="exh_312.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX-31.2</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center">&nbsp;</td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="exh_321.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX-32.1</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center">&nbsp;</td></tr>
<tr>
    <td style="padding-left: 0.75pt"><a href="exh_322.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX-32.2</font></a></td>
    <td style="padding-left: 0.75pt; text-align: center">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART I. FINANCIAL INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a name="a_001"></a><b>Item&nbsp;1. &nbsp;&nbsp;&nbsp;Financial Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIOCRYST PHARMACEUTICALS, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_002"></a>CONSOLIDATED BALANCE SHEETS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>March&nbsp;31, 2018 and December&nbsp;31,
2017</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(In thousands, except per share data)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<div data-td-taggable-table="" data-td-statement-type="balance-sheet"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018<br> (Unaudited)</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017<br> (Note 1)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 74%; text-align: left">Cash and cash equivalents</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">43,767</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">50,282</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Restricted cash</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">4,599</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">3,286</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Investments</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">47,540</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">64,115</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Receivables from collaborations</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5,694</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6,117</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Inventory</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Prepaid expenses and other current assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,397</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,381</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Deferred collaboration expense</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">152</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">210</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Total current assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">104,156</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">125,391</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Investments</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">41,599</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">41,295</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Property and equipment, net</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">9,395</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">9,546</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Other assets</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">222</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,027</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total assets</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">155,372</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">178,259</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Liabilities and Stockholders&#8217; Equity</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accounts payable</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,588</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">6,337</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accrued expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">15,624</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">12,699</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest payable</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">13,465</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">12,095</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred collaboration revenue</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7,300</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">8,484</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lease financing obligation</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">76</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">75</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Senior credit facility</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6,497</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6,464</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Non-recourse notes payable</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">28,792</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">28,682</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Total current liabilities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">75,342</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">74,836</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred rent</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">131</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">155</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lease financing obligation</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,731</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,751</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Senior credit facility</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">15,114</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">16,750</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Stockholders&#8217; equity:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Preferred stock, $0.001 par value; shares authorized &#8212; 5,000; no shares issued and outstanding</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Common stock, $0.01 par value: shares authorized &#8212; 200,000; shares issued and outstanding &#8212; 98,702 in 2018 and 98,411 in 2017</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">987</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">984</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Additional paid-in capital</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">718,037</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">714,869</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accumulated other comprehensive loss</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(476</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(243</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Accumulated deficit</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(656,494</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(631,843</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total stockholders&#8217; equity</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">62,054</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">83,767</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total liabilities and stockholders&#8217; equity</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">155,372</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">178,259</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIOCRYST PHARMACEUTICALS, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_003"></a>CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Three Months Ended March&nbsp;31, 2018
and 2017</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(In thousands, except per share data-Unaudited)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<div data-td-taggable-table="" data-td-statement-type="income"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Revenues</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 74%; text-align: left">Royalty revenue</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,661</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,321</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Collaborative and other research and development</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">315</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">3,116</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Total revenues</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">3,976</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">9,437</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Research and development</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">18,441</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">16,770</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">General and administrative</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7,609</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">3,058</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">Royalty</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">140</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">294</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Total operating expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">26,190</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">20,122</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Loss from operations</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(22,214</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(10,685</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest and other income</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">462</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">109</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expense</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(2,221</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(2,100</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Loss on foreign currency derivative</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,804</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,543</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Net loss</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(25,777</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(14,219</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Basic and diluted net loss per common share</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(0.26</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(0.19</td><td style="font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Weighted average shares outstanding</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">98,592</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">75,167</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Unrealized (loss) gain on available for sale investments</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(233</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">9</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Comprehensive loss</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(26,010</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(14,210</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIOCRYST PHARMACEUTICALS, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_004"></a>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Three Months Ended March&nbsp;31, 2018
and 2017</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(In thousands-Unaudited)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<div data-td-taggable-table="" data-td-statement-type="cash-flows"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Operating activities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 74%; text-align: left">Net loss</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(25,777</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(14,219</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Depreciation and amortization</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">186</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">172</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Stock-based compensation expense</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,903</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,462</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Amortization of debt issuance costs</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">232</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">220</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Amortization of premium/discount on investments</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">76</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">18</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Change in fair value of foreign currency derivative</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,804</td><td style="text-align: left"></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,543</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Changes in operating assets and liabilities:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Receivables</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">423</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(796</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Inventory</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(7</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(155</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Prepaid expenses and other assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(1,015</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(284</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Deferred collaboration expense</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">18</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Accounts payable and accrued expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">152</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,642</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Interest payable</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,370</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,301</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Deferred revenue</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(449</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-left: 10pt">Net cash used in operating activities</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(19,653</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(8,527</td><td style="font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Investing activities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Acquisitions of property and equipment</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(35</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(3</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Purchases of investments</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(4,327</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Sales and maturities of investments</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">20,289</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">14,136</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-left: 10pt">Net cash provided by investing activities</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">15,927</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">14,133</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Financing activities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sale of common stock, net</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">47,750</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Payment of senior credit facility</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(1,725</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net proceeds from common stock issued under stock-based compensation plans</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">268</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">950</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Increase in lease financing obligation</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(19</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Net cash (used in) provided by financing activities</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,476</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">48,700</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(Decrease) increase in cash, cash equivalents and restricted cash</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(5,202</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">54,306</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Cash, cash equivalents and restricted cash at beginning of period</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">53,568</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">23,650</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash, cash equivalents and restricted cash at end of period</td><td style="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">48,366</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">77,956</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BIOCRYST PHARMACEUTICALS, INC.</b> &nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a_005"></a>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(In thousands, except per share amounts)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p><div data-td-statement-type="note"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 1 &#8212; Significant Accounting Policies</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Agreement and Plan of Merger</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">On January&nbsp;21, 2018,&nbsp;BioCryst Pharmaceuticals, Inc. (the &ldquo;Company&rdquo; or &ldquo;BioCryst&rdquo;),
Idera Pharmaceuticals, Inc. (&ldquo;Idera&rdquo;), a Delaware corporation, Nautilus Holdco,&nbsp;Inc., a Delaware corporation and
a direct, wholly owned subsidiary of BioCryst (&ldquo;Holdco&rdquo;),&nbsp;Island Merger Sub,&nbsp;Inc., a Delaware corporation
and a direct, wholly owned subsidiary of Holdco (&ldquo;Merger Sub A&rdquo;), and Boat Merger Sub,&nbsp;Inc., a Delaware corporation
and a direct, wholly owned subsidiary of Holdco (&ldquo;Merger Sub B&rdquo;), entered into an Agreement and Plan of Merger (the
&ldquo;Merger Agreement&rdquo;). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions
specified therein, (a)&nbsp;Merger Sub A shall be merged with and into Idera (the &ldquo;Idera Merger&rdquo;), with Idera surviving
as a wholly owned subsidiary of Holdco, and (b)&nbsp;Merger Sub B shall be merged with and into BioCryst (the &ldquo;BioCryst Merger&rdquo;,
and, together with the Idera Merger, the &ldquo;Mergers&rdquo;), with BioCryst surviving as a wholly owned subsidiary of Holdco.
<FONT STYLE="font-size: 10pt">At the effective time of the mergers, Holdco will be renamed Valenscion Incorporated.</FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Pursuant to the Merger Agreement, <font style="color: #333333">u</font>pon
completion of the Mergers, each issued and outstanding share of Idera common stock will be converted into the right to receive
0.20 shares of Holdco common stock (the "Idera exchange ratio"), and each issued and outstanding share of BioCryst common
stock will be converted into the right to receive 0.50 shares of Holdco common stock (the "BioCryst exchange ratio" and
together with the Idera exchange ratio, the "exchange ratios"). The exchange ratios will not be adjusted for changes
in the market price of either BioCryst common stock or Idera common stock between the date of signing of the Merger Agreement and
completion of the Mergers. Upon completion of the Mergers, each issued and outstanding share of Idera preferred stock (with certain
exceptions) will be converted into the right to receive an amount of Holdco common stock based on its liquidation preference.<font style="color: #333333">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt; color: #333333">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><font style="color: #333333"></FONT></P>

<P STYLE="font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0"><FONT STYLE="color: #333333">The Merger Agreement has been unanimously
approved by the boards of directors of BioCryst and Idera.&nbsp;The transaction is subject to approval by the stockholders of both
companies, as well as regulatory approvals and satisfaction of other customary closing conditions.&nbsp;On February 15, 2018, the
Federal Trade Commission notified BioCryst that its request for early termination of the waiting period under the HSR Act had been
granted.</FONT> The stockholders&rsquo; meeting for both companies has been scheduled for July 10, 2018. Affiliates of Baker Bros.
Advisors, LP are the beneficial owners of approximately 14% of issued and outstanding BioCryst common stock and approximately 18%
of issued and outstanding Idera common stock, have agreed, among other things, to vote their shares of BioCryst common stock and
Idera common stock in favor of the proposal to adopt the Merger Agreement at each of the BioCryst special meeting and Idera special
meeting. <FONT STYLE="color: #333333">The combined company, which will be renamed Valenscion Incorporated, will be headquartered
in Exton, PA, at the current Idera headquarters, with a consolidated research center in Birmingham, AL, at the current BioCryst
facility. </FONT></P>

<P STYLE="font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0; color: #333333">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0"><FONT STYLE="color: #333333">The transaction is expected to be completed
during the third quarter of 2018.</FONT> However, this Form 10-Q and the forward-looking statements contained in this Form 10-Q
are prepared as an independent company without giving effect to the Mergers.</P>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Company</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></P>

<P STYLE="font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0">BioCryst is a biotechnology company that designs, optimizes and
develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on oral
treatments for rare diseases in which significant unmet medical needs exist and that align with its capabilities and expertise.
The Company was incorporated in Delaware in 1986 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. BioCryst has incurred losses and negative cash flows from operations
since inception.&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">With the funds available at March 31, 2018,
the Company believes these resources will be sufficient to fund its operations at least through the third quarter of 2019. The
Company has sustained operating losses for the majority of its corporate history and expects that its 2018 expenses will exceed
its 2018 revenues. The Company expects to continue to incur operating losses and negative cash flows until revenues reach a level
sufficient to support ongoing operations. Accordingly, its planned operations raise doubt about its ability to continue as a going
concern beyond the third quarter of 2019. The Company&#8217;s liquidity needs will be largely determined by the success of operations
in regards to the progression of its product candidates in the future. The Company also may consider other plans to fund operations
beyond the third quarter of 2019 including: (1)&nbsp;securing or increasing U.S. Government funding of its programs, including
obtaining procurement contracts; (2)&nbsp;out-licensing rights to certain of its products or product candidates, pursuant to which
the Company would receive cash milestones; (3)&nbsp;raising additional capital through equity or debt financings or from other
sources; (4)&nbsp;obtaining additional product candidate regulatory approvals, which would generate revenue, milestones and cash
flow; (5)&nbsp;reducing spending on one or more research and development programs, including by discontinuing development; and/or
(6)&nbsp;restructuring operations to change its overhead structure. The Company may issue securities, including common stock, preferred
stock, depositary shares, stock purchase contracts, warrants and units, through private placement transactions or registered public
offerings in the future. The Company&#8217;s future liquidity needs, and ability to address those needs, will largely be determined
by the success of its product candidates and key development and regulatory events and its decisions in the future.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Basis of Presentation</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The consolidated financial statements include
the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (&#8220;Royalty Sub&#8221;) and MDCP, LLC (&#8220;MDCP&#8221;)
and Nautilus Holdco,&nbsp;Inc. All subsidiaries were formed to facilitate financing and/or strategic transactions for the Company.
In the case of Nautilus Holdco,&nbsp;Inc., the subsidiary was formed entirely to facilitate a merger with Idera.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Royalty Sub was formed in connection with
a $30,000&nbsp;financing transaction the Company completed on March&nbsp;9, 2011. See Note 4, Royalty Monetization, for a further
description of this transaction. MDCP was formed in connection with a $23,000 Senior Credit Facility that the Company closed on
September 23, 2016. See Note 5, Senior Credit Facility, for a further description of this transaction. All intercompany transactions
and balances have been eliminated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company&#8217;s consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;)
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&#8217;s
opinion, necessary to present fairly, in all material respects, the Company&#8217;s consolidated financial position, results of
operations, and cash flows. There were no adjustments other than normal recurring adjustments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">These financial statements should be read
in conjunction with the financial statements for the year ended December&nbsp;31, 2017 and the notes thereto included in the Company&#8217;s
2017 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&nbsp;31, 2017 has been derived from the audited consolidated financial statements included in
the Company&#8217;s most recent Annual Report on Form 10-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cash and Cash Equivalents</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Restricted Cash</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Restricted cash as of March&nbsp;31, 2018
reflects $3,188 in royalty revenue paid by Shionogi&nbsp;&amp; Co., Ltd. (&#8220;Shionogi&#8221;) designated for interest on the
PhaRMA Notes (defined in Note 4) and $1,411 the Company is required to maintain as collateral for a letter of credit associated
with the lease execution and build-out of its new Birmingham research facilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investments</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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&#8217;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&#8217;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&#8217;s
investments are not collateralized. The Company has not realized any significant losses from its investments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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, 2018, the Company believes that the cost of its investments is
recoverable in all material respects.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The following tables summarize the fair value
of the Company&#8217;s investments by type. The estimated fair values of the Company&#8217;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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<div data-td-taggable-table=""><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, 2018</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized<br> Cost</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accrued<br> Interest</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br> Unrealized<br> Gains</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br> Unrealized<br> Losses</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Estimated<br> Fair&nbsp;Value</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt">Obligations of the U.S. Government and its
    agencies</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">44,116</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">148</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(205</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">44,059</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Corporate debt securities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">35,299</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">201</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(250</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">35,250</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Certificates of deposit</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">9,821</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">30</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(21</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">9,830</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -10pt; padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total investments</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,236</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">379</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#8212;</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(476</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,139</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<div data-td-taggable-table=""><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2017</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized<br> Cost</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accrued<br> Interest</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br> Unrealized<br> Gains</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br> Unrealized<br> Losses</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Estimated<br> Fair&nbsp;Value</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt">Obligations of the U.S. Government and its agencies</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">60,121</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">177</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(122</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">60,176</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Corporate debt securities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">34,021</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">203</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(108</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">34,116</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Certificates of deposit</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">11,099</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(14</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">11,118</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -10pt; padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total investments</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,241</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">412</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(244</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,410</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The following table
summarizes the scheduled maturity for the Company&#8217;s investments at March&nbsp;31, 2018 and December&nbsp;31, 2017.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<div data-td-taggable-table=""><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: left">Maturing in one year or less</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">47,540</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">64,115</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Maturing after one year through two years</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">38,505</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">34,257</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Maturing after two years</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">3,094</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">7,038</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total investments</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">89,139</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,410</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Receivables from Collaborations</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 (&#8220;Green Cross&#8221;), Mundipharma International Holdings
Limited (&#8220;Mundipharma&#8221;) and Seqirus UK Limited (&#8220;SUL&#8221;), and product sales to SUL. These receivables are
evaluated to determine if any reserve or allowance should be established at each reporting date. At March 31, 2018 and December&nbsp;31,
2017, the Company had the following receivables.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<div data-td-taggable-table=""><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, 2018</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Billed</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unbilled</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 61%; text-align: left">U.S. Department of Health and Human Services</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">996</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,019</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Shionogi&nbsp;&amp; Co. Ltd.</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,422</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,422</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Green Cross Corporation</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">899</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">27</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">926</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Mundipharma International Holdings Limited</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">22</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">22</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Seqirus UK Limited</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,133</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">172</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,305</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total receivables</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,499</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,195</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,694</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<div data-td-taggable-table=""><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2017</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Billed</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unbilled</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 61%; text-align: left">U.S. Department of Health and Human Services</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">42</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,020</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,062</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Shionogi&nbsp;&amp; Co. Ltd.</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,600</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,600</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Green Cross Corporation</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,388</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">28</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,416</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Mundipharma International Holdings Limited</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">47</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">47</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Seqirus UK Limited</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">825</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">167</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">992</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total receivables</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,902</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,215</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,117</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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&#8217;s calculations
of its indirect cost rates are subject to audit by the U.S. Government.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Receivables from Product Sales</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Receivables from product sales are recorded
for amounts due to the Company related to sales of RAPIVAB<b><sup>&#174;</sup></b>. These receivables are evaluated to determine
if any reserve or allowance should be established at each reporting date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Inventory</i></b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">At March 31, 2018, the Company&#8217;s inventory
consisted primarily of peramivir work in process and is being manufactured for the Company&#8217;s partners. Inventory is stated
at the lower of cost and net realizable value, determined under the first-in, first-out (&#8220;FIFO&#8221;) method, or market.
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 will capitalize subsequent costs related to the production of inventories.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Property and Equipment</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">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. Property consists of a leased building which did not meet
the sale-leaseback criteria and is recorded at its fair value, less depreciation. The building is being depreciated over a period
equal to the expected term of the related lease.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Patents and Licenses</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Accrued Expenses</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Company generally enters into contractual
agreements with third-party vendors who provide research and development, manufacturing, 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:&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 4%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 88%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to Clinical Research Organizations (&#8220;CROs&#8221;) in connection with preclinical and toxicology studies and clinical trials;</font></td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to investigative sites in connection with clinical trials;</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to contract manufacturers in connection with the production of the Company&#8217;s raw materials, drug substance and drug products;&nbsp;and</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td colspan="2" style="vertical-align: top">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">professional fees.</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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&#8217;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, 2018 and December 31, 2017, the carrying value of accrued expenses approximates their fair value due
to their short-term settlement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income Taxes</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The liability method is used in the Company&rsquo;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.&nbsp;Although no changes were made to provisional amounts during
the three months ended March 31, 2018, we will continue to evaluate our estimates related to the new legislation as clarifying
guidance and interpretations are issued and our 2017 tax returns are completed.</P>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">On December 22, 2017, the SEC staff issued
Staff Accounting Bulletin No. 118 (&#8220;SAB 118&#8221;), which provides guidance on accounting for the tax effects of the Tax
Cuts and Jobs Act (&#8220;TCJA&#8221;). SAB 118 provides a measurement period that should not extend beyond one year from the TCJA
enactment date for companies to complete the accounting under ASC 740, Income Taxes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Accumulated Other Comprehensive Loss</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Accumulated other comprehensive loss is comprised
of unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders&#8217;
equity. Amounts reclassified from accumulated other comprehensive loss are recorded as interest and other income on the Consolidated
Statements of Comprehensive Loss. No reclassifications out of accumulated other comprehensive loss were recorded during the three
months ended March 31, 2018 or March 31, 2017.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue Recognition</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"><I>Transition Considerations</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<div data-td-statement-type="note"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In May 2014, the Financial Accounting Standards Board issued Standards Update No. 2014-09: <I>Revenue from
Contracts with Customers (Topic 606)</I> (&ldquo;ASC 606&rdquo;), which provides a single, comprehensive revenue recognition model
for all contracts with customers. The core principle of ASC 606 is that an entity should recognize revenue when it transfers 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. ASC 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue
and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized
from costs incurred to obtain or fulfill a contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">The Company adopted the provisions of ASC
606 as of January&nbsp;1, 2018 using the modified retrospective method as applied to contracts that were not completed as of that
date. The modified retrospective method requires the recognition of the cumulative effect of initially applying the standard (if
any) as an adjustment to opening retained earnings for the fiscal year beginning January&nbsp;1, 2018.&nbsp;As a result, financial
information for reporting periods beginning after January 1, 2018 are presented under ASC 606, while comparative financial information
has not been adjusted and continues to be reported in accordance with the Company&#8217;s historical accounting policy for revenue
recognition prior to the adoption of ASC 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">Adoption of ASC 606 resulted in a
change in the Company&rsquo;s method of accounting for fees received under licensing agreements. Prior to adopting ASC 606,
fees received under licensing agreements that were related to future performance were deferred and recognized over an
estimated period based on the terms of the agreement and the products licensed. Under ASC 606, licenses of drug products and
formulations are forms of functional intellectual property. Licenses of functional intellectual property grant a right to use
the intellectual property and the related revenue will generally be recognized at a point in time rather than over time. As a
result, certain license fees that were previously deferred and recognized over time were eliminated through a cumulative
effect adjustment as of January 1, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The following table summarizes the
cumulative effect of the changes to the Company&rsquo;s unaudited Consolidated Balance Sheet as of January 1, 2018 from the
adoption of ASC 606:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.1pt">&nbsp;</P>

<DIV data-td-taggable-table=""><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Balance at </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December 31, 2017</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adjustments due to </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASC 606</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Balance at </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>January 1, 2018</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-left: 10pt">Deferred collaboration expense</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">210</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(58</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">152</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,484</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,184</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(631,843</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,126</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(630,717</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE></DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">The following tables summarize the
current period impacts of adopting ASC 606 on the Company&rsquo;s unaudited Consolidated Balance Sheet and Consolidated
Statement of Comprehensive Loss:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</P>

<DIV data-td-taggable-table=""><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments due to ASC 606</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balances without adoption of ASC 606</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-left: 10pt">Deferred collaboration expense</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">152</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">44</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">196</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(656,494</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(656,212</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE></DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<DIV data-td-taggable-table=""><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Three Months Ended March 31, 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adjustments due to</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASC 606</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Balances without</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>adoption of ASC 606</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Collaborative and other research and development revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">315</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">296</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">611</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,455</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,777</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,495</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Basic and diluted net loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.26</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.26</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE></DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Adoption of the standard had no impact on
total net cash within the Consolidated Statements of Cash Flows.</P></DIV>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"><I>Collaborative and Other Research and Development Arrangements and Royalties</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">The Company recognizes revenue when it satisfies a performance obligation by transferring promised goods or
services to a customer. Revenue is measured at the transaction price that is based on the amount of consideration that the Company
expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price includes
estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not occur.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">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&rsquo;s primary sources
of revenue are license, service, royalty and product sale revenues from these collaborative and other research and development
arrangements.</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">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.</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">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. 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 considering market conditions and entity-specific
factors. 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.&nbsp;</P>






<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt">&nbsp;</p>

<!-- Field: Page; Sequence: 11; Value: 3 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"><I></I></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt; color: #0070C0">&nbsp;</p>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">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.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">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&#8217;s contracts with the Biomedical Advanced Research and Development
Authority within the United States Department of Health and Human Services (&#8221;BARDA/HHS&#8221;) and the National Institute
of Allergy and Infectious Diseases (&#8220;NIAID/HHS&#8221;), revenue is recognized as reimbursable direct and indirect costs are
incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Under certain of the Company&#8217;s license
agreements, the Company receives royalty payments based upon its licensees&#8217; 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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"><i>Product Sales</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company recognizes revenue for sales
of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company&#8217;s
specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances,
discounts, sales returns, chargebacks and rebates. In the United States, and prior to the SUL Agreement, the Company sold RAPIVAB
to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations.&nbsp;With
the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government
stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB<b><sup>TM</sup></b>,
RAPIACTA<b><sup>&#174;</sup></b>, and PERAMIFLU<b><sup>&#174;</sup></b>) should be made by the Company&#8217;s partners, except for
U.S. Government stockpiling sales, and the Company will be reliant on these partners to generate sales.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Sales deductions consist of statutory rebates
to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service
fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates
of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company recorded the following revenues
for the three months ended March&nbsp;31, 2018 and 2017:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<div data-td-taggable-table=""><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: left">Royalty revenues</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,661</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,321</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Collaborative and other research and development revenues:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">U.S. Department of Health and Human Services</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">315</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">654</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Shionogi &amp; Co., Ltd.</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">296</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Seqirus UK Limited</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,166</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total collaborative and other research and development revenues</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">315</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">3,116</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total revenues</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,976</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,437</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>Contract Balances</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The timing of revenue recognition, billings
and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings
in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><I><U>Contract assets</U></I> - The Company&rsquo;s long-term contracts,
typically the government research and development contracts, are billed as work progresses in accordance with the contract terms
and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring
subsequent to revenue recognition resulting in contract assets. Contract assets are generally classified as current assets in the
Consolidated Balance Sheet.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><I><U>Contract liabilities</U></I> - The Company often receives cash
payments from customers in advance of the Company&rsquo;s performance resulting in contract liabilities. These contract liabilities
are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects
to recognize the revenue.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>Contract Costs</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company may incur direct and indirect
costs associated with obtaining a contract. Incremental contract costs that the Company expects to recover are capitalized and
amortized over the expected term of the contract. Non-incremental contract costs and costs that the Company does expect to recover
are expensed as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>Advertising</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company engages in very limited distribution
and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Research and Development Expenses</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Company&#8217;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&#8217;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&#8217;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&#8217;s on-going review of the level of services actually performed.&nbsp;&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Additionally, the Company has license agreements
with third parties, such as Albert Einstein College of Medicine of Yeshiva University (&#8220;AECOM&#8221;), Industrial Research,
Ltd. (&#8220;IRL&#8221;), and the University of Alabama at Birmingham (&#8220;UAB&#8221;), 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.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Deferred collaboration expenses represent
sub-license payments, paid to the Company&#8217;s academic partners upon receipt of consideration from various commercial partners,
and other consideration paid to the Company&#8217;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&#8217;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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Stock-Based Compensation</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">All share-based payments,
including grants of stock option awards and restricted stock unit awards, are recognized in the Company&#8217;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 &#8220;performance&#8221;
is deemed to have occurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Interest Expense and Deferred Financing Costs</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Interest expense for the three months ended
March&nbsp;31, 2018 and 2017 includes $2,136 and $2,020, respectively, related to the issuance of the PhaRMA Notes (defined in
Note 4) and the Senior Credit Facility (defined in Note 5). Costs directly associated with the issuance of the PhaRMA Notes and
the Senior Credit Facility have been capitalized and are netted against the non-recourse notes payable and Senior Credit Facility
on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the terms of the PhaRMA Notes and
the Senior Credit Facility using the effective interest rate method. Amortization of deferred financing costs and original issue
discount included in interest expense was $232 and $220 for each of the three months ended March&nbsp;31, 2018 and 2017, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Lease Financing Obligation</i></b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Based on the terms of the lease agreement
for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period
and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly,
the Company recorded an asset of $1,589 at December 31, 2015, representing the Company&#8217;s leased portion of the building and
recorded a corresponding liability. Upon completion of leasehold improvement construction, which ended in 2016, the Company did
not meet the sale-leaseback criteria for de-recognition of the building asset and liability. Therefore, the lease is accounted
for as a financing obligation. The asset will be depreciated over the expected duration of the lease of 20.5 years, and rental
payments will be treated as principal and interest payments on the lease financing obligation liability. The underlying accounting
for this transaction has no impact on cash flows associated with the underlying lease or construction in process. Interest expense
for the three months ended March&nbsp;31, 2018 and 2017 includes $82 and $80, respectively, related to the lease financing obligation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">At each of March 31, 2018 and December 31,
2017, the lease financing obligation balance was $2,703 and was recorded as a long term liability on the consolidated balance sheets.
At March 31, 2018 the remaining future minimum payments under the lease financing obligation are $4,225.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Currency Hedge Agreement</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In connection with the issuance by Royalty
Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in
the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does not qualify for hedge accounting treatment;
therefore mark to market adjustments are recognized in the Company&#8217;s Consolidated Statements of Comprehensive Loss. Cumulative
mark to market adjustments for the three months ended March&nbsp;31, 2018 and 2017 resulted in losses of $1,804 and $1,543, respectively.
Mark to market adjustments are determined by a third party pricing model that uses quoted prices in markets that are not actively
traded and for which significant inputs are observable directly or indirectly, representing Level 2 in the fair value hierarchy
as defined by U.S. GAAP. The Company is also required to post collateral in connection with the mark to market adjustments based
on thresholds defined in the Currency Hedge Agreement. As of March&nbsp;31, 2018 and December 31, 2017, no hedge collateral was
posted under the agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Net Loss Per Share</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Net loss per share is based upon the weighted
average number of common shares outstanding during the period. Diluted loss per share is equivalent to basic net loss per share
for all periods presented herein because common equivalent shares from unexercised stock options and common shares expected to
be issued under the Company&#8217;s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share
for the three months ended March&nbsp;31, 2018 and 2017 does not include 1,775 and 2,762, respectively, of such potential common
shares, as their impact would be anti-dilutive.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of Estimates</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The preparation of financial statements in
conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial
statements. Actual results could differ from those estimates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Significant Customers and Other Risks</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><i>Significant Customers</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></P>

<P STYLE="font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">Prior to the SUL Agreement, the Company relied primarily on three
specialty distributors to purchase and supply the majority of RAPIVAB. These three pharmaceutical specialty distributors accounted
for greater than 90% of all RAPIVAB product sales and accounted for predominantly all of the Company&rsquo;s outstanding receivables
from product sales. The loss of one or more of these specialty distributors as a customer could have negatively impacted the commercialization
of RAPIVAB. However, the Company will utilize these specialty distributors on a limited basis subsequent to the SUL collaboration,
as SUL and other peramivir collaboration partners will be responsible for commercial sales on a worldwide basis. In addition, in
connection with the SUL collaboration, all peramivir sales (i.e., RAPIVAB, RAPIACTA, and PERAMIFLU) will be made by the Company&rsquo;s
partners and the Company will be reliant on these partners to generate sales and remit cash to satisfy receivables.&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">Other than peramivir royalty revenues for which Seqirus has a significant
percentage of worldwide geography, the Company&rsquo;s primary source of revenue that has an underlying cash flow stream is the
reimbursement of galidesivir (formerly BCX4430) development expenses earned under cost-plus-fixed-fee contracts with BARDA/HHS
and NIAID/HHS (each as defined below). The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development
costs for its galidesivir program. Accordingly, reimbursement of these expenses represents a significant portion of the Company&rsquo;s
collaborative and other research and development revenues. The completion or termination of the NIAID/HHS and BARDA/HHS galidesivir
contracts could negatively impact the Company&rsquo;s future Consolidated Statements of Comprehensive Loss and Cash Flows. The
Company recognizes royalty revenue from the net sales of RAPIACTA by Shionogi; however, the underlying cash flow from these royalty
payments, except for Japanese government stockpiling sales, is used directly to pay the interest, and then the principal, on the
Company&rsquo;s non-recourse notes payable. Payment of the interest and the ultimate repayment of principal of these notes will
be entirely funded by future royalty payments derived from net sales of RAPIACTA. Further, the Company&rsquo;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&rsquo;s ability to complete its drug development activities.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><i>Risks from Third Party Manufacturing
and Distribution Concentration</i>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Company primarily relies on single
source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development.
Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling
of the Company&#8217;s product candidates in development.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><i>Credit Risk</i>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Cash equivalents and investments are financial
instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets.
The Company deposits excess cash with major financial institutions in the United States. Balances may 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. Other than product sale and collaborative
partner receivables discussed above, the majority of the Company&#8217;s receivables from collaborations are due from the U.S.
Government, for which there is no assumed credit risk.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Recent Accounting Pronouncements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></P>

<P STYLE="font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">On December 22, 2017, the SEC staff issued SAB 118, which provides
guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one
year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes.&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">In November 2016, the Financial Accounting Standards Board (&ldquo;FASB&rdquo;)
issued Accounting Standards Update 2016-18: <I>Statement of Cash Flows (Topic 230): Restricted Cash</I> (&ldquo;ASU 2016-18&rdquo;).
The new standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents
and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted
cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period
and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after
December&nbsp;15, 2017, and interim periods within those annual reporting periods. The Company adopted ASU 2016-18 as of January
1, 2018 and applied it retrospectively to all periods presented. Adoption of ASU 2016-18 did not have a material impact on the
Company&rsquo;s consolidated financial statements.&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In August 2016, the FASB issued Accounting
Standards Update No. 2016-15: <i>Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments</i>
(&#8220;ASU 2016-15&#8221;). The amendments in this update clarify how entities should classify certain cash receipts and cash
payments on the Consolidated Statements of Cash Flows. The new guidance also clarifies how the predominance principle should be
applied when cash receipts and cash payments have aspects of more than one class of cash flows. The standard is effective for annual
periods beginning after December&nbsp;15, 2017, and interim periods within those annual reporting periods. The Company adopted
ASU 2016-15 as of January 1, 2018. Adoption of ASU 2016-15 did not have a material impact on the Company&#8217;s consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In February 2016, the FASB issued Accounting
Standards Update No. 2016-02: <i>Leases (Topic 842)</i> (&#8220;ASU 2016-02&#8221;). The amendments in this update require lessees,
among other things, to recognize lease assets and lease liabilities on the balance sheet for all leases with terms greater than
12 months. This update also introduces new disclosure requirements for leasing arrangements. ASU 2016-02 will be effective for
the Company in fiscal year 2019, but early adoption is permitted. The Company is currently evaluating the impact of this update
on its consolidated financial statements.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In January 2016, the FASB issued Accounting
Standards Update No. 2016-01: <i>Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets
and Financial Liabilities</i> (&#8220;ASU 2016-01&#8221;). The amendments in this update address certain aspects of recognition,
measurement, presentation and disclosure of financial instruments. In particular, the amendments in this update supersede, for
public business entities, the requirement to disclose the methods and significant assumptions used in calculating the fair value
of financial instruments required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The
standard is effective for annual periods beginning after December&nbsp;15, 2017, and interim periods within those annual reporting
periods. The Company adopted ASU 2016-15 as of January 1, 2018. Adoption of ASU 2016-15 did not have a material impact on the Company&#8217;s
consolidated financial statements.</p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p><div data-td-statement-type="note"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 2 &#8212; Stock-Based Compensation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">As of March&nbsp;31, 2018, the Company had
two stock-based employee compensation plans, the Stock Incentive Plan (&#8220;Incentive Plan&#8221;) and the Employee Stock Purchase
Plan (&#8220;ESPP&#8221;). The Incentive Plan was amended and restated in April 2017 and approved by the Company&#8217;s stockholders
in May 2017. The ESPP was amended and restated in March 2014 and approved by the Company&#8217;s stockholders in May 2014. Stock-based
compensation expense of $2,903 ($2,820 of expense related to the Incentive Plan and $83 of expense related to the ESPP) was recognized
during the first three months of 2018, while $2,462 ($2,326 of expense related to the Incentive Plan and $136 of expense related
to the ESPP) was recognized during the first three months of 2017.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">There was approximately $15,717 of total unrecognized compensation
cost related to non-vested stock option awards and restricted stock unit awards granted by the Company as of March&nbsp;31, 2018.
That cost is expected to be recognized as follows: $5,475 during the remainder of 2018, $5,472 in 2019, $3,386 in 2020, $1,382
in 2021 and $2 in 2022. In addition, the Company has outstanding performance-based stock options for which no compensation expense
is recognized until &ldquo;performance&rdquo; has occurred and the award vests.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Stock Incentive Plan</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">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&rsquo;s stock at the date of grant. Stock option awards granted
to employees generally vest 25% each year until fully vested after four years. In August 2013 and December 2014, the Company issued
1,032 and 1,250 performance-based stock options, respectively. These awards vest upon successful completion of specific development
milestones. As of March 31, 2018, 75% of the August 2013 grants have vested based upon achievement of three milestones: (1) successful
completion of the OPuS-1 clinical trial, for which vesting occurred in the second quarter of 2014, (2) FDA approval of RAPIVAB,
for which vesting occurred in the fourth quarter of 2014, and (3) initiation of a Phase 1 clinical trial to evaluate the safety,
pharmacokinetics and pharmacodynamics of orally-administered BCX7353 in healthy volunteers, for which vesting occurred in the second
quarter of 2015. As of March 31, 2018, 30% of the December 2014 grants have vested based upon achievement of successful completion
of a hereditary angioedema (&ldquo;HAE&rdquo;) patient trial with a 2<SUP>nd</SUP> generation compound, for which vesting occurred
in August 2017. Thus, as of March 31, 2018, 25% of the August 2013 performance-based grants and 70% of the December 2014 performance-based
grants remain unvested and no compensation expense has been recognized for these portions of the previously issued performance-based
grants. Stock option awards granted to non-employee directors of the Company generally vest monthly over one year. All stock option
awards have contractual terms of 5 to 10&nbsp;years. The vesting 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.&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Related activity under the Incentive Plan
is as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<div data-td-taggable-table=""><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Awards<br> Available</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options<br> Outstanding</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted<br> Average<br> Exercise<br> Price</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 61%">Balance December&nbsp;31, 2017</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 10%; text-align: right">468</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 10%; text-align: right">14,452</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6.06</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Restricted stock unit awards granted</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(6</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Restricted stock unit awards cancelled</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Stock option awards granted</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(31</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">31</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.43</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Stock option awards exercised</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(169</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">3.22</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Stock option awards cancelled</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">45</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">(45</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.87</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Balance March&nbsp;31, 2018</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; text-align: right">476</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,269</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">6.10</td><td style="text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">As of March 31, 2018, there were 48 restricted
stock unit awards outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">For stock option awards granted under the Incentive Plan during the
first three months of 2018, 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 2018 and 2017 was $3.72 and$3.75, respectively. The fair value of the stock option awards is amortized to expense
over the vesting periods using a straight-line expense attribution method. The following table summarizes the key assumptions used
by the Company to value the stock option awards granted during the first three months of 2018. 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&rsquo;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.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Weighted Average Assumptions for Stock
Option Awards Granted to</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Employees and Directors under the Incentive
Plan</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<div data-td-taggable-table=""><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; text-align: left">Expected Life in Years</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 10%; text-align: right">5.5</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expected Volatility</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">82</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected Dividend Yield</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Risk-Free Interest Rate</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2.4</td><td style="text-align: left">%</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Employee Stock Purchase Plan (&#8220;ESPP&#8221;)</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company has reserved a total of 1,475&nbsp;shares
of common stock to be purchased under the ESPP, of which 277&nbsp;shares remain available for purchase at March&nbsp;31, 2018.
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 49 shares during the first three months of 2018 under the ESPP. Compensation expense for shares
purchased under the ESPP related to the purchase discount and the &#8220;look-back&#8221; option were determined using a Black-Scholes
option pricing model.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p><div data-td-statement-type="note"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 3 &#8212; Collaborative and Other Research and Development
Contracts</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><i>U.S.&nbsp;Department of Health and Human
Services (&#8220;BARDA/HHS&#8221;).</i> On March 31, 2015, the Company announced that BARDA/HHS had awarded the Company a contract
for the continued development of galidesivir as a potential treatment for diseases caused by RNA pathogens, including filoviruses.&nbsp;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, 2018, a total of $20,574 has been awarded under exercised options within this contract.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0"><I>National Institute of Allergy and Infectious Diseases (&ldquo;NIAID/HHS&rdquo;).</I>
In September 2013, NIAID/HHS contracted with the Company for the development of galidesivir as a treatment for Marburg virus disease.
NIAID/HHS, part of the National Institutes of Health, made an initial award of $5,000 to the Company. The goals of this contract,
including amendments, are to file IND applications for intravenous and intramuscular galidesivir for the treatment of Marburg virus
disease and other hemorrhagic fever virus diseases, including Ebola virus disease, and to conduct an initial Phase 1 human clinical
trial. As of March 31, 2018, the total NIAID/HHS contract amount to advance the program through the completion of the Phase 1 clinical
program is $39,477. As of March 31, 2018, all options have been exercised under this contract.</P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">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. NIAID/HHS and BARDA/HHS will make periodic assessments
of progress and the continuation of the contract is based on the Company&rsquo;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.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"><i>Seqirus UK Limited (&#8220;SUL&#8221;).</i>
On June 16, 2015, the Company and Seqirus UK Limited ("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 and
ALPIVAB (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"). Peramivir is an intravenous treatment
for acute uncomplicated influenza and is currently approved for use in the United States, Canada, Japan, Taiwan and Korea. Peramivir
is the first and only intravenous influenza treatment in the world and was approved by the U.S. Food and Drug Administration in
December 2014 for the treatment of acute uncomplicated influenza in patients 18 years and older who have been symptomatic for no
more than two days. The Company retains all rights and associated economics to procure pandemic stockpiling orders for RAPIVAB
from the U.S. Government, while SUL has the right to pursue government stockpiling outside the U.S.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Pursuant to the SUL Agreement, RAPIVAB
and ALPIVAB are licensed to and expected to be commercialized by CSL's subsidiary, SUL, which specializes in influenza prevention
through the supply of seasonal and pandemic vaccine to global markets. SUL will manufacture, commercialize and exercise decision-making
authority with respect to the development and commercialization of RAPIVAB and ALPIVAB within the Territory and be responsible
for all related costs, including sales and promotion.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Under the terms of the SUL Agreement, the Company is responsible for
fulfilling all post-marketing approval commitments in connection with the FDA's approval of the NDA, and upon fulfillment will
transfer ownership of and financial responsibility for the new drug application (&ldquo;NDA&rdquo;) to SUL.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Under the terms of the SUL Agreement, the Company received an upfront
payment of $33,740, has received $7,000 of milestone payments and should receive an additional $5,000 milestone payment related
to the successful marketing approval by the EMA for an adult indication in the EU that was received in April 2018. $7,000 of the
upfront payment was determined to be contingent upon EU marketing approval and was deferred until that time. <FONT STYLE="color: #333333">BioCryst
and Seqirus are engaged in a formal dispute resolution process.&nbsp;The dispute involves many items under the contract including,
but not limited to, the EMA approval milestone, which BioCryst maintains is now due under the parties&rsquo; agreement.</FONT>
The Company is also entitled under the SUL Agreement to receive tiered royalties at a percentage rate beginning in the mid-teens
contingent upon meeting minimum thresholds of net sales, as well as a low-thirties percentage of the gross profit from government
stockpiling purchases made outside the U.S. Specifically, the Company receives tiered royalties at a percentage rate in the mid-teens
to low-forties on net sales in the U.S. during a Contract Year (defined as July 1 - June 30) and tiered royalties at a percentage
rate in the mid-teens to mid-twenties on net sales in the Territory, other than in the U.S., during a Calendar Year, each subject
to certain downward adjustments for circumstance or events impacting the overall market opportunity. SUL's royalty payment obligations
commence on the date of the SUL Agreement and expire, on a country-by-country basis, upon the later of (i) the expiration of legal
exclusivity in such country and (ii) ten years from the date of the SUL Agreement. The Company developed peramivir under a license
from UAB and will owe sublicense payments to them on any future milestone payments and/or royalties received by the Company from
SUL.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"><i>Shionogi&nbsp;&amp; Co., Ltd. (&#8220;Shionogi&#8221;).</i>
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 them 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.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">In December 2017, the Company, on behalf
of Royalty Sub, instituted arbitration proceedings against Shionogi in order to resolve&nbsp;a dispute with Shionogi under the
Shionogi Agreement regarding the achievement of sales milestones and escalating royalties.&nbsp;In the event that the Company prevails
in the arbitration, any amounts realized in the arbitration or in respect of the milestone payments and escalating royalties that
are the subject of the arbitration would be for the benefit of Royalty Sub and be used by Royalty Sub to service its obligations
under the non-recourse PhaRMA Notes (except for any amounts realized by the Company in respect of royalties relating to sales to
Japanese governmental entities, which amounts would be retained by the Company). The costs associated with the arbitration proceedings
are expected to be paid out of the assets of Royalty Sub in accordance with the terms of the indenture and servicing agreement
relating to the PhaRMA Notes, except to the extent such costs are recovered in connection with any arbitration award in favor of
the Company and Royalty Sub if they prevail in the arbitration proceedings. Arbitration proceedings, like other legal proceedings,
are inherently uncertain. As a result, the Company cannot assure you that the Company will prevail in the arbitration. As any arbitration
award in favor of the Company would accrue primarily to the benefit of Royalty Sub and the holders of the PhaRMA Notes, and because
the costs associated with the arbitration proceedings are expected to come out of the assets of Royalty Sub if not recovered as
part of any arbitration award in favor of the Company and Royalty Sub, the Company does not currently anticipate that these arbitration
proceedings will have a material adverse impact on the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"><i>Green Cross Corporation (&#8220;Green
Cross&#8221;).</i> 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><i>Mundipharma International Holdings Limited
(&#8220;Mundipharma&#8221;).</i> In February 2006, the Company entered into an exclusive, royalty bearing right and license agreement
with Mundipharma for the development and commercialization of forodesine, a Purine Nucleoside Phosphorylase (&#8220;PNP&#8221;)
inhibitor, for use in oncology. Under the terms of the license agreement, as amended, Mundipharma obtained rights to forodesine
in markets across Europe, Asia, and Australasia in exchange for a $10,000 up-front payment. In April 2017, Mundipharma obtained
regulatory approval of Mundesine<b><sup>&#174;</sup></b> (forodesine hydrochloride) for the treatment of relapsed/refractory PTCL
(Peripheral T-Cell Lymphoma) by the Ministry of Health, Labor and Welfare in Japan and is responsible for all commercialization
costs in Japan. With Mundesine&#8217;s approval, we began receiving royalties on product sales in Japan as per the amended license
agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"><I>Albert Einstein College of Medicine of Yeshiva University and
Industrial Research, Ltd. (&ldquo;AECOM&rdquo; and &ldquo;IRL&rdquo; respectively).</I> In June 2000, the Company licensed a series
of potent inhibitors of PNP from AECOM and IRL, (collectively, the &ldquo;Licensors&rdquo;). The lead product candidates from this
collaboration are forodesine and ulodesine. The Company has obtained worldwide exclusive rights to develop and ultimately distribute
these, 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. The Company agreed
to use commercially reasonable efforts to develop these drugs. In addition, the Company has agreed to pay certain milestone payments
for each licensed product (which range in the aggregate from $1,400 to almost $4,000&nbsp;per indication) for future development
of these inhibitors, single digit royalties on net sales of any resulting product made by the Company, and to share approximately
one quarter 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.
This agreement may be terminated by the Company at any time by giving 60&nbsp;days advance notice or in the event of material uncured
breach by the Licensors.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In May 2010, the Company amended the licensee
agreement through which the Company obtained worldwide exclusive rights to develop and ultimately distribute any product candidates
that might arise from research on a series of PNP inhibitors, including forodesine and ulodesine. Under the terms of the amendment,
the Licensors agreed to accept a reduction of one-half in the percentage of future payments received from third-party sub licensees
of the licensed PNP inhibitors that must be paid to the Licensors. This reduction does not apply to (i)&nbsp;any milestone payments
the Company may receive in the future under its license agreement dated February&nbsp;1, 2006 with Mundipharma and (ii)&nbsp;royalties
received from its sub licensees in connection with the sale of licensed products, for which the original payment rate will remain
in effect. The rate of royalty payments to the Licensors based on net sales of any resulting product made by the Company remains
unchanged.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">On June&nbsp;19, 2012, the Company further
amended its agreements with AECOM/IRL whereby the parties clarified the definition of the field with respect to PNP inhibition
and AECOM/IRL agreed to exclusive worldwide license of galidesivir to BioCryst for any antiviral use.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">On January 6, 2014, the Carbohydrate Chemistry
Research Team from Callaghan Innovation Research Limited, formerly Industrial Research Limited, transferred to Victoria University
of Wellington (&#8220;VUW&#8221;) to establish the Ferrier Research Institute. The intellectual property rights relating to this
research team, and the contracts relating to that intellectual property were transferred to a wholly owned subsidiary of VUW, including
the contracts to which BioCryst is a party. The parties executed novation agreements in order to effectuate the transfer. Except
for a substitution of parties, the terms and conditions of the contracts are substantially the same.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"><i>The University of Alabama at Birmingham
(&#8220;UAB&#8221;).</i> 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 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 have initial 25-year terms, are automatically renewable for five-year terms throughout the life of the last patent
and are terminable by the Company upon three months&#8217; notice and by UAB under certain circumstances. Upon termination both
parties shall cease using the other parties&#8217; 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, Green
Cross and SUL agreements, or commercializes products related to these programs, the Company will owe sublicense fees or royalties
on amounts it receives.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p><div data-td-statement-type="note"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 4 &#8212; Royalty Monetization</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>Overview</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">On March&nbsp;9, 2011, the Company completed
a $30,000&nbsp;financing transaction to monetize certain future royalty and milestone payments under 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&nbsp;from the transaction after transaction costs of $4,309&nbsp;and the establishment of a $3,000&nbsp;interest reserve
account by 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.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">As part of the transaction, the Company entered
into a purchase and sale agreement dated as of March&nbsp;9, 2011 with Royalty Sub, whereby the Company transferred to Royalty
Sub, among other things, (i)&nbsp;its rights to receive certain royalty and milestone payments from Shionogi arising under the
Shionogi Agreement, and (ii)&nbsp;the right to receive payments under a Japanese yen/US dollar foreign currency hedge arrangement
(as further described below, the &#8220;Currency Hedge Agreement&#8221;) put into place by the Company in connection with the transaction.
Royalty payments will be paid by Shionogi in Japanese yen and milestone payments will paid in U.S. dollars. The Company&#8217;s
collaboration with Shionogi was not impacted as a result of this transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Non-Recourse Notes Payable</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">On March&nbsp;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 2020 (the &#8220;PhaRMA Notes&#8221;). The PhaRMA Notes were issued by Royalty Sub under an Indenture, dated as of March&nbsp;9,
2011 (the &#8220;Indenture&#8221;), by and between Royalty Sub and U.S. Bank National Association, as Trustee. Principal and interest
on the PhaRMA Notes issued 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%&nbsp;per annum, payable annually in arrears on September&nbsp;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. &nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Royalty Sub&#8217;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&#8217;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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In September&nbsp;2014, Royalty Sub was
unable to pay the accrued interest obligation due September&nbsp;3, 2013. Under the terms of the Indenture, Royalty Sub&#8217;s
inability to pay the full amount of interest payable in September&nbsp;2013 by the next succeeding Payment Date for the PhaRMA
Notes, which was September&nbsp;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. As a result of the event of
default under the PhaRMA Notes, the holders of the PhaRMA Notes may pursue acceleration 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 acceleration or 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. In
addition, the Company may incur costs associated with liquidating the related Currency Hedge Agreement, which would no longer be
required in the event of foreclosure, or if the PhaRMA Notes cease to be outstanding. As the PhaRMA Notes are the obligation of
Royalty Sub and non-recourse to the Company, the event of default of the PhaRMA Notes is not expected to have a significant impact
on the Company&#8217;s future results of operations or cash flows. As of March 31, 2018, the PhaRMA Notes remain in default.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">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.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">As of March&nbsp;31, 2018, the aggregate
fair value of the PhaRMA Notes was estimated to be approximately 50% of its carrying value of $30,000. The estimated fair value
of the PhaRMA Notes is classified as Level 2 in the fair value hierarchy as defined in U.S. GAAP.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The PhaRMA Notes are redeemable at the option
of Royalty Sub at any time at a redemption price equal to the outstanding principal balance of the PhaRMA Notes being redeemed
plus accrued and unpaid interest through the redemption date on the PhaRMA Notes being redeemed.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Currency Hedge Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In connection with the issuance by Royalty
Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in
the value of the Japanese yen relative to the U.S. dollar. Under the Currency Hedge Agreement, the Company has the right to purchase
dollars and sell yen at a rate of 100 yen per dollar for which the Company may be required to pay a premium in each year from 2018
through 2020, provided the Currency Hedge Agreement remains in effect. A payment of $1,950&nbsp;will be required if, on May&nbsp;18
of the relevant year, the U.S. dollar is worth 100 yen or less as determined in accordance with the Currency Hedge Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Currency Hedge Agreement does not qualify
for hedge accounting treatment; therefore, mark to market adjustments are recognized in the Company&#8217;s Consolidated Statement
of Comprehensive Loss. Cumulative mark to market adjustments for the three months ended March&nbsp;31, 2018 and 2017 resulted in
losses of $1,804 and $1,543 respectively. The Company is also required to post collateral in connection with the mark to market
adjustments based on defined thresholds. As of March 31, 2018 and December&nbsp;31, 2017, no collateral was posted under the Currency
Hedge Agreement. The Company will not be required to post collateral exceeding the maximum premium payments remaining payable under
the Currency Hedge Agreement. As of March 31, 2018, the maximum amount of hedge collateral the Company may be required to post
is $5,850.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p><div data-td-statement-type="note"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 5 &#8212; Senior Credit Facility</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">On September 23, 2016, the Company closed a $23,000 Senior Credit
Facility with an affiliate of MidCap Financial Services, LLC, as administrative agent (the &ldquo;Senior Credit Facility&rdquo;).
The Senior Credit Facility was fully funded at closing and bears a variable interest rate of LIBOR (which shall not be less than
0.5%) plus 8%. The Senior Credit Facility includes an interest-only payment period through fiscal 2017 and scheduled monthly principal
and interest payments for the subsequent 40 months. The Company has the option to repay the Senior Credit Facility at any time
prior to the scheduled principal repayment date subject to prepayment fees. Final payment of the Senior Credit Facility is subject
to a final payment fee equal to 5% of the principal funded under the Senior Credit Facility.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">As of March 31, 2018, the Company had
borrowings of $21,275 under the Senior Credit Facility bearing an interest rate of 9.7%. The carrying amount of the debt approximates
its fair value based on prevailing interest rates as of the balance sheet date. The remaining scheduled principal repayments of
the Senior Credit Facility are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<div data-td-taggable-table=""><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="background-color: White">
    <td style="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Principal Payments</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; text-align: justify; text-indent: 3.2pt">2018</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,175</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; text-indent: 3.2pt">2019</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6,900</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: 3.2pt">2020</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6,900</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1pt; text-indent: 3.2pt">2021</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,300</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: 3.2pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt; text-indent: 3.2pt">Total</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,275</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
</table></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">The debt agreement contains two provisions
that if deemed probable would create the recognition of an embedded feature; however, we do not believe either provision is probable.<b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p><div data-td-statement-type="note"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 6 &#8212; Stockholders&#8217; Equity</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">On November 8, 2017, the Company filed a
$200,000 shelf registration statement on Form S-3 with the SEC. This shelf registration statement became effective on December
12, 2017 and allows the Company to sell securities, including common stock, preferred stock, depository shares, stock purchase
contracts, warrants and units, from time to time at prices and on terms to be determined at the time of sale.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><a name="a_006"></a>Item&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><i>This Quarterly Report on Form 10-Q contains
statements of a forward-looking nature relating to future events or the future financial performance of BioCryst. Such statements
are only predictions and the actual events or results may differ materially from the results discussed in the forward-looking statements.
Factors that could cause or contribute to such differences include those discussed below and elsewhere in this report, as well
as those discussed in other filings made by the Company with the Securities and Exchange Commission, including the Company&#8217;s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. See &#8220;Information Regarding Forward-Looking
Statements.&#8221;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cautionary Statement</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">The discussion herein contains forward-looking statements within
the meaning of Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), which are
subject to the &ldquo;safe harbor&rdquo; created in Section&nbsp;21E. Forward looking statements regarding our financial condition
and our results of operations that are based upon our consolidated financial statements, which have been prepared in accordance
with accounting principles generally accepted within the United States (&ldquo;U.S. GAAP&rdquo;), as well as projections for the
future. The preparation of these financial statements requires our management to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We evaluate
our estimates on an ongoing basis. Our estimates are based on historical experience and on various other assumptions that are believed
to be reasonable under the circumstances. The results of our estimates form the basis for making judgments about the carrying values
of assets and liabilities that are not readily apparent from other sources.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">We operate in a highly competitive environment
that involves a number of risks, some of which are beyond our control. We are subject to risks common to biotechnology and biopharmaceutical
companies, including risks inherent in our drug discovery, drug development and commercialization efforts, clinical trials, uncertainty
of regulatory actions and marketing approvals, reliance on collaborative partners, enforcement of patent and proprietary rights,
the need for future capital, competition associated with products, potential competition associated with our product candidates
and retention of key employees. In order for any of our product candidates to be commercialized, it will be necessary for us, or
our collaborative partners, to conduct clinical trials, demonstrate efficacy and safety of the product candidate to the satisfaction
of regulatory authorities, obtain marketing approval, enter into manufacturing, distribution and marketing arrangements, and obtain
market acceptance and adequate reimbursement from government and private insurers. We cannot provide assurance that we will generate
significant revenues or achieve and sustain profitability in the future. In addition, we can provide no assurance that we will
have sufficient funding to meet our future capital requirements. Statements contained in Management&#8217;s Discussion and Analysis
of Financial Condition and Results of Operations and elsewhere in this report which are not historical facts are, or may constitute,
forward-looking statements. Forward-looking statements involve known and unknown risks that could cause our actual results to differ
materially from expected results. The most significant known risks are discussed in the section entitled &#8220;Risk Factors.&#8221;
Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements.&nbsp;We caution you not to place undue reliance on any forward-looking statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Our revenues are difficult to predict and depend on numerous factors,
including the prevalence and severity of influenza in regions for which peramivir has received regulatory approval, seasonality
of influenza, commercialization efforts and resources dedicated to our products by our collaborative partners, ongoing discussions
with government agencies regarding future peramivir and/or galidesivir development and stockpiling procurement, as well as entering
into, or modifying, licensing agreements for our product candidates. Furthermore, revenues related to our collaborative development
activities are dependent upon the progress toward and the achievement of developmental milestones by us or our collaborative partners.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our operating expenses are also difficult
to predict and depend on several factors, including research and development expenses (and whether these expenses are reimbursable
under government contracts), drug manufacturing, and clinical research activities, the ongoing requirements of our development
programs, and the availability of capital and direction from regulatory agencies, which are difficult to predict. Management may
be able to control the timing and level of research and development and general and administrative expenses, but many of these
expenditures will occur irrespective of our actions due to contractually committed activities and/or payments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">As a result of these factors, we believe
that period to period comparisons are not necessarily meaningful and you should not rely on them as an indication of future performance.
Due to all of the foregoing factors, it is possible that our operating results will be below the expectations of market analysts
and investors. In such event, the prevailing market price of our common stock could be materially adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>Overview</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We are a biotechnology company that designs,
optimizes and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. We focus on
oral treatments for rare diseases in which significant unmet medical needs exist and that align with our capabilities and expertise.
We integrate 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Critical Accounting Policies and Estimates</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The accompanying discussion and analysis
of our financial condition and results of operations are based upon our consolidated financial statements and the related disclosures,
which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to
make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure
of contingent assets and liabilities. We evaluate our estimates, judgments and the policies underlying these estimates on a periodic
basis, as situations change, and regularly discuss financial events, policies, and issues with members of our audit committee and
our independent registered public accounting firm. We routinely evaluate our estimates and policies regarding revenue recognition,
administration, inventory and manufacturing, taxes, stock-based compensation, research and development, consulting and other expenses
and any associated liabilities.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Recent Corporate Highlights</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>RAPIVAB</i><sup>&#174;</sup><i>/ALPIVAB<sup>TM</sup>/RAPIACTA</i><sup>&#174;</sup><i>/PERAMIFLU</i><sup>&#174;</sup>
<i>(peramivir injection)</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Peramivir (i.e., product sold or
marketed under the RAPIVAB, ALPIVAB, RAPIACTA, and PERAMIFLU trade names) is approved for commercial sale in the United
States, Canada, Japan, Taiwan, Korea, Australia and the European Union. Peramivir is indicated for the treatment of acute
uncomplicated influenza in patients who have been symptomatic for no more than two days.</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 27pt; margin: 0pt 0">In April 2018, peramivir was approved in Australia
and the European Union. The European Medicines Agency (&ldquo;EMA&rdquo;) approval of ALPIVAB under the centralized licensing procedure
provides marketing authorization for all 28-member states of the European Union, Norway and Iceland. We and Seqirus are engaged
in a formal dispute resolution process involving many items under the contract including, but not limited to, the EMA approval
milestone of $5.0 million, which we maintain is due.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>BCX7353</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">BCX7353 is a second generation hereditary angioedema (&ldquo;HAE&rdquo;)
compound and our lead molecule that is being developed as a once-daily (&ldquo;QD&rdquo;) oral therapy for the prevention of HAE
attacks (prophylaxis), as well as an acute therapy for HAE attacks. We have recently completed our Phase 2 prophylaxis program
(with the completion of APeX-1 and subsequent FDA and EMA regulatory interactions) and have initiated APeX-2 and APeX-S, a Phase
3 and a long-term safety clinical trial, respectively, required for marketing authorization in the United States and Europe. Site
initiation, patient enrollment and dosing have begun in both of these clinical trials. In addition, an adaptive dose-ranging proof
of concept clinical trial evaluating efficacy, safety and tolerability for the treatment of acute angioedema attacks, ZENITH-1,
is enrolling patients and is ongoing.</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0"><I><U>APeX-2 Trial</U>: </I>On March 15, 2018, we announced the dosing
of the first patient into APeX-2, a Phase 3 clinical trial evaluating two dosage strengths of BCX7353 administered orally once-daily
as a preventive treatment to reduce the frequency of attacks in patients with HAE. APeX-2 is a randomized, double-blind, placebo-controlled,
three-arm trial testing two doses of BCX7353 (110 mg and 150 mg) for prevention of angioedema attacks. The trial is expected to
enroll approximately 100 patients with Type I and II HAE in the United States, Canada and Europe. The primary efficacy endpoint
of APeX-2 is the rate of angioedema attacks over 24 weeks of study drug administration.</P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0"><I><U>APeX-S Trial</U>:</I> On February 28, 2018, BioCryst announced
the dosing of the first patient in APeX-S, a long-term safety trial evaluating two dosage strengths of BCX7353 administered orally
once-daily as a preventive treatment in patients with HAE. APeX-S is an open label two-arm trial to evaluate the safety of two
dose levels of BCX7353 (110 mg once daily and 150 mg once daily) over 48 weeks in patients with Type I and II HAE. The trial will
enroll approximately 160 patients.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0"><I><U>ZENITH-1 Trial</U></I>: On August 2, 2017, we announced the
dosing of the first subject into ZENITH-1, a clinical trial studying up to three dosage strengths of a liquid formulation of BCX7353
given as a single oral dose for the acute treatment of angioedema attacks in patients with HAE. ZENITH-1 is a randomized, double-blind,
placebo-controlled, adaptive dose-ranging trial of the efficacy, safety and tolerability of BCX7353 for treatment of acute angioedema
attacks, and will enroll up to 60 subjects with HAE. Blinded study drug is being dosed as an oral liquid after onset of symptoms,
for up to 3 attacks in each subject, with each subject receiving both BCX7353 (for 2 attacks) and placebo (for one attack) in a
randomized sequence. The trial is structured with up to 3 consecutive cohorts testing single doses of 750 mg (36 subjects), 500
mg (up to 12 subjects) and 250 mg (up to 12 subjects), starting with 750 mg. Efficacy assessments include patient-reported composite
visual analogue scale (&ldquo;VAS&rdquo;) scores, patient global assessment, change in symptoms, and use of rescue medication.
Treatment effect will be assessed by comparing the proportion of BCX7353-treated and placebo-treated attacks that have a stable
or improved composite VAS at 4 hours post dose. Enrollment has gone well with the trial thus far, and we have completed enrollment
in the 750 mg and 500 mg cohorts and have begun enrolling patients in the 250 mg cohort.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Results of Operations (three months ended March&nbsp;31,
2018 compared to the three months ended March&nbsp;31, 2017)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">For the three months ended March&nbsp;31, 2018, total revenues were
$4.0 million as compared to $9.4 million for the three months ended March&nbsp;31, 2017. The decrease was primarily due to lower
royalty revenue and a $2.0 million milestone payment related to the Health Canada approval of RAPIVAB. The decrease in royalty
revenue was largely the result of $4.1 million of royalties derived from Japanese Government stockpiling of RAPIACTA in 2017. Revenues
in the first quarter of 2018 included $3.7 million of royalty revenue from Shionogi, Green Cross Corporation and Seqirus UK Limited
(&ldquo;SUL&rdquo;) associated with sales of peramivir in Japan, Taiwan, Korea and the United States and $0.3 million of reimbursement
of collaborative expenses from NIAID/HHS and BARDA/HHS related to the development of galidesivir. Revenues in the first quarter
of 2017 included $6.3 million of royalty revenue from Shionogi, Green Cross and SUL associated with sales of peramivir in Japan,
Taiwan, Korea and the United States, $0.7 million of reimbursement of collaborative expenses from NIAID/HHS and BARDA/HHS related
to the development of galidesivir, and $2.4 million associated with milestone revenue and collaborative revenue amortization from
other corporate partnerships.&nbsp;Future government stockpiling orders are difficult to predict, as they are subject to the relevant
appropriation and stockpiling processes.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Research and development (&#8220;R&amp;D&#8221;)
expenses increased to $18.4 million for the first quarter of 2018 from $16.8 million in 2017. The increase in 2018 R&amp;D expenses,
as compared to 2017, was primarily due to additions in R&amp;D personnel and increased spending on our HAE and preclinical programs.
These increases were partially offset by a decrease in our peramivir and galidesivir development spending in 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The following table summarizes our R&amp;D
expenses for the periods indicated (amounts are in thousands).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-weight: bold; text-align: center">Three&nbsp;Months&nbsp;Ended<br> March&nbsp;31,</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">R&amp;D expenses by program:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 74%; padding-left: 10pt">BCX7353</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,872</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,349</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Other 2nd generation kallikrein inhibitors</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">168</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">705</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Galidesivir</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">330</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,033</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Peramivir</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">754</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,109</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Fibrodysplasia Ossificans Progressiva (&ldquo;FOP&rdquo;)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,229</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,425</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other research, preclinical and development costs</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">4,088</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,149</td><td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total R&amp;D expenses</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,441</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td><td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,770</td><td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">General and administrative (&#8220;G&amp;A&#8221;)
expenses for the first quarter of 2018 were $7.6 million compared to $3.1&nbsp;million in the first quarter of 2017. The increase
was primarily due to approximately $4.7 million of merger-related costs associated with our proposed merger with Idera.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Interest and other income was $0.5 million
in the first quarter of 2018, compared to $0.1 million in the first quarter of 2017.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Interest expense for the first quarter of
2018 of $2.2 million was in line with $2.1 million in the first quarter of 2017.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">A mark to market loss of $1.8 million related
to our Currency Hedge Agreement was recognized in the first quarter of 2018, compared to a mark to market loss of $1.5 million
in the same quarter in the prior year, both resulting from changes in the U.S. dollar/Japanese yen exchange rate in the related
time periods.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Liquidity and Capital Resources</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Cash expenditures have exceeded revenues since our inception and we expect our 2018 operating expenses to exceed
our 2018 revenues. Our operations have principally been funded through public offerings and private placements of equity securities;
cash from collaborative and other research and development agreements, including U.S. Government contracts for RAPIVAB and galidesivir;
and to a lesser extent, the PhaRMA Notes financing and the our <FONT STYLE="font-size: 10pt">$23.0 million Senior Credit Facility
with an affiliate of MidCap Financial Services, LLC, as administrative agent (the &ldquo;Senior Credit Facility&rdquo;). To date,
we have been awarded a BARDA/HHS RAPIVAB development contract totaling $234.8 million, which expired on June 30, 2014, a NIAID/HHS
galidesivir development contract totaling $39.5 million, which is ongoing, and a BARDA/HHS galidesivir development contract totaling
$39.1 million, which is also ongoing. The total amount of NIAID/HHS and BARDA/HHS galidesivir funding obligated under awarded options
is $39.5&nbsp;million and $20.6 million, respectively. We may issue securities through private placement transactions or registered
public offerings pursuant to a registration statement filed with the SEC. In addition to the above, we have received funding from
other sources, including other collaborative and other research and development agreements; government grants; equipment lease
financing; facility leases; research grants; and interest income on our investments.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">As of March 31, 2018, we had net working
capital of $28.8 million, a decrease of approximately $21.7 million from $50.6 million at December&nbsp;31, 2017. The decrease
in working capital was principally due to our normal operating expenses associated with the development of our product candidates
and costs incurred for the proposed merger with Idera. Our principal sources of liquidity at March&nbsp;31, 2018 were approximately
$43.8 million in cash and cash equivalents, approximately $89.1 million in investments considered available-for-sale, and approximately
$1.0 million in U.S. Government receivables. We anticipate our cash and investments will fund our operations at least through the
third quarter of 2019.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We intend to contain costs and cash flow
requirements by closely managing our third party costs and headcount, leasing scientific equipment and facilities, contracting
with other parties to conduct certain research and development projects and using consultants. We expect to incur additional expenses,
potentially resulting in significant losses, as we continue to pursue our research and development activities and begin to build
a commercial infrastructure. We may incur additional expenses related to the filing, prosecution, maintenance, defense and enforcement
of patent and other intellectual property claims and additional regulatory costs as our clinical programs advance through later
stages of development. The objective of our investment policy is to ensure the safety and preservation of invested funds, as well
as maintaining liquidity sufficient to meet cash flow requirements. We place our excess cash with high credit quality financial
institutions, commercial companies, and government agencies in order to limit the amount of our credit exposure. We have not realized
any significant losses on our investments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We plan to finance our needs principally
from the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 4%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 89%"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lease or loan financing and future public or private equity financing;</font></p>
                                                <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our existing capital resources and interest earned on that capital;</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payments under existing and executing new contracts with the U.S. Government; and</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payments under collaborative and licensing agreements with corporate partners.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">As our programs continue to advance, our
costs will increase. Our current and planned clinical trials, plus the related development, manufacturing, regulatory approval
process requirements and additional personnel resources and testing required for the continuing development of our product candidates
will consume significant capital resources and will increase our expenses. Our expenses, revenues and cash utilization rate could
vary significantly depending on many factors, including our ability to raise additional capital, the development progress of our
collaborative agreements for our product candidates, the amount and timing of funding we receive from existing U.S. Government
contracts for galidesivir, the amount of funding or assistance, if any, we receive from new U.S. Government contracts or other
new partnerships with third parties for the development and or commercialization of our product candidates, the progress and results
of our current and proposed clinical trials for our most advanced product candidates, the progress made in the manufacturing of
our lead product candidates and the progression of our other programs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">With the funds available at March 31, 2018, we believe these resources
will be sufficient to fund our operations at least through the third quarter of 2019. We have sustained operating losses for the
majority of our corporate history and expect that our 2018 expenses will exceed our 2018 revenues. We expect to continue to incur
operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations. Accordingly, our
planned operations raise doubt about our ability to continue as a going concern beyond the third quarter of 2019. Our liquidity
needs will be largely determined by the success of operations in regards to the progression of our product candidates in the future.
We also may consider other plans to fund operations beyond the third quarter of 2019 including: (1)&nbsp;securing or increasing
U.S. Government funding of our programs, including obtaining procurement contracts; (2)&nbsp;out-licensing rights to certain of
our products or product candidates, pursuant to which we would receive cash milestones; (3)&nbsp;raising additional capital through
equity or debt financings or from other sources; (4)&nbsp;obtaining additional product candidate regulatory approvals, which would
generate revenue, milestones and cash flow; (5)&nbsp;reducing spending on one or more research and development programs, including
by discontinuing development; and/or (6)&nbsp;restructuring operations to change our overhead structure. We may issue securities,
including common stock, preferred stock, depositary shares, stock purchase contracts, warrants and units, through private placement
transactions or registered public offerings. Our future liquidity needs, and ability to address those needs, will largely be determined
by the success of our product candidates and key development and regulatory events and our decisions in the future.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Our long-term capital requirements and
the adequacy of our available funds will depend upon many factors, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 4%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 87%">our ability to perform under our government contracts and receive reimbursement and to receive stockpiling
procurement contracts;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the magnitude of work under our government contracts;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the progress and magnitude of our research, drug discovery and development programs;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in existing collaborative relationships or government contracts;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to establish additional collaborative relationships with academic institutions, biotechnology or pharmaceutical companies and governmental agencies or other third parties;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the extent to which our partners, including governmental agencies, will share in the costs associated with the development of our programs or run the development programs themselves;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to negotiate favorable development and marketing strategic alliances for certain product candidates or a decision to build or expand internal development and commercial capabilities;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">successful commercialization of marketed products by either us or a partner;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the scope and results of preclinical studies and clinical trials to identify and develop product candidates;</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to engage sites and enroll subjects in our clinical trials;</font></td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the scope of manufacturing of our product candidates to support our preclinical research and clinical trials;</font></td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases in personnel and related costs to support the development and commercialization of our product candidates;</font></td>
    <td colspan="2">&nbsp;</td></tr>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">the scope of manufacturing of our drug substance and product candidates required for future new drug application
(&ldquo;NDA&rdquo;) filings;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competitive and technological advances;</font></td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the time and costs involved in obtaining regulatory approvals;&nbsp;</font></td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">post-approval commitments for RAPIVAB and other products that receive regulatory approval; and</font></td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the costs involved in all aspects of intellectual property strategy and protection including the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing patent claims.</font></td>
    <td colspan="2">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We expect that we will be required to raise
additional capital to complete the development and commercialization of our current product candidates and we may seek to raise
capital in the future. Additional funding, whether through additional sales of equity or debt securities, collaborative or other
arrangements with corporate partners or from other sources, including governmental agencies in general and existing government
contracts specifically, may not be available when needed or on terms acceptable to us. The issuance of preferred or common stock
or convertible securities, with terms and prices significantly more favorable than those of the currently outstanding common stock,
could have the effect of diluting or adversely affecting the holdings or rights of our existing stockholders. In addition, collaborative
arrangements may require us to transfer certain material rights to such corporate partners. Insufficient funds may require us to
delay, scale back or eliminate certain of our research and development programs. Our future working capital requirements, including
the need for additional working capital, will be largely determined by the advancement of our portfolio of product candidates as
well as rate of reimbursement by U.S. Government agencies of our galidesivir expenses and any future decisions regarding the future
of the RAPIVAB and galidesivir programs, including those relating to stockpiling procurement. More specifically, our working capital
requirements will be dependent on the number, magnitude, scope and timing of our development programs; regulatory approval of our
product candidates; obtaining funding from collaborative partners; the cost, timing and outcome of regulatory reviews, regulatory
investigations, and changes in regulatory requirements; the costs of obtaining patent protection for our product candidates; the
timing and terms of business development activities; the rate of technological advances relevant to our operations; the efficiency
of manufacturing processes developed on our behalf by third parties; and the level of required administrative support for our daily
operations.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The restrictive covenants contained in the
Senior Credit Facility could cause us to be unable to pursue business opportunities that we or our stockholders may consider beneficial
without the lender&#8217;s permission or without repaying all Senior Credit Facility obligations. These covenants limit our ability
to, among other things, convey, sell, lease, license, transfer or otherwise dispose of certain parts of our business or property;
change the nature of our business; liquidate or dissolve; enter into certain change in control or acquisition transactions; incur
or assume certain debt; grant certain types of liens on our assets; modify, liquidate or transfer assets in certain collateral
accounts; pay dividends or make certain distributions to our stockholders; make certain investments; enter into material transactions
with affiliates; and modify existing debt or collaboration arrangements. A breach of any of these covenants could result in an
event of default under the Senior Credit Facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Financial Outlook for 2018</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.2pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Based upon our development plans and our awarded government contracts, on a stand-alone basis, we continue to
expect 2018 operating cash usage to be in the range of $67 to $90 million, and expect our total 2018 operating expenses to be in
the range of $85 to $110 million. With merger-related costs and the aggressive advancement of programs thus far, we expect to be
in the upper-end of both ranges. Our operating expense range excludes equity-based compensation expense due to the difficulty in
accurately projecting this expense as it is significantly impacted by the volatility and price of the Company&rsquo;s stock, as
well as vesting of the Company&rsquo;s outstanding performance-based stock options. Our operating cash forecast excludes any impact
of our royalty monetization, hedge collateral posted or returned, and any other non-routine cash outflows or inflows. Our ability
to remain within our operating expense and operating cash target ranges is subject to multiple factors, including unanticipated
or additional general development and administrative costs and other factors described under the Risk Factors located elsewhere
in this report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.2pt">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Off-Balance Sheet Arrangements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">As of March 31, 2018, we do not have any
unconsolidated entities or off&#8211;balance sheet arrangements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Critical Accounting Policies</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We have established various accounting policies
that govern the application of U.S. GAAP, which were utilized in the preparation of our consolidated financial statements. Certain
accounting policies involve significant judgments and assumptions by management that have a material impact on the carrying value
of certain assets and liabilities. Management considers such accounting policies to be critical accounting policies. The judgments
and assumptions used by management are based on historical experience and other factors, which are believed to be reasonable under
the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ from
these judgments and estimates, which could have a material impact on the carrying values of assets and liabilities and the results
of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">While our significant accounting policies
are more fully described in Note&nbsp;1 to our consolidated financial statements included in our 2017 Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2017, we believe that the following accounting policies are the most critical to aid you in
fully understanding and evaluating our reported financial results and affect the more significant judgments and estimates that
we use in the preparation of our financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Inventory</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our inventories consist
of peramivir finished goods and work in process, which are valued at the lower of cost or market using the first-in, first-out
(i.e., FIFO) method. Cost includes materials, labor, overhead, shipping and handling costs. Our inventories are subject to expiration
dating. We regularly evaluate the carrying value of our inventories and provide valuation reserves for any estimated obsolete,
short-dated or unmarketable inventories. In addition, we may experience spoilage of our raw materials and supplies. Our determination
that a valuation reserve might be required, in addition to the quantification of such reserve, requires us to utilize significant
judgment. In connection with the FDA approval of RAPIVAB and other regulatory approvals, we began capitalizing costs associated
with the production of peramivir inventories.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Accrued Expenses</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We enter into contractual agreements with
third-party vendors who provide research and development, manufacturing, 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. We
record liabilities under these contractual commitments when an obligation has been incurred. This accrual process involves reviewing
open contracts and purchase orders, communicating with our applicable personnel to identify services that have been performed and
estimating the level of service performed and the associated cost when we have not yet been invoiced or otherwise notified of actual
cost. The majority of our service providers invoice us monthly in arrears for services performed. We make estimates of our accrued
expenses as of each balance sheet date based on the facts and circumstances known to us. We periodically confirm the accuracy of
our estimates with the service providers and make adjustments if necessary. Examples of estimated accrued expenses include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 4%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 88%"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to Clinical Research Organizations (&#8220;CROs&#8221;) in connection with preclinical and toxicology studies and clinical trials;</font></p>
                                                <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td style="width: 4%">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to investigative sites in connection with clinical trials;</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to contract manufacturers in connection with the production of our raw materials, drug substance and product candidates;&nbsp;and</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td colspan="2" style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">professional fees.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">We base our expenses related to clinical
trials on our estimates of the services received and efforts expended pursuant to contracts with multiple research institutions
and CROs that conduct and manage clinical trials on our 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, we estimate
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 our estimate, we will adjust the accrual accordingly. If we do not
identify costs that we have begun to incur or if we underestimate or overestimate the level of these costs, our actual expenses
could differ from our estimates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue Recognition</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We adopted the provisions of ASC 606 as
of January&nbsp;1, 2018 using the modified retrospective method as applied to contracts that were not completed as of that date.
As a result, financial information for reporting periods beginning after January 1, 2018 are presented under ASC 606, while comparative
financial information has not been adjusted and continues to be reported in accordance with our historical accounting policy for
revenue recognition prior to the adoption of ASC 606.</P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"><i>Collaborative and Other Research and Development
Arrangements and Royalties</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">We recognize revenue when we satisfy a performance
obligation by transferring promised goods or services to a customer. Revenue is measured at the transaction price that is based
on the amount of consideration that we expect to receive in exchange for transferring the promised goods or services to the customer.
The transaction price includes estimates of variable consideration to the extent it is probable that a significant reversal of
revenue recognized will not occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">We have collaboration and license agreements with a number of third
parties as well as research and development agreements with certain government entities. Our primary sources of revenue are license,
service, royalty and product sale revenues from these collaborative and other research and development arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Revenue from license fees, royalty payments,
milestone payments, and research and development fees are recognized as revenue when the earnings process is complete and we have
no further continuing performance obligations or we have completed the performance obligations under the terms of the agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Arrangements that involve the delivery of more than one performance obligation <FONT STYLE="font-size: 10pt">are initially
evaluated as to whether the intellectual property licenses granted by us 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. 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 we separately sell the products or services. If a standalone selling price is not directly observable, then we
estimate the standalone selling price considering market conditions and entity-specific factors. 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.</FONT></P>


<P STYLE="font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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) we have a right to payment. Any milestone payments received prior
to satisfying these revenue recognition criteria are recorded as deferred revenue.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 our contracts with the Biomedical Advanced Research and Development Authority within
the United States Department of Health and Human Services (&#8221;BARDA/HHS&#8221;) and the National Institute of Allergy and Infectious
Diseases (&#8220;NIAID/HHS&#8221;), revenue is recognized as reimbursable direct and indirect costs are incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Under certain of our license agreements, we receive royalty payments
based upon our licensees&rsquo; 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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"><i>Product Sales</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We recognize revenue for sales of RAPIVAB
when the customer obtains control of the product, which generally occurs on the date of shipment to our specialty distributors,
utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales
returns, chargebacks and rebates. In the United States, and prior to the SUL Agreement, we sold RAPIVAB to specialty distributors,
who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations.&nbsp;With the completion
of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales.
With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB, RAPIACTA, and PERAMIFLU) will be made
by our partners, except for U.S. Government stockpiling sales, and we will be reliant on these partners to generate sales.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Sales deductions consist of statutory rebates
to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service
fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates
of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt"><i>Contract Balances</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The timing of revenue recognition, billings
and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings
in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><I><U>Contract assets</U></I> - Our long-term contracts are billed
as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain
milestones. Often this results in billing occurring subsequent to revenue recognition resulting in contract assets. Contract assets
are generally classified as current assets in the Consolidated Balance Sheet.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><I><U>Contract liabilities</U></I> - We often receive cash payments
from customers in advance of our performance resulting in contract liabilities. These contract liabilities are classified as either
current or long-term in the Consolidated Balance Sheet based on the timing of when we expect to recognize the revenue.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt"><i>Contract Costs</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We may incur direct and indirect costs associated
with obtaining a contract. Incremental contract costs that we expect to recover are capitalized and amortized over the expected
term of the contract. Non-incremental contract costs and costs that we expect to recover are expensed as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<b><i>&nbsp;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Research and Development Expenses</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Our research and development costs are
charged to expense when incurred. 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 our manufacturing and clinical
and preclinical studies are performed by third-party CROs. Costs for studies performed by CROs are accrued by us over the service
periods specified in the contracts and estimates are adjusted, if required, based upon our on-going review of the level of services
actually performed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></P>

<P STYLE="font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0">Additionally, we have license agreements with third parties, such
as the Albert Einstein College of Medicine of Yeshiva University, Industrial Research, Ltd. and the University of Alabama at Birmingham
(&ldquo;UAB&rdquo;), which require fees related to sublicense agreements or maintenance fees. We expense 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. We expense maintenance payments as incurred.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Deferred collaboration expenses represent
sub-license payments paid to our academic partners upon receipt of consideration from various commercial partners, and other consideration
to our academic partners for modification to existing license agreements. These deferred expenses would not have been incurred
without receipt of such payments or modifications from our commercial partners and are being expensed in proportion to the related
revenue being recognized. We believe that this accounting treatment appropriately matches expenses with the associated revenue.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We group our R&amp;D expenses into two major
categories: direct external expenses and indirect expenses. Direct expenses consist of compensation for R&amp;D personnel and costs
of outside parties to conduct laboratory studies, develop manufacturing processes and manufacture the product candidate, conduct
and manage clinical trials, as well as other costs related to our clinical and preclinical studies. These costs are accumulated
and tracked by active program. Indirect expenses consist of lab supplies and services, facility expenses, depreciation of development
equipment and other overhead of our research and development efforts. These costs apply to work on non-active product candidates
and our discovery research efforts. &nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Stock-Based Compensation</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">All share-based payments, including grants
of stock option awards and restricted stock unit awards, are recognized in our Consolidated Statements of Comprehensive Loss based
on their fair values. Stock-based compensation cost is estimated at the grant date based on the fair value of the award and is
recognized as expense on a straight-line basis over the requisite service period of the award. Determining the appropriate fair
value model and the related assumptions for the model requires judgment, including estimating the life of an award, the stock price
volatility, and the expected term. We utilize the Black-Scholes option-pricing model to value our awards and recognize compensation
expense on a straight-line basis over the vesting periods. The estimation of share-based payment awards that will ultimately vest
requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be
recorded as a cumulative adjustment in the period estimates are revised. In addition, we have outstanding performance-based stock
options for which no compensation expense is recognized until &#8220;performance&#8221; has occurred. Significant management judgment
is also required in determining estimates of future stock price volatility and forfeitures to be used in the valuation of the options.
Actual results, and future changes in estimates, may differ substantially from our current estimates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Currency Hedge Agreement</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In connection with our issuance of the PhaRMA
Notes, we entered into a foreign Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese
yen relative to the U.S.&nbsp;dollar. Under the Currency Hedge Agreement, we have the right to purchase dollars and sell yen at
a rate of 100 yen per dollar for which we may be required to pay a premium in each year from 2018 through 2020, provided the Currency
Hedge Agreement remains in effect. A payment of $2.0&nbsp;million will be required if, on May&nbsp;18 of the relevant year, the
U.S. dollar is worth 100 yen or less as determined in accordance with the Currency Hedge Agreement. In conjunction with establishing
the Currency Hedge Agreement, we will be required to post collateral to the counterparty, which may cause us to experience additional
quarterly volatility in our financial results. We will not be required at any time to post collateral exceeding the maximum premium
payments remaining payable under the Currency Hedge Agreement. As of March 31, 2018, the maximum amount of hedge collateral we
may be required to post is $5.9 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">The Currency Hedge Agreement does not qualify for hedge accounting
treatment and therefore mark to market adjustments will be recognized in our Consolidated Statements of Comprehensive Loss. Mark
to market adjustments are determined by quoted prices in markets that are not actively traded and for which significant inputs
are observable directly or indirectly, representing the Level 2 in the fair value hierarchy as defined by generally accepted accounting
principles (&ldquo;U.S. GAAP&rdquo;). We are also required to post collateral in connection with the mark to market adjustments
based on defined thresholds. As of March&nbsp;31, 2018, no collateral was posted under the agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Tax</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We account for uncertain tax positions in
accordance with U.S. GAAP. Significant management judgment is required in determining our provision for income taxes, deferred
tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. We have recorded a valuation allowance
against all potential tax assets, due to uncertainties in our ability to utilize deferred tax assets, primarily consisting of certain
net operating losses carried forward, before they expire. The valuation allowance is based on estimates of taxable income in each
of the jurisdictions in which we operate and the period over which our deferred tax assets will be recoverable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Information Regarding Forward-Looking Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">This filing contains forward-looking statements
within the meaning of Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, which are subject to the &#8220;safe
harbor&#8221; created in Section&nbsp;21E. All statements other than statements of historical facts contained in this filing are
forward-looking statements. These forward-looking statements can generally be identified by the use of words such as &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;expects,&#8221;
&#8220;estimates,&#8221; &#8220;predicts,&#8221; &#8220;potential,&#8221; the negative of these words or similar expressions. Statements
that describe our future plans, strategies, intentions, expectations, objectives, goals or prospects are also forward-looking statements.
Discussions containing these forward-looking statements are principally contained in &#8220;Business,&#8221; &#8220;Risk Factors&#8221;
and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221; as well as any amendments
we make to those sections in filings with the SEC. These forward-looking statements include, but are not limited to, statements
about:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 6%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%">&#8226;</td>
    <td style="vertical-align: top; width: 88%"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">statements about the benefits of the transactions contemplated by the Merger Agreement, including future financial and operating results;</font></p>
                                                <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Idera's and BioCryst's plans, objectives, expectations and intentions;</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the expected timing of completion of the transactions contemplated by the Merger Agreement; and other statements relating to the Mergers that are not historical facts;</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the preclinical development, clinical development, commercialization, or post-marketing studies of our product candidates and products, including our HAE program, peramivir, galidesivir, and early stage discovery programs;</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the potential funding from our contracts with NIAID/HHS and BARDA/HHS for the development of galidesivir;</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
</table>

<p style="margin: 0">&nbsp;</p>

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<p style="margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 6%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%">&#8226;</td>
    <td style="vertical-align: top; width: 88%"><p style="margin-top: 0; margin-bottom: 0">the potential for government stockpiling orders of peramivir, additional regulatory approvals of peramivir
or milestones, royalties or profit from sales of peramivir by us or our partners;</p>
                                                <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the potential use of peramivir as a treatment for H1N1, H5N1, and H7N9 or other strains of influenza;</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the implementation of our business model, strategic plans for our business, products, product candidates and technology;</font></p>
                                    <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to establish and maintain collaborations or out-license rights to our product candidates;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8226;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">the outcome, cost and timing of any resolution of disputes and legal proceedings;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">plans, programs, progress and potential success of our collaborations, including SUL for peramivir, Mundipharma for Mundesine and Shionogi and Green Cross for peramivir in their territories;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royalty Sub&#8217;s ability to service its payment obligations in respect of the PhaRMA Notes;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Currency Hedge Agreement entered into by us in connection with the issuance by Royalty Sub of the PhaRMA Notes;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to operate our business without infringing the intellectual property rights of others;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">estimates of our expenses, revenues, capital requirements, annual cash utilization, and our needs for additional financing;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to continue as a going concern;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing or likelihood of regulatory filings or regulatory agreements, deferrals, and approvals;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to raise additional capital to fund our operations or repay our recourse debt obligations;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8226;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">the timing or likelihood of entering into a U.S. government stockpile order and our ability to execute any such order;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to comply with the covenants as set forth in the agreements governing our debt obligations;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our financial performance;&nbsp;and</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competitive companies, technologies and our industry.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">These statements relate to future events
or to our future financial performance and involve known and unknown risks, uncertainties and other important factors that may
cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current
expectations include, among other things, those listed under &#8220;Risk Factors.&#8221; Any forward-looking statement reflects
our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating
to our operations, results of operations, industry and future growth. Except as required by law, we assume no obligation to update
or revise these forward-looking statements for any reason, even if new information becomes available in the future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><a name="a_007"></a>Item&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and
Qualitative Disclosures about Market Risk</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><i>Interest Rate Risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We are subject to interest rate risk on our
investment portfolio and borrowings under our fixed-interest rate PhaRMA Notes and our variable-interest rate Senior Credit Facility.
The interest rate applicable to our borrowings under the PhaRMA Notes is fixed at 14% and the Senior Credit Facility bears a floating
interest rate based on LIBOR. Increases in interest rates could therefore increase the associated interest payments that we are
required to make on the Senior Credit Facility. As of March 31, 2018, our Senior Credit Facility had an interest rate of 9.7%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We invest in marketable securities in accordance
with our investment policy. The primary objectives of our investment policy are to preserve capital, maintain proper liquidity
to meet operating needs and maximize yields. Our investment policy specifies credit quality standards for our investments and limits
the amount of credit exposure to any single issue, issuer or type of investment. We place our excess cash with high credit quality
financial institutions, commercial companies, and government agencies in order to limit the amount of credit exposure. Some of
the securities we invest in may have market risk. This means that a change in prevailing interest rates may cause the principal
amount of the investment to fluctuate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our investment exposure to market risk for
changes in interest rates relates to the increase or decrease in the amount of interest income we can earn on our portfolio, changes
in the market value due to changes in interest rates and other market factors as well as the increase or decrease in any realized
gains and losses. Our investment portfolio includes only marketable securities and instruments with active secondary or resale
markets to help ensure portfolio liquidity. A hypothetical 100 basis point increase or decrease in interest rates along the entire
interest rate yield curve would not significantly affect the fair value of our interest sensitive financial instruments, including
our borrowings, but may affect our future earnings and cash flows. We generally have the ability to hold our fixed-income investments
to maturity and therefore do not expect that our operating results, financial position or cash flows will be materially impacted
due to a sudden change in interest rates. However, our future investment income may fall short of expectations due to changes in
interest rates, or we may suffer losses in principal if forced to sell securities which have declined in market value due to changes
in interest rates or other factors, such as changes in credit risk related to the securities&#8217; issuers. To minimize this risk,
we schedule our investments to have maturities that coincide with our expected cash flow needs, thus avoiding the need to redeem
an investment prior to its maturity date. Accordingly, we do not believe that we have material exposure to interest rate risk arising
from our investments. Generally, our investments are not collateralized. We have not realized any significant losses from our investments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We do not use interest rate derivative instruments
to manage exposure to interest rate changes. We ensure the safety and preservation of invested principal funds by limiting default
risk, market risk and reinvestment risk. We reduce default risk by investing in investment grade securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><i>Foreign Currency Risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The majority of our transactions occur in
U.S. dollars and we do not have significant operating subsidiaries or significant investments in foreign countries. Therefore,
we are not subject to significant foreign currency exchange risk in our normal operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In connection with the issuance by Royalty
Sub of the PhaRMA Notes, we 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, we are required to post collateral based on
our potential obligations under the Currency Hedge Agreement as determined by periodic mark to market adjustments. Provided the
Currency Hedge Agreement remains in effect, we may be required to pay an annual premium in the amount of $2.0&nbsp;million from
May&nbsp;2018 through May&nbsp;2020. Such payment will be required if, in May of the relevant year, the spot rate of exchange for
Japanese yen-U.S. dollars (determined in accordance with the Currency Hedge Agreement) is such that the U.S. dollar is worth 100
yen or less. As of March 31, 2018, the maximum amount of hedge collateral we may be required to post is $5.9 million.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><a name="a_008"></a>Item&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We maintain a set of disclosure controls
and procedures that are designed to ensure that information relating to BioCryst Pharmaceuticals, Inc. required to be disclosed
in our periodic filings under the Exchange Act is recorded, processed, summarized and reported in a timely manner under the Exchange
Act. We carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive
Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures.
Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of March&nbsp;31, 2018,
the Company&#8217;s disclosure controls and procedures are effective to ensure that information required to be disclosed by the
Company in the reports filed or submitted by it under the Exchange Act is recorded, processed, summarized and reported within the
time periods specified in the SEC&#8217;s rules and forms, and include controls and procedures designed to ensure that information
required to be disclosed by the Company in such reports is accumulated and communicated to the Company&#8217;s management, including
the Chief Executive Officer and Chief Financial Officer of the Company, as appropriate to allow timely decisions regarding required
disclosure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">There have been no changes in our internal
control over financial reporting that occurred during the quarter ended March&nbsp;31, 2018 that have materially affected, or are
reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting. &nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II. OTHER INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><a name="a_009"></a>ITEM&nbsp;1. <i>&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #333333"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">On March 6, 2018, a purported stockholder of&nbsp;BioCryst&nbsp;filed
a putative class action lawsuit against&nbsp;BioCryst, the BioCryst board of directors, Idera Pharmaceuticals, Inc. (&ldquo;Idera&rdquo;),
a Delaware corporation, Nautilus Holdco,&nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of BioCryst (&ldquo;Holdco&rdquo;),&nbsp;Island
Merger Sub,&nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&ldquo;Merger Sub A&rdquo;), and
Boat Merger Sub,&nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&ldquo;Merger Sub B&rdquo;)&nbsp;in
the United States District Court for the District of Delaware, captioned <I>Melvyn Klein v. BioCryst Pharmaceuticals, Inc., et
al.</I>, Case No. 1:18-cv-00358-UNA. The complaint alleges that the&nbsp;defendants violated Sections 14(a) and 20(a) of the Exchange
Act because the preliminary Form S-4 filed with&nbsp;the Securities and Exchange Commission allegedly contains material omissions
and misstatements.&nbsp;The&nbsp;complaint seeks, among other things, injunctive relief preventing the consummation of the Mergers
until&nbsp;additional disclosures are made, and damages. The defendants believe that the action is without merit.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; color: #333333"><FONT STYLE="color: Black">On
March 14, 2018, a purported stockholder of Idera filed a putative class action lawsuit against Idera, the Idera board of Directors,
BioCryst, Holdco, Merger Sub A and Merger Sub B in the United States District Court for the District of Massachusetts, captioned
Lisa Raatz, v. Idera Pharmaceuticals, Inc., et al, Cast No. 1:18-cv-10485. The complaint alleges that the defendants violated
sections 14(a) and Rule 14a-9 promulgated thereunder and section 20(a) of the Exchanges Act because the preliminary Form S-4 filed
with the Securities and Exchange Commission allegedly contains material omissions and misstatements. The complaint seeks, among
other things, injunctive relief preventing the consummation of the Mergers until additional disclosures are made, and damages.
The defendants believe that the action is without merit.</FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><a name="a_010"></a>ITEM&nbsp;1A. <i>&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><i>An investment in our stock involves risks.
You should carefully read this entire report and consider the following uncertainties and risks, which may adversely affect our
business, financial condition or results of operations, along with all of the other information included in our other filings with
the Securities and Exchange Commission, before deciding to buy our common stock.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to the Mergers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt"><b><i>Completion of the proposed combination with
Idera is subject to conditions and if these conditions are not satisfied or waived, the Mergers will not be completed.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">On January 21, 2018, we announced that
we had entered into the Merger Agreement with Idera, Holdco, Merger Sub A and Merger Sub B, pursuant to which (i)&nbsp;Merger Sub
A will be merged with and into Idera, with Idera surviving as a wholly-owned subsidiary of Holdco, and (ii) Merger Sub B will be
merged with and into BioCryst, with BioCryst surviving as a wholly-owned subsidiary of Holdco. The consummation of the Mergers
is subject to customary closing conditions, including (i)&nbsp;the adoption of the Merger Agreement by the affirmative vote of
the holders of a majority of all outstanding shares of our capital stock entitled to vote thereon, (ii)&nbsp;the adoption of the
Merger Agreement by the affirmative vote of the holders of a majority of all outstanding shares of Idera common stock entitled
to vote thereon, (iii)&nbsp;the absence of any adverse law or order promulgated, entered, enforced, enacted or issued by any governmental
entity that prohibits, restrains or makes illegal the consummation of the Mergers, (iv)&nbsp;the shares of Holdco common stock
to be issued in the Mergers being approved for listing on the NASDAQ Global Select Market, (v)&nbsp;the expiration or termination
of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the &#8220;HSR Act&#8221;) and other material
government approvals, (vi)&nbsp;the SEC having declared effective the Form&nbsp;S-4 Registration Statement of Holdco that will
contain the joint proxy statement/prospectus of the parties in connection with the Mergers, (vii)&nbsp;subject to certain materiality
exceptions, the accuracy of certain representations and warranties of each of Idera and BioCryst contained in the Merger Agreement
and the compliance by each party with the covenants contained in the Merger Agreement, (viii)&nbsp;the receipt of certain opinions
from legal counsel regarding the intended tax treatment of the Mergers and (ix)&nbsp;the absence of a material adverse effect with
respect to each of Idera and BioCryst. On February 15, 2018, the Federal Trade Commission notified us that our request for early
termination of the waiting period under the HSR Act had been granted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">The failure to satisfy all of the required
conditions could delay the completion of the Mergers by a significant period of time or prevent it from occurring. Any delay in
completing the Mergers could cause us to not realize some or all of the benefits that we expect to achieve if the Mergers are successfully
completed within the expected timeframe.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">If we are unable to complete the proposed
Mergers, we may have incurred substantial expense and diverted significant management time and resources from our ongoing business.
In addition, if the Merger Agreement is terminated under certain circumstances specified in the Merger Agreement, we may be required
to pay Idera a termination fee of $25.0&nbsp;million or a fixed expense reimbursement amount of $6.0 million. There can be no assurance
that the conditions to closing of the Mergers will be satisfied or waived or that the Mergers will be completed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt"><b><i>Combining Idera and BioCryst may be more difficult,
costly or time consuming than expected and the anticipated benefits and cost savings of the proposed Mergers may not be realized.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We are operating and, until the completion
of the Mergers, will continue to operate independently of Idera. The success of the Mergers, including anticipated benefits and
cost savings, will depend, in part, on our ability to successfully combine and integrate the businesses. It is possible that the
pendency of the Mergers and/or the integration process could result in the loss of key employees, higher than expected costs, diversion
of management attention, the disruption of our ongoing businesses or inconsistencies in standards, controls, procedures and policies
that adversely affect the combined company&#8217;s ability to maintain relationships with patients, doctors, vendors and employees
or to achieve the anticipated benefits and cost savings of the Mergers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We will incur transaction fees, including
legal, regulatory and other costs associated with closing the transaction, as well as expenses relating to formulating and implementing
integration plans, including facilities and systems consolidation costs and employment-related costs. We continue to assess the
magnitude of these costs, and additional unanticipated costs may be incurred in the Mergers and the integration of the two companies&#8217;
businesses. While we expect that the elimination of duplicative costs as well as the realization of other efficiencies related
to the integration of the businesses should allow us to offset integration-related costs over time, this net benefit may not be
achieved in the near term, at the levels anticipated, or at all. As part of the integration process, we may also attempt to divest
certain assets of the combined company, which may not be possible on favorable terms, or at all, or if successful, may change the
profile of the combined company. If we experience difficulties with the integration process, the anticipated benefits of the Mergers
may not be realized fully or at all, or may take longer to realize than anticipated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Business</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We have incurred losses since our inception,
expect to continue to incur such losses, and may never be profitable.</i></b> &nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Since our inception, we have not achieved
sustained profitability. We expect to incur additional losses for the foreseeable future, and our losses could increase as our
research and development efforts progress. We expect that such losses will fluctuate from quarter to quarter and losses and fluctuations
may be substantial.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">To become profitable, we, or our collaborative
partners, must successfully manufacture and develop product candidates, receive regulatory approval, and successfully commercialize
and/or enter into profitable agreements with other parties. It could be several years, if ever, before we receive significant revenue
from any current or future license agreements or revenues directly from product sales.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Because of the numerous risks and uncertainties
associated with developing our product candidates and their potential for commercialization, we are unable to predict the extent
of any future losses. Even if we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly
or annual basis. If we are unable to achieve and sustain profitability, the market value of our common stock will likely decline.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Our success depends upon our ability to advance
our products through the various stages of development, especially through the clinical trial process.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">To receive the regulatory approvals necessary
for the sale of our product candidates, we or our partners must demonstrate through preclinical studies and clinical trials that
each product candidate is safe and effective. The development process and related regulatory process are complex and uncertain.
Because of the cost and duration of clinical trials, we may decide to discontinue development of product candidates that are unlikely
to show good results in the clinical trials, unlikely to help advance a product to the point of a meaningful collaboration, or
unlikely to have reasonable commercial potential. We may suffer significant setbacks in pivotal pre-clinical studies and clinical
trials (e.g. galidesivir, BCX7353, other kallikrein inhibitors, our ALK2 inhibitors and our other rare disease product candidates),
even after earlier clinical trials show promising results. The development of our product candidates, including our clinical trials,
may not be adequately designed or executed, which could affect the potential outcome and analysis of study results. Any of our
product candidates may produce undesirable side effects in humans. The pre-clinical and clinical data from our product candidates
could cause us or regulatory authorities to interrupt, delay, modify or halt preclinical or clinical trials of a product candidate.
Undesirable or inconclusive data or side effects in humans could also result in the FDA or foreign regulatory authorities refusing
to approve the product candidate for any targeted indications. In addition, the FDA or other regulatory agencies may determine
that study data from our product candidates necessitates additional studies or study designs which differ from our planned development
strategy, and regulatory agencies may also require patient monitoring and testing or may implement restrictions or other conditions
on our development activities, any of which could materially impact the cost and timing of our planned development strategy. We,
our partners, the FDA or foreign regulatory authorities may suspend or terminate clinical trials at any time if we or they believe
the trial participants face unacceptable health risks. Clinical trials may fail to demonstrate that our product candidates are
safe or effective and have acceptable commercial viability. Regulatory authorities may interrupt, delay or halt clinical trials
for a product candidate for any number of reasons.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our ability to successfully complete clinical
trials is dependent upon many factors, including but not limited to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%">&#8226;</td>
    <td style="vertical-align: bottom; width: 93%"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to find suitable clinical sites and investigators to enroll patients;</font></p>
                                                   <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ability to maintain contact with patients to provide complete data after treatment;</font></p>
                                       <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our product candidates may not prove to be either safe or effective;</font></p>
                                       <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">clinical protocols or study procedures may not be adequately designed or followed by the investigators;</font></p>
                                       <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">formulation improvements may not work as expected, which could negatively impact commercial demand for our product candidates;</font></p>
                                       <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacturing or quality control problems could affect the supply of product candidates for our trials; and</font></p>
                                       <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&#8226;</td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays or changes in our planned development strategy, the regulations or guidelines, or other unexpected conditions or requirements of government agencies.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Clinical trials are lengthy and expensive.
We or our partners incur substantial expense for, and devote significant time to, preclinical testing and clinical trials, yet
we cannot be certain that the tests and trials will ever result in the commercial sale of a product. For example, clinical trials
require adequate supplies of drug and sufficient patient enrollment. Lack of adequate drug supply or delays in patient enrollment,
including for APeX-2, APeX-S and ZENITH-1, can result in increased costs and longer development times. Even if we or our partners
successfully complete clinical trials for our product candidates, we or our partners might not file the required regulatory submissions
in a timely manner and may not receive regulatory approval for the product candidates.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We focus on rare diseases, which may create
additional risks and challenges.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Because we focus on developing drugs as
treatments for rare diseases, we may seek orphan drug, breakthrough therapy or fast track designations for our product candidates
in the United States or the equivalent designations elsewhere in the world. Often, regulatory agencies have broad discretion in
determining whether or not to grant such designations. We cannot guarantee that we will be able to receive orphan drug status from
the FDA or equivalent regulatory designations elsewhere. We also cannot guarantee that we will obtain breakthrough therapy or fast
track designation, which may provide certain potential benefits such as more frequent meetings with the FDA to discuss the development
plan, intensive guidance on an efficient drug development program, and potential eligibility for rolling review or priority review.
Even if we are successful in obtaining any such designation by the FDA or other regulatory agency for our product candidates, such
designations may not lead to faster development or regulatory review or approval, and it does not increase the likelihood that
our product candidates will receive marketing approval. We may not be able to obtain or maintain such designations for our product
candidates, and our competitors may obtain these designations for their product candidates, which could impact our ability to develop
and commercialize our product candidates or compete with such competitors, which may adversely impact our business, financial condition
or results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Although we have received Sakigake designation
for BCX7353 in Japan, we may not experience a faster development, review or approval process compared to the conventional process.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Our clinical trials may not adequately show
that our product candidates are safe or effective.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Progression of our product
candidates through the clinical development process is dependent upon our trials indicating our product candidates have adequate
safety and efficacy in the patients being treated by achieving pre-determined safety and efficacy endpoints according to the clinical
trial protocols. Failure to achieve any of these endpoints in any of our programs, including BCX7353, galidesivir, FOP and our
other rare disease product candidates, could result in delays in our trials or require the performance of additional unplanned
trials. This could result in delays in the development of our product candidates and could result in significant unexpected costs
or the termination of programs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>If our development collaborations with third
parties, such as our development partners and contract research organizations, fail, the development of our product candidates
will be delayed or stopped.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We rely heavily upon third parties for many
important stages of our product candidate development, including but not limited to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 93%"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discovery of compounds that cause or enable biological reactions necessary for the progression of the disease or disorder, called enzyme targets;</font></p>
                           <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">licensing or designing of enzyme inhibitors for development as product candidates;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">execution of certain preclinical studies and late-stage development for our compounds and product candidates;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">management of our clinical trials, including medical monitoring and data management;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">execution of additional toxicology studies that may be required to obtain approval for our product candidates;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">formulation improvement strategies and methods; and</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacturing the starting materials and drug substance required to formulate our products and the product candidates to be used in our clinical trials, toxicology studies and any potential commercial product.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Our failure to engage in successful collaborations
at any one of these stages would greatly impact our business. If we do not license enzyme targets or inhibitors from academic institutions
or from other biotechnology companies on acceptable terms, our drug development efforts would suffer. Similarly, if the contract
research organizations that conduct our initial or late-stage clinical trials, conduct our toxicology studies, manufacture our
starting materials, drug substance and product candidates or manage our regulatory function breached their obligations to us or
perform their services inconsistent with industry standards and not in accordance with the required regulations, this would delay
or prevent both the development of our product candidates and the availability of any potential commercial product.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">If we lose our relationship with any one
or more of these parties, we could experience a significant delay in both identifying another comparable provider and then contracting
for its services. We may be unable to retain an alternative provider on reasonable terms, if at all. Even if we locate an alternative
provider, it is likely that this provider may need additional time to respond to our needs and may not provide the same type or
level of service as the original provider. In addition, any provider that we retain will be subject to applicable FDA current Good
Laboratory Practices (&#8220;cGLP&#8221;), current Good Manufacturing Practices (&#8220;cGMP&#8221;) and current Good Clinical
Practices (&#8220;cGCP&#8221;), and comparable foreign standards. We do not have control over compliance with these regulations
by these providers. Consequently, if these practices and standards are not adhered to by these providers, the development and commercialization
of our product candidates could be delayed. If any of the foregoing risks are realized, our business, financial condition and results
of operations could be materially adversely affected.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Because we have limited manufacturing experience,
we depend on third-party manufacturers to manufacture our product, product candidates and the materials for our product candidates.
Often, especially early in the development and commercialization process, we have only one source for manufacturing. If we cannot
rely on existing third-party manufacturers, we will be required to incur significant costs and potential delays in finding new
third-party manufacturers.</i></b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We have limited manufacturing experience
and only a small scale manufacturing facility. We currently rely upon a very limited number of third-party manufacturers to manufacture
the materials required for our product, product candidates and most of the preclinical and clinical quantities of our product candidates.
We depend on these third-party manufacturers to perform their obligations in a timely manner and in accordance with applicable
governmental regulations. Our third-party manufacturers, which may be the only manufacturer we have engaged for a particular product,
may encounter difficulties with meeting our requirements, including but not limited to problems involving:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 2%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inconsistent production yields;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product liability claims or recalls of commercial product;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties in scaling production to commercial and validation sizes;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">interruption of the delivery of materials required for the manufacturing process;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">scheduling of plant time with other vendors or unexpected equipment failure;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential catastrophes that could strike their facilities or have an effect on infrastructure;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential impurities in our drug substance or products that could affect availability of product for our clinical trials or future commercialization;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">poor quality control and assurance or inadequate process controls; and</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack of compliance or cooperation with regulations and specifications or requests set forth by the FDA or other foreign regulatory agencies, particularly associated with peramivir, BCX7353, galidesivir and our early stage compounds.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">These contract manufacturers may not be
able to manufacture the materials required for our product candidates at a cost or in quantities necessary to make them commercially
viable. We also have no control over whether third-party manufacturers breach their agreements with us or whether they may terminate
or decline to renew agreements with us. To date, our third-party manufacturers have met our manufacturing requirements, but they
may not continue to do so. Furthermore, changes in the manufacturing process or procedure, including a change in the location where
the drug is manufactured or a change of a third-party manufacturer, may require prior review and approval in accordance with the
FDA&#8217;s cGMP and comparable foreign requirements. This review may be costly and time-consuming and could delay or prevent the
launch of a product. The FDA or similar foreign regulatory agencies may at any time implement new standards, or change their interpretation
and enforcement of existing standards for manufacture, packaging or testing of products. If we or our contract manufacturers are
unable to comply, we or they may be subject to regulatory action, civil actions or penalties any of which could be costly to the
Company and could result in a delay or shortage of product.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">If we are unable to maintain current manufacturing
or other contract relationships, or enter into new agreements with additional manufacturers on commercially reasonable terms, or
if there is poor manufacturing performance or failure to comply with any regulatory agency on the part of any of our third-party
manufacturers, we may not be able to complete development of, seek timely approval of, or market, our product candidates.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our raw materials, drug substances, and product
candidates are manufactured by a limited group of suppliers, including some at a single facility. If any of these suppliers were
unable to produce these items, this could significantly impact our supply of product candidate material for further preclinical
testing and clinical trials.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We face intense competition, and if we are
unable to compete effectively, the demand for our products, if any, may be reduced.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The biotechnology and pharmaceutical industries
are highly competitive and subject to rapid and substantial technological change. There are many companies seeking to develop products
for the same indications that we currently target. Our competitors in the United States and elsewhere are numerous and include,
among others, major multinational pharmaceutical and chemical companies and specialized biotechnology firms. Most of these competitors
have greater resources than we do, including greater financial resources, larger research and development staffs and more experienced
marketing and manufacturing organizations. In addition, most of our competitors have greater experience than we do in conducting
clinical trials and obtaining FDA and other regulatory approvals. Accordingly, our competitors may succeed in obtaining FDA or
other regulatory approvals of product candidates more rapidly than we do. Companies that complete clinical trials, obtain required
regulatory approvals, and commence commercial sale of their drugs before we do may achieve a significant competitive advantage,
including patent and FDA exclusivity rights that would delay our ability to market products. We face, and will continue to face,
competition in the licensing of potential product candidates for desirable disease targets, licensing of desirable product candidates,
and development and marketing of our product candidates from academic institutions, government agencies, research institutions
and biotechnology and pharmaceutical companies. Competition may also arise from, among other things:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 2%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other drug development technologies;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">methods of preventing or reducing the incidence of disease, including vaccines;&nbsp;and</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">new small molecule or other classes of therapeutic agents.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Developments by others may render our product
candidates or technologies obsolete or noncompetitive.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We are performing research on or developing products for the treatment
of several rare disorders, including HAE and FOP, as well as developing broad spectrum antivirals for use as medical countermeasures.
We expect to encounter significant competition for any of the pharmaceutical products we are developing and plan to develop. Companies
that complete clinical trials, obtain required funding or government support, obtain required regulatory approvals and commence
commercial sales or stockpiling orders of their products before their competitors may achieve a significant competitive advantage.
Such is the case with the current neuraminidase inhibitors marketed by GSK and Roche for influenza; CINRYZE<SUP>&reg;</SUP> , KALBITOR<SUP>&reg;</SUP>
and FIRAZYR<SUP>&reg;</SUP>, marketed by Shire Pharmaceuticals, Inc. (&ldquo;Shire&rdquo;) for HAE; BERINERT<SUP>&reg;</SUP> and
HAEGARDA<SUP>&reg;</SUP> marketed by CSL Limited (&ldquo;CSL&rdquo;) for HAE; and RUCONEST<SUP>&reg;</SUP> marketed by Pharming
Healthcare, Inc. (&ldquo;Pharming&rdquo;) for HAE.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Further, several pharmaceutical and biotechnology
firms have announced efforts in HAE and in other therapeutic areas where we have discovery and development efforts ongoing. Notably,
prophylactic treatment for HAE is becoming increasingly competitive with the recent approval of CSL&#8217;s HAEGARDA, Shire&#8217;s
positive Phase 3 data for the monoclonal antibody, lanadelumab, and Pharming&#8217;s completion of a Phase 2 HAE prophylaxis trial
and filing of an sBLA for RUCONEST. Additionally, Kalvista Pharmaceuticals, Inc. (KVD818) and Attune Pharmaceuticals, Inc. (ATN-249)
have oral candidates for HAE prophylaxis in Phase 1 development. Therapeutic products with potentially promising data to treat
Ebola include Mapp Biopharmaceutical, Inc.&#8217;s ZMapp (antibody-based) and Gilead Sciences, Inc.&#8217;s product currently under
development (small molecule), both of which have been used in Ebola infected patients. Shionogi also recently announced positive
Phase 3 data for S033188, an oral treatment for influenza. For FOP, Clementia Pharmaceuticals Inc.&#8217;s palovarotene, an oral,
retinoic acid gamma receptor agonist, currently in Phase 3, and Regeneron Pharmaceuticals Inc.&#8217;s REGN2477, an i.v. anti-activin
antibody in Phase 2, are the most advanced development programs in the space. If one or more of our competitors&#8217; products
or programs are successful, the market for our products may be reduced or eliminated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Compared to us, many of our competitors and
potential competitors have substantially greater:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 2%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">capital resources;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">research and development resources, including personnel and technology;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory experience;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">preclinical study and clinical testing experience;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacturing and marketing experience;&nbsp;and</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">production facilities.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Any of these competitive factors could impede
our funding efforts, render technology and product candidates noncompetitive or eliminate or reduce demand for our product candidates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><b><i>We face risks related to our government-funded
programs; if BARDA/HHS or NIAID/HHS were to eliminate, reduce or delay funding from our contracts, this would have a significant
negative impact on the programs associated with such funding and could have a significant negative impact on our revenues and
cash flows.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Our projections of revenues and incoming
cash flows are substantially dependent upon BARDA/HHS and NIAID/HHS reimbursement for the costs related to our galidesivir program.
If BARDA/HHS or NIAID/HHS were to eliminate, reduce or delay the funding for these programs or disallow some of our incurred costs,
we would have to obtain additional funding for continued development or regulatory registration for these product candidates or
significantly reduce or stop the development effort.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">In contracting with BARDA/HHS and NIAID/HHS,
we are subject to various U.S. Government contract requirements, including general clauses for a cost-reimbursement research and
development contract, which may limit our reimbursement or if we are found to be in violation could result in contract termination.
If the U.S. Government terminates any of its contracts with us for its convenience, or if we default by failing to perform in accordance
with the contract schedule and terms, significant negative impact on our cash flows and operations could result.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Our government contracts with BARDA/HHS and
NIAID/HHS have special contracting requirements, which create additional risks of reduction or loss of funding.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We have completed work under a contract
with BARDA/HHS for the development of our neuraminidase inhibitor, RAPIVAB. We also have entered into contracts with BARDA/HHS
and NIAID/HHS for the development of galidesivir as a treatment for diseases caused by RNA pathogens, including Marburg virus disease
and Ebola virus disease. In contracting with these government agencies, we are subject to various U.S. Government contract requirements,
including general clauses for a cost-reimbursement research and development contract, which may limit our reimbursement or, if
we are found to be in violation, could result in contract termination.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">U.S. Government contracts typically contain
a number of extraordinary provisions that would not typically be found in commercial contracts and which may create a disadvantage
and additional risks to us as compared to competitors that do not rely on U.S. Government contracts. These risks include the ability
of the U.S. Government to unilaterally:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 2%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">terminate or reduce the scope of our contract with or without cause;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">interpret relevant regulations (federal acquisition regulation clauses);</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require performance under circumstances which may not be favorable to us;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require an in process review where the U.S. Government will review the project and its options under the contract;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">control the timing and amount of funding, which impacts the development progress of our programs; and</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">audit and object to our contract-related costs and fees, including allocated indirect costs.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Our government contracts with BARDA/HHS and
NIAID/HHS have termination and audit provisions which create additional risks to us.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The U.S. Government may terminate its contracts
with us either for its convenience or if we default by failing to perform in accordance with the contract schedule and terms. Termination
for convenience provisions generally enable us to recover only our costs incurred or committed, and settlement expenses and profit
on the work completed prior to termination. Termination does not permit these recoveries under default provisions. In the event
of termination or upon expiration of a contract, the U.S. Government may dispute wind-down and termination costs and may question
prior expenses under the contract and deny payment of those expenses. Should we choose to challenge the U.S. Government for denying
certain payments under a contract, such a challenge could subject us to substantial additional expenses which we may or may not
recover. Further, if the U.S. Government terminates its contracts with us for its convenience, or if we default by failing to perform
in accordance with the contract schedule and terms, significant negative impact on our cash flows and operations could result.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">As a U.S. Government contractor, we are required
to comply with applicable laws, regulations and standards relating to our accounting practices and are subject to periodic audits
and reviews. As part of any such audit or review, the U.S. Government may review the adequacy of, and our compliance with, our
internal control systems and policies, including those relating to our purchasing, property, estimating, compensation and management
information systems. Audits under the active BARDA/HHS and NIAID/HHS galidesivir contracts may occur at the election of the U.S.
Government and have been concluded through fiscal 2015; all subsequent fiscal years are still open and auditable. Based on the
results of its audits, the U.S. Government may adjust our contract-related costs and fees, including allocated indirect costs.
This adjustment could impact the amount of revenues reported on a historic basis and could impact our cash flows under the contracts
prospectively. In addition, in the event BARDA/HHS or NIAID/HHS determines that certain costs and fees were unallowable or determines
that the allocated indirect cost rate was higher than the actual indirect cost rate, BARDA/HHS or NIAID/HHS would be entitled to
recoup any overpayment from us as a result. In addition, if an audit or review uncovers any improper or illegal activity, we may
be subject to civil and criminal penalties and administrative sanctions, including termination of our contracts, forfeiture of
profits, suspension of payments, fines and suspension or prohibition from doing business with the U.S. Government. We could also
suffer serious harm to our reputation if allegations of impropriety were made against us. In addition, under U.S. Government purchasing
regulations, some of our costs may not be reimbursable or allowed under our contracts. Further, as a U.S. Government contractor,
we are subject to an increased risk of investigations, criminal prosecution, civil fraud, whistleblower lawsuits and other legal
actions and liabilities as compared to private sector commercial companies.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>If we fail to reach milestones or to make annual
minimum payments or otherwise breach our obligations under our license agreements, our licensors may terminate our agreements with
them and seek additional remedies.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">If we are unable or fail to meet payment
obligations, performance milestones relating to the timing of regulatory filings, product supply obligations, post approval commitments
for RAPIVAB, or development and commercial diligence obligations; are unable or fail to make milestone payments or material data
use payments in accordance with applicable provisions; or fail to pay the minimum annual payments under our respective licenses,
our licensors may terminate the applicable license or seek other available remedies. As a result, our development of the respective
product candidate or commercialization of the product would cease.&nbsp;&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>If we fail to obtain additional financing or
acceptable partnership arrangements, we may be unable to complete the development and commercialization of our product candidates
or continue operations.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">As our programs advance, our costs are likely
to increase. Our current and planned discovery activities, pre-clinical and clinical trials, the related development, manufacturing,
regulatory approval process requirements, and the additional personnel resources and testing required for supporting the development
of our product candidates will consume significant capital resources. Our expenses, revenues and cash utilization rate could vary
significantly depending on many factors, including: our ability to raise additional capital; the development progress of our collaborative
agreements for our product candidates; the amount of funding we receive from NIAID/HHS and BARDA/HHS for galidesivir or from other
new partnerships with third parties for the development of our product candidates, including BCX7353 and our other rare disease
product candidates; the commercial success of peramivir achieved by our partners; the amount or profitability of any orders for
peramivir or galidesivir by any government agency or other party; the progress and results of our current and proposed clinical
trials for our most advanced product candidates, including BCX7353 and our other rare disease product candidates; the progress
made in the manufacture of our lead products and the progression of our other programs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font-size: 10pt; text-indent: 27pt; margin: 0pt 0">We expect that we will be required to raise additional capital to
complete the development and commercialization of our current product candidates and we may seek to raise capital at any time.
Additional funding, whether through additional sales of securities, additional borrowings, or collaborative arrangements with partners,
including governmental agencies in general and from any BARDA/HHS or NIAID/HHS contract specifically, may not be available when
needed or on terms acceptable to us. The issuance of preferred or common stock or convertible securities, with terms and prices
significantly more favorable than those of the currently outstanding common stock, could have the effect of diluting or adversely
affecting the holdings or rights of our existing stockholders. Additional borrowings may subject us to more restrictive covenants
than are currently applicable to us under our Senior Credit Facility. In addition, collaborative arrangements may require us to
transfer certain material rights to such corporate partners. Insufficient funds or lack of an acceptable partnership may require
us to delay, scale-back or eliminate certain of our research and development programs.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">In order to continue future operations
and continue our drug development programs, we will be required to raise additional capital. In addition to seeking strategic partnerships,
transactions and government funding, we may decide to access the equity or debt markets, incur additional borrowings, or seek other
sources to meet liquidity needs. Our ability to raise additional capital may be limited and may greatly depend upon the success
of ongoing development related to our current drug development programs, including post approval studies for RAPIVAB,&nbsp;the
progress, timeline and ultimate outcome of&nbsp;our kallikrein inhibitors, including the BCX7353 program (including, but not limited
to, formulation progress, Phase 3 trials, long-term human safety studies, and the timing of carcinogenicity or other required studies),
the progress of our ALK2 inhibitors for the treatment of FOP and other rare disease product candidates, funding for and continued
successful development of galidesivir, and the progress of our early discovery programs. In addition, constriction and volatility
in the equity and debt markets may restrict our future flexibility to raise capital when such needs arise. Furthermore, we have
exposure to many different industries, financing partners and counterparties, including commercial banks, investment banks and
partners (which include investors, licensing partners, and the U.S. Government) which may be unstable or may become unstable in
the current economic and political environment. Any such instability may impact these parties&#8217; ability to fulfill contractual
obligations to us or they might limit or place burdensome conditions upon future transactions with us. Also, it is possible that
suppliers may be negatively impacted. Any such unfavorable outcomes in our current programs or unfavorable economic conditions
could place severe downward pressure on the price of our common stock and may decrease opportunities to raise capital in the capital
or credit markets, and further could reduce the return available on invested corporate cash, which, if severe and sustained, could
have a material and adverse impact on our results of operations and cash flows and limit our ability to continue development of
our product candidates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We may not be able to continue as a going concern
if we do not obtain additional capital.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We have sustained operating losses for
the majority of our corporate history and expect that our 2018 expenses will exceed our 2018 revenues. We expect to continue to
incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Our liquidity needs will be largely determined
by the success of operations in regards to the progression of our product candidates in the future. Our plans to alleviate the
doubt regarding our ability to continue as a going concern primarily include our ability to control the timing and spending on
our research and development programs and raising additional funds through equity financings.&nbsp;We also may consider other plans
to fund operations including: (1) securing or increasing U.S. Government funding of our programs, including obtaining procurement
contracts; (2) out-licensing rights to certain of our products or product candidates, pursuant to which the we would receive cash
milestones; (3) raising additional capital through equity or debt financings or from other sources; (4) obtaining additional product
candidate regulatory approvals, which would generate revenue, milestones 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 our overhead structure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">There can be no assurance that any of
our plans will be successful or that additional capital will be available to us on reasonable terms, or at all, when needed. If
we are unable to obtain sufficient additional capital, we may be forced to curtail operations, delay or stop ongoing clinical trials,
cease operations altogether or file for bankruptcy.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>If we fail to successfully commercialize or
establish collaborative relationships to commercialize certain of our product candidates, or if any partner terminates or fails
to perform its obligations under agreements with us, potential revenues from commercialization of our product candidates could
be reduced, delayed or eliminated.</i></b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our business strategy is to increase the
asset value of our product candidate portfolio. We believe this is best achieved by retaining full product rights or through collaborative
arrangements with third parties as appropriate. As needed, potential third-party relationships could include preclinical development,
clinical development, regulatory approval, marketing, sales and distribution of our product candidates.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Currently, we have established collaborative
relationships with Mundipharma for the development and commercialization of Mundesine and with each of Shionogi and Green Cross
for the development and commercialization of peramivir in Japan, Taiwan and South Korea. Most recently we have established a collaborative
relationship with Seqirus UK Limited for RAPIVAB on a worldwide basis other than Israel, Japan, Korea and Taiwan. The process of
establishing and implementing collaborative relationships is difficult, time-consuming and involves significant uncertainty, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 92%"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our partners may seek to renegotiate or terminate their relationships with us due to unsatisfactory commercial, regulatory or clinical results, including post approval clinical commitments, a change in business strategy, a change of control or other reasons;</font></p>
                           <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our contracts for collaborative arrangements may expire;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our partners may choose to pursue alternative technologies, including those of our competitors;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may have disputes with a partner that could lead to litigation or arbitration;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we do not have day to day control over the activities of our partners and have limited control over their decisions;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to generate future event payments and royalties from our partners depends upon their abilities to establish the safety and efficacy of our product candidates, obtain regulatory approvals and achieve market acceptance of products developed from our product candidates;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we or our partners may fail to properly initiate, maintain or defend our intellectual property rights, where applicable, or a party may utilize our proprietary information in such a way as to invite litigation that could jeopardize or potentially invalidate our proprietary information or expose us to potential liability;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we or our partners may not devote sufficient capital or resources towards our product candidates; and</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we or our partners may not comply with applicable government regulatory requirements.</font></td>
    <td>&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">If we or our partners fail to fulfill our
responsibilities in a timely manner, or at all, our commercialization efforts related to that collaboration could be reduced, delayed
or terminated, or it may be necessary for us to assume responsibility for activities that would otherwise have been the responsibility
of our partner. If we are unable to establish and maintain collaborative relationships on acceptable terms, we may have to delay
or discontinue further development of one or more of our product candidates, undertake commercialization activities at our own
expense or find alternative sources of funding. Any delay in the development or commercialization of our product candidates would
severely affect our business, because if our product candidates do not progress through the development process or reach the market
in a timely manner, or at all, we may not receive additional future event payments and may never receive milestone, product sales
or royalty payments.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We do not have a great deal of experience in
commercializing our products or technologies, and our future revenue generation is uncertain.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We do not have a great deal of experience
in commercializing our product candidates or technologies. We currently have limited marketing and commercial capability, no direct
or third-party sales force and limited distribution capabilities. We may be unable to establish or sufficiently increase these
capabilities for products we currently, or plan to, commercialize. In addition, our revenue from collaborative agreements may be
dependent upon the status of our preclinical and clinical programs.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our ability to receive revenue from products
we commercialize presents several risks, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 93%"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we or our collaborators may fail to successfully complete clinical trials, or satisfy post-marketing commitments, sufficient to obtain and keep FDA marketing approval;</font></p>
                           <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">many competitors are more experienced and have significantly more resources, and their products could reach the market faster, be more cost effective or have a better efficacy or tolerability profile than our product candidates;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may fail to employ a comprehensive and effective intellectual property strategy, which could result in decreased commercial value of our Company and our products;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may fail to employ a comprehensive and effective regulatory strategy, which could result in a delay or failure in commercialization of our products;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to successfully commercialize our products is affected by the competitive landscape, which cannot be fully known at this time;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reimbursement is constantly changing, which could greatly affect usage of our products; and</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">future revenue from product sales would depend on our ability to successfully complete clinical studies, obtain regulatory approvals, and manufacture, market and commercialize our approved drugs.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>&nbsp;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Commercialization of peramivir by our partners
is subject to the potential commercialization risks described herein and numerous additional risks. Any potential revenue benefits
to us in the form of milestone payments, royalties or other consideration are highly speculative.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Commercialization success of peramivir is
uncertain and is subject to all the risks and uncertainties disclosed in our other risk factors relating to drug development and
commercialization. In addition, commercialization of peramivir products is subject to further risks and may be negatively impacted
by a number of factors, including, but not limited to, the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 93%"><p style="margin-top: 0; margin-bottom: 0">peramivir may not prove to be adequately safe and effective for market approval in markets other than
the United States, Canada, Japan, Korea, Taiwan, Australia and the European Union;</p>
                           <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">necessary funding for post-marketing commitments and further development of peramivir may not be available timely, at all, or in sufficient amounts;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">flu prevention or pandemic treatment concerns may not materialize at all, or in the near future;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advances in flu vaccines or other antivirals, including competitive i.v. antivirals, could substantially replace potential demand for peramivir;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a limited number of governmental entities are expected to be the primary potential stockpiling customers for peramivir and if we are not successful at marketing peramivir to these entities for any reason, we will not receive substantial revenues from stockpiling orders;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">government and third party payors may not provide sufficient coverage or reimbursement which would negatively impact the demand for peramivir;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may not be able to supply commercial material to our partners and our partners may not be able to maintain or establish sufficient and acceptable commercial manufacturing, either directly or through third-party manufacturers;</font></td></tr>
</table>

<p style="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></p>


<p style="margin: 0">&nbsp;</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 93%"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the commercial demand and acceptance for peramivir by healthcare providers and by patients may not be sufficient to result in substantial revenues of peramivir to our partners and may result in little to no milestones or royalties to us;</font></p>
                           <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effectiveness of marketing and commercialization efforts for peramivir by our partners;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market satisfaction with existing alternative therapies;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">perceived efficacy relative to other available therapies;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disease prevalence;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cost of treatment;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pricing and availability of alternative products;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">marketing and sales activities of competitors;</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shifts in the medical community to new treatment paradigms or standards of care; and</font></p>
        <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">relative convenience and ease of administration.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We are subject to various federal and state
laws related to RAPIVAB and other products under development and, if we or our partners do not comply with these regulations, we
could face substantial penalties.</i></b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our or our partners&#8217; activities related
to RAPIVAB, or any of our other products under development and following their regulatory approval, are subject to regulatory and
law enforcement authorities in addition to the FDA, including the Federal Trade Commission, the Department of Justice, and state
and local governments. In the case of our collaboration with SUL, although SUL is responsible for RAPIVAB marketing and commercialization
efforts, we continue to carry certain risks associated with RAPIVAB because we hold the RAPIVAB NDA. For example, we are responsible
for reporting adverse drug experiences, we have responsibility for certain post-approval studies, we may have responsibilities
and costs related to a recall or withdrawal of RAPIVAB from sale, we may incur liability associated with RAPIVAB manufacturing
contracted by us or in support of any of our partners, we are required to maintain records and provide data and reports to regulatory
agencies related to RAPIVAB (e.g. risk evaluation and mitigation strategies, track and trace requirements, adverse events), and
we may incur certain promotional regulatory and government pricing risks, all of which could have a material adverse impact on
our operations and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">In addition, we are subject to the federal
physician sunshine act and certain similar physician payment and drug pricing transparency legislation in various states. We are
also subject to various federal and state laws pertaining to health care &#8220;fraud and abuse,&#8221; including both federal
and state anti-kickback and false claims laws. These laws regulate our or our partners&#8217; operations, sales and marketing practices,
price reporting, and relationships with physicians and other customers and third-party payors. Anti-kickback laws generally prohibit
a manufacturer from soliciting, offering, receiving, or paying any remuneration to generate business, including the purchase or
prescription of a particular drug. Although the specific provisions of these laws vary, their scope is generally broad and there
may be no regulations, guidance or court decisions that clarify how the laws apply to particular industry practices. False claims
laws prohibit anyone from knowingly and willingly presenting, or causing to be presented for payment to third party payors (including
Medicare and Medicaid) claims for reimbursement or services that are false or fraudulent, claims for items or services not provided
as claimed, or claims for medically unnecessary items or services. The sunshine provisions apply to manufacturers with products
reimbursed under certain government programs and require those manufacturers to disclose annually to the federal government certain
payments made to physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors) and teaching hospitals,
as well as, ownership and investment interests held by physicians (as defined above) and their immediate family members. State
laws may also require disclosure of pharmaceutical pricing information and marketing expenditures. Although we seek to comply with
these statutes, it is possible that our practices, or those of our partners, might be challenged under health care fraud and abuse,
anti-kickback, false claims or similar laws. Violations of the physician sunshine act and similar state legislation or the fraud
and abuse laws may be punishable by civil or criminal sanctions, including fines and civil monetary penalties, and future exclusion
from participation in government healthcare programs.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We have a number of outstanding post-marketing
commitments to the FDA that we retain, despite our partnership with SUL, which we may not complete successfully or on time for
any number of reasons, including but not limited to lack of funds to complete the studies and insufficient interest by appropriate
sites, investigators or study subjects. For example, as a condition of the approval of RAPIVAB, we were required to complete a
pediatric patient study of RAPIVAB and to submit the final results of this clinical trial to the FDA. We may be subject to penalties
if we fail to comply with post-approval legal and regulatory requirements and our products could be subject to continual recordkeeping
and reporting requirements, review and periodic inspections by the FDA and other regulatory bodies. Regulatory approval of a product
may be subject to limitations on the indicated uses for which the product may be marketed or to the other restrictive conditions
of approval that limit our ability to promote, sell or distribute a product. Furthermore, the approval of RAPIVAB and any other
future product candidates may be subject to requirements for costly post-marketing testing and surveillance to monitor its safety
or efficacy.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Advertising and promotion are subject to
stringent FDA rules and oversight and as the holder of the NDA we may be held responsible for any advertising and promotion conducted
by our partner that is not in compliance with the rules and regulations. In particular, the claims in all promotional materials
and activities must be consistent with the FDA approvals for approved products, and must be appropriately substantiated and fairly
balanced with information on the safety risks and limitations of the products. Adverse event information concerning approved products
must be reviewed and as the NDA holder of RAPIVAB we are required to make expedited and periodic adverse event reports to the FDA
and other regulatory authorities.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">In addition, the research, manufacturing,
distribution, sale and promotion of products are potentially subject to regulation by various federal, state and local authorities
in addition to the FDA, including the Centers for Medicare and Medicaid Services, other divisions of the U.S. Department of Health
and Human Services, the U.S. Department of Justice and individual U.S. Attorney offices within the Department of Justice, and state
and local governments. Until we can successfully transfer the pricing responsibilities to our partner, we remain responsible for
pricing and rebate programs. Pricing and rebate programs must comply with the Medicaid rebate requirements of the Omnibus Budget
Reconciliation Act of 1990, as amended, and the Veterans Health Care Act of 1992, as amended. If products are made available to
authorized users of the Federal Supply Schedule of the General Services Administration, additional laws and requirements apply.
All of these activities are also potentially subject to federal and state healthcare false claims and fraud and abuse laws, as
well as consumer protection and unfair competition laws.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">If our operations with respect to RAPIVAB
or our other products that are subject to healthcare laws and regulations are found to be in violation of any of the healthcare
fraud and abuse laws described above or any other governmental regulations that apply to us, we may be subject to penalties, including
civil and criminal penalties, damages, fines and the curtailment or restructuring of our operations. Any penalties, damages, fines,
curtailment or restructuring of our operations could adversely affect our ability to operate our business and our financial results.
Although compliance programs can mitigate the risk of investigation and prosecution for violations of these laws, the risks cannot
be entirely eliminated. Any action against us for violation of these laws, even if we successfully defend against it, could cause
us to incur significant legal expenses and divert our management's attention from the operation of our business. Moreover, achieving
and sustaining compliance with all applicable federal and state fraud and abuse laws may be costly.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><b><i>&nbsp;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We and our partners may be subject to new legislation,
regulatory proposals and healthcare payor initiatives that may increase our costs of compliance and adversely affect our or our
partners&#8217; ability to market our products, including RAPIVAB, obtain collaborators and raise capital.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Patient Protection and Affordable Care
Act, or PPACA, made extensive changes to the delivery of health care in the U.S. The PPACA included numerous provisions that affect
pharmaceutical companies, some of which became effective immediately and others of which have taken effect over the past several
years. For example, the PPACA expanded health care coverage to the uninsured through private health insurance reforms and an expansion
of Medicaid. The PPACA also imposed substantial costs on pharmaceutical manufacturers, such as an increase in liability for rebates
paid to Medicaid, new drug discounts that must be offered to certain enrollees in the Medicare prescription drug benefit, an annual
fee imposed on all manufacturers of brand prescription drugs in the U.S., and an expansion of an existing program requiring pharmaceutical
discounts to certain types of hospitals and federally subsidized clinics. The PPACA also contains cost containment measures that
could reduce reimbursement levels for health care items and services generally, including pharmaceuticals. It also required reporting
and public disclosure of payments and other transfers of value provided by pharmaceutical companies to physicians and teaching
hospitals.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We expect that the current presidential
administration and U.S. Congress will likely continue to seek to modify, repeal, or otherwise invalidate all, or certain provisions
of, the PPACA. There is still significant uncertainty with respect to the impact that the current presidential administration and
the U.S. Congress may have on the PPACA, if any, and any changes will likely take time to unfold. As such, we cannot predict what
effect the PPACA or other healthcare reform initiatives that may be adopted in the future will have on our business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We cannot predict what effect the PPACA
or other healthcare reform initiatives that may be adopted in the future will have on our business. The continuing efforts of the
government, insurance companies, managed care organizations and other payors of health care services to contain or reduce costs
of health care could result in decreased net revenues from our pharmaceutical products and decrease potential returns from our
development efforts. In addition, pharmaceutical and device manufacturers are also required to report and disclose certain payments
and transfers of value to, and investment interests held by, physicians and their immediate family members during the preceding
calendar year. Failure to submit required information may result in civil monetary penalties for payments, transfers of value or
ownership or investment interests not reported in an annual submission. Compliance with the PPACA and state laws with similar provisions
is difficult and time consuming, and companies that do not comply with these state laws face civil penalties. Because of the breadth
of these laws and the narrowness of the safe harbors, it is possible that some of our business activities could be subject to challenge
under one or more of such laws. Such a challenge could have a material adverse effect on our business, financial condition, results
of operations and growth prospects.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">In addition, there have been a number of
other legislative and regulatory proposals aimed at changing the pharmaceutical industry. In particular, legislation has been enacted
in certain states and at a federal level that requires development of an electronic pedigree to track and trace each prescription
drug at the saleable unit level through the distribution system. Compliance with these electronic pedigree requirements may increase
our operational expenses and impose significant administrative burdens. In addition, our compliance may be deemed insufficient
and we could face a material adverse effect on our business, financial condition, results of operations and growth prospects.&nbsp;As
a result of these and other new proposals, we may determine to change our current manner of operation, provide additional benefits
or change our contract arrangements, any of which could have a material adverse effect on our business, financial condition and
results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Adequate coverage and reimbursement in the
U.S. and other markets is critical to the commercial success of RAPIVAB or any other product that we might bring to market. Recently
in the U.S. there has been heightened governmental scrutiny over the manner in which manufacturers set prices for their marketed
products, which has resulted in several Congressional inquiries and proposed bills designed to, among other things, reform government
program reimbursement methodologies. Third-party payors are increasingly challenging the prices charged for medical products and
services and, in some cases, imposing restrictions on the coverage of particular drugs. Many third-party payors negotiate the price
of medical services and products and develop formularies which establish pricing and reimbursement levels. Exclusion of a product
from a formulary can lead to its sharply reduced usage in the third-party payor&#8217;s patient population. The process for obtaining
coverage can be lengthy and costly, and we expect that it could take several months before a particular payor initially reviews
our product and makes a decision with respect to coverage. For example, third-party payors may require cost-benefit analysis data
from us in order to demonstrate the cost-effectiveness of RAPIVAB or any other product we might bring to market. For any individual
third-party payor, we may not be able to provide data sufficient to gain reimbursement on a similar or preferred basis to competitive
products, or at all which may have a material adverse effect on our business, financial condition and results of operations.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>There are risks related to the potential government
use or sale of peramivir (RAPIVAB).</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">United States Government use or sale of
RAPIVAB in emergency situations, or otherwise, may result in the use of RAPIVAB outside of its approved use. To the extent that
RAPIVAB is used as a treatment for influenza by the U.S. Government or peramivir by any other government entity, there can be no
assurance that it will prove to be generally safe, well-tolerated and effective. Such government use of RAPIVAB/peramivir may create
certain liabilities for us or our partners in the case of government use outside of the U.S. There is no assurance that we or our
manufacturers will be able to fully meet the demand for peramivir in the event of additional orders. Further, we may not achieve
a favorable price for additional orders of RAPIVAB in the U.S. or peramivir in any other country. Our competitors may develop products
that could compete with or replace peramivir. We may face competition in markets where we have no existing intellectual property
protection or are unable to successfully enforce our intellectual property rights.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">There is no assurance that the non-U.S. partnerships
that we have entered into for peramivir will result in any order for peramivir in those countries. There is no assurance that peramivir
will be approved for any use or will achieve market approval in additional countries. In the event that any emergency use or market
approval is granted, there is no assurance that any government order or commercialization of peramivir in any countries will be
substantial or will be profitable to us. In addition, the sale of peramivir, emergency use or other use of peramivir in any country
may create certain liabilities for us and our partners.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><b><i>&nbsp;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>If we or our partners do not obtain and maintain
governmental approvals for our product candidates under development, we or our partners will not be able to sell these potential
products, which would significantly harm our business because we will receive no revenue.</i></b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We or our partners must obtain regulatory
approval before marketing or selling our future product candidates. If we or our partners are unable to receive regulatory approval
and do not market or sell our future product candidates, we will never receive any revenue from such product sales. In the United
States, we or our partners must obtain FDA approval for product candidates that we intend to commercialize. The process of preparing
for and obtaining FDA approval may be lengthy and expensive, and approval is never certain. Products distributed abroad are also
subject to foreign government regulation and export laws of the United States. Because of the risks and uncertainties in biopharmaceutical
development, our product candidates could take a significantly longer time to gain regulatory approval than we expect or may never
gain approval. If the FDA delays regulatory approval of our product candidates, our management&#8217;s credibility, our value and
our operating results may suffer. Even if the FDA or foreign regulatory agencies approve a product candidate, the approval may
limit the indicated uses for a product candidate and/or may require post-approval studies.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The FDA regulates, among other things,
the record keeping and storage of data pertaining to potential pharmaceutical products. We currently store most of our preclinical
research data, our clinical data and our manufacturing data at our facility. While we do store duplicate copies of most of our
clinical data offsite and a significant portion of our data is included in regular backups of our systems, we could lose important
data if our facility incurs damage, or if our vendor data systems fail, suffer damage or are destroyed. If we receive approval
to market our potential products, whether in the United States or internationally, we will continue to be subject to extensive
regulatory requirements. These requirements are wide ranging and govern, among other things:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 2%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse drug experience reporting regulations;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product promotion;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product manufacturing, including good manufacturing practice requirements;&nbsp;and</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product changes or modifications.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Our failure to comply with existing or
future regulatory requirements, or our loss of, or changes to, previously obtained approvals, could have a material adverse effect
on our business because we will not receive product or royalty revenues if we or our partners do not receive approval of our products
for marketing. &nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Royalties and milestone payments from Shionogi
under our license agreement with Shionogi (the "Shionogi Agreement") will be required to be used by Royalty Sub to service
its obligations under its PhaRMA Notes, and generally will not be available to us for other purposes until Royalty Sub has repaid
in full its obligations under the PhaRMA Notes.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In March 2011, our wholly-owned subsidiary
Royalty Sub issued $30.0 million in aggregate principal amount of PhaRMA Notes. The PhaRMA Notes are secured principally by (i)
certain royalty and milestone payments under the Shionogi Agreement, pursuant to which Shionogi licensed from us the rights to
market peramivir in Japan and Taiwan, (ii) rights to certain payments under a Japanese yen/U.S. dollar Currency Hedge Agreement
put into place by us in connection with the issuance of the PhaRMA Notes and (iii) the pledge by us of our equity interest in Royalty
Sub. Payments from Shionogi to us on non-governmental sales under the Shionogi Agreement will generally not be available to us
for other purposes until Royalty Sub has repaid in full its obligations under the PhaRMA Notes. Accordingly, these funds will be
required to be dedicated to Royalty Sub&#8217;s debt service and not available to us for product development or other purposes.
As of September 1, 2014, the payments from Shionogi were insufficient for Royalty Sub to service its obligations under the PhaRMA
Notes, resulting in an event of default with respect to the PhaRMA Notes. As a result of this event of default, the holders of
the PhaRMA Notes may be able to pursue acceleration of the PhaRMA Notes and foreclose on the collateral securing the PhaRMA Notes
and our equity interest in Royalty Sub and may&nbsp;exercise other remedies available to them under the indenture or other documents
related to&nbsp;the PhaRMA Notes. In such event, we may not realize the benefit of future royalty payments that might otherwise
accrue to us following repayment of the PhaRMA Notes, we may incur legal costs&nbsp;and we might otherwise be adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Because an event of default has occurred under
the PhaRMA Notes, the holders of the PhaRMA Notes may be able to pursue acceleration of the PhaRMA Notes and foreclose on the collateral
securing the PhaRMA Notes and our equity interest in Royalty Sub, in which case we may not realize the benefit of future royalty
payments that might otherwise accrue to us following repayment of the PhaRMA Notes and we could otherwise be adversely affected.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Royalty Sub&#8217;s ability to service
its payment obligations in respect of the PhaRMA Notes, and our ability to benefit from our equity interest in Royalty Sub, is
subject to numerous risks. Royalty Sub&#8217;s ability to service the PhaRMA Notes may be adversely affected by, among other things,
changes in or any termination of our relationship with Shionogi, reimbursement, regulatory, manufacturing and/or intellectual property
issues, product returns, product recalls, product liability claims and allegations of safety issues, as well as other factors.
As Royalty Sub has been unable to service its obligations under the PhaRMA Notes and an event of default has occurred under the
PhaRMA Notes, the holders of the PhaRMA Notes may be able to pursue acceleration of the PhaRMA Notes and foreclose on the collateral
securing the PhaRMA Notes and our equity interest in Royalty Sub and may&nbsp;exercise other remedies available to them under the
indenture&nbsp;or other documents related to&nbsp;the PhaRMA Notes. In such event, we may not realize the benefit of future royalty
payments that might otherwise accrue to us following repayment of the PhaRMA Notes, we may incur legal costs&nbsp;and we might
otherwise be adversely affected.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We may be required to pay significant premiums
under the Currency Hedge Agreement entered into by us in connection with the issuance of the PhaRMA Notes. In addition, because
our potential obligations under the foreign currency hedge are marked to market, we may experience additional quarterly volatility
in our operating results and cash flows attributable to the Currency Hedge Agreement.&nbsp;</i></b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">In connection with the issuance by Royalty
Sub of the PhaRMA Notes, we 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 foreign currency hedge agreement, we may be required to pay an annual
premium in the amount of $2.0 million in each May continuing through May 2020. Such payment will be required if, in May of the
relevant year, the spot rate of exchange for Japanese yen-U.S. dollars (determined in accordance with the Currency Hedge Agreement)
is such that the U.S. dollar is worth 100 yen or less. We will be required to mark to market our potential obligations under the
currency hedge and post cash collateral, which may cause us to experience additional quarterly volatility in our operating results
and cash flows as a result. Additionally, we may be required to pay significant premiums or a termination fee under the foreign
currency hedge agreement entered into by us in connection with the issuance of the PhaRMA Notes. We are required to maintain a
foreign currency hedge at 100 yen per dollar under the agreements governing the PhaRMA Notes.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>Our
Senior Credit Facility contains restrictions that limit our flexibility in operating our business. We may be required to make a
prepayment or repay the outstanding indebtedness earlier than we expect if a prepayment event or an event of default occurs, including
a material adverse change with respect to us, which could have a material adverse effect on our business.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white">The Senior Credit
Facility contains various covenants that limit our ability to engage in specified types of transactions. These covenants limit
our ability to, among other things:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 2%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; width: 95%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convey, sell, lease, license, transfer or otherwise dispose of certain parts of our business or property;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">change the nature of our business;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">liquidate or dissolve;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter into certain change in control or acquisition transactions;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incur or assume certain debt;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">grant certain types of liens on our assets;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">modify, liquidate or transfer assets in certain collateral accounts;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pay dividends or make certain distributions to our stockholders;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">make certain investments;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter into material transactions with affiliates; and</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">modify existing debt or collaboration arrangements.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt; background-color: white">The restrictive
covenants contained in the Senior Credit Facility could cause us to be unable to pursue business opportunities that we or our stockholders
may consider beneficial without the lender&#8217;s permission or without repaying all Senior Credit Facility obligations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">A breach of any of these covenants could
result in an event of default under the Senior Credit Facility. An event of default will also occur if, among other things, a material
adverse change in our business, operations or condition occurs, which could potentially include negative results in clinical trials,
or a material impairment of the prospect of our repayment of any portion of the amounts we owe under the Senior Credit Facility
occurs. In the case of a continuing event of default under the agreement, the lender could elect to declare all amounts outstanding
to be immediately due and payable, proceed against the collateral in which we granted to the lender a security interest under the
Senior Credit Facility, or otherwise exercise the rights of a secured creditor. Amounts outstanding under the Senior Credit Facility
are secured by substantially all of our assets and those of our subsidiaries, excluding certain specified assets but including
proceeds from those assets.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>If we fail to adequately protect or enforce
our intellectual property rights or secure rights to patents of others, the value of those rights would diminish.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Our success will depend in part on our
ability and the abilities of our partners to obtain, protect and enforce viable intellectual property rights including but not
limited to trade name, trademark and patent protection for our Company and its products, methods, processes and other technologies
we may license or develop, to preserve our trade secrets, and to operate without infringing the proprietary rights of third parties
both domestically and abroad. The patent position of biotechnology and pharmaceutical companies is generally highly uncertain,
involves complex legal and factual questions and has recently been the subject of much litigation. Neither the United States Patent
and Trademark Office (&#8220;USPTO&#8221;), the Patent Cooperation Treaty offices, nor the courts of the United States and other
jurisdictions have consistent policies nor predictable rulings regarding the breadth of claims allowed or the degree of protection
afforded under many biotechnology and pharmaceutical patents. Further, we may not have worldwide patent protection for all of our
product candidates and our intellectual property rights may not be legally protected or enforceable in all countries throughout
the world. In some jurisdictions, some of our product candidates in certain programs, including our HAE program, may have short
or no composition of matter patent life and we may therefore rely on orphan drug exclusivity or data exclusivity. There can be
no assurance that we will obtain orphan drug exclusivity or data exclusivity in every jurisdiction. Further, in some jurisdictions,
we may rely on formulation patents or method of use patents. Both the ability to achieve issuance and the enforcement of formulation
and method of use patents can be highly uncertain and can vary from jurisdiction to jurisdiction, and such patents may therefore
not adequately prevent competitors and potential infringers in some jurisdictions. The validity, scope, enforceability and commercial
value of the rights protected by such patents, therefore, is highly uncertain.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We also rely on trade secrets to protect
technology in cases when we believe patent protection is not appropriate or obtainable. However, trade secrets are difficult to
protect. If we cannot maintain the confidentiality of our technology and other confidential information in connection with our
collaborators and advisors, our ability to receive patent protection or protect our proprietary information may be imperiled.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>We may be involved in legal proceedings to
protect or enforce our patents, the patents of our partners or our other intellectual property rights, which could be expensive,
time consuming and unsuccessful.</I></B></P>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Competitors may infringe or otherwise
violate our patents, the patents of our licensors or our other intellectual property rights. To counter infringement or
unauthorized use, we may be required to file legal claims, which can be expensive and time-consuming and unsuccessful. An
adverse result in any legal proceeding could put one or more of our patents at risk. Our success depends in part on avoiding
the infringement of other parties&rsquo; patents and other intellectual property rights as well as avoiding the breach of any
licenses relating to our technologies and products. In the United States, patent applications filed in recent years are
confidential for 18 months, while older applications are not published until the patent issues. As a result, avoiding patent
infringement may be difficult and we may inadvertently infringe third-party patents or proprietary rights. These third
parties could bring claims against us, our partners or our licensors that even if resolved in our favor, could cause us to
incur substantial expenses and, if resolved against us, could additionally cause us to pay substantial damages. Further, if a
patent infringement suit were brought against us, our partners or our licensors, we or they could be forced to stop or delay
research, development, manufacturing or sales of any infringing product in the country or countries covered by the patent we
infringe, unless we can obtain a license from the patent holder. Such a license may not be available on acceptable terms, or
at all, particularly if the third party is developing or marketing a product competitive with the infringing product. Even if
we, our partners or our licensors were able to obtain a license, the rights may be nonexclusive, which would give our
competitors access to the same intellectual property.&nbsp;</P>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">If we or our partners are unable or fail
to adequately initiate, protect, defend or enforce our intellectual property rights in any area of commercial interest or in any
part of the world where we wish to seek regulatory approval for our products, methods, processes and other technologies, the value
of the product candidates to produce revenue would diminish. Additionally, if our products, methods, processes, and other technologies
or our commercial use of such products, processes, and other technologies, including but not limited to any trade name, trademark
or commercial strategy infringe the proprietary rights of other parties, we could incur substantial costs. The USPTO and the patent
offices of other jurisdictions have issued to us a number of patents for our various inventions and we have in-licensed several
patents from various institutions. We have filed additional patent applications and provisional patent applications with the USPTO.
We have filed a number of corresponding foreign patent applications and intend to file additional foreign and U.S. patent applications,
as appropriate. We have also filed certain trademark and trade name applications worldwide. We cannot assure you as to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 93%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the degree and range of protection any patents will afford against competitors with similar products;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if and when patents will issue;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if patents do issue we cannot be sure that we will be able to adequately defend such patents and whether or not we will be able to adequately enforce such patents;&nbsp;or</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether or not others will obtain patents claiming aspects similar to those covered by our patent applications.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">If the USPTO or other foreign patent office
upholds patents issued to others or if the USPTO grants patent applications filed by others, we may have to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 6%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 93%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain licenses or redesign our products or processes to avoid infringement;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">stop using the subject matter claimed in those patents;&nbsp;or</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">pay damages.</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We may initiate, or others may bring against
us, litigation or administrative proceedings related to intellectual property rights, including proceedings before the USPTO or
other foreign patent office. Any judgment adverse to us in any litigation or other proceeding arising in connection with a patent
or patent application could materially and adversely affect our business, financial condition and results of operations. In addition,
the costs of any such proceeding may be substantial whether or not we are successful.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our success is also dependent upon the skills,
knowledge and experience, none of which is patentable, of our scientific and technical personnel. To help protect our rights, we
require all employees, consultants, advisors and partners to enter into confidentiality agreements that prohibit the disclosure
of confidential information to anyone outside of our company and require disclosure and assignment to us of their ideas, developments,
discoveries and inventions. These agreements may not provide adequate protection for our trade secrets, know-how or other proprietary
information in the event of any unauthorized use or disclosure or the lawful development by others of such information, and if
any of our proprietary information is disclosed, our business will suffer because our revenues depend upon our ability to license
or commercialize our product candidates and any such events would significantly impair the value of such product candidates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Our failure to comply with data protection
laws and regulations could lead to government enforcement actions and significant penalties against us and adversely impact our
operating results.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 11pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">European Union (&#8220;EU&#8221;) Member
States, Switzerland and other countries have adopted data protection laws and regulation, which impose significant compliance obligations.&nbsp;For
example, the EU Data Protection Directive, as implemented into national laws by the EU Member States, imposes strict obligations
and restrictions on the ability to collect, analyze and transfer personal data, including health data from clinical trials and
adverse event reporting.&nbsp;Data protection authorities from the different EU Member States may interpret the EU Data Protection
Directive and national laws differently, which adds to the complexity of processing personal data in the European Union, and guidance
on implementation and compliance practices is often updated or otherwise revised.&nbsp;Our failure to comply with these laws and
regulations could lead to government enforcement actions and significant penalties against us and adversely impact our operating
results.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>We are subject to legal proceedings, which
could result in losses or unexpected expenditure of time and resources.&nbsp;</I></B></P>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 11pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">From time to time, we may be involved in
disputes, called upon to initiate legal proceedings or to defend ourselves in such legal proceedings relating to our business.&nbsp;Due
to the inherent uncertainties in legal proceedings, we cannot accurately predict the ultimate outcome of any such proceedings.&nbsp;An
unfavorable outcome in any such proceedings could have an adverse impact on our business, financial condition and results of operations.&nbsp;If
our stock price is volatile, we may become involved in securities class action lawsuits in the future.&nbsp;Any dispute resolution
or legal proceeding in the future, regardless of its merits, could result in substantial costs and a diversion of management&rsquo;s
attention and resources that are needed to successfully run our business.</P>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We face an inherent risk of liability in the
event that the use or misuse of our products results in personal injury or death and our product liability insurance coverage may
be insufficient.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">If the use or misuse of peramivir, forodesine
or any other regulatory body-approved products we or a partner may sell in the future harms people, we may be subject to costly
and damaging product liability claims brought against us by consumers, healthcare providers, pharmaceutical companies, third-party
payors or others. The use of our product candidates in clinical trials, including post marketing clinical studies, could also expose
us to product liability claims. We cannot predict all of the possible harms or side effects that may result from the use of our
products or the testing of product candidates and, therefore, the amount of insurance coverage we currently have may not be adequate
to cover all liabilities or defense costs we might incur. A product liability claim or series of claims brought against us could
give rise to a substantial liability that could exceed our resources. Even if claims are not successful, the costs of defending
such claims and potential adverse publicity could be harmful to our business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We face an inherent risk of product liability
exposure related to the testing of our product candidates in human clinical trials and will face even greater risks upon any commercialization
by us of our product candidates. We have product liability insurance covering our clinical trials. Clinical trial and product liability
insurance is becoming increasingly expensive. As a result, we may be unable to obtain sufficient insurance or increase our existing
coverage at a reasonable cost to protect us against losses that could have a material adverse effect on our business. An individual
may bring a product liability claim against us if one of our products or product candidates causes, or is claimed to have caused,
an injury or is found to be unsuitable for consumer use. Any product liability claim brought against us, with or without merit,
could result in:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 2%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">liabilities that substantially exceed our product liability insurance, which we would then be required to pay from other sources, if available;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an increase of our product liability insurance rates or the inability to maintain insurance coverage in the future on acceptable terms, or at all;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">withdrawal of clinical trial volunteers or patients;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">damage to our reputation and the reputation of our products, resulting in lower sales;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory investigations that could require costly recalls or product modifications;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">litigation costs;&nbsp;and</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the diversion of management&#8217;s attention from managing our business.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>&nbsp;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Insurance coverage is increasingly more costly
and difficult to obtain or maintain.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">While we currently have insurance for our
business, property, directors and officers, and our products, insurance is increasingly more costly and narrower in scope, and
we may be required to assume more risk in the future. If we are subject to claims or suffer a loss or damage in excess of our insurance
coverage, we will be required to bear any loss in excess of our insurance limits. If we are subject to claims or suffer a loss
or damage that is outside of our insurance coverage, we may incur significant uninsured costs associated with loss or damage that
could have an adverse effect on our operations and financial position. Furthermore, any claims made on our insurance policies may
impact our ability to obtain or maintain insurance coverage at reasonable costs or at all.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>If our facility incurs damage or power is lost
for a significant length of time, our business will suffer.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We store clinical and stability samples
at our facility that could be damaged if our facility incurs physical damage or in the event of an extended power failure. We have
backup power systems in addition to backup generators to maintain power to all critical functions, but any loss of these samples
could result in significant delays in our drug development process.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 29.7pt">In addition, we store
most of our preclinical and clinical data at our facilities. Duplicate copies of most critical data are secured off-site. Any significant
degradation or failure of our computer systems could cause us to inaccurately calculate or lose our data. Loss of data could result
in significant delays in our drug development process and any system failure could harm our business and operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>A significant disruption in our information
technology systems or a cyber-security breach could adversely affect our business.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We are increasingly dependent on information
technology systems to operate our business. Like other companies in our industry, our networks and infrastructure may be vulnerable
to cyber-attacks or intrusions, including by computer hackers, foreign governments, foreign companies or competitors, or may be
breached by employee error, malfeasance or other disruption. A breakdown, invasion, corruption, destruction or interruption of
critical information technology systems could negatively impact operations.&nbsp;If our systems are damaged, fail to function properly
or otherwise become unavailable, we may incur substantial costs to repair or replace them, and we may experience loss of critical
data and interruptions or delays in our ability to perform critical functions, which could adversely affect our business, financial
condition or results of operations. Any compromise of our data security could also result in a violation of applicable privacy
and other laws, significant legal and financial exposure, damage to our reputation, loss or misuse of the information and a loss
of confidence in our data security measures, which could harm our business. There can be no assurance that our efforts to protect
our data and information technology systems will prevent breakdowns or breaches in our systems, or those of third parties with
which we do business, and any such events could adversely affect our business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>If we fail to retain our existing key personnel
or fail to attract and retain additional key personnel, the development of our product candidates and commercialization of our
products and the related expansion of our business will be delayed or stopped.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">We are highly dependent upon our senior
management and scientific team, the unexpected loss of whose services might impede the achievement of our development and commercial
objectives. Competition for key personnel with the experience that we require is intense and is expected to continue to increase.
Our inability to attract and retain the required number of skilled and experienced management, commercial, operational and scientific
personnel will harm our business because we rely upon these personnel for many critical functions of our business.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>If because of our use of hazardous materials,
we violate any environmental controls or regulations that apply to such materials, we may incur substantial costs and expenses
in our remediation efforts.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our research and development involves the
controlled use of hazardous materials, chemicals and various radioactive compounds. We are subject to federal, state and local
laws and regulations governing the use, storage, handling and disposal of these materials and some waste products. Accidental contamination
or injury from these materials could occur. In the event of an accident, we could be liable for any damages that result and any
liabilities could exceed our resources. Compliance with environmental laws and regulations or a violation of such environmental
laws and regulations could require us to incur substantial unexpected costs, which would materially and adversely affect our results
of operations.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks relating to investing in our common stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Our existing principal stockholders hold a
substantial amount of our common stock and may be able to influence significant corporate decisions, which may conflict with the
interest of other stockholders.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Several of our stockholders own greater
than 5% of our outstanding common stock. Our top ten stockholders own more than 50% of BioCryst and can individually, and as a
group, influence our operations based upon their concentrated ownership. These stockholders, if they act together, may be able
to influence the outcome of matters requiring approval of the stockholders, including the election of our directors and other corporate
actions.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Our stock price has been, and is likely to
continue to be, highly volatile, which could cause the value of an investment in our common stock to decline significantly.</i></b>
&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The market prices for securities of biotechnology
companies in general have been highly volatile and may continue to be highly volatile in the future. Moreover, our stock price
has fluctuated frequently, and these fluctuations are often not related to our financial results. For the twelve months ended March
31, 2018, the 52-week range of the market price of our stock was from $3.95 to $8.80 per share. The following factors, in addition
to other risk factors described in this section, may have a significant impact on the market price of our common stock:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 2%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td style="width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements of technological innovations or new products by us or our competitors;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developments or disputes concerning patents or proprietary rights;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additional dilution through sales of our common stock or other derivative securities;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">status of new or existing licensing or collaborative agreements and government contracts;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements relating to the status of our programs;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developments and announcements regarding new and virulent strains of influenza;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we or our partners achieving or failing to achieve development milestones;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">publicity regarding actual or potential medical results relating to products under development by us or our competitors;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">publicity regarding certain public health concerns for which we are or may be developing treatments;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory developments in both the United States and foreign countries;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">public concern as to the safety of pharmaceutical products;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations in our operating results;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in financial estimates or recommendations by securities analysts;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the structure of healthcare payment systems, including developments in price control legislation;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements by us or our competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions or departures of key personnel or members of our board of directors;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases or sales of substantial amounts of our stock by existing stockholders, including officers or directors;</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic and other external factors or other disasters or crises; and</font></td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">period-to-period fluctuations in our financial results.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Future sales and issuances of securities may
dilute the ownership interests of our current stockholders and cause our stock price to decline.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.2pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Future sales of our common stock by current
stockholders into the public market could cause the market price of our stock to fall. As of April 30, 2018, there were 98,716,856
shares of our common stock outstanding. We may from time to time issue securities in relation to a license arrangement, collaboration,
merger or acquisition. We may also sell, for our own account, shares of common stock or other equity securities, from time to time
at prices and on terms to be determined at the time of sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">As of April&nbsp;30, 2018, there were 14,301,530
stock options and restricted stock units outstanding, 477,793 shares available for issuance under our Amended and Restated Stock
Incentive Plan, and 277,391 shares available for issuance under our Employee Stock Purchase Plan. In addition, we could also make
equity compensation grants outside of our Stock Incentive Plan. The shares underlying existing stock options, restricted stock
units and possible future stock options, stock appreciation rights and stock awards have been registered pursuant to registration
statements on Form S-8.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">If some or all of such shares are sold
or otherwise issued into the public market over a short period of time, our current stockholders&#8217; ownership interests may
be diluted and the value of all publicly traded shares is likely to decline, as the market may not be able to absorb those shares
at then-current market prices. Additionally, such sales and issuances may make it more difficult for us to sell equity securities
or equity-related securities in the future at a time and price that our management deems acceptable, or at all.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">In March 2017, we entered into a Registration
Rights Agreement with entities affiliated with Baker Bros. Advisors LP (the &#8220;Baker Entities&#8221;) to provide that, if requested,
we will register the shares of our common stock beneficially owned by the Baker Entities for resale under the Securities Act. Our
registration obligations pursuant to the Registration Rights Agreement cover all shares then held or thereafter acquired by the
Baker Entities, for up to ten years, and include our obligation to facilitate certain underwritten public offerings of our common
stock by the Baker Entities in the future. On May 10, 2017, we filed a registration statement on Form S-3 with respect to 11,710,951
shares of common stock held by the Baker Entities. If the Baker Entities, by exercising their underwriting rights or otherwise,
sell a large number of our shares, or the market perceives that the Baker Entities intend to sell a large number of our shares,
this could adversely affect the market price of our common stock.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We have anti-takeover provisions in our corporate
charter documents that may result in outcomes with which you do not agree.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Our board of directors has the authority
to issue up to 4,800,000 shares of undesignated preferred stock and to determine the rights, preferences, privileges and restrictions
of those shares without further vote or action by our stockholders. The rights of the holders of any preferred stock that may be
issued in the future may adversely affect the rights of the holders of common stock. The issuance of preferred stock could make
it more difficult for third parties to acquire a majority of our outstanding voting stock.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">In addition, our certificate of incorporation
provides for staggered terms for the members of the board of directors and supermajority approval of the removal of any member
of the board of directors and prevents our stockholders from acting by written consent or from calling special meetings of stockholders.
Our certificate also requires supermajority approval of any amendment of these provisions. These provisions and other provisions
of our by-laws and of Delaware law applicable to us could delay or make more difficult a merger, tender offer or proxy contest
involving us.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>We have never paid dividends on our common
stock and do not anticipate doing so in the foreseeable future.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We have never paid cash dividends on our
stock. We currently intend to retain all future earnings, if any, for use in the operation of our business. Accordingly, we do
not anticipate paying cash dividends on our common stock in the foreseeable future.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><a name="a_011"></a>Item&nbsp;6. &nbsp;&nbsp;&nbsp;&nbsp;Exhibits</b></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 7%; text-align: center">&nbsp;</td>
    <td style="width: 93%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></font></td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></font></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/882796/000110465918003194/a18-3548_1ex2d1.htm#EXHIBIT2_1_081843"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1*</font></a></td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/882796/000110465918003194/a18-3548_1ex2d1.htm#EXHIBIT2_1_081843"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Agreement and Plan of Merger, dated as January 21, 2018, by and among BioCryst Pharmaceuticals, Inc., Idera Pharmaceuticals, Inc., Nautilus Holdco, Inc., Island Merger Sub, Inc. and Boat Merger Sub, Inc. Incorporated by reference to Exhibit 2.1 to the Company&#8217;s Form 8-K filed January 22, 2018.</font></a></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/882796/000103570406000836/d42297exv3w1.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</font></a></td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/882796/000103570406000836/d42297exv3w1.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Third Restated Certificate of Incorporation of Registrant. Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Form 8-K filed December 22, 2006.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/882796/000136231007001386/c70813exv3w1.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</font></a></td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/882796/000136231007001386/c70813exv3w1.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Certificate of Amendment to the Third Restated Certificate of Incorporation of Registrant. Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Form 8-K filed July 24, 2007.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/882796/000136231008006580/c76716exv3w1.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</font></a></td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/882796/000136231008006580/c76716exv3w1.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Certificate of Increase of Authorized Number of Shares of Series B Junior Participating Preferred Stock. Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Form 8-K filed November 4, 2008.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/882796/000119312514186707/d722313dex31.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</font></a></td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/882796/000119312514186707/d722313dex31.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Certificate of Amendment to the Third Restated Certificate of Incorporation of Registrant. Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Form 8-K filed May 7, 2014.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/882796/000119312514186707/d722313dex32.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</font></a></td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/882796/000119312514186707/d722313dex32.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Certificate of Increase of Authorized Number of Shares of Series B Junior Participating Preferred Stock. Incorporated by reference to Exhibit 3.2 to the Company&#8217;s Form 8-K filed May 7, 2014.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="http://www.sec.gov/Archives/edgar/data/882796/000136231008006580/c76716exv3w2.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</font></a></td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/882796/000136231008006580/c76716exv3w2.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Amended and Restated Bylaws of Registrant effective October 29, 2008. Incorporated by reference to Exhibit 3.2 to the Company&#8217;s Form 8-K filed November 4, 2008.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR>
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000110465918003194/a18-3548_1ex3d1.htm#Exhibit3_1_084143" STYLE="-sec-extract: exhibit">3.7</A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000110465918003194/a18-3548_1ex3d1.htm#Exhibit3_1_084143" STYLE="-sec-extract: exhibit">Amendment to Amended and Restated By-Laws of BioCryst Pharmaceuticals, Inc., dated January
21, 2018. Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed January 22, 2018.</A></TD></TR>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><A HREF="exh_101.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.1)&#8224;</font></A></td>
    <td><A HREF="exh_101.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment #21 to the Agreement between BioCryst Pharmaceuticals, Inc. and the National Institute of Allergy and Infectious Diseases, dated March 21, 2018. (Portions omitted pursuant to request for confidential treatment.)</font></A></td></tr>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000110465918003194/a18-3548_1ex10d1.htm" STYLE="-sec-extract: exhibit">10.2</A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000110465918003194/a18-3548_1ex10d1.htm" STYLE="-sec-extract: exhibit">Amendment to the Registration Rights Agreement, dated January 21, 2018, by and among BioCryst Pharmaceuticals,
Inc., 667, L.P. and Baker Brothers Life Sciences, L.P. Incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Form 8-K
filed January 22, 2018.</A></TD></TR>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="exh_311.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31.1)</font></a></td>
    <td><a href="exh_311.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Executive Officer Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="exh_312.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31.2)</font></a></td>
    <td><a href="exh_312.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Financial Officer Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="exh_321.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32.1)</font></a></td>
    <td><a href="exh_321.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><a href="exh_322.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32.2)</font></a></td>
    <td><a href="exh_322.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.</font></a></td></tr>
<tr>
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="text-align: center; vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000110465918003194/a18-3548_1ex99d1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000110465918003194/a18-3548_1ex99d1.htm" STYLE="-sec-extract: exhibit">Voting and Support Agreement, dated January 21, 2018, by and among BioCryst Pharmaceuticals, Inc., 667, L.P., Baker
Brothers Life Sciences, L.P. and 14159, L.P. Incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Form 8-K filed January
22, 2018.</A></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(101)</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial statements from the Quarterly Report on Form 10-Q of BioCryst Pharmaceuticals, Inc. for the three months ended March 31, 2018, formatted in XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Comprehensive Loss, (iii) Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements.</font></td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<tr>
    <td style="vertical-align: top; width: 4%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&nbsp;&nbsp;)</font></td>
    <td style="width: 96%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed or furnished herewith.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential treatment requested.</font></td></tr>
</table>
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    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-size: 10pt">The schedules to the Agreement and Plan of Merger have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. Registrant will furnish copies of such schedules to the Securities and Exchange Commission upon request by the Commission.</FONT></TD></TR>
</TABLE>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_012"></a><b>SIGNATURES</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on
this 9th day of May, 2018.</p>

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    <td style="width: 19%">&nbsp;</td></tr>
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    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIOCRYST PHARMACEUTICALS, INC.</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jon P. Stonehouse</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jon P. Stonehouse</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 0"><i>President and Chief Executive Officer</i></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 0"><i>(Principal Executive Officer)</i></p></td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Thomas R. Staab, II</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas R. Staab, II</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Senior Vice President, Chief Financial Officer and Treasurer</i></font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Principal Financial and Principal Accounting Officer)</i></font></td></tr>
</table>
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<SEQUENCE>2
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<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>exh_311.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Jon P. Stonehouse, certify that:</P>

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    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I have reviewed this quarterly report on Form 10-Q of BioCryst Pharmaceuticals, Inc.;</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registrant&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May&nbsp;9, 2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jon P. Stonehouse</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jon P. Stonehouse</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>exh_312.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Thomas R. Staab, II, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I have reviewed this quarterly report on Form 10-Q of BioCryst Pharmaceuticals, Inc.;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registrant&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 9, 2018</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Thomas R. Staab, II</FONT></TD>
    <TD STYLE="width: 19%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas R. Staab, II</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>exh_321.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Quarterly Report of BioCryst Pharmaceuticals,
Inc. (the &ldquo;Company&rdquo;) on Form 10-Q for the period ending March 31, 2018 as filed with the Securities and Exchange Commission
on the date hereof (the &ldquo;Report&rdquo;), I, Jon P. Stonehouse, Chief Executive Officer of the Company, certify, pursuant
to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">The Report fully complies with the requirements of
        section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jon P. Stonehouse</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jon P. Stonehouse</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.2pt 0pt 0.25in; text-indent: -0.25in">President and Chief Executive
        Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.2pt 0pt 0.25in; text-indent: -0.25in">Date: May 9, 2018</P></TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>exh_322.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Quarterly Report of BioCryst Pharmaceuticals,
Inc. (the &ldquo;Company&rdquo;) on Form 10-Q for the period ending March&nbsp;31, 2018 as filed with the Securities and Exchange
Commission on the date hereof (the &ldquo;Report&rdquo;), I, Thomas R. Staab, II, Chief Financial Officer of the Company, certify,
pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my
knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Thomas R. Staab, II</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas R. Staab, II</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 0">Senior Vice President, Chief Financial Officer and
        Treasurer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 0">Date: May&nbsp;9, 2018</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>7
<FILENAME>bcrx-20180331.xml
<DESCRIPTION>XBRL INSTANCE FILE
<TEXT>
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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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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. 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The financial terms of these agreements are subject to negotiation, vary from contract to contract and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 31, 2017, &lt;/div&gt;the carrying value of accrued expenses approximates their fair value due to their short-term settlement.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</bcrx:AccruedExpensesPolicyTextBlock>
  <bcrx:AdvanceNoticePeriodForTerminationOfAgreement contextRef="d_2000-06-01_2000-06-30_TypeOfArrangementAxis-AECOMAndIRLMember" id="c30672456">P60D</bcrx:AdvanceNoticePeriodForTerminationOfAgreement>
  <bcrx:AmortizationOfDiscountAndPremiumOnInvestments contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671837" unitRef="iso4217-usd">76000</bcrx:AmortizationOfDiscountAndPremiumOnInvestments>
  <bcrx:AmortizationOfDiscountAndPremiumOnInvestments contextRef="d_2017-01-01_2017-03-31" decimals="-3" id="c30671838" unitRef="iso4217-usd">18000</bcrx:AmortizationOfDiscountAndPremiumOnInvestments>
  <bcrx:AnnualLicenseFeeMaximum contextRef="i_2000-06-30_TypeOfArrangementAxis-AECOMAndIRLMember" decimals="-3" id="c30672455" unitRef="iso4217-usd">500000</bcrx:AnnualLicenseFeeMaximum>
  <bcrx:AnnualLicenseFeeMinimum contextRef="i_2000-06-30_TypeOfArrangementAxis-AECOMAndIRLMember" decimals="-3" id="c30672454" unitRef="iso4217-usd">150000</bcrx:AnnualLicenseFeeMinimum>
  <bcrx:AvailableForSaleDebtSecuritiesAccruedInterest contextRef="i_2018-03-31_FinancialInstrumentAxis-USGovernmentAgenciesDebtSecuritiesMember" decimals="-3" id="c30672210" unitRef="iso4217-usd">148000</bcrx:AvailableForSaleDebtSecuritiesAccruedInterest>
  <bcrx:AvailableForSaleDebtSecuritiesAccruedInterest contextRef="i_2018-03-31_FinancialInstrumentAxis-CorporateDebtSecuritiesMember" decimals="-3" id="c30672215" unitRef="iso4217-usd">201000</bcrx:AvailableForSaleDebtSecuritiesAccruedInterest>
  <bcrx:AvailableForSaleDebtSecuritiesAccruedInterest contextRef="i_2018-03-31_FinancialInstrumentAxis-CertificatesOfDepositMember" decimals="-3" id="c30672220" unitRef="iso4217-usd">30000</bcrx:AvailableForSaleDebtSecuritiesAccruedInterest>
  <bcrx:AvailableForSaleDebtSecuritiesAccruedInterest contextRef="i_2018-03-31" decimals="-3" id="c30672225" unitRef="iso4217-usd">379000</bcrx:AvailableForSaleDebtSecuritiesAccruedInterest>
  <bcrx:AvailableForSaleDebtSecuritiesAccruedInterest contextRef="i_2017-12-31_FinancialInstrumentAxis-USGovernmentAgenciesDebtSecuritiesMember" decimals="-3" id="c30672230" unitRef="iso4217-usd">177000</bcrx:AvailableForSaleDebtSecuritiesAccruedInterest>
  <bcrx:AvailableForSaleDebtSecuritiesAccruedInterest contextRef="i_2017-12-31_FinancialInstrumentAxis-CorporateDebtSecuritiesMember" decimals="-3" id="c30672235" unitRef="iso4217-usd">203000</bcrx:AvailableForSaleDebtSecuritiesAccruedInterest>
  <bcrx:AvailableForSaleDebtSecuritiesAccruedInterest contextRef="i_2017-12-31_FinancialInstrumentAxis-CertificatesOfDepositMember" decimals="-3" id="c30672240" unitRef="iso4217-usd">32000</bcrx:AvailableForSaleDebtSecuritiesAccruedInterest>
  <bcrx:AvailableForSaleDebtSecuritiesAccruedInterest contextRef="i_2017-12-31" decimals="-3" id="c30672245" unitRef="iso4217-usd">412000</bcrx:AvailableForSaleDebtSecuritiesAccruedInterest>
  <bcrx:AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue contextRef="i_2018-03-31" decimals="-3" id="c30672251" unitRef="iso4217-usd">38505000</bcrx:AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue>
  <bcrx:AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue contextRef="i_2017-12-31" decimals="-3" id="c30672252" unitRef="iso4217-usd">34257000</bcrx:AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue>
  <bcrx:AvailableForSaleSecuritiesDebtMaturitiesFairValueTableTextBlock contextRef="d_2018-01-01_2018-03-31" id="c-17">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 74%; text-align: left"&gt;Maturing in one year or less&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;47,540&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;64,115&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Maturing after one year through two years&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;38,505&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;34,257&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Maturing after two years&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,094&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;7,038&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total investments&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;89,139&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;105,410&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</bcrx:AvailableForSaleSecuritiesDebtMaturitiesFairValueTableTextBlock>
  <bcrx:AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears contextRef="i_2018-03-31" decimals="-3" id="c30672253" unitRef="iso4217-usd">3094000</bcrx:AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears>
  <bcrx:AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears contextRef="i_2017-12-31" decimals="-3" id="c30672254" unitRef="iso4217-usd">7038000</bcrx:AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears>
  <bcrx:AverageMaturityForPortfolioInvestments contextRef="d_2018-01-01_2018-03-31_RangeAxis-MaximumMember" id="c30672105">P1Y180D</bcrx:AverageMaturityForPortfolioInvestments>
  <bcrx:AverageMaturityPeriodOfHighQualityMarketableSecurities contextRef="d_2018-01-01_2018-03-31_RangeAxis-MaximumMember" id="c30671985">P1Y180D</bcrx:AverageMaturityPeriodOfHighQualityMarketableSecurities>
  <bcrx:BioCrystExchangeRatio contextRef="d_2018-01-21_2018-01-21_BusinessAcquisitionAxis-MergerAgreementMember" decimals="INF" id="c30671892" unitRef="xbrli-pure">0.5</bcrx:BioCrystExchangeRatio>
  <bcrx:CollaborativeAgreementContractValue contextRef="d_2013-09-01_2013-09-30_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis-NationalInstituteOfAllergyAndInfectiousDiseasesMember" decimals="-3" id="c30672431" unitRef="iso4217-usd">5000000</bcrx:CollaborativeAgreementContractValue>
  <bcrx:ConcentrationOfMarketRiskPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673394">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Significant Customers and Other Risks&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Significant Customers&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;Prior to the SUL Agreement, the Company relied primarily on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; specialty distributors to purchase and supply the majority of RAPIVAB. These &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; pharmaceutical specialty distributors accounted for greater than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;90%&lt;/div&gt; of all RAPIVAB product sales and accounted for predominantly all of the Company&amp;#x2019;s outstanding receivables from product sales. The loss of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; or more of these specialty distributors as a customer could have negatively impacted the commercialization of RAPIVAB. However, the Company will utilize these specialty distributors on a limited basis subsequent to the SUL collaboration, as SUL and other peramivir collaboration partners will be responsible for commercial sales on a worldwide basis. In addition, in connection with the SUL collaboration, all peramivir sales (i.e., RAPIVAB, RAPIACTA, and PERAMIFLU) will be made by the Company&amp;#x2019;s partners and the Company will be reliant on these partners to generate sales and remit cash to satisfy receivables.&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;Other than peramivir royalty revenues for which Seqirus has a significant percentage of worldwide geography, the Company&amp;#x2019;s primary source of revenue that has an underlying cash flow stream is the reimbursement of galidesivir (formerly &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;BCX4430&lt;/div&gt;) development expenses earned under cost-plus-fixed-fee contracts with BARDA/HHS and NIAID/HHS (each as defined below). The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its galidesivir program. Accordingly, reimbursement of these expenses represents a significant portion of the Company&amp;#x2019;s collaborative and other research and development revenues. The completion or termination of the NIAID/HHS and BARDA/HHS galidesivir contracts could negatively impact the Company&amp;#x2019;s future Consolidated Statements of Comprehensive Loss and Cash Flows. The Company recognizes royalty revenue from the net sales of RAPIACTA by Shionogi; however, the underlying cash flow from these royalty payments, except for Japanese government stockpiling sales, is used directly to pay the interest, and then the principal, on the Company&amp;#x2019;s non-recourse notes payable. Payment of the interest and the ultimate repayment of principal of these notes will be entirely funded by future royalty payments derived from net sales of RAPIACTA. Further, the Company&amp;#x2019;s drug development activities are performed by a limited group of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; party vendors. If any of these vendors were unable to perform their services, this could significantly impact the Company&amp;#x2019;s ability to complete its drug development activities.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 14; Value: 3 --&gt; &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Risks from Third Party Manufacturing and Distribution Concentration&lt;/div&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;The Company primarily relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company&amp;#x2019;s product candidates in development.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Credit Risk&lt;/div&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; months or less. Other than product sale and collaborative partner receivables discussed above, the majority of the Company&amp;#x2019;s receivables from collaborations are due from the U.S. Government, for which there is &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; assumed credit risk.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</bcrx:ConcentrationOfMarketRiskPolicyTextBlock>
  <bcrx:CurrencyHedgeAgreementPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673390">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Currency Hedge Agreement&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; qualify for hedge accounting treatment; therefore mark to market adjustments are recognized in the Company&amp;#x2019;s Consolidated Statements of Comprehensive Loss. Cumulative mark to market adjustments for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; resulted in losses of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,804&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,543,&lt;/div&gt; respectively. Mark to market adjustments are determined by a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; party pricing model that uses quoted prices in markets that are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; actively traded and for which significant inputs are observable directly or indirectly, representing Level &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt; in the fair value hierarchy as defined by U.S. GAAP. The Company is also required to post collateral in connection with the mark to market adjustments based on thresholds defined in the Currency Hedge Agreement. As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; hedge collateral was posted under the agreement.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</bcrx:CurrencyHedgeAgreementPolicyTextBlock>
  <bcrx:DebtInstrumentFinalPaymentFeePercentage contextRef="d_2016-09-23_2016-09-23_CreditFacilityAxis-SeniorCreditFacilityMember_LineOfCreditFacilityAxis-MidCapFinancialServicesLLCMember" decimals="3" id="c30672542" unitRef="xbrli-pure">0.05</bcrx:DebtInstrumentFinalPaymentFeePercentage>
  <bcrx:DebtInstrumentMinimumLibor contextRef="d_2016-09-23_2016-09-23_CreditFacilityAxis-SeniorCreditFacilityMember_LineOfCreditFacilityAxis-MidCapFinancialServicesLLCMember" decimals="3" id="c30672538" unitRef="xbrli-pure">0.005</bcrx:DebtInstrumentMinimumLibor>
  <bcrx:DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities contextRef="d_2018-01-01_2018-03-31" id="c30671848" unitRef="iso4217-usd" xs:nil="true"/>
  <bcrx:DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities contextRef="d_2017-01-01_2017-03-31" decimals="-3" id="c30671849" unitRef="iso4217-usd">-18000</bcrx:DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities>
  <bcrx:DescriptionOfCompanyPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673347">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;The Company&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0"&gt;BioCryst is a biotechnology company that designs, optimizes and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on oral treatments for rare diseases in which significant unmet medical needs exist and that align with its capabilities and expertise. The Company was incorporated in Delaware in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1986&lt;/div&gt; 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. BioCryst has incurred losses and negative cash flows from operations since inception.&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;With the funds available at &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the Company believes these resources will be sufficient to fund its operations at least through the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2019.&lt;/div&gt; The Company has sustained operating losses for the majority of its corporate history and expects that its &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; expenses will exceed its &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; revenues. The Company expects to continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations. Accordingly, its planned operations raise doubt about its ability to continue as a going concern beyond the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2019.&lt;/div&gt; The Company&amp;#x2019;s liquidity needs will be largely determined by the success of operations in regards to the progression of its product candidates in the future. The Company also &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;consider other plans to fund operations beyond the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2019&lt;/div&gt; including: (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt;)&amp;nbsp;securing or increasing U.S. Government funding of its programs, including obtaining procurement contracts; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt;)&amp;nbsp;out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3&lt;/div&gt;)&amp;nbsp;raising additional capital through equity or debt financings or from other sources; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4&lt;/div&gt;)&amp;nbsp;obtaining additional product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5&lt;/div&gt;)&amp;nbsp;reducing spending on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; or more research and development programs, including by discontinuing development; and/or (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6&lt;/div&gt;)&amp;nbsp;restructuring operations to change its overhead structure. The Company &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;issue securities, including common stock, preferred stock, depositary shares, stock purchase contracts, warrants and units, through private placement transactions or registered public offerings in the future. The Company&amp;#x2019;s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events and its decisions in the future.&amp;nbsp;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</bcrx:DescriptionOfCompanyPolicyTextBlock>
  <bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedForRemainderOfFiscalYear contextRef="i_2018-03-31" decimals="-3" id="c30672325" unitRef="iso4217-usd">5475000</bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedForRemainderOfFiscalYear>
  <bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFive contextRef="i_2018-03-31" decimals="-3" id="c30672333" unitRef="iso4217-usd">2000</bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFive>
  <bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFour contextRef="i_2018-03-31" decimals="-3" id="c30672331" unitRef="iso4217-usd">1382000</bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFour>
  <bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearThree contextRef="i_2018-03-31" decimals="-3" id="c30672329" unitRef="iso4217-usd">3386000</bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearThree>
  <bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearTwo contextRef="i_2018-03-31" decimals="-3" id="c30672327" unitRef="iso4217-usd">5472000</bcrx:EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearTwo>
  <bcrx:ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts contextRef="d_2018-01-01_2018-03-31_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis-NationalInstituteOfAllergyAndInfectiousDiseasesMember" decimals="-3" id="c30672434" unitRef="iso4217-usd">39477000</bcrx:ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts>
  <bcrx:IderaExchangeRatio contextRef="d_2018-01-21_2018-01-21_BusinessAcquisitionAxis-MergerAgreementMember" decimals="INF" id="c30671890" unitRef="xbrli-pure">0.2</bcrx:IderaExchangeRatio>
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  <bcrx:RoyaltyMonetizationTextBlock contextRef="d_2018-01-01_2018-03-31" id="s889043">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4&lt;/div&gt; &amp;#x2014; Royalty Monetization&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Overview&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2011,&lt;/div&gt; the Company completed a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$30,000&lt;/div&gt;&amp;nbsp;financing transaction to monetize certain future royalty and milestone payments under 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$22,691&lt;/div&gt;&amp;nbsp;from the transaction after transaction costs of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$4,309&lt;/div&gt;&amp;nbsp;and the establishment of a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$3,000&lt;/div&gt;&amp;nbsp;interest reserve account by Royalty Sub, available to help cover interest shortfalls in the future. All of the interest reserve account has been fully utilized with the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September 2012 &lt;/div&gt;interest payment.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;As part of the transaction, the Company entered into a purchase and sale agreement dated as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2011&lt;/div&gt; with Royalty Sub, whereby the Company transferred to Royalty Sub, among other things, (i)&amp;nbsp;its rights to receive certain royalty and milestone payments from Shionogi arising under the Shionogi Agreement, and (ii)&amp;nbsp;the right to receive payments under a Japanese yen/US dollar foreign currency hedge arrangement (as further described below, the &amp;#x201c;Currency Hedge Agreement&amp;#x201d;) put into place by the Company in connection with the transaction. Royalty payments will be paid by Shionogi in Japanese yen and milestone payments will paid in U.S. dollars. The Company&amp;#x2019;s collaboration with Shionogi was &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; impacted as a result of this transaction.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Non-Recourse Notes Payable&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2011,&lt;/div&gt; Royalty Sub completed a private placement to institutional investors of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$30,000&lt;/div&gt; in aggregate principal amount of its PhaRMA Senior Secured &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14.0%&lt;/div&gt; Notes due &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2020&lt;/div&gt; (the &amp;#x201c;PhaRMA Notes&amp;#x201d;). The PhaRMA Notes were issued by Royalty Sub under an Indenture, dated as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2011&lt;/div&gt; (the &amp;#x201c;Indenture&amp;#x201d;), by and between Royalty Sub and U.S. Bank National Association, as Trustee. Principal and interest on the PhaRMA Notes issued 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14%&lt;/div&gt;&amp;nbsp;per annum, payable annually in arrears on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1st&lt;/div&gt; 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. &amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 19; Value: 3 --&gt;   &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Royalty Sub&amp;#x2019;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&amp;#x2019;s pledge of its equity interests in Royalty Sub in support of the PhaRMA Notes. The Company &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may, &lt;/div&gt;but is &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; obligated to, make capital contributions to a capital account that &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;be used to redeem, or on up to &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; occasion pay any interest shortfall on, the PhaRMA Notes.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2014,&lt;/div&gt; Royalty Sub was unable to pay the accrued interest obligation due &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2013.&lt;/div&gt; Under the terms of the Indenture, Royalty Sub&amp;#x2019;s inability to pay the full amount of interest payable in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2013&lt;/div&gt; by the next succeeding Payment Date for the PhaRMA Notes, which was &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2014,&lt;/div&gt; constituted an event of default. Accordingly, the PhaRMA Notes and related accrued interest have been classified as current liabilities on the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 31, 2014 &lt;/div&gt;balance sheet, and thereafter. As a result of the event of default under the PhaRMA Notes, the holders of the PhaRMA Notes &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;pursue acceleration of the PhaRMA Notes, &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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 acceleration or 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. In addition, the Company &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;incur costs associated with liquidating the related Currency Hedge Agreement, which would &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; longer be required in the event of foreclosure, or if the PhaRMA Notes cease to be outstanding. As the PhaRMA Notes are the obligation of Royalty Sub and non-recourse to the Company, the event of default of the PhaRMA Notes is &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; expected to have a significant impact on the Company&amp;#x2019;s future results of operations or cash flows. As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the PhaRMA Notes remain in default.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;The Indenture does &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018,&lt;/div&gt; the aggregate fair value of the PhaRMA Notes was estimated to be approximately &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;50%&lt;/div&gt; of its carrying value of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$30,000.&lt;/div&gt; The estimated fair value of the PhaRMA Notes is classified as Level &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt; in the fair value hierarchy as defined in U.S. GAAP.&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The PhaRMA Notes are redeemable at the option of Royalty Sub at any time at a redemption price equal to the outstanding principal balance of the PhaRMA Notes being redeemed plus accrued and unpaid interest through the redemption date on the PhaRMA Notes being redeemed.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Currency Hedge Agreement&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. Under the Currency Hedge Agreement, the Company has the right to purchase dollars and sell yen at a rate of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;100&lt;/div&gt; yen per dollar for which the Company &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;be required to pay a premium in each year from &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; through &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2020,&lt;/div&gt; provided the Currency Hedge Agreement remains in effect. A payment of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,950&lt;/div&gt;&amp;nbsp;will be required if, on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; May&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; of the relevant year, the U.S. dollar is worth &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;100&lt;/div&gt; yen or less as determined in accordance with the Currency Hedge Agreement.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Currency Hedge Agreement does &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; qualify for hedge accounting treatment; therefore, mark to market adjustments are recognized in the Company&amp;#x2019;s Consolidated Statement of Comprehensive Loss. Cumulative mark to market adjustments for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; resulted in losses of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,804&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,543&lt;/div&gt; respectively. The Company is also required to post collateral in connection with the mark to market adjustments based on defined thresholds. As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; &lt;/div&gt;collateral was posted under the Currency Hedge Agreement. The Company will &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; be required to post collateral exceeding the maximum premium payments remaining payable under the Currency Hedge Agreement. As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the maximum amount of hedge collateral the Company &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;be required to post is &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$5,850.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</bcrx:RoyaltyMonetizationTextBlock>
  <bcrx:RoyaltyTerm contextRef="d_2015-06-16_2015-06-16_CounterpartyNameAxis-CSLLimitedMember" id="c30672444">P10Y</bcrx:RoyaltyTerm>
  <bcrx:ScheduleOfReceivablesFromCollaborationsTableTextBlock contextRef="d_2018-01-01_2018-03-31" id="c-18">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;March&amp;nbsp;31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Billed&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Unbilled&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;U.S. Department of Health and Human Services&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;23&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;996&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,019&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Shionogi&amp;nbsp;&amp;amp; Co. Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,422&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,422&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Green Cross Corporation&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;899&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;27&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;926&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Mundipharma International Holdings Limited&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;22&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;22&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Seqirus UK Limited&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,133&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;172&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,305&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total receivables&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4,499&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,195&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5,694&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December&amp;nbsp;31, 2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Billed&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Unbilled&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;U.S. Department of Health and Human Services&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;42&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,020&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,062&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Shionogi&amp;nbsp;&amp;amp; Co. Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,600&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,600&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Green Cross Corporation&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,388&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;28&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,416&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Mundipharma International Holdings Limited&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;47&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;47&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Seqirus UK Limited&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;825&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;167&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;992&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total receivables&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,902&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; 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  <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673348">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Basis of Presentation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (&amp;#x201c;Royalty Sub&amp;#x201d;) and MDCP, LLC (&amp;#x201c;MDCP&amp;#x201d;) and Nautilus Holdco,&amp;nbsp;Inc. All subsidiaries were formed to facilitate financing and/or strategic transactions for the Company. In the case of Nautilus Holdco,&amp;nbsp;Inc., the subsidiary was formed entirely to facilitate a merger with Idera.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Royalty Sub was formed in connection with a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$30,000&lt;/div&gt;&amp;nbsp;financing transaction the Company completed on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2011.&lt;/div&gt; See Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4,&lt;/div&gt; Royalty Monetization, for a further description of this transaction. MDCP was formed in connection with a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$23,000&lt;/div&gt; Senior Credit Facility that the Company closed on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September 23, 2016. &lt;/div&gt;See Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5,&lt;/div&gt; Senior Credit Facility, for a further description of this transaction. All intercompany transactions and balances have been eliminated.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company&amp;#x2019;s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&amp;#x201c;U.S. GAAP&amp;#x201d;) for interim financial reporting and the instructions to Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-Q and do &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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&amp;#x2019;s opinion, necessary to present fairly, in all material respects, the Company&amp;#x2019;s consolidated financial position, results of operations, and cash flows. There were &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; adjustments other than normal recurring adjustments.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;These financial statements should be read in conjunction with the financial statements for the year ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; and the notes thereto included in the Company&amp;#x2019;s &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; Annual Report on Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-K. Interim operating results are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; necessarily indicative of operating results for the full year. The balance sheet as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; has been derived from the audited consolidated financial statements included in the Company&amp;#x2019;s most recent Annual Report on Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-K.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
  <us-gaap:BusinessCombinationsPolicy contextRef="d_2018-01-01_2018-03-31" id="c30673346">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Agreement and Plan of Merger&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;21,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018,&lt;/div&gt;&amp;nbsp;BioCryst Pharmaceuticals, Inc. (the &amp;#x201c;Company&amp;#x201d; or &amp;#x201c;BioCryst&amp;#x201d;), Idera Pharmaceuticals, Inc. (&amp;#x201c;Idera&amp;#x201d;), a Delaware corporation, Nautilus Holdco,&amp;nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of BioCryst (&amp;#x201c;Holdco&amp;#x201d;),&amp;nbsp;Island Merger Sub,&amp;nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&amp;#x201c;Merger Sub A&amp;#x201d;), and Boat Merger Sub,&amp;nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&amp;#x201c;Merger Sub B&amp;#x201d;), entered into an Agreement and Plan of Merger (the &amp;#x201c;Merger Agreement&amp;#x201d;). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, (a)&amp;nbsp;Merger Sub A shall be merged with and into Idera (the &amp;#x201c;Idera Merger&amp;#x201d;), with Idera surviving as a wholly owned subsidiary of Holdco, and (b)&amp;nbsp;Merger Sub B shall be merged with and into BioCryst (the &amp;#x201c;BioCryst Merger&amp;#x201d;, and, together with the Idera Merger, the &amp;#x201c;Mergers&amp;#x201d;), with BioCryst surviving as a wholly owned subsidiary of Holdco. &lt;div style="display: inline; font-size: 10pt"&gt;At the effective time of the mergers, Holdco will be renamed Valenscion Incorporated.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;Pursuant to the Merger Agreement, &lt;div style="display: inline; color: #333333"&gt;u&lt;/div&gt;pon completion of the Mergers, each issued and outstanding share of Idera common stock will be converted into the right to receive &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.20&lt;/div&gt; shares of Holdco common stock (the "Idera exchange ratio"), and each issued and outstanding share of BioCryst common stock will be converted into the right to receive &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.50&lt;/div&gt; shares of Holdco common stock (the "BioCryst exchange ratio" and together with the Idera exchange ratio, the "exchange ratios"). The exchange ratios will &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; be adjusted for changes in the market price of either BioCryst common stock or Idera common stock between the date of signing of the Merger Agreement and completion of the Mergers. Upon completion of the Mergers, each issued and outstanding share of Idera preferred stock (with certain exceptions) will be converted into the right to receive an amount of Holdco common stock based on its liquidation preference.&lt;div style="display: inline; color: #333333"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt; color: #333333"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&lt;div style="display: inline; color: #333333"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0"&gt;&lt;div style="display: inline; color: #333333"&gt;The Merger Agreement has been unanimously approved by the boards of directors of BioCryst and Idera.&amp;nbsp;The transaction is subject to approval by the stockholders of both companies, as well as regulatory approvals and satisfaction of other customary closing conditions.&amp;nbsp;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; February 15, 2018, &lt;/div&gt;the Federal Trade Commission notified BioCryst that its request for early termination of the waiting period under the HSR Act had been granted.&lt;/div&gt; The stockholders&amp;#x2019; meeting for both companies has been scheduled for &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; July 10, 2018. &lt;/div&gt;Affiliates of Baker Bros. Advisors, LP are the beneficial owners of approximately &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14%&lt;/div&gt; of issued and outstanding BioCryst common stock and approximately &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18%&lt;/div&gt; of issued and outstanding Idera common stock, have agreed, among other things, to vote their shares of BioCryst common stock and Idera common stock in favor of the proposal to adopt the Merger Agreement at each of the BioCryst special meeting and Idera special meeting. &lt;div style="display: inline; color: #333333"&gt;The combined company, which will be renamed Valenscion Incorporated, will be headquartered in Exton, PA, at the current Idera headquarters, with a consolidated research center in Birmingham, AL, at the current BioCryst facility. &lt;/div&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0; color: #333333"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;div style="display: inline; color: #333333"&gt;The transaction is expected to be completed during the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018.&lt;/div&gt;&lt;/div&gt; However, this Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-Q and the forward-looking statements contained in this Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-Q are prepared as an independent company without giving effect to the Mergers.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:BusinessCombinationsPolicy>
  <us-gaap:CapitalLeaseObligationsCurrent contextRef="i_2018-03-31" decimals="-3" id="c30671748" unitRef="iso4217-usd">76000</us-gaap:CapitalLeaseObligationsCurrent>
  <us-gaap:CapitalLeaseObligationsCurrent contextRef="i_2017-12-31" decimals="-3" id="c30671749" unitRef="iso4217-usd">75000</us-gaap:CapitalLeaseObligationsCurrent>
  <us-gaap:CapitalLeasesFutureMinimumPaymentsDue contextRef="i_2018-03-31_LeaseArrangementTypeAxis-BirminghamResearchFacilityMember" decimals="-3" id="c30672076" unitRef="iso4217-usd">4225000</us-gaap:CapitalLeasesFutureMinimumPaymentsDue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="i_2018-03-31" decimals="-3" id="c30671715" unitRef="iso4217-usd">43767000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="i_2017-12-31" decimals="-3" id="c30671716" unitRef="iso4217-usd">50282000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673349">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Cash and Cash Equivalents&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; 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.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
  <us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="d_2018-01-01_2018-03-31" id="c30673350">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Restricted Cash&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Restricted cash as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; reflects &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$3,188&lt;/div&gt; in royalty revenue paid by Shionogi&amp;nbsp;&amp;amp; Co., Ltd. (&amp;#x201c;Shionogi&amp;#x201d;) designated for interest on the PhaRMA Notes (defined in Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4&lt;/div&gt;) and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,411&lt;/div&gt; the Company is required to maintain as collateral for a letter of credit associated with the lease execution and build-out of its new Birmingham research facilities.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
  <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="i_2017-12-31" decimals="-3" id="c30671880" unitRef="iso4217-usd">53568000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
  <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="i_2016-12-31" decimals="-3" id="c30671881" unitRef="iso4217-usd">23650000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
  <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="i_2018-03-31" decimals="-3" id="c30671882" unitRef="iso4217-usd">48366000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
  <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="i_2017-03-31" decimals="-3" id="c30671883" unitRef="iso4217-usd">77956000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
  <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671878" unitRef="iso4217-usd">-5202000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect>
  <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect contextRef="d_2017-01-01_2017-03-31" decimals="-3" id="c30671879" unitRef="iso4217-usd">54306000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect>
  <us-gaap:CollaborativeArrangementDisclosureTextBlock contextRef="d_2018-01-01_2018-03-31" id="s889042">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3&lt;/div&gt; &amp;#x2014; Collaborative and Other Research and Development Contracts&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;U.S.&amp;nbsp;Department of Health and Human Services (&amp;#x201c;BARDA/HHS&amp;#x201d;).&lt;/div&gt; On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2015, &lt;/div&gt;the Company announced that BARDA/HHS had awarded the Company a contract for the continued development of galidesivir as a potential treatment for diseases caused by RNA pathogens, including filoviruses.&amp;nbsp;This BARDA/HHS contract includes a base contract of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$16,265&lt;/div&gt; to support galidesivir drug manufacturing, as well as &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$22,855&lt;/div&gt; in additional development options that can be exercised by the government, bringing the potential value of the contract to &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$39,120.&lt;/div&gt; As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;a total of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$20,574&lt;/div&gt; has been awarded under exercised options within this contract.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;div style="display: inline; font-style: italic;"&gt;National Institute of Allergy and Infectious Diseases (&amp;#x201c;NIAID/HHS&amp;#x201d;).&lt;/div&gt; In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September 2013, &lt;/div&gt;NIAID/HHS contracted with the Company for the development of galidesivir as a treatment for Marburg virus disease. NIAID/HHS, part of the National Institutes of Health, made an initial award of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$5,000&lt;/div&gt; to the Company. The goals of this contract, including amendments, are to file IND applications for intravenous and intramuscular galidesivir for the treatment of Marburg virus disease and other hemorrhagic fever virus diseases, including Ebola virus disease, and to conduct an initial Phase &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt; human clinical trial. As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the total NIAID/HHS contract amount to advance the program through the completion of the Phase &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt; clinical program is &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$39,477.&lt;/div&gt; As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;all options have been exercised under this contract.&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;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. NIAID/HHS and BARDA/HHS will make periodic assessments of progress and the continuation of the contract is based on the Company&amp;#x2019;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.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Seqirus UK Limited (&amp;#x201c;SUL&amp;#x201d;).&lt;/div&gt; On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; June 16, 2015, &lt;/div&gt;the Company and Seqirus UK Limited ("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 and ALPIVAB (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"). Peramivir is an intravenous treatment for acute uncomplicated influenza and is currently approved for use in the United States, Canada, Japan, Taiwan and Korea. Peramivir is the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt; and only intravenous influenza treatment in the world and was approved by the U.S. Food and Drug Administration in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 2014 &lt;/div&gt;for the treatment of acute uncomplicated influenza in patients &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; years and older who have been symptomatic for &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; more than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;two&lt;/div&gt; days. The Company retains all rights and associated economics to procure pandemic stockpiling orders for RAPIVAB from the U.S. Government, while SUL has the right to pursue government stockpiling outside the U.S.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;Pursuant to the SUL Agreement, RAPIVAB and ALPIVAB are licensed to and expected to be commercialized by CSL's subsidiary, SUL, which specializes in influenza prevention through the supply of seasonal and pandemic vaccine to global markets. SUL will manufacture, commercialize and exercise decision-making authority with respect to the development and commercialization of RAPIVAB and ALPIVAB within the Territory and be responsible for all related costs, including sales and promotion.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;Under the terms of the SUL Agreement, the Company is responsible for fulfilling all post-marketing approval commitments in connection with the FDA's approval of the NDA, and upon fulfillment will transfer ownership of and financial responsibility for the new drug application (&amp;#x201c;NDA&amp;#x201d;) to SUL.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 17; Value: 3 --&gt;   &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;Under the terms of the SUL Agreement, the Company received an upfront payment of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$33,740,&lt;/div&gt; has received &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$7,000&lt;/div&gt; of milestone payments and should receive an additional &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$5,000&lt;/div&gt; milestone payment related to the successful marketing approval by the EMA for an adult indication in the EU that was received in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; April 2018. &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$7,000&lt;/div&gt; of the upfront payment was determined to be contingent upon EU marketing approval and was deferred until that time. &lt;div style="display: inline; color: #333333"&gt;BioCryst and Seqirus are engaged in a formal dispute resolution process.&amp;nbsp;The dispute involves many items under the contract including, but &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; limited to, the EMA approval milestone, which BioCryst maintains is now due under the parties&amp;#x2019; agreement.&lt;/div&gt; The Company is also entitled under the SUL Agreement to receive tiered royalties at a percentage rate beginning in the mid-teens contingent upon meeting minimum thresholds of net sales, as well as a low-thirties percentage of the gross profit from government stockpiling purchases made outside the U.S. Specifically, the Company receives tiered royalties at a percentage rate in the mid-teens to low-forties on net sales in the U.S. during a Contract Year (defined as &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; July 1 - &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; June 30) &lt;/div&gt;and tiered royalties at a percentage rate in the mid-teens to mid-twenties on net sales in the Territory, other than in the U.S., during a Calendar Year, each subject to certain downward adjustments for circumstance or events impacting the overall market opportunity. SUL's royalty payment obligations commence on the date of the SUL Agreement and expire, on a country-by-country basis, upon the later of (i) the expiration of legal exclusivity in such country and (ii) &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;ten&lt;/div&gt; years from the date of the SUL Agreement. The Company developed peramivir under a license from UAB and will owe sublicense payments to them on any future milestone payments and/or royalties received by the Company from SUL.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Shionogi&amp;nbsp;&amp;amp; Co., Ltd. (&amp;#x201c;Shionogi&amp;#x201d;).&lt;/div&gt; In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; February 2007, &lt;/div&gt;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 them on any future milestone payments and/or royalties received by the Company from Shionogi. In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; October 2008, &lt;/div&gt;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.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 2017, &lt;/div&gt;the Company, on behalf of Royalty Sub, instituted arbitration proceedings against Shionogi in order to resolve&amp;nbsp;a dispute with Shionogi under the Shionogi Agreement regarding the achievement of sales milestones and escalating royalties.&amp;nbsp;In the event that the Company prevails in the arbitration, any amounts realized in the arbitration or in respect of the milestone payments and escalating royalties that are the subject of the arbitration would be for the benefit of Royalty Sub and be used by Royalty Sub to service its obligations under the non-recourse PhaRMA Notes (except for any amounts realized by the Company in respect of royalties relating to sales to Japanese governmental entities, which amounts would be retained by the Company). The costs associated with the arbitration proceedings are expected to be paid out of the assets of Royalty Sub in accordance with the terms of the indenture and servicing agreement relating to the PhaRMA Notes, except to the extent such costs are recovered in connection with any arbitration award in favor of the Company and Royalty Sub if they prevail in the arbitration proceedings. Arbitration proceedings, like other legal proceedings, are inherently uncertain. As a result, the Company cannot assure you that the Company will prevail in the arbitration. As any arbitration award in favor of the Company would accrue primarily to the benefit of Royalty Sub and the holders of the PhaRMA Notes, and because the costs associated with the arbitration proceedings are expected to come out of the assets of Royalty Sub if &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; recovered as part of any arbitration award in favor of the Company and Royalty Sub, the Company does &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; currently anticipate that these arbitration proceedings will have a material adverse impact on the Company.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Green Cross Corporation (&amp;#x201c;Green Cross&amp;#x201d;).&lt;/div&gt; In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; June 2006, &lt;/div&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt;-time license fee of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$250.&lt;/div&gt; 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.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Mundipharma International Holdings Limited (&amp;#x201c;Mundipharma&amp;#x201d;).&lt;/div&gt; In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; February 2006, &lt;/div&gt;the Company entered into an exclusive, royalty bearing right and license agreement with Mundipharma for the development and commercialization of forodesine, a Purine Nucleoside Phosphorylase (&amp;#x201c;PNP&amp;#x201d;) inhibitor, for use in oncology. Under the terms of the license agreement, as amended, Mundipharma obtained rights to forodesine in markets across Europe, Asia, and Australasia in exchange for a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$10,000&lt;/div&gt; up-front payment. In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; April 2017, &lt;/div&gt;Mundipharma obtained regulatory approval of Mundesine&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;&amp;reg;&lt;/div&gt;&lt;/div&gt; (forodesine hydrochloride) for the treatment of relapsed/refractory PTCL (Peripheral T-Cell Lymphoma) by the Ministry of Health, Labor and Welfare in Japan and is responsible for all commercialization costs in Japan. With Mundesine&amp;#x2019;s approval, we began receiving royalties on product sales in Japan as per the amended license agreement.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. (&amp;#x201c;AECOM&amp;#x201d; and &amp;#x201c;IRL&amp;#x201d; respectively).&lt;/div&gt; In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; June 2000, &lt;/div&gt;the Company licensed a series of potent inhibitors of PNP from AECOM and IRL, (collectively, the &amp;#x201c;Licensors&amp;#x201d;). The lead product candidates from this collaboration are forodesine and ulodesine. The Company has obtained worldwide exclusive rights to develop and ultimately distribute these, 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. The Company agreed to use commercially reasonable efforts to develop these drugs. In addition, the Company has agreed to pay certain milestone payments for each licensed product (which range in the aggregate from &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,400&lt;/div&gt; to almost &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$4,000&lt;/div&gt;&amp;nbsp;per indication) for future development of these inhibitors, single digit royalties on net sales of any resulting product made by the Company, and to share approximately &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; quarter of future payments received from other &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt;-party partners, if any. In addition, the Company has agreed to pay annual license fees, which can range from &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$150&lt;/div&gt; to &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$500,&lt;/div&gt; that are creditable against actual royalties and other payments due to the Licensors. This agreement &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;be terminated by the Company at any time by giving &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;60&lt;/div&gt;&amp;nbsp;days advance notice or in the event of material uncured breach by the Licensors.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 18; Value: 3 --&gt;   &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; May 2010, &lt;/div&gt;the Company amended the licensee agreement through which the Company obtained worldwide exclusive rights to develop and ultimately distribute any product candidates that might arise from research on a series of PNP inhibitors, including forodesine and ulodesine. Under the terms of the amendment, the Licensors agreed to accept a reduction of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt;-half in the percentage of future payments received from &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt;-party sub licensees of the licensed PNP inhibitors that must be paid to the Licensors. This reduction does &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; apply to (i)&amp;nbsp;any milestone payments the Company &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;receive in the future under its license agreement dated &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; February&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2006&lt;/div&gt; with Mundipharma and (ii)&amp;nbsp;royalties received from its sub licensees in connection with the sale of licensed products, for which the original payment rate will remain in effect. The rate of royalty payments to the Licensors based on net sales of any resulting product made by the Company remains unchanged.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; June&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;19,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2012,&lt;/div&gt; the Company further amended its agreements with AECOM/IRL whereby the parties clarified the definition of the field with respect to PNP inhibition and AECOM/IRL agreed to exclusive worldwide license of galidesivir to BioCryst for any antiviral use.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 6, 2014, &lt;/div&gt;the Carbohydrate Chemistry Research Team from Callaghan Innovation Research Limited, formerly Industrial Research Limited, transferred to Victoria University of Wellington (&amp;#x201c;VUW&amp;#x201d;) to establish the Ferrier Research Institute. The intellectual property rights relating to this research team, and the contracts relating to that intellectual property were transferred to a wholly owned subsidiary of VUW, including the contracts to which BioCryst is a party. The parties executed novation agreements in order to effectuate the transfer. Except for a substitution of parties, the terms and conditions of the contracts are substantially the same.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;The University of Alabama at Birmingham (&amp;#x201c;UAB&amp;#x201d;).&lt;/div&gt; 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 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt;-party partners. The Company has completed the research under the UAB agreements. These &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;two&lt;/div&gt; agreements have initial &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;25&lt;/div&gt;-year terms, are automatically renewable for &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;five&lt;/div&gt;-year terms throughout the life of the last patent and are terminable by the Company upon &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months&amp;#x2019; notice and by UAB under certain circumstances. Upon termination both parties shall cease using the other parties&amp;#x2019; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; activity between the Company and UAB on these agreements, but when the Company licenses this technology, such as in the case of the Shionogi, Green Cross and SUL agreements, or commercializes products related to these programs, the Company will owe sublicense fees or royalties on amounts it receives.&amp;nbsp;&lt;/div&gt;&lt;/div&gt;</us-gaap:CollaborativeArrangementDisclosureTextBlock>
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  <us-gaap:DebtDisclosureTextBlock contextRef="d_2018-01-01_2018-03-31" id="s889044">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5&lt;/div&gt; &amp;#x2014; Senior Credit Facility&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September 23, 2016, &lt;/div&gt;the Company closed a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$23,000&lt;/div&gt; Senior Credit Facility with an affiliate of MidCap Financial Services, LLC, as administrative agent (the &amp;#x201c;Senior Credit Facility&amp;#x201d;). The Senior Credit Facility was fully funded at closing and bears a variable interest rate of LIBOR (which shall &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; be less than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.5%&lt;/div&gt;) plus &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;8%.&lt;/div&gt; The Senior Credit Facility includes an interest-only payment period through fiscal &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; and scheduled monthly principal and interest payments for the subsequent &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;40&lt;/div&gt; months. The Company has the option to repay the Senior Credit Facility at any time prior to the scheduled principal repayment date subject to prepayment fees. Final payment of the Senior Credit Facility is subject to a final payment fee equal to &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5%&lt;/div&gt; of the principal funded under the Senior Credit Facility.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 20; Value: 3 --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the Company had borrowings of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$21,275&lt;/div&gt; under the Senior Credit Facility bearing an interest rate of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9.7%.&lt;/div&gt; The carrying amount of the debt approximates its fair value based on prevailing interest rates as of the balance sheet date. The remaining scheduled principal repayments of the Senior Credit Facility are as follows:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="background-color: White"&gt; &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;Principal Payments&lt;/td&gt; &lt;td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 87%; text-align: justify; text-indent: 3.2pt"&gt;2018&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5,175&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify; text-indent: 3.2pt"&gt;2019&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6,900&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify; text-indent: 3.2pt"&gt;2020&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6,900&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify; padding-bottom: 1pt; text-indent: 3.2pt"&gt;2021&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,300&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify; text-indent: 3.2pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify; padding-bottom: 2.5pt; text-indent: 3.2pt"&gt;Total&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;21,275&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;The debt agreement contains &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;two&lt;/div&gt; provisions that if deemed probable would create the recognition of an embedded feature; however, we do &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; believe either provision is probable.&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="d_2016-09-23_2016-09-23_CreditFacilityAxis-SeniorCreditFacilityMember_LineOfCreditFacilityAxis-MidCapFinancialServicesLLCMember_VariableRateAxis-LondonInterbankOfferedRateLIBORMember" decimals="3" id="c30672539" unitRef="xbrli-pure">0.08</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
  <us-gaap:DebtInstrumentFaceAmount contextRef="i_2011-03-09_LegalEntityAxis-JPRRoyaltySubLLCMember_OtherCommitmentsAxis-RoyaltyMonetizationMember" decimals="-3" id="c30672475" unitRef="iso4217-usd">30000000</us-gaap:DebtInstrumentFaceAmount>
  <us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="i_2011-03-09_DebtInstrumentAxis-PhaRMANotesMember_LegalEntityAxis-JPRRoyaltySubLLCMember" decimals="INF" id="c30672485" unitRef="xbrli-pure">0.14</us-gaap:DebtInstrumentInterestRateStatedPercentage>
  <us-gaap:DebtInstrumentTerm contextRef="d_2016-09-23_2016-09-23_CreditFacilityAxis-SeniorCreditFacilityMember_LineOfCreditFacilityAxis-MidCapFinancialServicesLLCMember" id="c30672541">P3Y120D</us-gaap:DebtInstrumentTerm>
  <us-gaap:DebtSecuritiesAvailableForSaleTableTextBlock contextRef="d_2018-01-01_2018-03-31" id="c-16">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;March&amp;nbsp;31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Amortized&lt;br /&gt; Cost&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Accrued&lt;br /&gt; Interest&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Gains&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Losses&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Estimated&lt;br /&gt; Fair&amp;nbsp;Value&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Obligations of the U.S. Government and its agencies&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;44,116&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;148&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(205&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;44,059&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Corporate debt securities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;35,299&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;201&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(250&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;35,250&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"&gt;Certificates of deposit&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,821&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;30&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(21&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,830&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"&gt;Total investments&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;89,236&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;379&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(476&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;89,139&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December&amp;nbsp;31, 2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Amortized&lt;br /&gt; Cost&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Accrued&lt;br /&gt; Interest&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Gains&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Losses&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Estimated&lt;br /&gt; Fair&amp;nbsp;Value&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Obligations of the U.S. Government and its agencies&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;60,121&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;177&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(122&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;60,176&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Corporate debt securities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;34,021&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;203&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(108&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;34,116&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"&gt;Certificates of deposit&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;11,099&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;32&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(14&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;11,118&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"&gt;Total investments&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;105,241&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;412&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(244&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;105,410&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:DebtSecuritiesAvailableForSaleTableTextBlock>
  <us-gaap:DeferredCostsCurrent contextRef="i_2018-03-31" decimals="-3" id="c30671727" unitRef="iso4217-usd">152000</us-gaap:DeferredCostsCurrent>
  <us-gaap:DeferredCostsCurrent contextRef="i_2017-12-31" decimals="-3" id="c30671728" unitRef="iso4217-usd">210000</us-gaap:DeferredCostsCurrent>
  <us-gaap:DeferredCostsCurrent contextRef="i_2018-01-01_AdjustmentsForNewAccountingPronouncementsAxis-AccountingStandardsUpdate201409Member" decimals="-3" id="c30672175" unitRef="iso4217-usd">-58000</us-gaap:DeferredCostsCurrent>
  <us-gaap:DeferredCostsCurrent contextRef="i_2018-01-01" decimals="-3" id="c30672176" unitRef="iso4217-usd">152000</us-gaap:DeferredCostsCurrent>
  <us-gaap:DeferredCostsCurrent contextRef="i_2018-03-31_InitialApplicationPeriodCumulativeEffectTransitionAxis-DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" decimals="-3" id="c30672187" unitRef="iso4217-usd">44000</us-gaap:DeferredCostsCurrent>
  <us-gaap:DeferredCostsCurrent contextRef="i_2018-03-31_InitialApplicationPeriodCumulativeEffectTransitionAxis-CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member" decimals="-3" id="c30672188" unitRef="iso4217-usd">196000</us-gaap:DeferredCostsCurrent>
  <us-gaap:DeferredRentCreditNoncurrent contextRef="i_2018-03-31" decimals="-3" id="c30671756" unitRef="iso4217-usd">131000</us-gaap:DeferredRentCreditNoncurrent>
  <us-gaap:DeferredRentCreditNoncurrent contextRef="i_2017-12-31" decimals="-3" id="c30671757" unitRef="iso4217-usd">155000</us-gaap:DeferredRentCreditNoncurrent>
  <us-gaap:DeferredRevenueCurrent contextRef="i_2018-03-31" decimals="-3" id="c30671746" unitRef="iso4217-usd">7300000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:DeferredRevenueCurrent contextRef="i_2017-12-31" decimals="-3" id="c30671747" unitRef="iso4217-usd">8484000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:DeferredRevenueCurrent contextRef="i_2018-01-01_AdjustmentsForNewAccountingPronouncementsAxis-AccountingStandardsUpdate201409Member" decimals="-3" id="c30672179" unitRef="iso4217-usd">-1184000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:DeferredRevenueCurrent contextRef="i_2018-01-01" decimals="-3" id="c30672180" unitRef="iso4217-usd">7300000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:DeferredRevenueCurrent contextRef="i_2018-03-31_InitialApplicationPeriodCumulativeEffectTransitionAxis-DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" decimals="-3" id="c30672191" unitRef="iso4217-usd">888000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:DeferredRevenueCurrent contextRef="i_2018-03-31_InitialApplicationPeriodCumulativeEffectTransitionAxis-CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member" decimals="-3" id="c30672192" unitRef="iso4217-usd">8188000</us-gaap:DeferredRevenueCurrent>
  <us-gaap:DepreciationDepletionAndAmortization contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671831" unitRef="iso4217-usd">186000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:DepreciationDepletionAndAmortization contextRef="d_2017-01-01_2017-03-31" decimals="-3" id="c30671832" unitRef="iso4217-usd">172000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:DerivativeForwardExchangeRate1 contextRef="i_2018-03-31_CurrencyAxis-JPY_DebtInstrumentAxis-PhaRMANotesMember_DerivativeInstrumentRiskAxis-CurrencyHedgeAgreementMember" decimals="INF" id="c30672509" unitRef="xbrli-pure">100</us-gaap:DerivativeForwardExchangeRate1>
  <us-gaap:DerivativeLossOnDerivative contextRef="d_2018-01-01_2018-03-31_DerivativeInstrumentRiskAxis-ForeignExchangeContractMember_HedgingDesignationAxis-NondesignatedMember" decimals="-3" id="c30672082" unitRef="iso4217-usd">1804000</us-gaap:DerivativeLossOnDerivative>
  <us-gaap:DerivativeLossOnDerivative contextRef="d_2017-01-01_2017-03-31_DerivativeInstrumentRiskAxis-ForeignExchangeContractMember_HedgingDesignationAxis-NondesignatedMember" decimals="-3" id="c30672083" unitRef="iso4217-usd">1543000</us-gaap:DerivativeLossOnDerivative>
  <us-gaap:DisaggregationOfRevenueTableTextBlock contextRef="d_2018-01-01_2018-03-31" id="c-20">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 74%; text-align: left"&gt;Royalty revenues&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,661&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6,321&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Collaborative and other research and development revenues:&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;U.S. Department of Health and Human Services&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;315&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;654&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Shionogi &amp;amp; Co., Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;296&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"&gt;Seqirus UK Limited&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,166&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Total collaborative and other research and development revenues&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;315&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,116&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total revenues&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,976&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,437&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:DisaggregationOfRevenueTableTextBlock>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="d_2018-01-01_2018-03-31" id="s889039">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt; &amp;#x2014; Stock-Based Compensation&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018,&lt;/div&gt; the Company had &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;two&lt;/div&gt; stock-based employee compensation plans, the Stock Incentive Plan (&amp;#x201c;Incentive Plan&amp;#x201d;) and the Employee Stock Purchase Plan (&amp;#x201c;ESPP&amp;#x201d;). The Incentive Plan was amended and restated in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; April 2017 &lt;/div&gt;and approved by the Company&amp;#x2019;s stockholders in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; May 2017. &lt;/div&gt;The ESPP was amended and restated in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 2014 &lt;/div&gt;and approved by the Company&amp;#x2019;s stockholders in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; May 2014. &lt;/div&gt;Stock-based compensation expense of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$2,903&lt;/div&gt; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$2,820&lt;/div&gt; of expense related to the Incentive Plan and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$83&lt;/div&gt; of expense related to the ESPP) was recognized during the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018,&lt;/div&gt; while &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$2,462&lt;/div&gt; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$2,326&lt;/div&gt; of expense related to the Incentive Plan and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$136&lt;/div&gt; of expense related to the ESPP) was recognized during the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;There was approximately &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$15,717&lt;/div&gt; of total unrecognized compensation cost related to non-vested stock option awards and restricted stock unit awards granted by the Company as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018.&lt;/div&gt; That cost is expected to be recognized as follows: &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$5,475&lt;/div&gt; during the remainder of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$5,472&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2019,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$3,386&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2020,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,382&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2021&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$2&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2022.&lt;/div&gt; In addition, the Company has outstanding performance-based stock options for which &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; compensation expense is recognized until &amp;#x201c;performance&amp;#x201d; has occurred and the award vests.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Stock Incentive Plan&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;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&amp;#x2019;s stock at the date of grant. Stock option awards granted to employees generally vest &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;25%&lt;/div&gt; each year until fully vested after &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;four&lt;/div&gt; years. In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; August 2013 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 2014, &lt;/div&gt;the Company issued &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,032&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,250&lt;/div&gt; performance-based stock options, respectively. These awards vest upon successful completion of specific development milestones. As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;75%&lt;/div&gt; of the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; August 2013 &lt;/div&gt;grants have vested based upon achievement of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; milestones: (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt;) successful completion of the OPuS-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt; clinical trial, for which vesting occurred in the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;second&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2014,&lt;/div&gt; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt;) FDA approval of RAPIVAB, for which vesting occurred in the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;fourth&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2014,&lt;/div&gt; and (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3&lt;/div&gt;) initiation of a Phase &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt; clinical trial to evaluate the safety, pharmacokinetics and pharmacodynamics of orally-administered &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;BCX7353&lt;/div&gt; in healthy volunteers, for which vesting occurred in the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;second&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2015.&lt;/div&gt; As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;30%&lt;/div&gt; of the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 2014 &lt;/div&gt;grants have vested based upon achievement of successful completion of a hereditary angioedema (&amp;#x201c;HAE&amp;#x201d;) patient trial with a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;nd&lt;/div&gt; generation compound, for which vesting occurred in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; August 2017. &lt;/div&gt;Thus, as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;25%&lt;/div&gt; of the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; August 2013 &lt;/div&gt;performance-based grants and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;70%&lt;/div&gt; of the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 2014 &lt;/div&gt;performance-based grants remain unvested and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; compensation expense has been recognized for these portions of the previously issued performance-based grants. Stock option awards granted to non-employee directors of the Company generally vest monthly over &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; year. All stock option awards have contractual terms of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5&lt;/div&gt; to &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;&amp;nbsp;years. The vesting 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.&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Related activity under the Incentive Plan is as follows:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Awards&lt;br /&gt; Available&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Options&lt;br /&gt; Outstanding&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Weighted&lt;br /&gt; Average&lt;br /&gt; Exercise&lt;br /&gt; Price&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%"&gt;Balance December&amp;nbsp;31, 2017&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;468&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14,452&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6.06&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Restricted stock unit awards granted&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(6&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Restricted stock unit awards cancelled&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Stock option awards granted&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(31&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5.43&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Stock option awards exercised&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(169&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3.22&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"&gt;Stock option awards cancelled&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;45&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(45&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5.87&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="padding-bottom: 2.5pt"&gt;Balance March&amp;nbsp;31, 2018&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;476&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14,269&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6.10&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;there were &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;48&lt;/div&gt; restricted stock unit awards outstanding.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;For stock option awards granted under the Incentive Plan during the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018,&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; was &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$3.72&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;and$3.75,&lt;/div&gt; respectively. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method. The following table summarizes the key assumptions used by the Company to value the stock option awards granted during the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018.&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; yet vested) and the full contractual term. The expected volatility represents the historical volatility on the Company&amp;#x2019;s publicly traded common stock. The Company has assumed &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; expected dividend yield, as dividends have never been paid to stock or option holders and will &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; be paid for the foreseeable future. The weighted average risk-free interest rate is the implied yield currently available on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;zero&lt;/div&gt;-coupon government issues with a remaining term equal to the expected term.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 16; Value: 3 --&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Weighted Average Assumptions for Stock Option Awards Granted to&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Employees and Directors under the Incentive Plan&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 87%; text-align: left"&gt;Expected Life in Years&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5.5&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Expected Volatility&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;82&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Expected Dividend Yield&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.0&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Risk-Free Interest Rate&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2.4&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Employee Stock Purchase Plan (&amp;#x201c;ESPP&amp;#x201d;)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company has reserved a total of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,475&lt;/div&gt;&amp;nbsp;shares of common stock to be purchased under the ESPP, of which &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;277&lt;/div&gt;&amp;nbsp;shares remain available for purchase at &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018.&lt;/div&gt; Eligible employees &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;authorize up to &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15%&lt;/div&gt; of their salary to purchase common stock at the lower of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;85%&lt;/div&gt; of the beginning or &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;85%&lt;/div&gt; of the ending price during &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;six&lt;/div&gt;-month purchase intervals. &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No&lt;/div&gt; more than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3&lt;/div&gt; shares &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;be purchased by any &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; employee at the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;six&lt;/div&gt;-month purchase dates and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; employee &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;purchase stock having a fair market value at the commencement date of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$25&lt;/div&gt; or more in any &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; calendar year. The Company issued &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;49&lt;/div&gt; shares during the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; under the ESPP. Compensation expense for shares purchased under the ESPP related to the purchase discount and the &amp;#x201c;look-back&amp;#x201d; option were determined using a Black-Scholes option pricing model.&amp;nbsp;&lt;/div&gt;&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="d_2018-01-01_2018-03-31" decimals="INF" id="c30671819" unitRef="iso4217-usd-per-xbrli-shares">-0.26</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="d_2017-01-01_2017-03-31" decimals="INF" id="c30671820" unitRef="iso4217-usd-per-xbrli-shares">-0.19</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="d_2018-01-01_2018-03-31_InitialApplicationPeriodCumulativeEffectTransitionAxis-DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" decimals="INF" id="c30672207" unitRef="iso4217-usd-per-xbrli-shares">0</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="d_2018-01-01_2018-03-31_InitialApplicationPeriodCumulativeEffectTransitionAxis-CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member" decimals="INF" id="c30672208" unitRef="iso4217-usd-per-xbrli-shares">-0.26</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerSharePolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673392">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Net Loss Per Share&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;Net loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted loss per share is equivalent to basic net loss per share for all periods presented herein because common equivalent shares from unexercised stock options and common shares expected to be issued under the Company&amp;#x2019;s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; does &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; include &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,775&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,762,&lt;/div&gt; respectively, of such potential common shares, as their impact would be anti-dilutive.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
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  <us-gaap:IntangibleAssetsFiniteLivedPolicy contextRef="d_2018-01-01_2018-03-31" id="c30673378">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Patents and Licenses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:IntangibleAssetsFiniteLivedPolicy>
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  <us-gaap:InventoryNet contextRef="i_2018-03-31" decimals="-3" id="c30671723" unitRef="iso4217-usd">7000</us-gaap:InventoryNet>
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  <us-gaap:InventoryPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673376">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Inventory&lt;/div&gt;&lt;/div&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;At &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the Company&amp;#x2019;s inventory consisted primarily of peramivir work in process and is being manufactured for the Company&amp;#x2019;s partners. Inventory is stated at the lower of cost and net realizable value, determined under the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt;-in, &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt;-out (&amp;#x201c;FIFO&amp;#x201d;) method, or market. 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 will capitalize subsequent costs related to the production of inventories.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:InventoryPolicyTextBlock>
  <us-gaap:InvestmentPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673351">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Investments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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&amp;#x2019;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;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&amp;#x2019;s investment policy requires it to purchase high-quality marketable securities with a maximum individual maturity of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; years and requires an average portfolio maturity of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; more than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; months. Some of the securities the Company invests in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;have market risk. This means that a change in prevailing interest rates &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; believe it has a material exposure to interest rate risk arising from its investments. Generally, the Company&amp;#x2019;s investments are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; collateralized. The Company has &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; realized any significant losses from its investments.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 7; Value: 3 --&gt; &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months and which mature at or less than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;12&lt;/div&gt; months from the balance sheet date are classified as current. Investments with a maturity beyond &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;12&lt;/div&gt; months from the balance sheet date are classified as long-term. At &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the Company believes that the cost of its investments is recoverable in all material respects.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The following tables summarize the fair value of the Company&amp;#x2019;s investments by type. The estimated fair values of the Company&amp;#x2019;s fixed income investments are classified as Level &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; active. These fair values are obtained from independent pricing services which utilize Level &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt; inputs.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;March&amp;nbsp;31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Amortized&lt;br /&gt; Cost&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Accrued&lt;br /&gt; Interest&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Gains&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Losses&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Estimated&lt;br /&gt; Fair&amp;nbsp;Value&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Obligations of the U.S. Government and its agencies&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;44,116&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;148&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(205&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;44,059&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Corporate debt securities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;35,299&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;201&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(250&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;35,250&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"&gt;Certificates of deposit&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,821&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;30&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(21&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,830&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"&gt;Total investments&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;89,236&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;379&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(476&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;89,139&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December&amp;nbsp;31, 2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Amortized&lt;br /&gt; Cost&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Accrued&lt;br /&gt; Interest&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Gains&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Losses&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Estimated&lt;br /&gt; Fair&amp;nbsp;Value&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Obligations of the U.S. Government and its agencies&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;60,121&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;177&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(122&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;60,176&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Corporate debt securities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;34,021&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;203&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(108&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;34,116&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"&gt;Certificates of deposit&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;11,099&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;32&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(14&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;11,118&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"&gt;Total investments&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;105,241&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;412&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(244&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;105,410&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;The following table summarizes the scheduled maturity for the Company&amp;#x2019;s investments at &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 74%; text-align: left"&gt;Maturing in one year or less&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;47,540&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;64,115&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Maturing after one year through two years&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;38,505&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;34,257&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Maturing after two years&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,094&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;7,038&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total investments&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;89,139&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;105,410&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:InvestmentPolicyTextBlock>
  <us-gaap:LesseeLeasesPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673389">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Lease Financing Obligation&lt;/div&gt;&lt;/div&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Based on the terms of the lease agreement for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,589&lt;/div&gt; at &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 31, 2015, &lt;/div&gt;representing the Company&amp;#x2019;s leased portion of the building and recorded a corresponding liability. Upon completion of leasehold improvement construction, which ended in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016,&lt;/div&gt; the Company did &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; meet the sale-leaseback criteria for de-recognition of the building asset and liability. Therefore, the lease is accounted for as a financing obligation. The asset will be depreciated over the expected duration of the lease of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;20.5&lt;/div&gt; years, and rental payments will be treated as principal and interest payments on the lease financing obligation liability. The underlying accounting for this transaction has &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; impact on cash flows associated with the underlying lease or construction in process. Interest expense for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; includes &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$82&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$80,&lt;/div&gt; respectively, related to the lease financing obligation.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;At each of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 31, 2017, &lt;/div&gt;the lease financing obligation balance was &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$2,703&lt;/div&gt; and was recorded as a long term liability on the consolidated balance sheets. At &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;the remaining future minimum payments under the lease financing obligation are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$4,225.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:LesseeLeasesPolicyTextBlock>
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  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673395">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Recent Accounting Pronouncements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 22, 2017, &lt;/div&gt;the SEC staff issued SAB &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;118,&lt;/div&gt; which provides guidance on accounting for the tax effects of the TCJA. SAB &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;118&lt;/div&gt; provides a measurement period that should &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; extend beyond &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; year from the TCJA enactment date for companies to complete the accounting under ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;740,&lt;/div&gt; Income Taxes.&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; November 2016, &lt;/div&gt;the Financial Accounting Standards Board (&amp;#x201c;FASB&amp;#x201d;) issued Accounting Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Statement of Cash Flows (Topic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;230&lt;/div&gt;): Restricted Cash&lt;/div&gt; (&amp;#x201c;ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&amp;#x201d;&lt;/div&gt;). The new standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; and interim periods within those annual reporting periods. The Company adopted ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018 &lt;/div&gt;and applied it retrospectively to all periods presented. Adoption of ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; did &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; have a material impact on the Company&amp;#x2019;s consolidated financial statements.&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; August 2016, &lt;/div&gt;the FASB issued Accounting Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Statement of Cash Flows (Topic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;230&lt;/div&gt;): Classification of Certain Cash Receipts and Cash Payments&lt;/div&gt; (&amp;#x201c;ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15&amp;#x201d;&lt;/div&gt;). The amendments in this update clarify how entities should classify certain cash receipts and cash payments on the Consolidated Statements of Cash Flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; class of cash flows. The standard is effective for annual periods beginning after &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; and interim periods within those annual reporting periods. The Company adopted ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018. &lt;/div&gt;Adoption of ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15&lt;/div&gt; did &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; have a material impact on the Company&amp;#x2019;s consolidated financial statements.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; February 2016, &lt;/div&gt;the FASB issued Accounting Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;02:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Leases (Topic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;842&lt;/div&gt;)&lt;/div&gt; (&amp;#x201c;ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;02&amp;#x201d;&lt;/div&gt;). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for all leases with terms greater than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;12&lt;/div&gt; months. This update also introduces new disclosure requirements for leasing arrangements. ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;02&lt;/div&gt; will be effective for the Company in fiscal year &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2019,&lt;/div&gt; but early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 2016, &lt;/div&gt;the FASB issued Accounting Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;01:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Financial Instruments - Overall (Subtopic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;825&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;): Recognition and Measurement of Financial Assets and Financial Liabilities&lt;/div&gt; (&amp;#x201c;ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;01&amp;#x201d;&lt;/div&gt;). The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In particular, the amendments in this update supersede, for public business entities, the requirement to disclose the methods and significant assumptions used in calculating the fair value of financial instruments required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The standard is effective for annual periods beginning after &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; and interim periods within those annual reporting periods. 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  <us-gaap:ProceedsFromStockOptionsExercised contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671872" unitRef="iso4217-usd">268000</us-gaap:ProceedsFromStockOptionsExercised>
  <us-gaap:ProceedsFromStockOptionsExercised contextRef="d_2017-01-01_2017-03-31" decimals="-3" id="c30671873" unitRef="iso4217-usd">950000</us-gaap:ProceedsFromStockOptionsExercised>
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="i_2015-12-31_LeaseArrangementTypeAxis-BirminghamResearchFacilityMember_PropertyPlantAndEquipmentByTypeAxis-LeaseholdImprovementsMember" decimals="-3" id="c30672063" unitRef="iso4217-usd">1589000</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="i_2018-03-31" decimals="-3" id="c30671733" unitRef="iso4217-usd">9395000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="i_2017-12-31" decimals="-3" id="c30671734" unitRef="iso4217-usd">9546000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673377">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Property and Equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; years. Laboratory equipment, office equipment, and software are depreciated over a life of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;five&lt;/div&gt; years. Furniture and fixtures are depreciated over a life of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;seven&lt;/div&gt; years. Leasehold improvements are amortized over their estimated useful lives or the expected lease term, whichever is less. Property consists of a leased building which did &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; meet the sale-leaseback criteria and is recorded at its fair value, less depreciation. The building is being depreciated over a period equal to the expected term of the related lease.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="d_2018-01-01_2018-03-31_PropertyPlantAndEquipmentByTypeAxis-ComputerEquipmentMember" id="c30672007">P3Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="d_2018-01-01_2018-03-31_PropertyPlantAndEquipmentByTypeAxis-LaboratoryEquipmentOfficeEquipmentAndSoftwareMember" id="c30672008">P5Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="d_2018-01-01_2018-03-31_PropertyPlantAndEquipmentByTypeAxis-FurnitureAndFixturesMember" id="c30672009">P7Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="d_2018-01-01_2018-03-31_LeaseArrangementTypeAxis-BirminghamResearchFacilityMember_PropertyPlantAndEquipmentByTypeAxis-LeaseholdImprovementsMember" id="c30672066">P20Y182D</us-gaap:PropertyPlantAndEquipmentUsefulLife>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-USDepartmentOfHealthAndHumanServicesMember" decimals="-3" id="c30672257" unitRef="iso4217-usd">23000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-USDepartmentOfHealthAndHumanServicesMember" decimals="-3" id="c30672258" unitRef="iso4217-usd">996000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-USDepartmentOfHealthAndHumanServicesMember" decimals="-3" id="c30672259" unitRef="iso4217-usd">1019000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-ShionogiAndCoLtdMember" decimals="-3" id="c30672260" unitRef="iso4217-usd">2422000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-ShionogiAndCoLtdMember" id="c30672261" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-ShionogiAndCoLtdMember" decimals="-3" id="c30672262" unitRef="iso4217-usd">2422000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-GreenCrossCorporationMember" decimals="-3" id="c30672263" unitRef="iso4217-usd">899000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-GreenCrossCorporationMember" decimals="-3" id="c30672264" unitRef="iso4217-usd">27000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-GreenCrossCorporationMember" decimals="-3" id="c30672265" unitRef="iso4217-usd">926000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-MundipharmaInternationalHoldingsLimitedMember" decimals="-3" id="c30672266" unitRef="iso4217-usd">22000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-MundipharmaInternationalHoldingsLimitedMember" id="c30672267" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-MundipharmaInternationalHoldingsLimitedMember" decimals="-3" id="c30672268" unitRef="iso4217-usd">22000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-SeqirusUKLimitedMember" decimals="-3" id="c30672269" unitRef="iso4217-usd">1133000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-SeqirusUKLimitedMember" decimals="-3" id="c30672270" unitRef="iso4217-usd">172000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-SeqirusUKLimitedMember" decimals="-3" id="c30672271" unitRef="iso4217-usd">1305000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember" decimals="-3" id="c30672272" unitRef="iso4217-usd">4499000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember" decimals="-3" id="c30672273" unitRef="iso4217-usd">1195000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2018-03-31" decimals="-3" id="c30672274" unitRef="iso4217-usd">5694000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-USDepartmentOfHealthAndHumanServicesMember" decimals="-3" id="c30672275" unitRef="iso4217-usd">42000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-USDepartmentOfHealthAndHumanServicesMember" decimals="-3" id="c30672276" unitRef="iso4217-usd">2020000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-USDepartmentOfHealthAndHumanServicesMember" decimals="-3" id="c30672277" unitRef="iso4217-usd">2062000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-ShionogiAndCoLtdMember" decimals="-3" id="c30672278" unitRef="iso4217-usd">1600000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-ShionogiAndCoLtdMember" id="c30672279" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-ShionogiAndCoLtdMember" decimals="-3" id="c30672280" unitRef="iso4217-usd">1600000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-GreenCrossCorporationMember" decimals="-3" id="c30672281" unitRef="iso4217-usd">1388000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-GreenCrossCorporationMember" decimals="-3" id="c30672282" unitRef="iso4217-usd">28000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-GreenCrossCorporationMember" decimals="-3" id="c30672283" unitRef="iso4217-usd">1416000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-MundipharmaInternationalHoldingsLimitedMember" decimals="-3" id="c30672284" unitRef="iso4217-usd">47000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-MundipharmaInternationalHoldingsLimitedMember" id="c30672285" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-MundipharmaInternationalHoldingsLimitedMember" decimals="-3" id="c30672286" unitRef="iso4217-usd">47000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-SeqirusUKLimitedMember" decimals="-3" id="c30672287" unitRef="iso4217-usd">825000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-SeqirusUKLimitedMember" decimals="-3" id="c30672288" unitRef="iso4217-usd">167000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-SeqirusUKLimitedMember" decimals="-3" id="c30672289" unitRef="iso4217-usd">992000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-BilledRevenuesMember" decimals="-3" id="c30672290" unitRef="iso4217-usd">3902000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-UnbilledRevenuesMember" decimals="-3" id="c30672291" unitRef="iso4217-usd">2215000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesNetCurrent contextRef="i_2017-12-31" decimals="-3" id="c30672292" unitRef="iso4217-usd">6117000</us-gaap:ReceivablesNetCurrent>
  <us-gaap:ReceivablesPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673375">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Receivables from Collaborations&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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 (&amp;#x201c;Green Cross&amp;#x201d;), Mundipharma International Holdings Limited (&amp;#x201c;Mundipharma&amp;#x201d;) and Seqirus UK Limited (&amp;#x201c;SUL&amp;#x201d;), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; the Company had the following receivables.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 8; Value: 3 --&gt; &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;March&amp;nbsp;31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Billed&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Unbilled&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;U.S. Department of Health and Human Services&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;23&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;996&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,019&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Shionogi&amp;nbsp;&amp;amp; Co. Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,422&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,422&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Green Cross Corporation&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;899&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;27&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;926&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Mundipharma International Holdings Limited&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;22&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;22&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Seqirus UK Limited&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,133&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;172&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,305&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total receivables&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4,499&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,195&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5,694&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December&amp;nbsp;31, 2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Billed&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Unbilled&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;U.S. Department of Health and Human Services&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;42&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,020&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,062&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Shionogi&amp;nbsp;&amp;amp; Co. Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,600&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,600&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Green Cross Corporation&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,388&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;28&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,416&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Mundipharma International Holdings Limited&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;47&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;47&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Seqirus UK Limited&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;825&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;167&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;992&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total receivables&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,902&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,215&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6,117&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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&amp;#x2019;s calculations of its indirect cost rates are subject to audit by the U.S. Government.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Receivables from Product Sales&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;&amp;reg;&lt;/div&gt;&lt;/div&gt;. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ReceivablesPolicyTextBlock>
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  <us-gaap:RepaymentsOfLongTermLinesOfCredit contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671870" unitRef="iso4217-usd">1725000</us-gaap:RepaymentsOfLongTermLinesOfCredit>
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  <us-gaap:ResearchAndDevelopmentExpense contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671801" unitRef="iso4217-usd">18441000</us-gaap:ResearchAndDevelopmentExpense>
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  <us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="d_2017-01-01_2017-03-31_ProductOrServiceAxis-RoyaltyMember" decimals="-3" id="c30671795" unitRef="iso4217-usd">6321000</us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>
  <us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="d_2018-01-01_2018-03-31_ProductOrServiceAxis-CollaborativeAndOtherResearchAndDevelopmentMember" decimals="-3" id="c30671796" unitRef="iso4217-usd">315000</us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>
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  <us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671798" unitRef="iso4217-usd">3976000</us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>
  <us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="d_2017-01-01_2017-03-31" decimals="-3" id="c30671799" unitRef="iso4217-usd">9437000</us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>
  <us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="d_2018-01-01_2018-03-31_CounterpartyNameAxis-USDepartmentOfHealthAndHumanServicesMember_ProductOrServiceAxis-CollaborativeAndOtherResearchAndDevelopmentMember" decimals="-3" id="c30672296" unitRef="iso4217-usd">315000</us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>
  <us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="d_2017-01-01_2017-03-31_CounterpartyNameAxis-USDepartmentOfHealthAndHumanServicesMember_ProductOrServiceAxis-CollaborativeAndOtherResearchAndDevelopmentMember" decimals="-3" id="c30672297" unitRef="iso4217-usd">654000</us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>
  <us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="d_2018-01-01_2018-03-31_CounterpartyNameAxis-ShionogiAndCoLtdMember_ProductOrServiceAxis-CollaborativeAndOtherResearchAndDevelopmentMember" id="c30672298" unitRef="iso4217-usd" xs:nil="true"/>
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  <us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="d_2018-01-01_2018-03-31_CounterpartyNameAxis-SeqirusUKLimitedMember_ProductOrServiceAxis-CollaborativeAndOtherResearchAndDevelopmentMember" id="c30672300" unitRef="iso4217-usd" xs:nil="true"/>
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  <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="d_2018-01-01_2018-03-31" id="c30673382">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Revenue Recognition&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Transition Considerations&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; May 2014, &lt;/div&gt;the Financial Accounting Standards Board issued Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2014&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;09:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Revenue from Contracts with Customers (Topic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt;)&lt;/div&gt; (&amp;#x201c;ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&amp;#x201d;&lt;/div&gt;), which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principle of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; is that an entity should recognize revenue when it transfers 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. ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;The Company adopted the provisions of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; using the modified retrospective method as applied to contracts that were &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; completed as of that date. The modified retrospective method requires the recognition of the cumulative effect of initially applying the standard (if any) as an adjustment to opening retained earnings for the fiscal year beginning &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018.&lt;/div&gt;&amp;nbsp;As a result, financial information for reporting periods beginning after &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018 &lt;/div&gt;are presented under ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606,&lt;/div&gt; while comparative financial information has &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; been adjusted and continues to be reported in accordance with the Company&amp;#x2019;s historical accounting policy for revenue recognition prior to the adoption of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;Adoption of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; resulted in a change in the Company&amp;#x2019;s method of accounting for fees received under licensing agreements. Prior to adopting ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606,&lt;/div&gt; fees received under licensing agreements that were related to future performance were deferred and recognized over an estimated period based on the terms of the agreement and the products licensed. Under ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606,&lt;/div&gt; licenses of drug products and formulations are forms of functional intellectual property. Licenses of functional intellectual property grant a right to use the intellectual property and the related revenue will generally be recognized at a point in time rather than over time. As a result, certain license fees that were previously deferred and recognized over time were eliminated through a cumulative effect adjustment as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 10; Value: 3 --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The following table summarizes the cumulative effect of the changes to the Company&amp;#x2019;s unaudited Consolidated Balance Sheet as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018 &lt;/div&gt;from the adoption of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606:&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.1pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance at &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2017&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Adjustments due to &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;ASC 606&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance at &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;January 1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: left; padding-left: 10pt"&gt;Deferred collaboration expense&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;210&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(58&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;152&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Liabilities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Deferred revenue&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;8,484&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(1,184&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;7,300&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Equity&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Accumulated deficit&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(631,843&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,126&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(630,717&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;The following tables summarize the current period impacts of adopting ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; on the Company&amp;#x2019;s unaudited Consolidated Balance Sheet and Consolidated Statement of Comprehensive Loss:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;March 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;As Reported&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Adjustments due to ASC 606&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Balances without adoption of ASC 606&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: left; padding-left: 10pt"&gt;Deferred collaboration expense&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;152&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;44&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;196&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Liabilities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Deferred revenue&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;7,300&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;888&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;8,188&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Equity&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Accumulated deficit&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(656,494&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;282&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(656,212&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;For the Three Months Ended March 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;As Reported&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Adjustments due to&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;ASC 606&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balances without&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;adoption of ASC 606&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;Collaborative and other research and development revenue&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;315&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;296&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;611&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Research and development expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18,441&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18,455&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Net loss&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(25,777&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;282&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(25,495&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Basic and diluted net loss per share&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(0.26&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.00&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(0.26&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;Adoption of the standard had &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; impact on total net cash within the Consolidated Statements of Cash Flows.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Collaborative and Other Research and Development Arrangements and Royalties&lt;/div&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;The Company recognizes revenue when it satisfies a performance obligation by transferring promised goods or services to a customer. Revenue is measured at the transaction price that is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; occur.&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;The Company has collaboration and license agreements with a number of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; parties as well as research and development agreements with certain government entities. The Company&amp;#x2019;s primary sources of revenue are license, service, royalty and product sale revenues from these collaborative and other research and development arrangements.&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement.&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;Arrangements that involve the delivery of more than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; 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. Variable consideration is assessed at each reporting period as to whether it is &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors. Analyzing the arrangement to identify performance obligations requires the use of judgment, and each &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;be an obligation to deliver services, a right or license to use an asset, or another performance obligation.&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 11; Value: 3 --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt; color: #0070C0"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;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&amp;#x2019;s contracts with the Biomedical Advanced Research and Development Authority within the United States Department of Health and Human Services (&amp;#x201d;BARDA/HHS&amp;#x201d;) and the National Institute of Allergy and Infectious Diseases (&amp;#x201c;NIAID/HHS&amp;#x201d;), revenue is recognized as reimbursable direct and indirect costs are incurred.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;Under certain of the Company&amp;#x2019;s license agreements, the Company receives royalty payments based upon its licensees&amp;#x2019; 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.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Product Sales&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company recognizes revenue for sales of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company&amp;#x2019;s specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, and prior to the SUL Agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations.&amp;nbsp;With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;TM&lt;/div&gt;&lt;/div&gt;, RAPIACTA&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;&amp;reg;&lt;/div&gt;&lt;/div&gt;, and PERAMIFLU&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;&amp;reg;&lt;/div&gt;&lt;/div&gt;) should be made by the Company&amp;#x2019;s partners, except for U.S. Government stockpiling sales, and the Company will be reliant on these partners to generate sales.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company recorded the following revenues for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017:&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 74%; text-align: left"&gt;Royalty revenues&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,661&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6,321&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Collaborative and other research and development revenues:&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;U.S. Department of Health and Human Services&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;315&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;654&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Shionogi &amp;amp; Co., Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;296&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"&gt;Seqirus UK Limited&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,166&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Total collaborative and other research and development revenues&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;315&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,116&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total revenues&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,976&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,437&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Contract Balances&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 12; Value: 3 --&gt; &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;div style="display: inline; text-decoration: underline;"&gt;Contract assets&lt;/div&gt;&lt;/div&gt; - The Company&amp;#x2019;s long-term contracts, typically the government research and development contracts, are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring subsequent to revenue recognition resulting in contract assets. Contract assets are generally classified as current assets in the Consolidated Balance Sheet.&lt;/div&gt; &lt;div style=" font-size: 10pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;div style="display: inline; text-decoration: underline;"&gt;Contract liabilities&lt;/div&gt;&lt;/div&gt; - The Company often receives cash payments from customers in advance of the Company&amp;#x2019;s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the revenue.&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Contract Costs&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;incur direct and indirect costs associated with obtaining a contract. Incremental contract costs that the Company expects to recover are capitalized and amortized over the expected term of the contract. Non-incremental contract costs and costs that the Company does expect to recover are expensed as incurred.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Advertising&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
  <us-gaap:RoyaltyExpense contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671805" unitRef="iso4217-usd">140000</us-gaap:RoyaltyExpense>
  <us-gaap:RoyaltyExpense contextRef="d_2017-01-01_2017-03-31" decimals="-3" id="c30671806" unitRef="iso4217-usd">294000</us-gaap:RoyaltyExpense>
  <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="d_2018-01-01_2018-03-31" id="c-23">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="background-color: White"&gt; &lt;td style="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;Principal Payments&lt;/td&gt; &lt;td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 87%; text-align: justify; text-indent: 3.2pt"&gt;2018&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5,175&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify; text-indent: 3.2pt"&gt;2019&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6,900&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify; text-indent: 3.2pt"&gt;2020&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6,900&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify; padding-bottom: 1pt; text-indent: 3.2pt"&gt;2021&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,300&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify; text-indent: 3.2pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify; padding-bottom: 2.5pt; text-indent: 3.2pt"&gt;Total&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;21,275&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
  <us-gaap:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock contextRef="d_2018-01-01_2018-03-31" id="c-19">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance at &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2017&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Adjustments due to &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;ASC 606&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance at &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;January 1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: left; padding-left: 10pt"&gt;Deferred collaboration expense&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;210&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(58&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;152&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Liabilities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Deferred revenue&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;8,484&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(1,184&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;7,300&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Equity&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Accumulated deficit&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(631,843&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,126&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(630,717&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;March 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;As Reported&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Adjustments due to ASC 606&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Balances without adoption of ASC 606&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: left; padding-left: 10pt"&gt;Deferred collaboration expense&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;152&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;44&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;196&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Liabilities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Deferred revenue&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;7,300&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;888&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;8,188&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Equity&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Accumulated deficit&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(656,494&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;282&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(656,212&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;For the Three Months Ended March 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;As Reported&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Adjustments due to&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;ASC 606&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balances without&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;adoption of ASC 606&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;Collaborative and other research and development revenue&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;315&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;296&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;611&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Research and development expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18,441&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18,455&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Net loss&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(25,777&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;282&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(25,495&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Basic and diluted net loss per share&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(0.26&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.00&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(0.26&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock>
  <us-gaap:ScheduleOfShareBasedCompensationActivityTableTextBlock contextRef="d_2018-01-01_2018-03-31" id="c-21">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Awards&lt;br /&gt; Available&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Options&lt;br /&gt; Outstanding&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Weighted&lt;br /&gt; Average&lt;br /&gt; Exercise&lt;br /&gt; Price&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%"&gt;Balance December&amp;nbsp;31, 2017&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;468&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14,452&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6.06&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Restricted stock unit awards granted&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(6&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Restricted stock unit awards cancelled&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Stock option awards granted&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(31&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5.43&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Stock option awards exercised&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(169&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3.22&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"&gt;Stock option awards cancelled&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;45&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(45&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5.87&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="padding-bottom: 2.5pt"&gt;Balance March&amp;nbsp;31, 2018&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;476&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14,269&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6.10&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfShareBasedCompensationActivityTableTextBlock>
  <us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock contextRef="d_2018-01-01_2018-03-31" id="c-22">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 87%; text-align: left"&gt;Expected Life in Years&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5.5&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Expected Volatility&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;82&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Expected Dividend Yield&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.0&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Risk-Free Interest Rate&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2.4&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock>
  <us-gaap:SellingGeneralAndAdministrativeExpense contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671803" unitRef="iso4217-usd">7609000</us-gaap:SellingGeneralAndAdministrativeExpense>
  <us-gaap:SellingGeneralAndAdministrativeExpense contextRef="d_2017-01-01_2017-03-31" decimals="-3" id="c30671804" unitRef="iso4217-usd">3058000</us-gaap:SellingGeneralAndAdministrativeExpense>
  <us-gaap:ShareBasedCompensation contextRef="d_2018-01-01_2018-03-31" decimals="-3" id="c30671833" unitRef="iso4217-usd">2903000</us-gaap:ShareBasedCompensation>
  <us-gaap:ShareBasedCompensation contextRef="d_2017-01-01_2017-03-31" decimals="-3" id="c30671834" unitRef="iso4217-usd">2462000</us-gaap:ShareBasedCompensation>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="d_2018-01-01_2018-03-31_AwardTypeAxis-EmployeeStockOptionMember_PlanNameAxis-IncentivePlanMember_VestingAxis-Vest25PercentEachYearUntilFullyVestedMember" id="c30672337">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" id="c30672407" unitRef="xbrli-shares" xs:nil="true"/>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="-3" id="c30672404" unitRef="xbrli-shares">6000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="d_2018-01-01_2018-03-31_AwardTypeAxis-EmployeeStockOptionMember_PlanNameAxis-IncentivePlanMember" decimals="INF" id="c30672376" unitRef="xbrli-pure">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="3" id="c30672424" unitRef="xbrli-pure">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="3" id="c30672423" unitRef="xbrli-pure">0.82</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="3" id="c30672425" unitRef="xbrli-pure">0.024</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-EmployeeStockPurchasePlanMember" decimals="INF" id="c30672389" unitRef="xbrli-shares">3000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber contextRef="i_2018-03-31_AwardTypeAxis-RestrictedStockUnitsRSUMember_PlanNameAxis-IncentivePlanMember" decimals="INF" id="c30672362" unitRef="xbrli-shares">48000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="i_2018-03-31_PlanNameAxis-EmployeeStockPurchasePlanMember" decimals="INF" id="c30672380" unitRef="xbrli-shares">1475000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="i_2018-03-31_PlanNameAxis-EmployeeStockPurchasePlanMember" decimals="INF" id="c30672381" unitRef="xbrli-shares">277</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="i_2017-12-31_PlanNameAxis-IncentivePlanMember" decimals="-3" id="c30672401" unitRef="xbrli-shares">468000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="i_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="-3" id="c30672419" unitRef="xbrli-shares">476000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="i_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="INF" id="c30672421" unitRef="iso4217-usd-per-xbrli-shares">6.10</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="-3" id="c30672417" unitRef="xbrli-shares">45000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="INF" id="c30672418" unitRef="iso4217-usd-per-xbrli-shares">5.87</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="-3" id="c30672411" unitRef="xbrli-shares">31000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="d_2013-08-01_2013-08-31_AwardTypeAxis-PerformanceSharesMember_PlanNameAxis-IncentivePlanMember_VestingAxis-VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember" decimals="INF" id="c30672338" unitRef="xbrli-shares">1032000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="d_2014-01-01_2014-12-31_AwardTypeAxis-PerformanceSharesMember_PlanNameAxis-IncentivePlanMember_VestingAxis-VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember" decimals="INF" id="c30672339" unitRef="xbrli-shares">1250000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="INF" id="c30672370" unitRef="iso4217-usd-per-xbrli-shares">3.72</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="d_2017-01-01_2017-03-31_PlanNameAxis-IncentivePlanMember" decimals="INF" id="c30672371" unitRef="iso4217-usd-per-xbrli-shares">3.75</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="i_2017-12-31_PlanNameAxis-IncentivePlanMember" decimals="-3" id="c30672402" unitRef="xbrli-shares">14452000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="i_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="-3" id="c30672420" unitRef="xbrli-shares">14269000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="i_2017-12-31_PlanNameAxis-IncentivePlanMember" decimals="INF" id="c30672403" unitRef="iso4217-usd-per-xbrli-shares">6.06</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="INF" id="c30672415" unitRef="iso4217-usd-per-xbrli-shares">3.22</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" decimals="INF" id="c30672412" unitRef="iso4217-usd-per-xbrli-shares">5.43</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="d_2018-01-01_2018-03-31" id="c30673387">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Stock-Based Compensation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company&amp;#x2019;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; compensation expense is recognized until &amp;#x201c;performance&amp;#x201d; is deemed to have occurred.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="d_2018-01-01_2018-03-31_AwardTypeAxis-EmployeeStockOptionMember_PlanNameAxis-IncentivePlanMember_VestingAxis-Vest25PercentEachYearUntilFullyVestedMember" decimals="INF" id="c30672336" unitRef="xbrli-pure">0.25</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="d_2018-01-01_2018-03-31_AwardDateAxis-August2013Member_AwardTypeAxis-PerformanceSharesMember_PlanNameAxis-IncentivePlanMember_VestingAxis-VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember" decimals="INF" id="c30672340" unitRef="xbrli-pure">0.75</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="d_2018-01-01_2018-03-31_AwardDateAxis-December2014Member_AwardTypeAxis-PerformanceSharesMember_PlanNameAxis-IncentivePlanMember_VestingAxis-VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember" decimals="INF" id="c30672354" unitRef="xbrli-pure">0.3</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="d_2018-01-01_2018-03-31_PlanNameAxis-IncentivePlanMember" id="c30672422">P5Y182D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
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  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="d_2018-01-01_2018-03-31" id="s889029">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt; &amp;#x2014; Significant Accounting Policies&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Agreement and Plan of Merger&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;21,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018,&lt;/div&gt;&amp;nbsp;BioCryst Pharmaceuticals, Inc. (the &amp;#x201c;Company&amp;#x201d; or &amp;#x201c;BioCryst&amp;#x201d;), Idera Pharmaceuticals, Inc. (&amp;#x201c;Idera&amp;#x201d;), a Delaware corporation, Nautilus Holdco,&amp;nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of BioCryst (&amp;#x201c;Holdco&amp;#x201d;),&amp;nbsp;Island Merger Sub,&amp;nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&amp;#x201c;Merger Sub A&amp;#x201d;), and Boat Merger Sub,&amp;nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&amp;#x201c;Merger Sub B&amp;#x201d;), entered into an Agreement and Plan of Merger (the &amp;#x201c;Merger Agreement&amp;#x201d;). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, (a)&amp;nbsp;Merger Sub A shall be merged with and into Idera (the &amp;#x201c;Idera Merger&amp;#x201d;), with Idera surviving as a wholly owned subsidiary of Holdco, and (b)&amp;nbsp;Merger Sub B shall be merged with and into BioCryst (the &amp;#x201c;BioCryst Merger&amp;#x201d;, and, together with the Idera Merger, the &amp;#x201c;Mergers&amp;#x201d;), with BioCryst surviving as a wholly owned subsidiary of Holdco. &lt;div style="display: inline; font-size: 10pt"&gt;At the effective time of the mergers, Holdco will be renamed Valenscion Incorporated.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;Pursuant to the Merger Agreement, &lt;div style="display: inline; color: #333333"&gt;u&lt;/div&gt;pon completion of the Mergers, each issued and outstanding share of Idera common stock will be converted into the right to receive &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.20&lt;/div&gt; shares of Holdco common stock (the "Idera exchange ratio"), and each issued and outstanding share of BioCryst common stock will be converted into the right to receive &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.50&lt;/div&gt; shares of Holdco common stock (the "BioCryst exchange ratio" and together with the Idera exchange ratio, the "exchange ratios"). The exchange ratios will &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; be adjusted for changes in the market price of either BioCryst common stock or Idera common stock between the date of signing of the Merger Agreement and completion of the Mergers. Upon completion of the Mergers, each issued and outstanding share of Idera preferred stock (with certain exceptions) will be converted into the right to receive an amount of Holdco common stock based on its liquidation preference.&lt;div style="display: inline; color: #333333"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt; color: #333333"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&lt;div style="display: inline; color: #333333"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0"&gt;&lt;div style="display: inline; color: #333333"&gt;The Merger Agreement has been unanimously approved by the boards of directors of BioCryst and Idera.&amp;nbsp;The transaction is subject to approval by the stockholders of both companies, as well as regulatory approvals and satisfaction of other customary closing conditions.&amp;nbsp;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; February 15, 2018, &lt;/div&gt;the Federal Trade Commission notified BioCryst that its request for early termination of the waiting period under the HSR Act had been granted.&lt;/div&gt; The stockholders&amp;#x2019; meeting for both companies has been scheduled for &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; July 10, 2018. &lt;/div&gt;Affiliates of Baker Bros. Advisors, LP are the beneficial owners of approximately &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14%&lt;/div&gt; of issued and outstanding BioCryst common stock and approximately &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18%&lt;/div&gt; of issued and outstanding Idera common stock, have agreed, among other things, to vote their shares of BioCryst common stock and Idera common stock in favor of the proposal to adopt the Merger Agreement at each of the BioCryst special meeting and Idera special meeting. &lt;div style="display: inline; color: #333333"&gt;The combined company, which will be renamed Valenscion Incorporated, will be headquartered in Exton, PA, at the current Idera headquarters, with a consolidated research center in Birmingham, AL, at the current BioCryst facility. &lt;/div&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0; color: #333333"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;div style="display: inline; color: #333333"&gt;The transaction is expected to be completed during the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018.&lt;/div&gt;&lt;/div&gt; However, this Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-Q and the forward-looking statements contained in this Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-Q are prepared as an independent company without giving effect to the Mergers.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;The Company&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0"&gt;BioCryst is a biotechnology company that designs, optimizes and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on oral treatments for rare diseases in which significant unmet medical needs exist and that align with its capabilities and expertise. The Company was incorporated in Delaware in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1986&lt;/div&gt; 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. BioCryst has incurred losses and negative cash flows from operations since inception.&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;With the funds available at &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the Company believes these resources will be sufficient to fund its operations at least through the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2019.&lt;/div&gt; The Company has sustained operating losses for the majority of its corporate history and expects that its &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; expenses will exceed its &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; revenues. The Company expects to continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations. Accordingly, its planned operations raise doubt about its ability to continue as a going concern beyond the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2019.&lt;/div&gt; The Company&amp;#x2019;s liquidity needs will be largely determined by the success of operations in regards to the progression of its product candidates in the future. The Company also &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;consider other plans to fund operations beyond the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2019&lt;/div&gt; including: (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt;)&amp;nbsp;securing or increasing U.S. Government funding of its programs, including obtaining procurement contracts; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt;)&amp;nbsp;out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3&lt;/div&gt;)&amp;nbsp;raising additional capital through equity or debt financings or from other sources; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4&lt;/div&gt;)&amp;nbsp;obtaining additional product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5&lt;/div&gt;)&amp;nbsp;reducing spending on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; or more research and development programs, including by discontinuing development; and/or (&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6&lt;/div&gt;)&amp;nbsp;restructuring operations to change its overhead structure. The Company &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;issue securities, including common stock, preferred stock, depositary shares, stock purchase contracts, warrants and units, through private placement transactions or registered public offerings in the future. The Company&amp;#x2019;s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events and its decisions in the future.&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 6; Value: 3 --&gt;   &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Basis of Presentation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (&amp;#x201c;Royalty Sub&amp;#x201d;) and MDCP, LLC (&amp;#x201c;MDCP&amp;#x201d;) and Nautilus Holdco,&amp;nbsp;Inc. All subsidiaries were formed to facilitate financing and/or strategic transactions for the Company. In the case of Nautilus Holdco,&amp;nbsp;Inc., the subsidiary was formed entirely to facilitate a merger with Idera.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Royalty Sub was formed in connection with a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$30,000&lt;/div&gt;&amp;nbsp;financing transaction the Company completed on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2011.&lt;/div&gt; See Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4,&lt;/div&gt; Royalty Monetization, for a further description of this transaction. MDCP was formed in connection with a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$23,000&lt;/div&gt; Senior Credit Facility that the Company closed on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; September 23, 2016. &lt;/div&gt;See Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5,&lt;/div&gt; Senior Credit Facility, for a further description of this transaction. All intercompany transactions and balances have been eliminated.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company&amp;#x2019;s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&amp;#x201c;U.S. GAAP&amp;#x201d;) for interim financial reporting and the instructions to Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-Q and do &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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&amp;#x2019;s opinion, necessary to present fairly, in all material respects, the Company&amp;#x2019;s consolidated financial position, results of operations, and cash flows. There were &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; adjustments other than normal recurring adjustments.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;These financial statements should be read in conjunction with the financial statements for the year ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; and the notes thereto included in the Company&amp;#x2019;s &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; Annual Report on Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-K. Interim operating results are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; necessarily indicative of operating results for the full year. The balance sheet as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; has been derived from the audited consolidated financial statements included in the Company&amp;#x2019;s most recent Annual Report on Form &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;-K.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Cash and Cash Equivalents&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; 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.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Restricted Cash&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Restricted cash as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; reflects &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$3,188&lt;/div&gt; in royalty revenue paid by Shionogi&amp;nbsp;&amp;amp; Co., Ltd. (&amp;#x201c;Shionogi&amp;#x201d;) designated for interest on the PhaRMA Notes (defined in Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4&lt;/div&gt;) and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,411&lt;/div&gt; the Company is required to maintain as collateral for a letter of credit associated with the lease execution and build-out of its new Birmingham research facilities.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Investments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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&amp;#x2019;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;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&amp;#x2019;s investment policy requires it to purchase high-quality marketable securities with a maximum individual maturity of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; years and requires an average portfolio maturity of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; more than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; months. Some of the securities the Company invests in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;have market risk. This means that a change in prevailing interest rates &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; believe it has a material exposure to interest rate risk arising from its investments. Generally, the Company&amp;#x2019;s investments are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; collateralized. The Company has &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; realized any significant losses from its investments.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 7; Value: 3 --&gt;   &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months and which mature at or less than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;12&lt;/div&gt; months from the balance sheet date are classified as current. Investments with a maturity beyond &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;12&lt;/div&gt; months from the balance sheet date are classified as long-term. At &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the Company believes that the cost of its investments is recoverable in all material respects.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The following tables summarize the fair value of the Company&amp;#x2019;s investments by type. The estimated fair values of the Company&amp;#x2019;s fixed income investments are classified as Level &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; active. These fair values are obtained from independent pricing services which utilize Level &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt; inputs.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;March&amp;nbsp;31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Amortized&lt;br /&gt; Cost&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Accrued&lt;br /&gt; Interest&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Gains&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Losses&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Estimated&lt;br /&gt; Fair&amp;nbsp;Value&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Obligations of the U.S. Government and its agencies&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;44,116&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;148&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(205&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;44,059&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Corporate debt securities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;35,299&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;201&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(250&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;35,250&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"&gt;Certificates of deposit&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,821&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;30&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(21&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,830&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"&gt;Total investments&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;89,236&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;379&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(476&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;89,139&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December&amp;nbsp;31, 2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Amortized&lt;br /&gt; Cost&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Accrued&lt;br /&gt; Interest&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Gains&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Gross&lt;br /&gt; Unrealized&lt;br /&gt; Losses&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Estimated&lt;br /&gt; Fair&amp;nbsp;Value&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Obligations of the U.S. Government and its agencies&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;60,121&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;177&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(122&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;60,176&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt"&gt;Corporate debt securities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;34,021&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;203&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(108&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;34,116&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"&gt;Certificates of deposit&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;11,099&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;32&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(14&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;11,118&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-indent: -10pt; padding-left: 10pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"&gt;Total investments&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;105,241&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;412&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(244&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;)&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;105,410&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;The following table summarizes the scheduled maturity for the Company&amp;#x2019;s investments at &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 74%; text-align: left"&gt;Maturing in one year or less&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;47,540&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;64,115&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Maturing after one year through two years&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;38,505&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;34,257&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Maturing after two years&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,094&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;7,038&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total investments&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;89,139&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;105,410&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Receivables from Collaborations&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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 (&amp;#x201c;Green Cross&amp;#x201d;), Mundipharma International Holdings Limited (&amp;#x201c;Mundipharma&amp;#x201d;) and Seqirus UK Limited (&amp;#x201c;SUL&amp;#x201d;), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; the Company had the following receivables.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 8; Value: 3 --&gt;   &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;March&amp;nbsp;31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Billed&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Unbilled&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;U.S. Department of Health and Human Services&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;23&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;996&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,019&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Shionogi&amp;nbsp;&amp;amp; Co. Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,422&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,422&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Green Cross Corporation&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;899&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;27&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;926&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Mundipharma International Holdings Limited&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;22&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;22&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Seqirus UK Limited&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,133&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;172&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,305&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total receivables&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4,499&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,195&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5,694&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December&amp;nbsp;31, 2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Billed&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Unbilled&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Total&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;U.S. Department of Health and Human Services&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;42&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,020&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,062&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Shionogi&amp;nbsp;&amp;amp; Co. Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,600&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,600&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Green Cross Corporation&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,388&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;28&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,416&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Mundipharma International Holdings Limited&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;47&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;47&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Seqirus UK Limited&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;825&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;167&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;992&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total receivables&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,902&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,215&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6,117&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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&amp;#x2019;s calculations of its indirect cost rates are subject to audit by the U.S. Government.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Receivables from Product Sales&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;&amp;reg;&lt;/div&gt;&lt;/div&gt;. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Inventory&lt;/div&gt;&lt;/div&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;At &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;the Company&amp;#x2019;s inventory consisted primarily of peramivir work in process and is being manufactured for the Company&amp;#x2019;s partners. Inventory is stated at the lower of cost and net realizable value, determined under the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt;-in, &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;first&lt;/div&gt;-out (&amp;#x201c;FIFO&amp;#x201d;) method, or market. 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 will capitalize subsequent costs related to the production of inventories.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Property and Equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; years. Laboratory equipment, office equipment, and software are depreciated over a life of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;five&lt;/div&gt; years. Furniture and fixtures are depreciated over a life of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;seven&lt;/div&gt; years. Leasehold improvements are amortized over their estimated useful lives or the expected lease term, whichever is less. Property consists of a leased building which did &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; meet the sale-leaseback criteria and is recorded at its fair value, less depreciation. The building is being depreciated over a period equal to the expected term of the related lease.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Patents and Licenses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 9; Value: 3 --&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Accrued Expenses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;The Company generally enters into contractual agreements with &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt;-party vendors who provide research and development, manufacturing, 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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:&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr&gt; &lt;td style="width: 4%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="vertical-align: top; width: 6%"&gt;&lt;div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&amp;#x2022;&lt;/div&gt;&lt;/td&gt; &lt;td style="vertical-align: top; width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="vertical-align: top; width: 88%"&gt;&lt;div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;fees paid to Clinical Research Organizations (&amp;#x201c;CROs&amp;#x201d;) in connection with preclinical and toxicology studies and clinical trials;&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="vertical-align: top"&gt;&lt;div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&amp;#x2022;&lt;/div&gt;&lt;/td&gt; &lt;td style="vertical-align: top"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="vertical-align: top"&gt;&lt;div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;fees paid to investigative sites in connection with clinical trials;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="vertical-align: top"&gt;&lt;div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&amp;#x2022;&lt;/div&gt;&lt;/td&gt; &lt;td style="vertical-align: top"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="vertical-align: top"&gt;&lt;div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;fees paid to contract manufacturers in connection with the production of the Company&amp;#x2019;s raw materials, drug substance and drug products;&amp;nbsp;and&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="vertical-align: top"&gt;&lt;div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&amp;#x2022;&lt;/div&gt;&lt;/td&gt; &lt;td style="vertical-align: top"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="2" style="vertical-align: top"&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;professional fees.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;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&amp;#x2019;s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 31, 2017, &lt;/div&gt;the carrying value of accrued expenses approximates their fair value due to their short-term settlement.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Income Taxes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;The liability method is used in the Company&amp;#x2019;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.&amp;nbsp;Although &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; changes were made to provisional amounts during the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018, &lt;/div&gt;we will continue to evaluate our estimates related to the new legislation as clarifying guidance and interpretations are issued and our &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; tax returns are completed.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 22, 2017, &lt;/div&gt;the SEC staff issued Staff Accounting Bulletin &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;118&lt;/div&gt; (&amp;#x201c;SAB &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;118&amp;#x201d;&lt;/div&gt;), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (&amp;#x201c;TCJA&amp;#x201d;). SAB &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;118&lt;/div&gt; provides a measurement period that should &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; extend beyond &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; year from the TCJA enactment date for companies to complete the accounting under ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;740,&lt;/div&gt; Income Taxes.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Accumulated Other Comprehensive Loss&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders&amp;#x2019; equity. Amounts reclassified from accumulated other comprehensive loss are recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No&lt;/div&gt; reclassifications out of accumulated other comprehensive loss were recorded during the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;or &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2017.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Revenue Recognition&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Transition Considerations&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; May 2014, &lt;/div&gt;the Financial Accounting Standards Board issued Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2014&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;09:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Revenue from Contracts with Customers (Topic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt;)&lt;/div&gt; (&amp;#x201c;ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&amp;#x201d;&lt;/div&gt;), which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principle of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; is that an entity should recognize revenue when it transfers 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. ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;The Company adopted the provisions of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; using the modified retrospective method as applied to contracts that were &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; completed as of that date. The modified retrospective method requires the recognition of the cumulative effect of initially applying the standard (if any) as an adjustment to opening retained earnings for the fiscal year beginning &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018.&lt;/div&gt;&amp;nbsp;As a result, financial information for reporting periods beginning after &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018 &lt;/div&gt;are presented under ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606,&lt;/div&gt; while comparative financial information has &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; been adjusted and continues to be reported in accordance with the Company&amp;#x2019;s historical accounting policy for revenue recognition prior to the adoption of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;Adoption of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; resulted in a change in the Company&amp;#x2019;s method of accounting for fees received under licensing agreements. Prior to adopting ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606,&lt;/div&gt; fees received under licensing agreements that were related to future performance were deferred and recognized over an estimated period based on the terms of the agreement and the products licensed. Under ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606,&lt;/div&gt; licenses of drug products and formulations are forms of functional intellectual property. Licenses of functional intellectual property grant a right to use the intellectual property and the related revenue will generally be recognized at a point in time rather than over time. As a result, certain license fees that were previously deferred and recognized over time were eliminated through a cumulative effect adjustment as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 10; Value: 3 --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The following table summarizes the cumulative effect of the changes to the Company&amp;#x2019;s unaudited Consolidated Balance Sheet as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018 &lt;/div&gt;from the adoption of ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606:&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.1pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance at &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2017&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Adjustments due to &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;ASC 606&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance at &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;January 1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: left; padding-left: 10pt"&gt;Deferred collaboration expense&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;210&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(58&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;152&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Liabilities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Deferred revenue&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;8,484&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(1,184&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;7,300&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Equity&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Accumulated deficit&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(631,843&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,126&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(630,717&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;The following tables summarize the current period impacts of adopting ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;606&lt;/div&gt; on the Company&amp;#x2019;s unaudited Consolidated Balance Sheet and Consolidated Statement of Comprehensive Loss:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;March 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;As Reported&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Adjustments due to ASC 606&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Balances without adoption of ASC 606&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Assets&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: left; padding-left: 10pt"&gt;Deferred collaboration expense&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;152&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;44&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;196&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Liabilities&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Deferred revenue&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;7,300&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;888&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;8,188&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Equity&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Accumulated deficit&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(656,494&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;282&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(656,212&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;For the Three Months Ended March 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;As Reported&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Adjustments due to&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;ASC 606&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balances without&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;adoption of ASC 606&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;Collaborative and other research and development revenue&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;315&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;296&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;611&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Research and development expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18,441&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;14&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18,455&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Net loss&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(25,777&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;282&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(25,495&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Basic and diluted net loss per share&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(0.26&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;0.00&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;$&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;(0.26&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;Adoption of the standard had &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; impact on total net cash within the Consolidated Statements of Cash Flows.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Collaborative and Other Research and Development Arrangements and Royalties&lt;/div&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;The Company recognizes revenue when it satisfies a performance obligation by transferring promised goods or services to a customer. Revenue is measured at the transaction price that is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; occur.&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;The Company has collaboration and license agreements with a number of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; parties as well as research and development agreements with certain government entities. The Company&amp;#x2019;s primary sources of revenue are license, service, royalty and product sale revenues from these collaborative and other research and development arrangements.&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement.&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;Arrangements that involve the delivery of more than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; 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. Variable consideration is assessed at each reporting period as to whether it is &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors. Analyzing the arrangement to identify performance obligations requires the use of judgment, and each &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;be an obligation to deliver services, a right or license to use an asset, or another performance obligation.&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 11; Value: 3 --&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt; color: #0070C0"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; 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.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;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&amp;#x2019;s contracts with the Biomedical Advanced Research and Development Authority within the United States Department of Health and Human Services (&amp;#x201d;BARDA/HHS&amp;#x201d;) and the National Institute of Allergy and Infectious Diseases (&amp;#x201c;NIAID/HHS&amp;#x201d;), revenue is recognized as reimbursable direct and indirect costs are incurred.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"&gt;Under certain of the Company&amp;#x2019;s license agreements, the Company receives royalty payments based upon its licensees&amp;#x2019; 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.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Product Sales&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company recognizes revenue for sales of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company&amp;#x2019;s specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, and prior to the SUL Agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations.&amp;nbsp;With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;TM&lt;/div&gt;&lt;/div&gt;, RAPIACTA&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;&amp;reg;&lt;/div&gt;&lt;/div&gt;, and PERAMIFLU&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"&gt;&amp;reg;&lt;/div&gt;&lt;/div&gt;) should be made by the Company&amp;#x2019;s partners, except for U.S. Government stockpiling sales, and the Company will be reliant on these partners to generate sales.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company recorded the following revenues for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017:&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 74%; text-align: left"&gt;Royalty revenues&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,661&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;6,321&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Collaborative and other research and development revenues:&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;U.S. Department of Health and Human Services&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;315&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;654&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 10pt"&gt;Shionogi &amp;amp; Co., Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;296&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"&gt;Seqirus UK Limited&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;&amp;#x2014;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,166&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Total collaborative and other research and development revenues&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;315&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,116&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total revenues&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;3,976&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 2.5pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;9,437&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Contract Balances&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 12; Value: 3 --&gt;   &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;div style="display: inline; text-decoration: underline;"&gt;Contract assets&lt;/div&gt;&lt;/div&gt; - The Company&amp;#x2019;s long-term contracts, typically the government research and development contracts, are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring subsequent to revenue recognition resulting in contract assets. Contract assets are generally classified as current assets in the Consolidated Balance Sheet.&lt;/div&gt; &lt;div style=" font-size: 10pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;div style="display: inline; text-decoration: underline;"&gt;Contract liabilities&lt;/div&gt;&lt;/div&gt; - The Company often receives cash payments from customers in advance of the Company&amp;#x2019;s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the revenue.&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Contract Costs&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;incur direct and indirect costs associated with obtaining a contract. Incremental contract costs that the Company expects to recover are capitalized and amortized over the expected term of the contract. Non-incremental contract costs and costs that the Company does expect to recover are expensed as incurred.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Advertising&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Research and Development Expenses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;The Company&amp;#x2019;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&amp;#x2019;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&amp;#x2019;s manufacturing and clinical and preclinical studies are performed by &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt;-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&amp;#x2019;s on-going review of the level of services actually performed.&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;Additionally, the Company has license agreements with &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; parties, such as Albert Einstein College of Medicine of Yeshiva University (&amp;#x201c;AECOM&amp;#x201d;), Industrial Research, Ltd. (&amp;#x201c;IRL&amp;#x201d;), and the University of Alabama at Birmingham (&amp;#x201c;UAB&amp;#x201d;), 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.&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Deferred collaboration expenses represent sub-license payments, paid to the Company&amp;#x2019;s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to the Company&amp;#x2019;s academic partners for modification to existing license agreements. These deferred expenses would &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; have been incurred without receipt of such payments or modifications from the Company&amp;#x2019;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.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Stock-Based Compensation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company&amp;#x2019;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; compensation expense is recognized until &amp;#x201c;performance&amp;#x201d; is deemed to have occurred.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Interest Expense and Deferred Financing Costs&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Interest expense for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; includes &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$2,136&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$2,020,&lt;/div&gt; respectively, related to the issuance of the PhaRMA Notes (defined in Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;4&lt;/div&gt;) and the Senior Credit Facility (defined in Note &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;5&lt;/div&gt;). Costs directly associated with the issuance of the PhaRMA Notes and the Senior Credit Facility have been capitalized and are netted against the non-recourse notes payable and Senior Credit Facility on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the terms of the PhaRMA Notes and the Senior Credit Facility using the effective interest rate method. Amortization of deferred financing costs and original issue discount included in interest expense was &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$232&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$220&lt;/div&gt; for each of the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; respectively.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 13; Value: 3 --&gt;   &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Lease Financing Obligation&lt;/div&gt;&lt;/div&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Based on the terms of the lease agreement for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,589&lt;/div&gt; at &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 31, 2015, &lt;/div&gt;representing the Company&amp;#x2019;s leased portion of the building and recorded a corresponding liability. Upon completion of leasehold improvement construction, which ended in &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016,&lt;/div&gt; the Company did &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; meet the sale-leaseback criteria for de-recognition of the building asset and liability. Therefore, the lease is accounted for as a financing obligation. The asset will be depreciated over the expected duration of the lease of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;20.5&lt;/div&gt; years, and rental payments will be treated as principal and interest payments on the lease financing obligation liability. The underlying accounting for this transaction has &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; impact on cash flows associated with the underlying lease or construction in process. Interest expense for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; includes &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$82&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$80,&lt;/div&gt; respectively, related to the lease financing obligation.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;At each of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 31, 2017, &lt;/div&gt;the lease financing obligation balance was &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$2,703&lt;/div&gt; and was recorded as a long term liability on the consolidated balance sheets. At &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March 31, 2018 &lt;/div&gt;the remaining future minimum payments under the lease financing obligation are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$4,225.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Currency Hedge Agreement&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; qualify for hedge accounting treatment; therefore mark to market adjustments are recognized in the Company&amp;#x2019;s Consolidated Statements of Comprehensive Loss. Cumulative mark to market adjustments for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; resulted in losses of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,804&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;$1,543,&lt;/div&gt; respectively. Mark to market adjustments are determined by a &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; party pricing model that uses quoted prices in markets that are &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; actively traded and for which significant inputs are observable directly or indirectly, representing Level &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2&lt;/div&gt; in the fair value hierarchy as defined by U.S. GAAP. The Company is also required to post collateral in connection with the mark to market adjustments based on thresholds defined in the Currency Hedge Agreement. As of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; hedge collateral was posted under the agreement.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Net Loss Per Share&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;Net loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted loss per share is equivalent to basic net loss per share for all periods presented herein because common equivalent shares from unexercised stock options and common shares expected to be issued under the Company&amp;#x2019;s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; months ended &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; March&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017&lt;/div&gt; does &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; include &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;1,775&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2,762,&lt;/div&gt; respectively, of such potential common shares, as their impact would be anti-dilutive.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Use of Estimates&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Significant Customers and Other Risks&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Significant Customers&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;Prior to the SUL Agreement, the Company relied primarily on &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; specialty distributors to purchase and supply the majority of RAPIVAB. These &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;three&lt;/div&gt; pharmaceutical specialty distributors accounted for greater than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;90%&lt;/div&gt; of all RAPIVAB product sales and accounted for predominantly all of the Company&amp;#x2019;s outstanding receivables from product sales. The loss of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; or more of these specialty distributors as a customer could have negatively impacted the commercialization of RAPIVAB. However, the Company will utilize these specialty distributors on a limited basis subsequent to the SUL collaboration, as SUL and other peramivir collaboration partners will be responsible for commercial sales on a worldwide basis. In addition, in connection with the SUL collaboration, all peramivir sales (i.e., RAPIVAB, RAPIACTA, and PERAMIFLU) will be made by the Company&amp;#x2019;s partners and the Company will be reliant on these partners to generate sales and remit cash to satisfy receivables.&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"&gt;Other than peramivir royalty revenues for which Seqirus has a significant percentage of worldwide geography, the Company&amp;#x2019;s primary source of revenue that has an underlying cash flow stream is the reimbursement of galidesivir (formerly &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;BCX4430&lt;/div&gt;) development expenses earned under cost-plus-fixed-fee contracts with BARDA/HHS and NIAID/HHS (each as defined below). The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its galidesivir program. Accordingly, reimbursement of these expenses represents a significant portion of the Company&amp;#x2019;s collaborative and other research and development revenues. The completion or termination of the NIAID/HHS and BARDA/HHS galidesivir contracts could negatively impact the Company&amp;#x2019;s future Consolidated Statements of Comprehensive Loss and Cash Flows. The Company recognizes royalty revenue from the net sales of RAPIACTA by Shionogi; however, the underlying cash flow from these royalty payments, except for Japanese government stockpiling sales, is used directly to pay the interest, and then the principal, on the Company&amp;#x2019;s non-recourse notes payable. Payment of the interest and the ultimate repayment of principal of these notes will be entirely funded by future royalty payments derived from net sales of RAPIACTA. Further, the Company&amp;#x2019;s drug development activities are performed by a limited group of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;third&lt;/div&gt; party vendors. If any of these vendors were unable to perform their services, this could significantly impact the Company&amp;#x2019;s ability to complete its drug development activities.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 14; Value: 3 --&gt;   &lt;!-- Field: /Page --&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Risks from Third Party Manufacturing and Distribution Concentration&lt;/div&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;The Company primarily relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company&amp;#x2019;s product candidates in development.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Credit Risk&lt;/div&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"&gt;Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; may &lt;/div&gt;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 &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; months or less. Other than product sale and collaborative partner receivables discussed above, the majority of the Company&amp;#x2019;s receivables from collaborations are due from the U.S. Government, for which there is &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;no&lt;/div&gt; assumed credit risk.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Recent Accounting Pronouncements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;On &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December 22, 2017, &lt;/div&gt;the SEC staff issued SAB &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;118,&lt;/div&gt; which provides guidance on accounting for the tax effects of the TCJA. SAB &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;118&lt;/div&gt; provides a measurement period that should &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; extend beyond &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; year from the TCJA enactment date for companies to complete the accounting under ASC &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;740,&lt;/div&gt; Income Taxes.&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; November 2016, &lt;/div&gt;the Financial Accounting Standards Board (&amp;#x201c;FASB&amp;#x201d;) issued Accounting Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Statement of Cash Flows (Topic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;230&lt;/div&gt;): Restricted Cash&lt;/div&gt; (&amp;#x201c;ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&amp;#x201d;&lt;/div&gt;). The new standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; and interim periods within those annual reporting periods. The Company adopted ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018 &lt;/div&gt;and applied it retrospectively to all periods presented. Adoption of ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;18&lt;/div&gt; did &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; have a material impact on the Company&amp;#x2019;s consolidated financial statements.&amp;nbsp;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; August 2016, &lt;/div&gt;the FASB issued Accounting Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Statement of Cash Flows (Topic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;230&lt;/div&gt;): Classification of Certain Cash Receipts and Cash Payments&lt;/div&gt; (&amp;#x201c;ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15&amp;#x201d;&lt;/div&gt;). The amendments in this update clarify how entities should classify certain cash receipts and cash payments on the Consolidated Statements of Cash Flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;one&lt;/div&gt; class of cash flows. The standard is effective for annual periods beginning after &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; and interim periods within those annual reporting periods. The Company adopted ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018. &lt;/div&gt;Adoption of ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15&lt;/div&gt; did &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; have a material impact on the Company&amp;#x2019;s consolidated financial statements.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; February 2016, &lt;/div&gt;the FASB issued Accounting Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;02:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Leases (Topic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;842&lt;/div&gt;)&lt;/div&gt; (&amp;#x201c;ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;02&amp;#x201d;&lt;/div&gt;). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for all leases with terms greater than &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;12&lt;/div&gt; months. This update also introduces new disclosure requirements for leasing arrangements. ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;02&lt;/div&gt; will be effective for the Company in fiscal year &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2019,&lt;/div&gt; but early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"&gt;In &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 2016, &lt;/div&gt;the FASB issued Accounting Standards Update &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;01:&lt;/div&gt; &lt;div style="display: inline; font-style: italic;"&gt;Financial Instruments - Overall (Subtopic &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;825&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;10&lt;/div&gt;): Recognition and Measurement of Financial Assets and Financial Liabilities&lt;/div&gt; (&amp;#x201c;ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;01&amp;#x201d;&lt;/div&gt;). The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In particular, the amendments in this update supersede, for public business entities, the requirement to disclose the methods and significant assumptions used in calculating the fair value of financial instruments required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The standard is effective for annual periods beginning after &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2017,&lt;/div&gt; and interim periods within those annual reporting periods. The Company adopted ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt; January 1, 2018. &lt;/div&gt;Adoption of ASU &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;15&lt;/div&gt; did &lt;div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"&gt;not&lt;/div&gt; have a material impact on the Company&amp;#x2019;s consolidated financial statements.&lt;/div&gt;&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
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<DOCUMENT>
<TYPE>EX-101.CAL
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<FILENAME>bcrx-20180331_cal.xml
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    <link:label xlink:label="us-gaap_CapitalLeaseObligationsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease financing obligation</link:label>
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    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average exercise price, stock option awards granted (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average exercise price, stock option awards exercised (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccruedLiabilitiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MilestonePaymentReceived" xlink:label="bcrx_MilestonePaymentReceived" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MilestonePaymentReceived-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_MilestonePaymentReceived</link:label>
    <link:label xlink:label="bcrx_MilestonePaymentReceived-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Milestone Payment Received</link:label>
    <link:label xlink:label="bcrx_MilestonePaymentReceived-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of milestone payment received.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MilestonePaymentReceived" xlink:to="bcrx_MilestonePaymentReceived-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InterestPayableCurrent" xlink:label="us-gaap_InterestPayableCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestPayableCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrent" xlink:to="us-gaap_InterestPayableCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsPayableCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Options outstanding, beginning balance (in shares)</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Options outstanding, ending balance (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Options outstanding, stock option awards cancelled (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="us-gaap_CreditFacilityAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CreditFacilityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditFacilityAxis" xlink:to="us-gaap_CreditFacilityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="us-gaap_CreditFacilityDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CreditFacilityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditFacilityDomain" xlink:to="us-gaap_CreditFacilityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PolicyTextBlockAbstract" xlink:label="us-gaap_PolicyTextBlockAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PolicyTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PolicyTextBlockAbstract</link:label>
    <link:label xlink:label="us-gaap_PolicyTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounting Policies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PolicyTextBlockAbstract" xlink:to="us-gaap_PolicyTextBlockAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PaymentsToAcquireProductiveAssets" xlink:label="us-gaap_PaymentsToAcquireProductiveAssets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsToAcquireProductiveAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsToAcquireProductiveAssets</link:label>
    <link:label xlink:label="us-gaap_PaymentsToAcquireProductiveAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Acquisitions of property and equipment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireProductiveAssets" xlink:to="us-gaap_PaymentsToAcquireProductiveAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Awards available, beginning balance (in shares)</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Awards available, ending balance (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_IncreaseDecreaseInFinancingLeaseObligations" xlink:label="bcrx_IncreaseDecreaseInFinancingLeaseObligations" xlink:type="locator"/>
    <link:label xlink:label="bcrx_IncreaseDecreaseInFinancingLeaseObligations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase in lease financing obligation</link:label>
    <link:label xlink:label="bcrx_IncreaseDecreaseInFinancingLeaseObligations-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase (decrease) during the period for financing lease obligations.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_IncreaseDecreaseInFinancingLeaseObligations" xlink:to="bcrx_IncreaseDecreaseInFinancingLeaseObligations-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage</link:label>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities and Stockholders&#8217; Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_SeqirusUKLimitedMember" xlink:label="bcrx_SeqirusUKLimitedMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_SeqirusUKLimitedMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Seqirus UK Limited [Member]</link:label>
    <link:label xlink:label="bcrx_SeqirusUKLimitedMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to Seqirus UK Limited.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_SeqirusUKLimitedMember" xlink:to="bcrx_SeqirusUKLimitedMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_VestingAxis" xlink:label="us-gaap_VestingAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_VestingAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vesting [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VestingAxis" xlink:to="us-gaap_VestingAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_VestingDomain" xlink:label="us-gaap_VestingDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_VestingDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vesting [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VestingDomain" xlink:to="us-gaap_VestingDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Assets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_Assets</link:label>
    <link:label xlink:label="us-gaap_Assets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="us-gaap_PlanNameAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PlanNameAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan Name [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameAxis" xlink:to="us-gaap_PlanNameAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="us-gaap_PlanNameDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PlanNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameDomain" xlink:to="us-gaap_PlanNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</link:label>
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    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentGross-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PropertyPlantAndEquipmentGross</link:label>
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    <link:label xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimated Fair Value</link:label>
    <link:label xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total investments</link:label>
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    <link:label xlink:label="us-gaap_DebtInstrumentTerm-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentTerm</link:label>
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    <link:label xlink:label="currency_AllCurrenciesDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Currencies [Domain]</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted cash</link:label>
    <link:label xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted Cash and Cash Equivalents, Current, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_RoyaltyMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Royalty [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RoyaltyMember" xlink:to="us-gaap_RoyaltyMember-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_RoyaltyExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Royalty</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RoyaltyExpense" xlink:to="us-gaap_RoyaltyExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:type="locator"/>
    <link:label xlink:label="dei_AmendmentFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ComprehensiveIncomeNetOfTax-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ComprehensiveIncomeNetOfTax</link:label>
    <link:label xlink:label="us-gaap_ComprehensiveIncomeNetOfTax-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Comprehensive loss</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_UseOfEstimates-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized" xlink:label="bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized" xlink:type="locator"/>
    <link:label xlink:label="bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized</link:label>
    <link:label xlink:label="bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue Recognition Royalty and Milestone Revenue Recognized</link:label>
    <link:label xlink:label="bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Revenue recognition royalty and milestone revenue recognized.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized" xlink:to="bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities" xlink:label="bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities</link:label>
    <link:label xlink:label="bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Average Maturity Period of High Quality Marketable Securities</link:label>
    <link:label xlink:label="bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Average maturity period of high quality marketable securities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities" xlink:to="bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_IncreaseDecreaseInDerivativeAssets" xlink:label="us-gaap_IncreaseDecreaseInDerivativeAssets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDerivativeAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInDerivativeAssets</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDerivativeAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Change in fair value of foreign currency derivative</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDerivativeAssets" xlink:to="us-gaap_IncreaseDecreaseInDerivativeAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MaturityperiodOfShortTermInvestment" xlink:label="bcrx_MaturityperiodOfShortTermInvestment" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MaturityperiodOfShortTermInvestment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_MaturityperiodOfShortTermInvestment</link:label>
    <link:label xlink:label="bcrx_MaturityperiodOfShortTermInvestment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maturity Period of Short Term Investment</link:label>
    <link:label xlink:label="bcrx_MaturityperiodOfShortTermInvestment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maturity period of short term investment.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MaturityperiodOfShortTermInvestment" xlink:to="bcrx_MaturityperiodOfShortTermInvestment-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:type="locator"/>
    <link:label xlink:label="dei_CurrentFiscalYearEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities" xlink:label="bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities" xlink:type="locator"/>
    <link:label xlink:label="bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities</link:label>
    <link:label xlink:label="bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Deferred collaboration expense</link:label>
    <link:label xlink:label="bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents deferred collaboration expense.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities" xlink:to="bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentInterestRateStatedPercentage</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LeaseArrangementTypeAxis" xlink:label="us-gaap_LeaseArrangementTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LeaseArrangementTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Arrangement, Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseArrangementTypeAxis" xlink:to="us-gaap_LeaseArrangementTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_CollaborativeAgreementContractValue" xlink:label="bcrx_CollaborativeAgreementContractValue" xlink:type="locator"/>
    <link:label xlink:label="bcrx_CollaborativeAgreementContractValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_CollaborativeAgreementContractValue</link:label>
    <link:label xlink:label="bcrx_CollaborativeAgreementContractValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collaborative Agreement Contract Value</link:label>
    <link:label xlink:label="bcrx_CollaborativeAgreementContractValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents collaborative agreement contract value.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_CollaborativeAgreementContractValue" xlink:to="bcrx_CollaborativeAgreementContractValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LeaseArrangementTypeDomain" xlink:label="us-gaap_LeaseArrangementTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LeaseArrangementTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Arrangement, Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseArrangementTypeDomain" xlink:to="us-gaap_LeaseArrangementTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses and other assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFiscalPeriodFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFiscalYearFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MundipharmaInternationalHoldingsLimitedMember" xlink:label="bcrx_MundipharmaInternationalHoldingsLimitedMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MundipharmaInternationalHoldingsLimitedMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mundipharma International Holdings Limited [Member]</link:label>
    <link:label xlink:label="bcrx_MundipharmaInternationalHoldingsLimitedMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to Mundipharma International Holdings Limited.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MundipharmaInternationalHoldingsLimitedMember" xlink:to="bcrx_MundipharmaInternationalHoldingsLimitedMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentPeriodEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="us-gaap_DebtInstrumentFaceAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentFaceAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentFaceAmount</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentFaceAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Face Amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentFaceAmount" xlink:to="us-gaap_DebtInstrumentFaceAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentType-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AverageMaturityForPortfolioInvestments" xlink:label="bcrx_AverageMaturityForPortfolioInvestments" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AverageMaturityForPortfolioInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_AverageMaturityForPortfolioInvestments</link:label>
    <link:label xlink:label="bcrx_AverageMaturityForPortfolioInvestments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Average Maturity for Portfolio Investments</link:label>
    <link:label xlink:label="bcrx_AverageMaturityForPortfolioInvestments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Average maturity for portfolio investments during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AverageMaturityForPortfolioInvestments" xlink:to="bcrx_AverageMaturityForPortfolioInvestments-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentInformationLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentInformationTable" xlink:label="dei_DocumentInformationTable" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentInformationTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Table]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationTable-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityFilerCategory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Filer Category</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCurrentReportingStatus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="us-gaap_DebtInstrumentNameDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="us-gaap_DebtInstrumentNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityVoluntaryFilers-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityWellKnownSeasonedIssuer-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">London Interbank Offered Rate (LIBOR) [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="us-gaap_LondonInterbankOfferedRateLIBORMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_USDepartmentOfHealthAndHumanServicesMember" xlink:label="bcrx_USDepartmentOfHealthAndHumanServicesMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_USDepartmentOfHealthAndHumanServicesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">US Department of Health and Human Services [Member]</link:label>
    <link:label xlink:label="bcrx_USDepartmentOfHealthAndHumanServicesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">United States department of health and human services.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_USDepartmentOfHealthAndHumanServicesMember" xlink:to="bcrx_USDepartmentOfHealthAndHumanServicesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AECOMAndIRLMember" xlink:label="bcrx_AECOMAndIRLMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AECOMAndIRLMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">AECOM and IRL [Member]</link:label>
    <link:label xlink:label="bcrx_AECOMAndIRLMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">AECOM and IRL</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AECOMAndIRLMember" xlink:to="bcrx_AECOMAndIRLMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="us-gaap_VariableRateDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_VariableRateDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateDomain" xlink:to="us-gaap_VariableRateDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_UABMember" xlink:label="bcrx_UABMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_UABMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">UAB [Member]</link:label>
    <link:label xlink:label="bcrx_UABMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">UAB</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_UABMember" xlink:to="bcrx_UABMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_IncreaseDecreaseInReceivables" xlink:label="us-gaap_IncreaseDecreaseInReceivables" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInReceivables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInReceivables</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInReceivables-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInReceivables" xlink:to="us-gaap_IncreaseDecreaseInReceivables-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="us-gaap_VariableRateAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_VariableRateAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateAxis" xlink:to="us-gaap_VariableRateAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="us-gaap_ConcentrationRiskPercentage1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskPercentage1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ConcentrationRiskPercentage1</link:label>
    <link:label xlink:label="us-gaap_ConcentrationRiskPercentage1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Concentration Risk, Percentage</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts" xlink:label="bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts" xlink:type="locator"/>
    <link:label xlink:label="bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts</link:label>
    <link:label xlink:label="bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from awards for Research and Development Contracts</link:label>
    <link:label xlink:label="bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents proceeds from awards for research and development contracts.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts" xlink:to="bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCentralIndexKey-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityRegistrantName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xlink:type="locator"/>
    <link:label xlink:label="dei_LegalEntityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CustomerConcentrationRiskMember" xlink:label="us-gaap_CustomerConcentrationRiskMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CustomerConcentrationRiskMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer Concentration Risk [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerConcentrationRiskMember" xlink:to="us-gaap_CustomerConcentrationRiskMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts" xlink:label="bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts" xlink:type="locator"/>
    <link:label xlink:label="bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts</link:label>
    <link:label xlink:label="bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expected Receivable From Awards for Research and Development Contracts</link:label>
    <link:label xlink:label="bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents expected receivable from awards for research and development contracts.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts" xlink:to="bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="us-gaap_ConcentrationRiskByTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskByTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByTypeAxis" xlink:to="us-gaap_ConcentrationRiskByTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="us-gaap_ConcentrationRiskTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskTypeDomain" xlink:to="us-gaap_ConcentrationRiskTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_BaseContractMember" xlink:label="bcrx_BaseContractMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_BaseContractMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Base Contract [Member]</link:label>
    <link:label xlink:label="bcrx_BaseContractMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The base contract of ASPR/BARDA to support BCX4430 drug manufacturing.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_BaseContractMember" xlink:to="bcrx_BaseContractMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AdditionalDevelopmentOptionsMember" xlink:label="bcrx_AdditionalDevelopmentOptionsMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AdditionalDevelopmentOptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Development Options [Member]</link:label>
    <link:label xlink:label="bcrx_AdditionalDevelopmentOptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The additional development options that can be exercised by the Government.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AdditionalDevelopmentOptionsMember" xlink:to="bcrx_AdditionalDevelopmentOptionsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_ASPRBARDAContractMember" xlink:label="bcrx_ASPRBARDAContractMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_ASPRBARDAContractMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ASPRBARDA Contract [Member]</link:label>
    <link:label xlink:label="bcrx_ASPRBARDAContractMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The potential value of the ASPR/BARDA Contract.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_ASPRBARDAContractMember" xlink:to="bcrx_ASPRBARDAContractMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCommonStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_GreenCrossCorporationMember" xlink:label="bcrx_GreenCrossCorporationMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_GreenCrossCorporationMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Green Cross Corporation [Member]</link:label>
    <link:label xlink:label="bcrx_GreenCrossCorporationMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Green Cross Corporation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_GreenCrossCorporationMember" xlink:to="bcrx_GreenCrossCorporationMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MilestonePaymentMinimum" xlink:label="bcrx_MilestonePaymentMinimum" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MilestonePaymentMinimum-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_MilestonePaymentMinimum</link:label>
    <link:label xlink:label="bcrx_MilestonePaymentMinimum-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Milestone Payment Minimum</link:label>
    <link:label xlink:label="bcrx_MilestonePaymentMinimum-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents milestone payment minimum.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MilestonePaymentMinimum" xlink:to="bcrx_MilestonePaymentMinimum-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_TransactionCosts" xlink:label="bcrx_TransactionCosts" xlink:type="locator"/>
    <link:label xlink:label="bcrx_TransactionCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_TransactionCosts</link:label>
    <link:label xlink:label="bcrx_TransactionCosts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transaction Costs</link:label>
    <link:label xlink:label="bcrx_TransactionCosts-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents transaction costs associated with royalty monetization.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_TransactionCosts" xlink:to="bcrx_TransactionCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_InterestReserve" xlink:label="bcrx_InterestReserve" xlink:type="locator"/>
    <link:label xlink:label="bcrx_InterestReserve-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_InterestReserve</link:label>
    <link:label xlink:label="bcrx_InterestReserve-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest Reserve</link:label>
    <link:label xlink:label="bcrx_InterestReserve-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents interest reserve established as part of the royalty monetization.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_InterestReserve" xlink:to="bcrx_InterestReserve-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MilestonePaymentMaximum" xlink:label="bcrx_MilestonePaymentMaximum" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MilestonePaymentMaximum-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_MilestonePaymentMaximum</link:label>
    <link:label xlink:label="bcrx_MilestonePaymentMaximum-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Milestone Payment Maximum</link:label>
    <link:label xlink:label="bcrx_MilestonePaymentMaximum-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents milestone payment maximum.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MilestonePaymentMaximum" xlink:to="bcrx_MilestonePaymentMaximum-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_RequiredForeignCurrencyHedgePerDollar" xlink:label="bcrx_RequiredForeignCurrencyHedgePerDollar" xlink:type="locator"/>
    <link:label xlink:label="bcrx_RequiredForeignCurrencyHedgePerDollar-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_RequiredForeignCurrencyHedgePerDollar</link:label>
    <link:label xlink:label="bcrx_RequiredForeignCurrencyHedgePerDollar-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Required Foreign Currency Hedge Per Dollar</link:label>
    <link:label xlink:label="bcrx_RequiredForeignCurrencyHedgePerDollar-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The Company is required to maintain a foreign currency hedge per dollar under the agreements governing the PhaRMA Notes.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_RequiredForeignCurrencyHedgePerDollar" xlink:to="bcrx_RequiredForeignCurrencyHedgePerDollar-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SalesRevenueProductLineMember" xlink:label="us-gaap_SalesRevenueProductLineMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SalesRevenueProductLineMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sales Revenue, Product Line [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueProductLineMember" xlink:to="us-gaap_SalesRevenueProductLineMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_RoyaltyMonetizationMember" xlink:label="bcrx_RoyaltyMonetizationMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_RoyaltyMonetizationMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Royalty Monetization [Member]</link:label>
    <link:label xlink:label="bcrx_RoyaltyMonetizationMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the royalty monetization transaction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_RoyaltyMonetizationMember" xlink:to="bcrx_RoyaltyMonetizationMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_NationalInstituteOfAllergyAndInfectiousDiseasesMember" xlink:label="bcrx_NationalInstituteOfAllergyAndInfectiousDiseasesMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_NationalInstituteOfAllergyAndInfectiousDiseasesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">National Institute of Allergy and Infectious Diseases [Member]</link:label>
    <link:label xlink:label="bcrx_NationalInstituteOfAllergyAndInfectiousDiseasesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents National Institute of Allergy and Infectious Diseases.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_NationalInstituteOfAllergyAndInfectiousDiseasesMember" xlink:to="bcrx_NationalInstituteOfAllergyAndInfectiousDiseasesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInInventories-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInInventories</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInInventories-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Inventory</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:type="locator"/>
    <link:label xlink:label="dei_TradingSymbol-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Benchmark [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:to="us-gaap_ConcentrationRiskByBenchmarkAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Benchmark [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskBenchmarkDomain" xlink:to="us-gaap_ConcentrationRiskBenchmarkDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans" xlink:label="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans</link:label>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Employee Stock Purchase Plans</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans" xlink:to="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:label="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd</link:label>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Interest Rate at Period End</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:to="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</link:label>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Options outstanding, stock option awards exercised (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_TableTextBlock" xlink:label="us-gaap_TableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_TableTextBlock</link:label>
    <link:label xlink:label="us-gaap_TableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notes Tables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TableTextBlock" xlink:to="us-gaap_TableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_CurrencyHedgeAgreementMember" xlink:label="bcrx_CurrencyHedgeAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_CurrencyHedgeAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency Hedge Agreement [Member]</link:label>
    <link:label xlink:label="bcrx_CurrencyHedgeAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_CurrencyHedgeAgreementMember" xlink:to="bcrx_CurrencyHedgeAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MaximumAggregateOfferingPrice" xlink:label="bcrx_MaximumAggregateOfferingPrice" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MaximumAggregateOfferingPrice-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_MaximumAggregateOfferingPrice</link:label>
    <link:label xlink:label="bcrx_MaximumAggregateOfferingPrice-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum Aggregate Offering Price</link:label>
    <link:label xlink:label="bcrx_MaximumAggregateOfferingPrice-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the maximum aggregate offering price of common stock, preferred stock, depository shares, stock purchase contracts, warrants and units.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MaximumAggregateOfferingPrice" xlink:to="bcrx_MaximumAggregateOfferingPrice-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AnnualLicenseFeeMinimum" xlink:label="bcrx_AnnualLicenseFeeMinimum" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AnnualLicenseFeeMinimum-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_AnnualLicenseFeeMinimum</link:label>
    <link:label xlink:label="bcrx_AnnualLicenseFeeMinimum-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual License Fee Minimum</link:label>
    <link:label xlink:label="bcrx_AnnualLicenseFeeMinimum-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represent minimum annual license fee.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AnnualLicenseFeeMinimum" xlink:to="bcrx_AnnualLicenseFeeMinimum-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AnnualLicenseFeeMaximum" xlink:label="bcrx_AnnualLicenseFeeMaximum" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AnnualLicenseFeeMaximum-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_AnnualLicenseFeeMaximum</link:label>
    <link:label xlink:label="bcrx_AnnualLicenseFeeMaximum-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual License Fee Maximum</link:label>
    <link:label xlink:label="bcrx_AnnualLicenseFeeMaximum-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents annual maximum license fee.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AnnualLicenseFeeMaximum" xlink:to="bcrx_AnnualLicenseFeeMaximum-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LossOnSaleOfInvestments" xlink:label="us-gaap_LossOnSaleOfInvestments" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LossOnSaleOfInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LossOnSaleOfInvestments</link:label>
    <link:label xlink:label="us-gaap_LossOnSaleOfInvestments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loss on Sale of Investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossOnSaleOfInvestments" xlink:to="us-gaap_LossOnSaleOfInvestments-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">General and administrative</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_NumberOfStockbasedCompensationPlans" xlink:label="bcrx_NumberOfStockbasedCompensationPlans" xlink:type="locator"/>
    <link:label xlink:label="bcrx_NumberOfStockbasedCompensationPlans-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_NumberOfStockbasedCompensationPlans</link:label>
    <link:label xlink:label="bcrx_NumberOfStockbasedCompensationPlans-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Stock-based Compensation Plans</link:label>
    <link:label xlink:label="bcrx_NumberOfStockbasedCompensationPlans-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of stock based compensation plan.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_NumberOfStockbasedCompensationPlans" xlink:to="bcrx_NumberOfStockbasedCompensationPlans-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Options outstanding, stock option awards granted (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LineOfCreditFacilityLenderDomain" xlink:label="us-gaap_LineOfCreditFacilityLenderDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityLenderDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Lender [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityLenderDomain" xlink:to="us-gaap_LineOfCreditFacilityLenderDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ArrangementsAndNonarrangementTransactionsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Arrangements and Non-arrangement Transactions [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:to="us-gaap_ArrangementsAndNonarrangementTransactionsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage" xlink:label="bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage" xlink:type="locator"/>
    <link:label xlink:label="bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage</link:label>
    <link:label xlink:label="bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage</link:label>
    <link:label xlink:label="bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the percentage of performance awards that remain unvested.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage" xlink:to="bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AdvanceNoticePeriodForTerminationOfAgreement" xlink:label="bcrx_AdvanceNoticePeriodForTerminationOfAgreement" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AdvanceNoticePeriodForTerminationOfAgreement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_AdvanceNoticePeriodForTerminationOfAgreement</link:label>
    <link:label xlink:label="bcrx_AdvanceNoticePeriodForTerminationOfAgreement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Advance Notice Period for Termination of Agreement</link:label>
    <link:label xlink:label="bcrx_AdvanceNoticePeriodForTerminationOfAgreement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents advance notice period for termination of agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AdvanceNoticePeriodForTerminationOfAgreement" xlink:to="bcrx_AdvanceNoticePeriodForTerminationOfAgreement-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LineOfCreditFacilityAxis" xlink:label="us-gaap_LineOfCreditFacilityAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lender Name [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityAxis" xlink:to="us-gaap_LineOfCreditFacilityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum" xlink:label="bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum" xlink:type="locator"/>
    <link:label xlink:label="bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum</link:label>
    <link:label xlink:label="bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of Salary to Purchase Common Stock, Maximum</link:label>
    <link:label xlink:label="bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents percentage of salary to purchase common stock maximum.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum" xlink:to="bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_PercentageOfCommonStockSharesBeginning" xlink:label="bcrx_PercentageOfCommonStockSharesBeginning" xlink:type="locator"/>
    <link:label xlink:label="bcrx_PercentageOfCommonStockSharesBeginning-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_PercentageOfCommonStockSharesBeginning</link:label>
    <link:label xlink:label="bcrx_PercentageOfCommonStockSharesBeginning-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of Common Stock Shares, Beginning</link:label>
    <link:label xlink:label="bcrx_PercentageOfCommonStockSharesBeginning-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents percentage of common stock shares beginning.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_PercentageOfCommonStockSharesBeginning" xlink:to="bcrx_PercentageOfCommonStockSharesBeginning-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesAndStockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LiabilitiesAndStockholdersEquity</link:label>
    <link:label xlink:label="us-gaap_LiabilitiesAndStockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities and stockholders&#8217; equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_PercentageOfCommonStockSharesEnding" xlink:label="bcrx_PercentageOfCommonStockSharesEnding" xlink:type="locator"/>
    <link:label xlink:label="bcrx_PercentageOfCommonStockSharesEnding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_PercentageOfCommonStockSharesEnding</link:label>
    <link:label xlink:label="bcrx_PercentageOfCommonStockSharesEnding-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of Common Stock Shares, Ending</link:label>
    <link:label xlink:label="bcrx_PercentageOfCommonStockSharesEnding-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents percentage of common stock shares ending.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_PercentageOfCommonStockSharesEnding" xlink:to="bcrx_PercentageOfCommonStockSharesEnding-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount" xlink:label="bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount" xlink:type="locator"/>
    <link:label xlink:label="bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount</link:label>
    <link:label xlink:label="bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shar-based Compensation Arrangement by Shar-based Payment Award, Maximum Number of Shares Per Employee, Amount</link:label>
    <link:label xlink:label="bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents share-based compensation arrangement by share-based payment award maximum value per employee amount.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount" xlink:to="bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated deficit</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="us-gaap_ResearchAndDevelopmentExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ResearchAndDevelopmentExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Research and development</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpense" xlink:to="us-gaap_ResearchAndDevelopmentExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated other comprehensive loss</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_InterestExpense</link:label>
    <link:label xlink:label="us-gaap_InterestExpense-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest Expense, Total</link:label>
    <link:label xlink:label="us-gaap_InterestExpense-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="us-gaap_InterestExpenseDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestExpenseDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_InterestExpenseDebt</link:label>
    <link:label xlink:label="us-gaap_InterestExpenseDebt-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest Expense, Debt, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_PeriodOfAgreement" xlink:label="bcrx_PeriodOfAgreement" xlink:type="locator"/>
    <link:label xlink:label="bcrx_PeriodOfAgreement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_PeriodOfAgreement</link:label>
    <link:label xlink:label="bcrx_PeriodOfAgreement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of Agreement</link:label>
    <link:label xlink:label="bcrx_PeriodOfAgreement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents period of agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_PeriodOfAgreement" xlink:to="bcrx_PeriodOfAgreement-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes in operating assets and liabilities:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_RenewablePeriodOfAgreement" xlink:label="bcrx_RenewablePeriodOfAgreement" xlink:type="locator"/>
    <link:label xlink:label="bcrx_RenewablePeriodOfAgreement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_RenewablePeriodOfAgreement</link:label>
    <link:label xlink:label="bcrx_RenewablePeriodOfAgreement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Renewable Period of Agreement</link:label>
    <link:label xlink:label="bcrx_RenewablePeriodOfAgreement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents renewable period of agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_RenewablePeriodOfAgreement" xlink:to="bcrx_RenewablePeriodOfAgreement-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="us-gaap_AmortizationOfFinancingCosts" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AmortizationOfFinancingCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization of debt issuance costs</link:label>
    <link:label xlink:label="us-gaap_AmortizationOfFinancingCosts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization of Debt Issuance Costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted Cash and Cash Equivalents [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NotesPayableFairValueDisclosure" xlink:label="us-gaap_NotesPayableFairValueDisclosure" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NotesPayableFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NotesPayableFairValueDisclosure</link:label>
    <link:label xlink:label="us-gaap_NotesPayableFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notes Payable, Fair Value Disclosure</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableFairValueDisclosure" xlink:to="us-gaap_NotesPayableFairValueDisclosure-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DisclosureTextBlockAbstract" xlink:label="us-gaap_DisclosureTextBlockAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisclosureTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DisclosureTextBlockAbstract</link:label>
    <link:label xlink:label="us-gaap_DisclosureTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notes to Financial Statements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureTextBlockAbstract" xlink:to="us-gaap_DisclosureTextBlockAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_IncentivePlanMember" xlink:label="bcrx_IncentivePlanMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_IncentivePlanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Incentive Plan [Member]</link:label>
    <link:label xlink:label="bcrx_IncentivePlanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Incentive Plan.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_IncentivePlanMember" xlink:to="bcrx_IncentivePlanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_EmployeeStockPurchasePlanMember" xlink:label="bcrx_EmployeeStockPurchasePlanMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_EmployeeStockPurchasePlanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Employee Stock Purchase Plan [Member]</link:label>
    <link:label xlink:label="bcrx_EmployeeStockPurchasePlanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Employee stock purchase plan, (ESPP).</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_EmployeeStockPurchasePlanMember" xlink:to="bcrx_EmployeeStockPurchasePlanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_RoyaltyMonetizationTextBlock" xlink:label="bcrx_RoyaltyMonetizationTextBlock" xlink:type="locator"/>
    <link:label xlink:label="bcrx_RoyaltyMonetizationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Royalty Monetization [Text Block]</link:label>
    <link:label xlink:label="bcrx_RoyaltyMonetizationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Royalty monetization.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_RoyaltyMonetizationTextBlock" xlink:to="bcrx_RoyaltyMonetizationTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_NonEmployeeDirectorsMember" xlink:label="bcrx_NonEmployeeDirectorsMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_NonEmployeeDirectorsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-employee Directors [Member]</link:label>
    <link:label xlink:label="bcrx_NonEmployeeDirectorsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents non-employee directors of the company.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_NonEmployeeDirectorsMember" xlink:to="bcrx_NonEmployeeDirectorsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable" xlink:label="bcrx_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable" xlink:type="locator"/>
    <link:label xlink:label="bcrx_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Awards available, stock option awards cancelled (in shares)</link:label>
    <link:label xlink:label="bcrx_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share based compensation arrangement by share based payment award options forfeitures in period awards available.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable" xlink:to="bcrx_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears" xlink:label="bcrx_AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturing after two years</link:label>
    <link:label xlink:label="bcrx_AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents debt maturities after two years.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears" xlink:to="bcrx_AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:label="us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:to="us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_PrivatePlacementOfSeniorSecuredNotes" xlink:label="bcrx_PrivatePlacementOfSeniorSecuredNotes" xlink:type="locator"/>
    <link:label xlink:label="bcrx_PrivatePlacementOfSeniorSecuredNotes-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_PrivatePlacementOfSeniorSecuredNotes</link:label>
    <link:label xlink:label="bcrx_PrivatePlacementOfSeniorSecuredNotes-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Private Placement of Senior Secured Notes</link:label>
    <link:label xlink:label="bcrx_PrivatePlacementOfSeniorSecuredNotes-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents private placement of senior secured notes.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_PrivatePlacementOfSeniorSecuredNotes" xlink:to="bcrx_PrivatePlacementOfSeniorSecuredNotes-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherAssetsNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock-based compensation expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LesseeLeasesPolicyTextBlock" xlink:label="us-gaap_LesseeLeasesPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LesseeLeasesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Leases [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeLeasesPolicyTextBlock" xlink:to="us-gaap_LesseeLeasesPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="us-gaap_TitleOfIndividualAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TitleOfIndividualAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of Individual [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TitleOfIndividualAxis" xlink:to="us-gaap_TitleOfIndividualAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_BusinessCombinationsPolicy" xlink:label="us-gaap_BusinessCombinationsPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_BusinessCombinationsPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Combinations Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationsPolicy" xlink:to="us-gaap_BusinessCombinationsPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Relationship to Entity [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerSharePolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_LongtermInvestmentMaturityMinimum" xlink:label="bcrx_LongtermInvestmentMaturityMinimum" xlink:type="locator"/>
    <link:label xlink:label="bcrx_LongtermInvestmentMaturityMinimum-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_LongtermInvestmentMaturityMinimum</link:label>
    <link:label xlink:label="bcrx_LongtermInvestmentMaturityMinimum-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term Investment Maturity, Minimum</link:label>
    <link:label xlink:label="bcrx_LongtermInvestmentMaturityMinimum-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents long term investment maturity minimum.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_LongtermInvestmentMaturityMinimum" xlink:to="bcrx_LongtermInvestmentMaturityMinimum-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:label="us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ComprehensiveIncomePolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive Income, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:to="us-gaap_ComprehensiveIncomePolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeTaxPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MaximumAmountOfCollateralRequiredToPost" xlink:label="bcrx_MaximumAmountOfCollateralRequiredToPost" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MaximumAmountOfCollateralRequiredToPost-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_MaximumAmountOfCollateralRequiredToPost</link:label>
    <link:label xlink:label="bcrx_MaximumAmountOfCollateralRequiredToPost-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum Amount of Collateral Required to Post</link:label>
    <link:label xlink:label="bcrx_MaximumAmountOfCollateralRequiredToPost-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents maximum amount of collateral required to post.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MaximumAmountOfCollateralRequiredToPost" xlink:to="bcrx_MaximumAmountOfCollateralRequiredToPost-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_JPRRoyaltySubLLCMember" xlink:label="bcrx_JPRRoyaltySubLLCMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_JPRRoyaltySubLLCMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">JPR Royalty Sub LLC [Member]</link:label>
    <link:label xlink:label="bcrx_JPRRoyaltySubLLCMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents JPR Royalty Sub LLC.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_JPRRoyaltySubLLCMember" xlink:to="bcrx_JPRRoyaltySubLLCMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_RoyaltyReceivableMember" xlink:label="bcrx_RoyaltyReceivableMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_RoyaltyReceivableMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Royalty Receivable [Member]</link:label>
    <link:label xlink:label="bcrx_RoyaltyReceivableMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents royalty receivable.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_RoyaltyReceivableMember" xlink:to="bcrx_RoyaltyReceivableMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_PhaRMANotesMember" xlink:label="bcrx_PhaRMANotesMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_PhaRMANotesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PhaRMA Notes Member]</link:label>
    <link:label xlink:label="bcrx_PhaRMANotesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents PhaRMA notes.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_PhaRMANotesMember" xlink:to="bcrx_PhaRMANotesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_CollateralForCreditMember" xlink:label="bcrx_CollateralForCreditMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_CollateralForCreditMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collateral for Credit [Member]</link:label>
    <link:label xlink:label="bcrx_CollateralForCreditMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Restricted cash and cash equivalents required to maintain as collateral for a letter of credit.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_CollateralForCreditMember" xlink:to="bcrx_CollateralForCreditMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:label="us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ResearchAndDevelopmentExpensePolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Research and Development Expense, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:to="us-gaap_ResearchAndDevelopmentExpensePolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_RAPIVABMember" xlink:label="bcrx_RAPIVABMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_RAPIVABMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">RAPIVAB [Member]</link:label>
    <link:label xlink:label="bcrx_RAPIVABMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents RAPIVAB product.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_RAPIVABMember" xlink:to="bcrx_RAPIVABMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent</link:label>
    <link:label xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent" xlink:to="us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DepreciationDepletionAndAmortization-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AssetsCurrent</link:label>
    <link:label xlink:label="us-gaap_AssetsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stockholders' Equity Note Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MaturityPeriodOfHighQualityMarketablesecurities" xlink:label="bcrx_MaturityPeriodOfHighQualityMarketablesecurities" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MaturityPeriodOfHighQualityMarketablesecurities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_MaturityPeriodOfHighQualityMarketablesecurities</link:label>
    <link:label xlink:label="bcrx_MaturityPeriodOfHighQualityMarketablesecurities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maturity Period of High Quality Marketable Securities</link:label>
    <link:label xlink:label="bcrx_MaturityPeriodOfHighQualityMarketablesecurities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents maturity period of high quality marketable securities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MaturityPeriodOfHighQualityMarketablesecurities" xlink:to="bcrx_MaturityPeriodOfHighQualityMarketablesecurities-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AvailableForSaleDebtSecuritiesAccruedInterest" xlink:label="bcrx_AvailableForSaleDebtSecuritiesAccruedInterest" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AvailableForSaleDebtSecuritiesAccruedInterest-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued Interest</link:label>
    <link:label xlink:label="bcrx_AvailableForSaleDebtSecuritiesAccruedInterest-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of accrued interest in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AvailableForSaleDebtSecuritiesAccruedInterest" xlink:to="bcrx_AvailableForSaleDebtSecuritiesAccruedInterest-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, $0.01 par value: shares authorized &#8212; 200,000; shares issued and outstanding &#8212; 98,702 in 2018 and 98,411 in 2017</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile net loss to net cash used in operating activities:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, shares authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesIssued-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, shares issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CertificatesOfDepositMember" xlink:label="us-gaap_CertificatesOfDepositMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CertificatesOfDepositMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Certificates of Deposit [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CertificatesOfDepositMember" xlink:to="us-gaap_CertificatesOfDepositMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockParOrStatedValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, par value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DeferredCostsCurrent" xlink:label="us-gaap_DeferredCostsCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DeferredCostsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred collaboration expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCostsCurrent" xlink:to="us-gaap_DeferredCostsCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_RangeMember" xlink:label="srt_RangeMember" xlink:type="locator"/>
    <link:label xlink:label="srt_RangeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeMember" xlink:to="srt_RangeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_MaximumMember" xlink:label="srt_MaximumMember" xlink:type="locator"/>
    <link:label xlink:label="srt_MaximumMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MaximumMember" xlink:to="srt_MaximumMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AvailableForSaleSecuritiesDebtMaturitiesFairValueTableTextBlock" xlink:label="bcrx_AvailableForSaleSecuritiesDebtMaturitiesFairValueTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AvailableForSaleSecuritiesDebtMaturitiesFairValueTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available For Sale Securities Debt Maturities Fair Value [Table Text Block]</link:label>
    <link:label xlink:label="bcrx_AvailableForSaleSecuritiesDebtMaturitiesFairValueTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of available for sale securities debt maturities fair value.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AvailableForSaleSecuritiesDebtMaturitiesFairValueTableTextBlock" xlink:to="bcrx_AvailableForSaleSecuritiesDebtMaturitiesFairValueTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_MinimumMember" xlink:label="srt_MinimumMember" xlink:type="locator"/>
    <link:label xlink:label="srt_MinimumMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MinimumMember" xlink:to="srt_MinimumMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue" xlink:label="bcrx_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturing after one year through two years</link:label>
    <link:label xlink:label="bcrx_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents available for sale securities debt maturities after one through two years fair value.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue" xlink:to="bcrx_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_OwnershipDomain" xlink:label="srt_OwnershipDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_OwnershipDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ownership [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OwnershipDomain" xlink:to="srt_OwnershipDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="srt_ProductOrServiceAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_ProductOrServiceAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Product and Service [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ProductOrServiceAxis" xlink:to="srt_ProductOrServiceAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_ScheduleOfReceivablesFromCollaborationsTableTextBlock" xlink:label="bcrx_ScheduleOfReceivablesFromCollaborationsTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="bcrx_ScheduleOfReceivablesFromCollaborationsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Receivables from Collaborations [Table Text Block]</link:label>
    <link:label xlink:label="bcrx_ScheduleOfReceivablesFromCollaborationsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure representing receivables from collaborations.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_ScheduleOfReceivablesFromCollaborationsTableTextBlock" xlink:to="bcrx_ScheduleOfReceivablesFromCollaborationsTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="srt_ProductsAndServicesDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_ProductsAndServicesDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Product and Service [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ProductsAndServicesDomain" xlink:to="srt_ProductsAndServicesDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_RangeAxis" xlink:label="srt_RangeAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_RangeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_ShionogiAndCoLtdMember" xlink:label="bcrx_ShionogiAndCoLtdMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_ShionogiAndCoLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Shionogi and Co. Ltd [Member]</link:label>
    <link:label xlink:label="bcrx_ShionogiAndCoLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Shionogi &amp; Co. Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_ShionogiAndCoLtdMember" xlink:to="bcrx_ShionogiAndCoLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_OwnershipAxis" xlink:label="srt_OwnershipAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_OwnershipAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ownership [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_OwnershipAxis" xlink:to="srt_OwnershipAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, $0.001 par value; shares authorized &#8212; 5,000; no shares issued and outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_CSLLimitedMember" xlink:label="bcrx_CSLLimitedMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_CSLLimitedMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CSL Limited [Member</link:label>
    <link:label xlink:label="bcrx_CSLLimitedMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents CSL Limited which is a company organized under the laws of Australia.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_CSLLimitedMember" xlink:to="bcrx_CSLLimitedMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesIssued-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, shares issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:label="us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IntangibleAssetsFiniteLivedPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Assets, Finite-Lived, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:to="us-gaap_IntangibleAssetsFiniteLivedPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, shares authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InventoryNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventory</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, par value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_RoyaltyTerm" xlink:label="bcrx_RoyaltyTerm" xlink:type="locator"/>
    <link:label xlink:label="bcrx_RoyaltyTerm-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_RoyaltyTerm</link:label>
    <link:label xlink:label="bcrx_RoyaltyTerm-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Royalty Term</link:label>
    <link:label xlink:label="bcrx_RoyaltyTerm-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of time between the date of the Agreement and its expiration.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_RoyaltyTerm" xlink:to="bcrx_RoyaltyTerm-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax" xlink:label="us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax" xlink:to="us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_CurrencyAxis" xlink:label="srt_CurrencyAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_CurrencyAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CurrencyAxis" xlink:to="srt_CurrencyAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_MajorCustomersAxis" xlink:label="srt_MajorCustomersAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_MajorCustomersAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MajorCustomersAxis" xlink:to="srt_MajorCustomersAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_NameOfMajorCustomerDomain" xlink:label="srt_NameOfMajorCustomerDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_NameOfMajorCustomerDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_NameOfMajorCustomerDomain" xlink:to="srt_NameOfMajorCustomerDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="us-gaap_FairValueInputsLevel2Member" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueInputsLevel2Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ProceedsFromLicenseFeesReceived" xlink:label="us-gaap_ProceedsFromLicenseFeesReceived" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromLicenseFeesReceived-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ProceedsFromLicenseFeesReceived</link:label>
    <link:label xlink:label="us-gaap_ProceedsFromLicenseFeesReceived-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from License Fees Received</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromLicenseFeesReceived" xlink:to="us-gaap_ProceedsFromLicenseFeesReceived-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ReceivablesNetCurrent" xlink:label="us-gaap_ReceivablesNetCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ReceivablesNetCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesNetCurrent" xlink:to="us-gaap_ReceivablesNetCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PropertyPlantAndEquipmentUsefulLife</link:label>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment, Useful Life</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Deferred revenue</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInDeferredRevenue</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="us-gaap_IncreaseDecreaseInDeferredRevenue-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable" xlink:label="bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable" xlink:type="locator"/>
    <link:label xlink:label="bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable</link:label>
    <link:label xlink:label="bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Awards available, stock option awards granted (in shares)</link:label>
    <link:label xlink:label="bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents share based compensation arrangement by share based payment award options grants in period awards available.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable" xlink:to="bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue Recognition, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="us-gaap_RevenueRecognitionPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Line Items]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_FurnitureAndFixturesMember" xlink:label="us-gaap_FurnitureAndFixturesMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FurnitureAndFixturesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Furniture and Fixtures [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FurnitureAndFixturesMember" xlink:to="us-gaap_FurnitureAndFixturesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsReceivableNetCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Receivables from collaborations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdditionalPaidInCapital-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional paid-in capital</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RevenuesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenues:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stockholders&#8217; equity:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LeaseholdImprovementsMember" xlink:label="us-gaap_LeaseholdImprovementsMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LeaseholdImprovementsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leasehold Improvements [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseholdImprovementsMember" xlink:to="us-gaap_LeaseholdImprovementsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent" xlink:to="us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment, Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="us-gaap_PropertyPlantAndEquipmentTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_DescriptionOfCompanyPolicyTextBlock" xlink:label="bcrx_DescriptionOfCompanyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="bcrx_DescriptionOfCompanyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of Company [Policy Text Block]</link:label>
    <link:label xlink:label="bcrx_DescriptionOfCompanyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The description of company policy.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_DescriptionOfCompanyPolicyTextBlock" xlink:to="bcrx_DescriptionOfCompanyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Cash, cash equivalents and restricted cash at beginning of period</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Cash, cash equivalents and restricted cash at end of period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="us-gaap_InventoryPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InventoryPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventory, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">(Decrease) increase in cash, cash equivalents and restricted cash</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInFinancingActivities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash (used in) provided by financing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_AccruedExpensesPolicyTextBlock" xlink:label="bcrx_AccruedExpensesPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="bcrx_AccruedExpensesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued Expenses [Policy Text Block]</link:label>
    <link:label xlink:label="bcrx_AccruedExpensesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents accrued expenses policy.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_AccruedExpensesPolicyTextBlock" xlink:to="bcrx_AccruedExpensesPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_InterestExpenseAndDeferredFinancingCostsPolicyTextBlock" xlink:label="bcrx_InterestExpenseAndDeferredFinancingCostsPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="bcrx_InterestExpenseAndDeferredFinancingCostsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense and Deferred Financing Costs [Policy Text Block]</link:label>
    <link:label xlink:label="bcrx_InterestExpenseAndDeferredFinancingCostsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents interest expense and deferred financing costs.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_InterestExpenseAndDeferredFinancingCostsPolicyTextBlock" xlink:to="bcrx_InterestExpenseAndDeferredFinancingCostsPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_CurrencyHedgeAgreementPolicyTextBlock" xlink:label="bcrx_CurrencyHedgeAgreementPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="bcrx_CurrencyHedgeAgreementPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency Hedge Agreement [Policy Text Block]</link:label>
    <link:label xlink:label="bcrx_CurrencyHedgeAgreementPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents currency hedge agreement policy.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_CurrencyHedgeAgreementPolicyTextBlock" xlink:to="bcrx_CurrencyHedgeAgreementPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OperatingIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_OperatingIncomeLoss</link:label>
    <link:label xlink:label="us-gaap_OperatingIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Loss from operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInOperatingActivities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash used in operating activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_ConcentrationOfMarketRiskPolicyTextBlock" xlink:label="bcrx_ConcentrationOfMarketRiskPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="bcrx_ConcentrationOfMarketRiskPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration of Market Risk [Policy Text Block]</link:label>
    <link:label xlink:label="bcrx_ConcentrationOfMarketRiskPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents concentration of market risk policy.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_ConcentrationOfMarketRiskPolicyTextBlock" xlink:to="bcrx_ConcentrationOfMarketRiskPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid expenses and other current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInInvestingActivities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by investing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_CounterpartyNameAxis" xlink:label="srt_CounterpartyNameAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_CounterpartyNameAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparty Name [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CounterpartyNameAxis" xlink:to="srt_CounterpartyNameAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_RepurchaseAgreementCounterpartyNameDomain" xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparty Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RepurchaseAgreementCounterpartyNameDomain" xlink:to="srt_RepurchaseAgreementCounterpartyNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountingStandardsUpdate201409Member" xlink:label="us-gaap_AccountingStandardsUpdate201409Member" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountingStandardsUpdate201409Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounting Standards Update 2014-09 [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingStandardsUpdate201409Member" xlink:to="us-gaap_AccountingStandardsUpdate201409Member-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="us-gaap_InvestmentPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InvestmentPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="us-gaap_TypeOfAdoptionMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TypeOfAdoptionMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Type of Adoption [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TypeOfAdoptionMember" xlink:to="us-gaap_TypeOfAdoptionMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for New Accounting Pronouncements [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MidCapFinancialServicesLLCMember" xlink:label="bcrx_MidCapFinancialServicesLLCMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MidCapFinancialServicesLLCMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">MidCap Financial Services, LLC [Member]</link:label>
    <link:label xlink:label="bcrx_MidCapFinancialServicesLLCMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents MidCap Financial Services, LLC entity.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MidCapFinancialServicesLLCMember" xlink:to="bcrx_MidCapFinancialServicesLLCMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_DebtInstrumentFinalPaymentFeePercentage" xlink:label="bcrx_DebtInstrumentFinalPaymentFeePercentage" xlink:type="locator"/>
    <link:label xlink:label="bcrx_DebtInstrumentFinalPaymentFeePercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_DebtInstrumentFinalPaymentFeePercentage</link:label>
    <link:label xlink:label="bcrx_DebtInstrumentFinalPaymentFeePercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Final Payment Fee, Percentage</link:label>
    <link:label xlink:label="bcrx_DebtInstrumentFinalPaymentFeePercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage fee of principal amount of debt at which final payment has been made.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_DebtInstrumentFinalPaymentFeePercentage" xlink:to="bcrx_DebtInstrumentFinalPaymentFeePercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InterestAndOtherIncome" xlink:label="us-gaap_InterestAndOtherIncome" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestAndOtherIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest and other income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndOtherIncome" xlink:to="us-gaap_InterestAndOtherIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_SeniorCreditFacilityMember" xlink:label="bcrx_SeniorCreditFacilityMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_SeniorCreditFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Credit Facility [Member]</link:label>
    <link:label xlink:label="bcrx_SeniorCreditFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents senior credit facility. Credit facilities provide capital to borrowers without the need to structure a loan for each borrowing.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_SeniorCreditFacilityMember" xlink:to="bcrx_SeniorCreditFacilityMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostsAndExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CostsAndExpenses</link:label>
    <link:label xlink:label="us-gaap_CostsAndExpenses-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total operating expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostsAndExpensesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromStockOptionsExercised-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net proceeds from common stock issued under stock-based compensation plans</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromStockOptionsExercised" xlink:to="us-gaap_ProceedsFromStockOptionsExercised-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MundipharmaMember" xlink:label="bcrx_MundipharmaMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MundipharmaMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mundipharma [Member]</link:label>
    <link:label xlink:label="bcrx_MundipharmaMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to Mundipharma.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MundipharmaMember" xlink:to="bcrx_MundipharmaMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of common stock, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis" xlink:label="us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Initial Application Period Cumulative Effect Transition [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis" xlink:to="us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain" xlink:label="us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Initial Application Period Cumulative Effect Transition [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain" xlink:to="us-gaap_InitialApplicationPeriodCumulativeEffectTransitionDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" xlink:label="us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Difference between Revenue Guidance in Effect before and after Topic 606 [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" xlink:to="us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_PercentageOfCarryingAmountInExcessOfFairValue1" xlink:label="bcrx_PercentageOfCarryingAmountInExcessOfFairValue1" xlink:type="locator"/>
    <link:label xlink:label="bcrx_PercentageOfCarryingAmountInExcessOfFairValue1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_PercentageOfCarryingAmountInExcessOfFairValue1</link:label>
    <link:label xlink:label="bcrx_PercentageOfCarryingAmountInExcessOfFairValue1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of Carrying Amount in Excess of Fair Value</link:label>
    <link:label xlink:label="bcrx_PercentageOfCarryingAmountInExcessOfFairValue1-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the percentage of carrying amount in excess of fair value.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_PercentageOfCarryingAmountInExcessOfFairValue1" xlink:to="bcrx_PercentageOfCarryingAmountInExcessOfFairValue1-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementEquityComponentsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Components [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EquityComponentDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LongTermDebt</link:label>
    <link:label xlink:label="us-gaap_LongTermDebt-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="us-gaap_DeferredRevenueCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DeferredRevenueCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred collaboration revenue</link:label>
    <link:label xlink:label="us-gaap_DeferredRevenueCurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred revenue</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="us-gaap_DeferredRevenueCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember" xlink:label="bcrx_VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vest Upon Successful Completion of Specific Development Milestones [Member]</link:label>
    <link:label xlink:label="bcrx_VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents vesting upon successful completion of specific development milestones.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember" xlink:to="bcrx_VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_December2014Member" xlink:label="bcrx_December2014Member" xlink:type="locator"/>
    <link:label xlink:label="bcrx_December2014Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">December 2014 [Member]</link:label>
    <link:label xlink:label="bcrx_December2014Member-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents award date of December 2014.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_December2014Member" xlink:to="bcrx_December2014Member-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCredit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior credit facility</link:label>
    <link:label xlink:label="us-gaap_LineOfCredit-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term Line of Credit, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_August2013Member" xlink:label="bcrx_August2013Member" xlink:type="locator"/>
    <link:label xlink:label="bcrx_August2013Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">August 2013 [Member]</link:label>
    <link:label xlink:label="bcrx_August2013Member-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents award date of August 2013.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_August2013Member" xlink:to="bcrx_August2013Member-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_Vest25PercentEachYearUntilFullyVestedMember" xlink:label="bcrx_Vest25PercentEachYearUntilFullyVestedMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_Vest25PercentEachYearUntilFullyVestedMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vest 25% Each Year Until Fully Vested [Member]</link:label>
    <link:label xlink:label="bcrx_Vest25PercentEachYearUntilFullyVestedMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents vest 25% each year until fully vested.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_Vest25PercentEachYearUntilFullyVestedMember" xlink:to="bcrx_Vest25PercentEachYearUntilFullyVestedMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:label="us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisaggregationOfRevenueTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disaggregation of Revenue [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:to="us-gaap_DisaggregationOfRevenueTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_BakerBrotherMember" xlink:label="bcrx_BakerBrotherMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_BakerBrotherMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Baker Brother [Member]</link:label>
    <link:label xlink:label="bcrx_BakerBrotherMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information related to the Affiliates Baker Bros.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_BakerBrotherMember" xlink:to="bcrx_BakerBrotherMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ComputerEquipmentMember" xlink:label="us-gaap_ComputerEquipmentMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ComputerEquipmentMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Computer Equipment [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComputerEquipmentMember" xlink:to="us-gaap_ComputerEquipmentMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_IderaExchangeRatio" xlink:label="bcrx_IderaExchangeRatio" xlink:type="locator"/>
    <link:label xlink:label="bcrx_IderaExchangeRatio-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_IderaExchangeRatio</link:label>
    <link:label xlink:label="bcrx_IderaExchangeRatio-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Idera Exchange Ratio</link:label>
    <link:label xlink:label="bcrx_IderaExchangeRatio-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Ratio applied to the conversion of Idera common stock into common stock of Holdco.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_IderaExchangeRatio" xlink:to="bcrx_IderaExchangeRatio-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:to="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_BiocrystMember" xlink:label="bcrx_BiocrystMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_BiocrystMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BioCryst [Member]</link:label>
    <link:label xlink:label="bcrx_BiocrystMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information related to the BioCryst entity.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_BiocrystMember" xlink:to="bcrx_BiocrystMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ReceivablesPolicyTextBlock" xlink:label="us-gaap_ReceivablesPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ReceivablesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Receivables, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesPolicyTextBlock" xlink:to="us-gaap_ReceivablesPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_IderaMember" xlink:label="bcrx_IderaMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_IderaMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Idera [Member]</link:label>
    <link:label xlink:label="bcrx_IderaMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information related to the Idera entity.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_IderaMember" xlink:to="bcrx_IderaMember-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_MergerAgreementMember" xlink:label="bcrx_MergerAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_MergerAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Merger Agreement [Member]</link:label>
    <link:label xlink:label="bcrx_MergerAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information related to an Agreement and Plan of Merger.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_MergerAgreementMember" xlink:to="bcrx_MergerAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountingPoliciesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_BioCrystExchangeRatio" xlink:label="bcrx_BioCrystExchangeRatio" xlink:type="locator"/>
    <link:label xlink:label="bcrx_BioCrystExchangeRatio-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_BioCrystExchangeRatio</link:label>
    <link:label xlink:label="bcrx_BioCrystExchangeRatio-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BioCryst Exchange Ratio</link:label>
    <link:label xlink:label="bcrx_BioCrystExchangeRatio-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Ratio applied to the conversion of BioCryst common stock into common stock of Holdco.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bcrx_BioCrystExchangeRatio" xlink:to="bcrx_BioCrystExchangeRatio-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RepaymentsOfLongTermLinesOfCredit" xlink:label="us-gaap_RepaymentsOfLongTermLinesOfCredit" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RepaymentsOfLongTermLinesOfCredit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RepaymentsOfLongTermLinesOfCredit</link:label>
    <link:label xlink:label="us-gaap_RepaymentsOfLongTermLinesOfCredit-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Payment of senior credit facility</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLongTermLinesOfCredit-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis" xlink:label="us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Billing Status, Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis" xlink:to="us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ReceivablesBillingStatusDomain" xlink:label="us-gaap_ReceivablesBillingStatusDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ReceivablesBillingStatusDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Receivables Billing Status [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesBillingStatusDomain" xlink:to="us-gaap_ReceivablesBillingStatusDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_UnbilledRevenuesMember" xlink:label="us-gaap_UnbilledRevenuesMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_UnbilledRevenuesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unbilled Revenues [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnbilledRevenuesMember" xlink:to="us-gaap_UnbilledRevenuesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_BilledRevenuesMember" xlink:label="us-gaap_BilledRevenuesMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_BilledRevenuesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Billed Revenues [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BilledRevenuesMember" xlink:to="us-gaap_BilledRevenuesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ProceedsFromIssuanceOfSecuredDebt</link:label>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Secured Debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfSecuredDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="us-gaap_TypeOfArrangementAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TypeOfArrangementAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Type of Arrangement and Non-arrangement Transactions [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TypeOfArrangementAxis" xlink:to="us-gaap_TypeOfArrangementAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis" xlink:label="us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Entity of Counterparty, Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis" xlink:to="us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LegalEntityTypeOfCounterpartyDomain" xlink:label="us-gaap_LegalEntityTypeOfCounterpartyDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LegalEntityTypeOfCounterpartyDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Entity Type of Counterparty [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LegalEntityTypeOfCounterpartyDomain" xlink:to="us-gaap_LegalEntityTypeOfCounterpartyDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:label="us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CollateralAlreadyPostedAggregateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CollateralAlreadyPostedAggregateFairValue</link:label>
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    <link:label xlink:label="us-gaap_StatementTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Table]</link:label>
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    <link:label xlink:label="us-gaap_StatementScenarioAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Scenario [Axis]</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_BusinessAcquisitionAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Acquisition [Axis]</link:label>
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    <link:label xlink:label="bcrx_UpfrontPaymentsReceivableAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">bcrx_UpfrontPaymentsReceivableAmount</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="locator"/>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">2019</link:label>
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    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_LaboratoryEquipmentOfficeEquipmentAndSoftwareMember" xlink:label="bcrx_LaboratoryEquipmentOfficeEquipmentAndSoftwareMember" xlink:type="locator"/>
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    <link:label xlink:label="bcrx_LaboratoryEquipmentOfficeEquipmentAndSoftwareMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to laboratory equipment, office equipment and software.</link:label>
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    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_BirminghamResearchFacilityMember" xlink:label="bcrx_BirminghamResearchFacilityMember" xlink:type="locator"/>
    <link:label xlink:label="bcrx_BirminghamResearchFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Birmingham Research Facility [Member]</link:label>
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    <link:label xlink:label="us-gaap_OtherCommitmentsDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Commitments [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCommitmentsDomain" xlink:to="us-gaap_OtherCommitmentsDomain-label" xlink:type="arc"/>
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    <link:loc xlink:href="bcrx-20180331.xsd#bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedForRemainderOfFiscalYear" xlink:label="bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedForRemainderOfFiscalYear" xlink:type="locator"/>
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<DOCUMENT>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6827491280">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information - shares<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Apr. 30, 2018</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">BIOCRYST PHARMACEUTICALS INC<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000882796<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">bcrx<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">98,716,856<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-Q<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 31,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">Q1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6828021024">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Current Period Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 43,767<span></span>
</td>
<td class="nump">$ 50,282<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash</a></td>
<td class="nump">4,599<span></span>
</td>
<td class="nump">3,286<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent', window );">Investments</a></td>
<td class="nump">47,540<span></span>
</td>
<td class="nump">64,115<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Receivables from collaborations</a></td>
<td class="nump">5,694<span></span>
</td>
<td class="nump">6,117<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="nump">7<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">2,397<span></span>
</td>
<td class="nump">1,381<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsCurrent', window );">Deferred collaboration expense</a></td>
<td class="nump">152<span></span>
</td>
<td class="nump">210<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">104,156<span></span>
</td>
<td class="nump">125,391<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent', window );">Investments</a></td>
<td class="nump">41,599<span></span>
</td>
<td class="nump">41,295<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">9,395<span></span>
</td>
<td class="nump">9,546<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
<td class="nump">222<span></span>
</td>
<td class="nump">2,027<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">155,372<span></span>
</td>
<td class="nump">178,259<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>Liabilities and Stockholders&#8217; Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">3,588<span></span>
</td>
<td class="nump">6,337<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses</a></td>
<td class="nump">15,624<span></span>
</td>
<td class="nump">12,699<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Interest payable</a></td>
<td class="nump">13,465<span></span>
</td>
<td class="nump">12,095<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred collaboration revenue</a></td>
<td class="nump">7,300<span></span>
</td>
<td class="nump">8,484<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeaseObligationsCurrent', window );">Lease financing obligation</a></td>
<td class="nump">76<span></span>
</td>
<td class="nump">75<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LinesOfCreditCurrent', window );">Senior credit facility</a></td>
<td class="nump">6,497<span></span>
</td>
<td class="nump">6,464<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableCurrent', window );">Non-recourse notes payable</a></td>
<td class="nump">28,792<span></span>
</td>
<td class="nump">28,682<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">75,342<span></span>
</td>
<td class="nump">74,836<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentCreditNoncurrent', window );">Deferred rent</a></td>
<td class="nump">131<span></span>
</td>
<td class="nump">155<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_LeaseFinancingObligationNetOfCurrent', window );">Lease financing obligation</a></td>
<td class="nump">2,731<span></span>
</td>
<td class="nump">2,751<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Senior credit facility</a></td>
<td class="nump">15,114<span></span>
</td>
<td class="nump">16,750<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders&#8217; equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.001 par value; shares authorized &#8212; 5,000; no shares issued and outstanding</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.01 par value: shares authorized &#8212; 200,000; shares issued and outstanding &#8212; 98,702 in 2018 and 98,411 in 2017</a></td>
<td class="nump">987<span></span>
</td>
<td class="nump">984<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
<td class="nump">718,037<span></span>
</td>
<td class="nump">714,869<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive loss</a></td>
<td class="num">(476)<span></span>
</td>
<td class="num">(243)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(656,494)<span></span>
</td>
<td class="num">(631,843)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders&#8217; equity</a></td>
<td class="nump">62,054<span></span>
</td>
<td class="nump">83,767<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and stockholders&#8217; equity</a></td>
<td class="nump">$ 155,372<span></span>
</td>
<td class="nump">$ 178,259<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_LeaseFinancingObligationNetOfCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Lease Financing obligation as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_LeaseFinancingObligationNetOfCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=d3e637-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669686-108580<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=d3e681-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6801-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109979856&amp;loc=d3e26626-111562<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in debt security measured at fair value with change in fair value recognized in net income (available-for-sale), classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109979856&amp;loc=d3e26626-111562<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeaseObligationsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of capital lease obligation due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84164817&amp;loc=d3e45280-112737<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84164758&amp;loc=d3e45023-112735<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalLeaseObligationsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCostsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of deferred costs capitalized at the end of the reporting period that are expected to be charged against earnings within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCostsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentCreditNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For a classified balance sheet, the cumulative difference between the rental income or payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, more than one year after the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.26(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 25<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=77902458&amp;loc=d3e39927-112707<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRentCreditNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e7018-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6935-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=d3e3927-108312<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LinesOfCreditCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LinesOfCreditCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6814960528">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares<br> shares in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock, shares authorized (in shares)</a></td>
<td class="nump">5,000<span></span>
</td>
<td class="nump">5,000<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock, shares issued (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock, shares outstanding (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized (in shares)</a></td>
<td class="nump">200,000<span></span>
</td>
<td class="nump">200,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued (in shares)</a></td>
<td class="nump">98,702<span></span>
</td>
<td class="nump">98,411<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding (in shares)</a></td>
<td class="nump">98,702<span></span>
</td>
<td class="nump">98,411<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6827627424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)<br> shares in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">$ 3,976<span></span>
</td>
<td class="nump">$ 9,437<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
<td class="nump">18,441<span></span>
</td>
<td class="nump">16,770<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingGeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="nump">7,609<span></span>
</td>
<td class="nump">3,058<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RoyaltyExpense', window );">Royalty</a></td>
<td class="nump">140<span></span>
</td>
<td class="nump">294<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">Total operating expenses</a></td>
<td class="nump">26,190<span></span>
</td>
<td class="nump">20,122<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Loss from operations</a></td>
<td class="num">(22,214)<span></span>
</td>
<td class="num">(10,685)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest and other income</a></td>
<td class="nump">462<span></span>
</td>
<td class="nump">109<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="num">(2,221)<span></span>
</td>
<td class="num">(2,100)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments', window );">Loss on foreign currency derivative</a></td>
<td class="num">(1,804)<span></span>
</td>
<td class="num">(1,543)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (25,777)<span></span>
</td>
<td class="num">$ (14,219)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share (in dollars per share)</a></td>
<td class="num">$ (0.26)<span></span>
</td>
<td class="num">$ (0.19)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average shares outstanding (in shares)</a></td>
<td class="nump">98,592<span></span>
</td>
<td class="nump">75,167<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized (loss) gain on available for sale investments</a></td>
<td class="num">$ (233)<span></span>
</td>
<td class="nump">$ 9<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive loss</a></td>
<td class="num">(26,010)<span></span>
</td>
<td class="num">(14,210)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=us-gaap_RoyaltyMember', window );">Royalty [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">3,661<span></span>
</td>
<td class="nump">6,321<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember', window );">Collaborative and Other Research and Development [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">$ 315<span></span>
</td>
<td class="nump">$ 3,116<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=d3e557-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669625-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669619-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total costs of sales and operating expenses for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03)<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1337-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) recognized in earnings in the period from the increase (decrease) in fair value of foreign currency derivatives not designated as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109980867&amp;loc=SL5618551-113959<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=109980867&amp;loc=SL5624171-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (210.5-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669646-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=d3e637-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130539-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130545-203045<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130543-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenuesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RoyaltyExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to royalty payments under a contractual arrangement such as payment for mineral and drilling rights and use of technology or intellectual property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RoyaltyExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 30<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=68048583&amp;loc=d3e3636-108311<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingGeneralAndAdministrativeExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1505-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=us-gaap_RoyaltyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=us-gaap_RoyaltyMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6826217440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (25,777)<span></span>
</td>
<td class="num">$ (14,219)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">186<span></span>
</td>
<td class="nump">172<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation expense</a></td>
<td class="nump">2,903<span></span>
</td>
<td class="nump">2,462<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of debt issuance costs</a></td>
<td class="nump">232<span></span>
</td>
<td class="nump">220<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AmortizationOfDiscountAndPremiumOnInvestments', window );">Amortization of premium/discount on investments</a></td>
<td class="nump">76<span></span>
</td>
<td class="nump">18<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDerivativeAssets', window );">Change in fair value of foreign currency derivative</a></td>
<td class="nump">1,804<span></span>
</td>
<td class="nump">1,543<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInReceivables', window );">Receivables</a></td>
<td class="nump">423<span></span>
</td>
<td class="num">(796)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventory</a></td>
<td class="num">(7)<span></span>
</td>
<td class="num">(155)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
<td class="num">(1,015)<span></span>
</td>
<td class="num">(284)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities', window );">Deferred collaboration expense</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">18<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Accounts payable and accrued expenses</a></td>
<td class="nump">152<span></span>
</td>
<td class="nump">1,642<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInterestPayableNet', window );">Interest payable</a></td>
<td class="nump">1,370<span></span>
</td>
<td class="nump">1,301<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(449)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
<td class="num">(19,653)<span></span>
</td>
<td class="num">(8,527)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Investing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireProductiveAssets', window );">Acquisitions of property and equipment</a></td>
<td class="num">(35)<span></span>
</td>
<td class="num">(3)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt', window );">Purchases of investments</a></td>
<td class="num">(4,327)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities', window );">Sales and maturities of investments</a></td>
<td class="nump">20,289<span></span>
</td>
<td class="nump">14,136<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by investing activities</a></td>
<td class="nump">15,927<span></span>
</td>
<td class="nump">14,133<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Sale of common stock, net</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">47,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermLinesOfCredit', window );">Payment of senior credit facility</a></td>
<td class="num">(1,725)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Net proceeds from common stock issued under stock-based compensation plans</a></td>
<td class="nump">268<span></span>
</td>
<td class="nump">950<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_IncreaseDecreaseInFinancingLeaseObligations', window );">Increase in lease financing obligation</a></td>
<td class="num">(19)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) provided by financing activities</a></td>
<td class="num">(1,476)<span></span>
</td>
<td class="nump">48,700<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect', window );">(Decrease) increase in cash, cash equivalents and restricted cash</a></td>
<td class="num">(5,202)<span></span>
</td>
<td class="nump">54,306<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations', window );">Cash, cash equivalents and restricted cash at beginning of period</a></td>
<td class="nump">53,568<span></span>
</td>
<td class="nump">23,650<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations', window );">Cash, cash equivalents and restricted cash at end of period</a></td>
<td class="nump">$ 48,366<span></span>
</td>
<td class="nump">$ 77,956<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AmortizationOfDiscountAndPremiumOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to the discount and premium on investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AmortizationOfDiscountAndPremiumOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents deferred collaboration expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_IncreaseDecreaseInFinancingLeaseObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the period for financing lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_IncreaseDecreaseInFinancingLeaseObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28555-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3521-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3044-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513438&amp;loc=d3e33268-110906<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the period in the carrying value of derivative instruments reported as assets that are due to be disposed of within one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDerivativeAssets</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInterestPayableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInterestPayableNet</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3536-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3521-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow to acquire investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3151-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109979856&amp;loc=d3e26853-111562<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireProductiveAssets</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from sale, maturity, prepayment and call of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3151-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3179-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109979856&amp;loc=d3e26853-111562<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from exercise of stock options granted under share-based compensation arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=SL79508275-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermLinesOfCredit</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818976688">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> &#x2014; Significant Accounting Policies</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Agreement and Plan of Merger</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div>&nbsp;BioCryst Pharmaceuticals, Inc. (the &#x201c;Company&#x201d; or &#x201c;BioCryst&#x201d;), Idera Pharmaceuticals, Inc. (&#x201c;Idera&#x201d;), a Delaware corporation, Nautilus Holdco,&nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of BioCryst (&#x201c;Holdco&#x201d;),&nbsp;Island Merger Sub,&nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&#x201c;Merger Sub A&#x201d;), and Boat Merger Sub,&nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&#x201c;Merger Sub B&#x201d;), entered into an Agreement and Plan of Merger (the &#x201c;Merger Agreement&#x201d;). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, (a)&nbsp;Merger Sub A shall be merged with and into Idera (the &#x201c;Idera Merger&#x201d;), with Idera surviving as a wholly owned subsidiary of Holdco, and (b)&nbsp;Merger Sub B shall be merged with and into BioCryst (the &#x201c;BioCryst Merger&#x201d;, and, together with the Idera Merger, the &#x201c;Mergers&#x201d;), with BioCryst surviving as a wholly owned subsidiary of Holdco. <div style="display: inline; font-size: 10pt">At the effective time of the mergers, Holdco will be renamed Valenscion Incorporated.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Pursuant to the Merger Agreement, <div style="display: inline; color: #333333">u</div>pon completion of the Mergers, each issued and outstanding share of Idera common stock will be converted into the right to receive <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.20</div> shares of Holdco common stock (the "Idera exchange ratio"), and each issued and outstanding share of BioCryst common stock will be converted into the right to receive <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50</div> shares of Holdco common stock (the "BioCryst exchange ratio" and together with the Idera exchange ratio, the "exchange ratios"). The exchange ratios will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be adjusted for changes in the market price of either BioCryst common stock or Idera common stock between the date of signing of the Merger Agreement and completion of the Mergers. Upon completion of the Mergers, each issued and outstanding share of Idera preferred stock (with certain exceptions) will be converted into the right to receive an amount of Holdco common stock based on its liquidation preference.<div style="display: inline; color: #333333">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt; color: #333333">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><div style="display: inline; color: #333333"></div></div> <div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0"><div style="display: inline; color: #333333">The Merger Agreement has been unanimously approved by the boards of directors of BioCryst and Idera.&nbsp;The transaction is subject to approval by the stockholders of both companies, as well as regulatory approvals and satisfaction of other customary closing conditions.&nbsp;On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 15, 2018, </div>the Federal Trade Commission notified BioCryst that its request for early termination of the waiting period under the HSR Act had been granted.</div> The stockholders&#x2019; meeting for both companies has been scheduled for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 10, 2018. </div>Affiliates of Baker Bros. Advisors, LP are the beneficial owners of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div> of issued and outstanding BioCryst common stock and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18%</div> of issued and outstanding Idera common stock, have agreed, among other things, to vote their shares of BioCryst common stock and Idera common stock in favor of the proposal to adopt the Merger Agreement at each of the BioCryst special meeting and Idera special meeting. <div style="display: inline; color: #333333">The combined company, which will be renamed Valenscion Incorporated, will be headquartered in Exton, PA, at the current Idera headquarters, with a consolidated research center in Birmingham, AL, at the current BioCryst facility. </div></div> <div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0; color: #333333">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"><div style="display: inline; color: #333333">The transaction is expected to be completed during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> However, this Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and the forward-looking statements contained in this Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q are prepared as an independent company without giving effect to the Mergers.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">The Company</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></div> <div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0">BioCryst is a biotechnology company that designs, optimizes and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on oral treatments for rare diseases in which significant unmet medical needs exist and that align with its capabilities and expertise. The Company was incorporated in Delaware in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1986</div> 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. BioCryst has incurred losses and negative cash flows from operations since inception.&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">With the funds available at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company believes these resources will be sufficient to fund its operations at least through the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The Company has sustained operating losses for the majority of its corporate history and expects that its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> expenses will exceed its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> revenues. The Company expects to continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations. Accordingly, its planned operations raise doubt about its ability to continue as a going concern beyond the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The Company&#x2019;s liquidity needs will be largely determined by the success of operations in regards to the progression of its product candidates in the future. The Company also <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>consider other plans to fund operations beyond the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> including: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>)&nbsp;securing or increasing U.S. Government funding of its programs, including obtaining procurement contracts; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>)&nbsp;out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>)&nbsp;raising additional capital through equity or debt financings or from other sources; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>)&nbsp;obtaining additional product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>)&nbsp;reducing spending on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more research and development programs, including by discontinuing development; and/or (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>)&nbsp;restructuring operations to change its overhead structure. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>issue securities, including common stock, preferred stock, depositary shares, stock purchase contracts, warrants and units, through private placement transactions or registered public offerings in the future. The Company&#x2019;s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events and its decisions in the future.&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: Page; Sequence: 6; Value: 3 -->   <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Basis of Presentation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (&#x201c;Royalty Sub&#x201d;) and MDCP, LLC (&#x201c;MDCP&#x201d;) and Nautilus Holdco,&nbsp;Inc. All subsidiaries were formed to facilitate financing and/or strategic transactions for the Company. In the case of Nautilus Holdco,&nbsp;Inc., the subsidiary was formed entirely to facilitate a merger with Idera.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Royalty Sub was formed in connection with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000</div>&nbsp;financing transaction the Company completed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011.</div> See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,</div> Royalty Monetization, for a further description of this transaction. MDCP was formed in connection with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,000</div> Senior Credit Facility that the Company closed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 23, 2016. </div>See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,</div> Senior Credit Facility, for a further description of this transaction. All intercompany transactions and balances have been eliminated.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company&#x2019;s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#x201c;U.S. GAAP&#x201d;) for interim financial reporting and the instructions to Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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&#x2019;s opinion, necessary to present fairly, in all material respects, the Company&#x2019;s consolidated financial position, results of operations, and cash flows. There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> adjustments other than normal recurring adjustments.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">These financial statements should be read in conjunction with the financial statements for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and the notes thereto included in the Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K. Interim operating results are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of operating results for the full year. The balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> has been derived from the audited consolidated financial statements included in the Company&#x2019;s most recent Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash and Cash Equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> 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.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted Cash</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Restricted cash as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> reflects <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,188</div> in royalty revenue paid by Shionogi&nbsp;&amp; Co., Ltd. (&#x201c;Shionogi&#x201d;) designated for interest on the PhaRMA Notes (defined in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,411</div> the Company is required to maintain as collateral for a letter of credit associated with the lease execution and build-out of its new Birmingham research facilities.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Investments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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&#x2019;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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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&#x2019;s investment policy requires it to purchase high-quality marketable securities with a maximum individual maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years and requires an average portfolio maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months. Some of the securities the Company invests in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>have market risk. This means that a change in prevailing interest rates <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe it has a material exposure to interest rate risk arising from its investments. Generally, the Company&#x2019;s investments are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> collateralized. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> realized any significant losses from its investments.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <!-- Field: Page; Sequence: 7; Value: 3 -->   <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months and which mature at or less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months from the balance sheet date are classified as current. Investments with a maturity beyond <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months from the balance sheet date are classified as long-term. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company believes that the cost of its investments is recoverable in all material respects.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The following tables summarize the fair value of the Company&#x2019;s investments by type. The estimated fair values of the Company&#x2019;s fixed income investments are classified as Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> active. These fair values are obtained from independent pricing services which utilize Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> inputs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized<br /> Cost</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accrued<br /> Interest</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Gains</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Losses</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Estimated<br /> Fair&nbsp;Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt">Obligations of the U.S. Government and its agencies</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,116</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(205</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,059</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Corporate debt securities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,299</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">201</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(250</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,250</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Certificates of deposit</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,821</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,830</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total investments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,236</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">379</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(476</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,139</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized<br /> Cost</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accrued<br /> Interest</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Gains</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Losses</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Estimated<br /> Fair&nbsp;Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt">Obligations of the U.S. Government and its agencies</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,121</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">177</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(122</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,176</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Corporate debt securities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,021</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">203</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(108</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,116</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Certificates of deposit</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,099</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,118</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total investments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,241</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">412</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(244</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,410</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The following table summarizes the scheduled maturity for the Company&#x2019;s investments at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Maturing in one year or less</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,540</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,115</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Maturing after one year through two years</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,505</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,257</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Maturing after two years</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,094</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,038</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total investments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,139</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,410</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Receivables from Collaborations</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 (&#x201c;Green Cross&#x201d;), Mundipharma International Holdings Limited (&#x201c;Mundipharma&#x201d;) and Seqirus UK Limited (&#x201c;SUL&#x201d;), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company had the following receivables.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <!-- Field: Page; Sequence: 8; Value: 3 -->   <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Billed</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unbilled</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">U.S. Department of Health and Human Services</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">996</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,019</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shionogi&nbsp;&amp; Co. Ltd.</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,422</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,422</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Green Cross Corporation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">899</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">926</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Mundipharma International Holdings Limited</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Seqirus UK Limited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,133</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">172</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,305</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total receivables</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,499</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,195</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,694</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Billed</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unbilled</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">U.S. Department of Health and Human Services</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,020</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,062</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shionogi&nbsp;&amp; Co. Ltd.</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,600</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,600</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Green Cross Corporation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,388</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,416</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Mundipharma International Holdings Limited</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Seqirus UK Limited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">992</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total receivables</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,902</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,215</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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&#x2019;s calculations of its indirect cost rates are subject to audit by the U.S. Government.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Receivables from Product Sales</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB<div style="display: inline; font-weight: bold;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div></div>. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventory</div></div>&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company&#x2019;s inventory consisted primarily of peramivir work in process and is being manufactured for the Company&#x2019;s partners. Inventory is stated at the lower of cost and net realizable value, determined under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (&#x201c;FIFO&#x201d;) method, or market. 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 will capitalize subsequent costs related to the production of inventories.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Property and Equipment</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years. Laboratory equipment, office equipment, and software are depreciated over a life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years. Furniture and fixtures are depreciated over a life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> years. Leasehold improvements are amortized over their estimated useful lives or the expected lease term, whichever is less. Property consists of a leased building which did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> meet the sale-leaseback criteria and is recorded at its fair value, less depreciation. The building is being depreciated over a period equal to the expected term of the related lease.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Patents and Licenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</div> <!-- Field: Page; Sequence: 9; Value: 3 -->  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Accrued Expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Company generally enters into contractual agreements with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party vendors who provide research and development, manufacturing, 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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:&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <table style="; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr> <td style="width: 4%">&nbsp;</td> <td style="vertical-align: top; width: 6%"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2022;</div></td> <td style="vertical-align: top; width: 1%">&nbsp;</td> <td style="vertical-align: top; width: 88%"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to Clinical Research Organizations (&#x201c;CROs&#x201d;) in connection with preclinical and toxicology studies and clinical trials;</div></td> <td style="width: 1%">&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2022;</div></td> <td style="vertical-align: top">&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to investigative sites in connection with clinical trials;</div></td> <td>&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2022;</div></td> <td style="vertical-align: top">&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to contract manufacturers in connection with the production of the Company&#x2019;s raw materials, drug substance and drug products;&nbsp;and</div></td> <td>&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2022;</div></td> <td style="vertical-align: top">&nbsp;</td> <td colspan="2" style="vertical-align: top"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">professional fees.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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&#x2019;s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the carrying value of accrued expenses approximates their fair value due to their short-term settlement.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Income Taxes</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The liability method is used in the Company&#x2019;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.&nbsp;Although <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> changes were made to provisional amounts during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>we will continue to evaluate our estimates related to the new legislation as clarifying guidance and interpretations are issued and our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> tax returns are completed.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2017, </div>the SEC staff issued Staff Accounting Bulletin <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> (&#x201c;SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118&#x201d;</div>), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (&#x201c;TCJA&#x201d;). SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> provides a measurement period that should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> extend beyond <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the TCJA enactment date for companies to complete the accounting under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,</div> Income Taxes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Accumulated Other Comprehensive Loss</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders&#x2019; equity. Amounts reclassified from accumulated other comprehensive loss are recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> reclassifications out of accumulated other comprehensive loss were recorded during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue Recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Transition Considerations</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the Financial Accounting Standards Board issued Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09:</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>)</div> (&#x201c;ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606&#x201d;</div>), which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principle of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> is that an entity should recognize revenue when it transfers 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. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">The Company adopted the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> using the modified retrospective method as applied to contracts that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed as of that date. The modified retrospective method requires the recognition of the cumulative effect of initially applying the standard (if any) as an adjustment to opening retained earnings for the fiscal year beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div>&nbsp;As a result, financial information for reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>are presented under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> while comparative financial information has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been adjusted and continues to be reported in accordance with the Company&#x2019;s historical accounting policy for revenue recognition prior to the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">Adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> resulted in a change in the Company&#x2019;s method of accounting for fees received under licensing agreements. Prior to adopting ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> fees received under licensing agreements that were related to future performance were deferred and recognized over an estimated period based on the terms of the agreement and the products licensed. Under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> licenses of drug products and formulations are forms of functional intellectual property. Licenses of functional intellectual property grant a right to use the intellectual property and the related revenue will generally be recognized at a point in time rather than over time. As a result, certain license fees that were previously deferred and recognized over time were eliminated through a cumulative effect adjustment as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 10; Value: 3 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The following table summarizes the cumulative effect of the changes to the Company&#x2019;s unaudited Consolidated Balance Sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>from the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.1pt">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Balance at </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Adjustments due to </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">ASC 606</div></div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Balance at </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">January 1, 2018</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 10pt">Deferred collaboration expense</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(58</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">152</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,484</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,184</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,300</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Equity</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accumulated deficit</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(631,843</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,126</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(630,717</div></td> <td style="text-align: left">)</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">The following tables summarize the current period impacts of adopting ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> on the Company&#x2019;s unaudited Consolidated Balance Sheet and Consolidated Statement of Comprehensive Loss:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments due to ASC 606</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balances without adoption of ASC 606</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 10pt">Deferred collaboration expense</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">152</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">196</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,300</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">888</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,188</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Equity</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accumulated deficit</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(656,494</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">282</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(656,212</div></td> <td style="text-align: left">)</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Three Months Ended March 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Adjustments due to</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">ASC 606</div></div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Balances without</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">adoption of ASC 606</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Collaborative and other research and development revenue</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">296</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">611</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,441</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,455</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(25,777</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">282</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(25,495</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net loss per share</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.26</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.00</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.26</div></td> <td style="text-align: left">)</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Adoption of the standard had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on total net cash within the Consolidated Statements of Cash Flows.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"><div style="display: inline; font-style: italic;">Collaborative and Other Research and Development Arrangements and Royalties</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">The Company recognizes revenue when it satisfies a performance obligation by transferring promised goods or services to a customer. Revenue is measured at the transaction price that is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occur.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">The Company has collaboration and license agreements with a number of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties as well as research and development agreements with certain government entities. The Company&#x2019;s primary sources of revenue are license, service, royalty and product sale revenues from these collaborative and other research and development arrangements.</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement.</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Arrangements that involve the delivery of more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> 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. Variable consideration is assessed at each reporting period as to whether it is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors. Analyzing the arrangement to identify performance obligations requires the use of judgment, and each <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be an obligation to deliver services, a right or license to use an asset, or another performance obligation.&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt">&nbsp;</div> <!-- Field: Page; Sequence: 11; Value: 3 -->  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt; color: #0070C0"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">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&#x2019;s contracts with the Biomedical Advanced Research and Development Authority within the United States Department of Health and Human Services (&#x201d;BARDA/HHS&#x201d;) and the National Institute of Allergy and Infectious Diseases (&#x201c;NIAID/HHS&#x201d;), revenue is recognized as reimbursable direct and indirect costs are incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Under certain of the Company&#x2019;s license agreements, the Company receives royalty payments based upon its licensees&#x2019; 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.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"><div style="display: inline; font-style: italic;">Product Sales</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company recognizes revenue for sales of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company&#x2019;s specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, and prior to the SUL Agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations.&nbsp;With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB<div style="display: inline; font-weight: bold;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">TM</div></div>, RAPIACTA<div style="display: inline; font-weight: bold;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div></div>, and PERAMIFLU<div style="display: inline; font-weight: bold;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div></div>) should be made by the Company&#x2019;s partners, except for U.S. Government stockpiling sales, and the Company will be reliant on these partners to generate sales.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company recorded the following revenues for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Royalty revenues</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,661</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,321</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Collaborative and other research and development revenues:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">U.S. Department of Health and Human Services</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">654</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Shionogi &amp; Co., Ltd.</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">296</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Seqirus UK Limited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,166</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total collaborative and other research and development revenues</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,116</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenues</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,976</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,437</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">Contract Balances</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <!-- Field: Page; Sequence: 12; Value: 3 -->   <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Contract assets</div></div> - The Company&#x2019;s long-term contracts, typically the government research and development contracts, are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring subsequent to revenue recognition resulting in contract assets. Contract assets are generally classified as current assets in the Consolidated Balance Sheet.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Contract liabilities</div></div> - The Company often receives cash payments from customers in advance of the Company&#x2019;s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the revenue.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">Contract Costs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>incur direct and indirect costs associated with obtaining a contract. Incremental contract costs that the Company expects to recover are capitalized and amortized over the expected term of the contract. Non-incremental contract costs and costs that the Company does expect to recover are expensed as incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">Advertising</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Research and Development Expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Company&#x2019;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&#x2019;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&#x2019;s manufacturing and clinical and preclinical studies are performed by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-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&#x2019;s on-going review of the level of services actually performed.&nbsp;&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Additionally, the Company has license agreements with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties, such as Albert Einstein College of Medicine of Yeshiva University (&#x201c;AECOM&#x201d;), Industrial Research, Ltd. (&#x201c;IRL&#x201d;), and the University of Alabama at Birmingham (&#x201c;UAB&#x201d;), 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.&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Deferred collaboration expenses represent sub-license payments, paid to the Company&#x2019;s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to the Company&#x2019;s academic partners for modification to existing license agreements. These deferred expenses would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have been incurred without receipt of such payments or modifications from the Company&#x2019;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.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock-Based Compensation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company&#x2019;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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> compensation expense is recognized until &#x201c;performance&#x201d; is deemed to have occurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Interest Expense and Deferred Financing Costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Interest expense for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> includes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,136</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,020,</div> respectively, related to the issuance of the PhaRMA Notes (defined in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) and the Senior Credit Facility (defined in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>). Costs directly associated with the issuance of the PhaRMA Notes and the Senior Credit Facility have been capitalized and are netted against the non-recourse notes payable and Senior Credit Facility on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the terms of the PhaRMA Notes and the Senior Credit Facility using the effective interest rate method. Amortization of deferred financing costs and original issue discount included in interest expense was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$232</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$220</div> for each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: Page; Sequence: 13; Value: 3 -->   <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Lease Financing Obligation</div></div>&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Based on the terms of the lease agreement for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,589</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>representing the Company&#x2019;s leased portion of the building and recorded a corresponding liability. Upon completion of leasehold improvement construction, which ended in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> meet the sale-leaseback criteria for de-recognition of the building asset and liability. Therefore, the lease is accounted for as a financing obligation. The asset will be depreciated over the expected duration of the lease of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.5</div> years, and rental payments will be treated as principal and interest payments on the lease financing obligation liability. The underlying accounting for this transaction has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on cash flows associated with the underlying lease or construction in process. Interest expense for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> includes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$82</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$80,</div> respectively, related to the lease financing obligation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">At each of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the lease financing obligation balance was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,703</div> and was recorded as a long term liability on the consolidated balance sheets. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>the remaining future minimum payments under the lease financing obligation are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,225.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Currency Hedge Agreement</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for hedge accounting treatment; therefore mark to market adjustments are recognized in the Company&#x2019;s Consolidated Statements of Comprehensive Loss. Cumulative mark to market adjustments for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> resulted in losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,804</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,543,</div> respectively. Mark to market adjustments are determined by a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party pricing model that uses quoted prices in markets that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> actively traded and for which significant inputs are observable directly or indirectly, representing Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> in the fair value hierarchy as defined by U.S. GAAP. The Company is also required to post collateral in connection with the mark to market adjustments based on thresholds defined in the Currency Hedge Agreement. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> hedge collateral was posted under the agreement.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Net Loss Per Share</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Net loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted loss per share is equivalent to basic net loss per share for all periods presented herein because common equivalent shares from unexercised stock options and common shares expected to be issued under the Company&#x2019;s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,775</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,762,</div> respectively, of such potential common shares, as their impact would be anti-dilutive.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Significant Customers and Other Risks</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><div style="display: inline; font-style: italic;">Significant Customers</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">Prior to the SUL Agreement, the Company relied primarily on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> specialty distributors to purchase and supply the majority of RAPIVAB. These <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> pharmaceutical specialty distributors accounted for greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> of all RAPIVAB product sales and accounted for predominantly all of the Company&#x2019;s outstanding receivables from product sales. The loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more of these specialty distributors as a customer could have negatively impacted the commercialization of RAPIVAB. However, the Company will utilize these specialty distributors on a limited basis subsequent to the SUL collaboration, as SUL and other peramivir collaboration partners will be responsible for commercial sales on a worldwide basis. In addition, in connection with the SUL collaboration, all peramivir sales (i.e., RAPIVAB, RAPIACTA, and PERAMIFLU) will be made by the Company&#x2019;s partners and the Company will be reliant on these partners to generate sales and remit cash to satisfy receivables.&nbsp;</div> <div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">Other than peramivir royalty revenues for which Seqirus has a significant percentage of worldwide geography, the Company&#x2019;s primary source of revenue that has an underlying cash flow stream is the reimbursement of galidesivir (formerly <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">BCX4430</div>) development expenses earned under cost-plus-fixed-fee contracts with BARDA/HHS and NIAID/HHS (each as defined below). The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its galidesivir program. Accordingly, reimbursement of these expenses represents a significant portion of the Company&#x2019;s collaborative and other research and development revenues. The completion or termination of the NIAID/HHS and BARDA/HHS galidesivir contracts could negatively impact the Company&#x2019;s future Consolidated Statements of Comprehensive Loss and Cash Flows. The Company recognizes royalty revenue from the net sales of RAPIACTA by Shionogi; however, the underlying cash flow from these royalty payments, except for Japanese government stockpiling sales, is used directly to pay the interest, and then the principal, on the Company&#x2019;s non-recourse notes payable. Payment of the interest and the ultimate repayment of principal of these notes will be entirely funded by future royalty payments derived from net sales of RAPIACTA. Further, the Company&#x2019;s drug development activities are performed by a limited group of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party vendors. If any of these vendors were unable to perform their services, this could significantly impact the Company&#x2019;s ability to complete its drug development activities.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</div> <!-- Field: Page; Sequence: 14; Value: 3 -->   <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><div style="display: inline; font-style: italic;">Risks from Third Party Manufacturing and Distribution Concentration</div>&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Company primarily relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company&#x2019;s product candidates in development.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><div style="display: inline; font-style: italic;">Credit Risk</div>&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months or less. Other than product sale and collaborative partner receivables discussed above, the majority of the Company&#x2019;s receivables from collaborations are due from the U.S. Government, for which there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assumed credit risk.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent Accounting Pronouncements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2017, </div>the SEC staff issued SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118,</div> which provides guidance on accounting for the tax effects of the TCJA. SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> provides a measurement period that should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> extend beyond <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the TCJA enactment date for companies to complete the accounting under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,</div> Income Taxes.&nbsp;</div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016, </div>the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18:</div> <div style="display: inline; font-style: italic;">Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Restricted Cash</div> (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18&#x201d;</div>). The new standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and interim periods within those annual reporting periods. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>and applied it retrospectively to all periods presented. Adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company&#x2019;s consolidated financial statements.&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15:</div> <div style="display: inline; font-style: italic;">Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Classification of Certain Cash Receipts and Cash Payments</div> (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15&#x201d;</div>). The amendments in this update clarify how entities should classify certain cash receipts and cash payments on the Consolidated Statements of Cash Flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> class of cash flows. The standard is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and interim periods within those annual reporting periods. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018. </div>Adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company&#x2019;s consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02:</div> <div style="display: inline; font-style: italic;">Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div> (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02&#x201d;</div>). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for all leases with terms greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. This update also introduces new disclosure requirements for leasing arrangements. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> will be effective for the Company in fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> but early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2016, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01:</div> <div style="display: inline; font-style: italic;">Financial Instruments - Overall (Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>): Recognition and Measurement of Financial Assets and Financial Liabilities</div> (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01&#x201d;</div>). The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In particular, the amendments in this update supersede, for public business entities, the requirement to disclose the methods and significant assumptions used in calculating the fair value of financial instruments required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The standard is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and interim periods within those annual reporting periods. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018. </div>Adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company&#x2019;s consolidated financial statements.</div></div><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Stock-based Compensation<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> &#x2014; Stock-Based Compensation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> stock-based employee compensation plans, the Stock Incentive Plan (&#x201c;Incentive Plan&#x201d;) and the Employee Stock Purchase Plan (&#x201c;ESPP&#x201d;). The Incentive Plan was amended and restated in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017 </div>and approved by the Company&#x2019;s stockholders in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2017. </div>The ESPP was amended and restated in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2014 </div>and approved by the Company&#x2019;s stockholders in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014. </div>Stock-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,903</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,820</div> of expense related to the Incentive Plan and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$83</div> of expense related to the ESPP) was recognized during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> while <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,462</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,326</div> of expense related to the Incentive Plan and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$136</div> of expense related to the ESPP) was recognized during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">There was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,717</div> of total unrecognized compensation cost related to non-vested stock option awards and restricted stock unit awards granted by the Company as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> That cost is expected to be recognized as follows: <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,475</div> during the remainder of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,472</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,386</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,382</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2021</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2022.</div> In addition, the Company has outstanding performance-based stock options for which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> compensation expense is recognized until &#x201c;performance&#x201d; has occurred and the award vests.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock Incentive Plan</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">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&#x2019;s stock at the date of grant. Stock option awards granted to employees generally vest <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> each year until fully vested after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> years. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2013 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2014, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,032</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,250</div> performance-based stock options, respectively. These awards vest upon successful completion of specific development milestones. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2013 </div>grants have vested based upon achievement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> milestones: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) successful completion of the OPuS-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> clinical trial, for which vesting occurred in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) FDA approval of RAPIVAB, for which vesting occurred in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) initiation of a Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> clinical trial to evaluate the safety, pharmacokinetics and pharmacodynamics of orally-administered <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">BCX7353</div> in healthy volunteers, for which vesting occurred in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div> of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2014 </div>grants have vested based upon achievement of successful completion of a hereditary angioedema (&#x201c;HAE&#x201d;) patient trial with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">nd</div> generation compound, for which vesting occurred in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2017. </div>Thus, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2013 </div>performance-based grants and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70%</div> of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2014 </div>performance-based grants remain unvested and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> compensation expense has been recognized for these portions of the previously issued performance-based grants. Stock option awards granted to non-employee directors of the Company generally vest monthly over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year. All stock option awards have contractual terms of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>&nbsp;years. The vesting 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.&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Related activity under the Incentive Plan is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Awards<br /> Available</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options<br /> Outstanding</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted<br /> Average<br /> Exercise<br /> Price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%">Balance December&nbsp;31, 2017</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">468</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,452</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.06</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Restricted stock unit awards granted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Restricted stock unit awards cancelled</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock option awards granted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(31</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.43</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Stock option awards exercised</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(169</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.22</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Stock option awards cancelled</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.87</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance March&nbsp;31, 2018</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">476</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,269</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.10</div></td> <td style="text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48</div> restricted stock unit awards outstanding.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">For stock option awards granted under the Incentive Plan during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.72</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">and$3.75,</div> respectively. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method. The following table summarizes the key assumptions used by the Company to value the stock option awards granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet vested) and the full contractual term. The expected volatility represents the historical volatility on the Company&#x2019;s publicly traded common stock. The Company has assumed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> expected dividend yield, as dividends have never been paid to stock or option holders and will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be paid for the foreseeable future. The weighted average risk-free interest rate is the implied yield currently available on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div>-coupon government issues with a remaining term equal to the expected term.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: Page; Sequence: 16; Value: 3 -->  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Weighted Average Assumptions for Stock Option Awards Granted to</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Employees and Directors under the Incentive Plan</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: left">Expected Life in Years</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.5</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected Volatility</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Dividend Yield</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-Free Interest Rate</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.4</div></td> <td style="text-align: left">%</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Employee Stock Purchase Plan (&#x201c;ESPP&#x201d;)</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company has reserved a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,475</div>&nbsp;shares of common stock to be purchased under the ESPP, of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">277</div>&nbsp;shares remain available for purchase at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Eligible employees <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>authorize up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div> of their salary to purchase common stock at the lower of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the beginning or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the ending price during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month purchase intervals. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> shares <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be purchased by any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> employee at the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month purchase dates and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> employee <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>purchase stock having a fair market value at the commencement date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25</div> or more in any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> calendar year. The Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49</div> shares during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> under the ESPP. Compensation expense for shares purchased under the ESPP related to the purchase discount and the &#x201c;look-back&#x201d; option were determined using a Black-Scholes option pricing model.&nbsp;</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6712325376">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Collaborative and Other Research and Development Contracts<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CollaborativeArrangementDisclosureTextBlock', window );">Collaborative Arrangement Disclosure [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> &#x2014; Collaborative and Other Research and Development Contracts</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><div style="display: inline; font-style: italic;">U.S.&nbsp;Department of Health and Human Services (&#x201c;BARDA/HHS&#x201d;).</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2015, </div>the Company announced that BARDA/HHS had awarded the Company a contract for the continued development of galidesivir as a potential treatment for diseases caused by RNA pathogens, including filoviruses.&nbsp;This BARDA/HHS contract includes a base contract of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,265</div> to support galidesivir drug manufacturing, as well as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,855</div> in additional development options that can be exercised by the government, bringing the potential value of the contract to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39,120.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,574</div> has been awarded under exercised options within this contract.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">National Institute of Allergy and Infectious Diseases (&#x201c;NIAID/HHS&#x201d;).</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2013, </div>NIAID/HHS contracted with the Company for the development of galidesivir as a treatment for Marburg virus disease. NIAID/HHS, part of the National Institutes of Health, made an initial award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000</div> to the Company. The goals of this contract, including amendments, are to file IND applications for intravenous and intramuscular galidesivir for the treatment of Marburg virus disease and other hemorrhagic fever virus diseases, including Ebola virus disease, and to conduct an initial Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> human clinical trial. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the total NIAID/HHS contract amount to advance the program through the completion of the Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> clinical program is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39,477.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>all options have been exercised under this contract.</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">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. NIAID/HHS and BARDA/HHS will make periodic assessments of progress and the continuation of the contract is based on the Company&#x2019;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.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"><div style="display: inline; font-style: italic;">Seqirus UK Limited (&#x201c;SUL&#x201d;).</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 16, 2015, </div>the Company and Seqirus UK Limited ("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 and ALPIVAB (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"). Peramivir is an intravenous treatment for acute uncomplicated influenza and is currently approved for use in the United States, Canada, Japan, Taiwan and Korea. Peramivir is the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> and only intravenous influenza treatment in the world and was approved by the U.S. Food and Drug Administration in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2014 </div>for the treatment of acute uncomplicated influenza in patients <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> years and older who have been symptomatic for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> days. The Company retains all rights and associated economics to procure pandemic stockpiling orders for RAPIVAB from the U.S. Government, while SUL has the right to pursue government stockpiling outside the U.S.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Pursuant to the SUL Agreement, RAPIVAB and ALPIVAB are licensed to and expected to be commercialized by CSL's subsidiary, SUL, which specializes in influenza prevention through the supply of seasonal and pandemic vaccine to global markets. SUL will manufacture, commercialize and exercise decision-making authority with respect to the development and commercialization of RAPIVAB and ALPIVAB within the Territory and be responsible for all related costs, including sales and promotion.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Under the terms of the SUL Agreement, the Company is responsible for fulfilling all post-marketing approval commitments in connection with the FDA's approval of the NDA, and upon fulfillment will transfer ownership of and financial responsibility for the new drug application (&#x201c;NDA&#x201d;) to SUL.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</div> <!-- Field: Page; Sequence: 17; Value: 3 -->   <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Under the terms of the SUL Agreement, the Company received an upfront payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33,740,</div> has received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,000</div> of milestone payments and should receive an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000</div> milestone payment related to the successful marketing approval by the EMA for an adult indication in the EU that was received in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2018. </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,000</div> of the upfront payment was determined to be contingent upon EU marketing approval and was deferred until that time. <div style="display: inline; color: #333333">BioCryst and Seqirus are engaged in a formal dispute resolution process.&nbsp;The dispute involves many items under the contract including, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, the EMA approval milestone, which BioCryst maintains is now due under the parties&#x2019; agreement.</div> The Company is also entitled under the SUL Agreement to receive tiered royalties at a percentage rate beginning in the mid-teens contingent upon meeting minimum thresholds of net sales, as well as a low-thirties percentage of the gross profit from government stockpiling purchases made outside the U.S. Specifically, the Company receives tiered royalties at a percentage rate in the mid-teens to low-forties on net sales in the U.S. during a Contract Year (defined as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1 - </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30) </div>and tiered royalties at a percentage rate in the mid-teens to mid-twenties on net sales in the Territory, other than in the U.S., during a Calendar Year, each subject to certain downward adjustments for circumstance or events impacting the overall market opportunity. SUL's royalty payment obligations commence on the date of the SUL Agreement and expire, on a country-by-country basis, upon the later of (i) the expiration of legal exclusivity in such country and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years from the date of the SUL Agreement. The Company developed peramivir under a license from UAB and will owe sublicense payments to them on any future milestone payments and/or royalties received by the Company from SUL.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"><div style="display: inline; font-style: italic;">Shionogi&nbsp;&amp; Co., Ltd. (&#x201c;Shionogi&#x201d;).</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2007, </div>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 them on any future milestone payments and/or royalties received by the Company from Shionogi. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2008, </div>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.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2017, </div>the Company, on behalf of Royalty Sub, instituted arbitration proceedings against Shionogi in order to resolve&nbsp;a dispute with Shionogi under the Shionogi Agreement regarding the achievement of sales milestones and escalating royalties.&nbsp;In the event that the Company prevails in the arbitration, any amounts realized in the arbitration or in respect of the milestone payments and escalating royalties that are the subject of the arbitration would be for the benefit of Royalty Sub and be used by Royalty Sub to service its obligations under the non-recourse PhaRMA Notes (except for any amounts realized by the Company in respect of royalties relating to sales to Japanese governmental entities, which amounts would be retained by the Company). The costs associated with the arbitration proceedings are expected to be paid out of the assets of Royalty Sub in accordance with the terms of the indenture and servicing agreement relating to the PhaRMA Notes, except to the extent such costs are recovered in connection with any arbitration award in favor of the Company and Royalty Sub if they prevail in the arbitration proceedings. Arbitration proceedings, like other legal proceedings, are inherently uncertain. As a result, the Company cannot assure you that the Company will prevail in the arbitration. As any arbitration award in favor of the Company would accrue primarily to the benefit of Royalty Sub and the holders of the PhaRMA Notes, and because the costs associated with the arbitration proceedings are expected to come out of the assets of Royalty Sub if <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recovered as part of any arbitration award in favor of the Company and Royalty Sub, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> currently anticipate that these arbitration proceedings will have a material adverse impact on the Company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"><div style="display: inline; font-style: italic;">Green Cross Corporation (&#x201c;Green Cross&#x201d;).</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2006, </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time license fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250.</div> 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.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><div style="display: inline; font-style: italic;">Mundipharma International Holdings Limited (&#x201c;Mundipharma&#x201d;).</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2006, </div>the Company entered into an exclusive, royalty bearing right and license agreement with Mundipharma for the development and commercialization of forodesine, a Purine Nucleoside Phosphorylase (&#x201c;PNP&#x201d;) inhibitor, for use in oncology. Under the terms of the license agreement, as amended, Mundipharma obtained rights to forodesine in markets across Europe, Asia, and Australasia in exchange for a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,000</div> up-front payment. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017, </div>Mundipharma obtained regulatory approval of Mundesine<div style="display: inline; font-weight: bold;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div></div> (forodesine hydrochloride) for the treatment of relapsed/refractory PTCL (Peripheral T-Cell Lymphoma) by the Ministry of Health, Labor and Welfare in Japan and is responsible for all commercialization costs in Japan. With Mundesine&#x2019;s approval, we began receiving royalties on product sales in Japan as per the amended license agreement.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. (&#x201c;AECOM&#x201d; and &#x201c;IRL&#x201d; respectively).</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2000, </div>the Company licensed a series of potent inhibitors of PNP from AECOM and IRL, (collectively, the &#x201c;Licensors&#x201d;). The lead product candidates from this collaboration are forodesine and ulodesine. The Company has obtained worldwide exclusive rights to develop and ultimately distribute these, 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. The Company agreed to use commercially reasonable efforts to develop these drugs. In addition, the Company has agreed to pay certain milestone payments for each licensed product (which range in the aggregate from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,400</div> to almost <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000</div>&nbsp;per indication) for future development of these inhibitors, single digit royalties on net sales of any resulting product made by the Company, and to share approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> quarter of future payments received from other <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party partners, if any. In addition, the Company has agreed to pay annual license fees, which can range from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,</div> that are creditable against actual royalties and other payments due to the Licensors. This agreement <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be terminated by the Company at any time by giving <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div>&nbsp;days advance notice or in the event of material uncured breach by the Licensors.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <!-- Field: Page; Sequence: 18; Value: 3 -->   <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2010, </div>the Company amended the licensee agreement through which the Company obtained worldwide exclusive rights to develop and ultimately distribute any product candidates that might arise from research on a series of PNP inhibitors, including forodesine and ulodesine. Under the terms of the amendment, the Licensors agreed to accept a reduction of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-half in the percentage of future payments received from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party sub licensees of the licensed PNP inhibitors that must be paid to the Licensors. This reduction does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> apply to (i)&nbsp;any milestone payments the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>receive in the future under its license agreement dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2006</div> with Mundipharma and (ii)&nbsp;royalties received from its sub licensees in connection with the sale of licensed products, for which the original payment rate will remain in effect. The rate of royalty payments to the Licensors based on net sales of any resulting product made by the Company remains unchanged.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2012,</div> the Company further amended its agreements with AECOM/IRL whereby the parties clarified the definition of the field with respect to PNP inhibition and AECOM/IRL agreed to exclusive worldwide license of galidesivir to BioCryst for any antiviral use.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 6, 2014, </div>the Carbohydrate Chemistry Research Team from Callaghan Innovation Research Limited, formerly Industrial Research Limited, transferred to Victoria University of Wellington (&#x201c;VUW&#x201d;) to establish the Ferrier Research Institute. The intellectual property rights relating to this research team, and the contracts relating to that intellectual property were transferred to a wholly owned subsidiary of VUW, including the contracts to which BioCryst is a party. The parties executed novation agreements in order to effectuate the transfer. Except for a substitution of parties, the terms and conditions of the contracts are substantially the same.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"><div style="display: inline; font-style: italic;">The University of Alabama at Birmingham (&#x201c;UAB&#x201d;).</div> 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 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party partners. The Company has completed the research under the UAB agreements. These <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> agreements have initial <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-year terms, are automatically renewable for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-year terms throughout the life of the last patent and are terminable by the Company upon <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months&#x2019; notice and by UAB under certain circumstances. Upon termination both parties shall cease using the other parties&#x2019; 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> activity between the Company and UAB on these agreements, but when the Company licenses this technology, such as in the case of the Shionogi, Green Cross and SUL agreements, or commercializes products related to these programs, the Company will owe sublicense fees or royalties on amounts it receives.&nbsp;</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 808<br> -URI http://asc.fasb.org/topic&amp;trid=5833765<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6662142896">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Royalty Monetization<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_RoyaltyMonetizationTextBlock', window );">Royalty Monetization [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> &#x2014; Royalty Monetization</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">Overview</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011,</div> the Company completed a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000</div>&nbsp;financing transaction to monetize certain future royalty and milestone payments under 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,691</div>&nbsp;from the transaction after transaction costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,309</div>&nbsp;and the establishment of a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,000</div>&nbsp;interest reserve account by Royalty Sub, available to help cover interest shortfalls in the future. All of the interest reserve account has been fully utilized with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2012 </div>interest payment.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">As part of the transaction, the Company entered into a purchase and sale agreement dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011</div> with Royalty Sub, whereby the Company transferred to Royalty Sub, among other things, (i)&nbsp;its rights to receive certain royalty and milestone payments from Shionogi arising under the Shionogi Agreement, and (ii)&nbsp;the right to receive payments under a Japanese yen/US dollar foreign currency hedge arrangement (as further described below, the &#x201c;Currency Hedge Agreement&#x201d;) put into place by the Company in connection with the transaction. Royalty payments will be paid by Shionogi in Japanese yen and milestone payments will paid in U.S. dollars. The Company&#x2019;s collaboration with Shionogi was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> impacted as a result of this transaction.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Non-Recourse Notes Payable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011,</div> Royalty Sub completed a private placement to institutional investors of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000</div> in aggregate principal amount of its PhaRMA Senior Secured <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.0%</div> Notes due <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020</div> (the &#x201c;PhaRMA Notes&#x201d;). The PhaRMA Notes were issued by Royalty Sub under an Indenture, dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011</div> (the &#x201c;Indenture&#x201d;), by and between Royalty Sub and U.S. Bank National Association, as Trustee. Principal and interest on the PhaRMA Notes issued 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div>&nbsp;per annum, payable annually in arrears on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1st</div> 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. &nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <!-- Field: Page; Sequence: 19; Value: 3 -->   <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Royalty Sub&#x2019;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&#x2019;s pledge of its equity interests in Royalty Sub in support of the PhaRMA Notes. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>but is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> obligated to, make capital contributions to a capital account that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be used to redeem, or on up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> occasion pay any interest shortfall on, the PhaRMA Notes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> Royalty Sub was unable to pay the accrued interest obligation due <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013.</div> Under the terms of the Indenture, Royalty Sub&#x2019;s inability to pay the full amount of interest payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> by the next succeeding Payment Date for the PhaRMA Notes, which was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> constituted an event of default. Accordingly, the PhaRMA Notes and related accrued interest have been classified as current liabilities on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2014 </div>balance sheet, and thereafter. As a result of the event of default under the PhaRMA Notes, the holders of the PhaRMA Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>pursue acceleration of the PhaRMA Notes, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 acceleration or 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. In addition, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>incur costs associated with liquidating the related Currency Hedge Agreement, which would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer be required in the event of foreclosure, or if the PhaRMA Notes cease to be outstanding. As the PhaRMA Notes are the obligation of Royalty Sub and non-recourse to the Company, the event of default of the PhaRMA Notes is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a significant impact on the Company&#x2019;s future results of operations or cash flows. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the PhaRMA Notes remain in default.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Indenture does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the aggregate fair value of the PhaRMA Notes was estimated to be approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of its carrying value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000.</div> The estimated fair value of the PhaRMA Notes is classified as Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> in the fair value hierarchy as defined in U.S. GAAP.&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The PhaRMA Notes are redeemable at the option of Royalty Sub at any time at a redemption price equal to the outstanding principal balance of the PhaRMA Notes being redeemed plus accrued and unpaid interest through the redemption date on the PhaRMA Notes being redeemed.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Currency Hedge Agreement</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. Under the Currency Hedge Agreement, the Company has the right to purchase dollars and sell yen at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div> yen per dollar for which the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be required to pay a premium in each year from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> provided the Currency Hedge Agreement remains in effect. A payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,950</div>&nbsp;will be required if, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> of the relevant year, the U.S. dollar is worth <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div> yen or less as determined in accordance with the Currency Hedge Agreement.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Currency Hedge Agreement does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for hedge accounting treatment; therefore, mark to market adjustments are recognized in the Company&#x2019;s Consolidated Statement of Comprehensive Loss. Cumulative mark to market adjustments for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> resulted in losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,804</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,543</div> respectively. The Company is also required to post collateral in connection with the mark to market adjustments based on defined thresholds. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> </div>collateral was posted under the Currency Hedge Agreement. The Company will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be required to post collateral exceeding the maximum premium payments remaining payable under the Currency Hedge Agreement. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the maximum amount of hedge collateral the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be required to post is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,850.</div></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Royalty monetization.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6812586272">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Senior Credit Facility<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> &#x2014; Senior Credit Facility</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 23, 2016, </div>the Company closed a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,000</div> Senior Credit Facility with an affiliate of MidCap Financial Services, LLC, as administrative agent (the &#x201c;Senior Credit Facility&#x201d;). The Senior Credit Facility was fully funded at closing and bears a variable interest rate of LIBOR (which shall <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5%</div>) plus <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8%.</div> The Senior Credit Facility includes an interest-only payment period through fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and scheduled monthly principal and interest payments for the subsequent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40</div> months. The Company has the option to repay the Senior Credit Facility at any time prior to the scheduled principal repayment date subject to prepayment fees. Final payment of the Senior Credit Facility is subject to a final payment fee equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> of the principal funded under the Senior Credit Facility.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 20; Value: 3 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company had borrowings of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,275</div> under the Senior Credit Facility bearing an interest rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7%.</div> The carrying amount of the debt approximates its fair value based on prevailing interest rates as of the balance sheet date. The remaining scheduled principal repayments of the Senior Credit Facility are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="background-color: White"> <td style="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Principal Payments</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: justify; text-indent: 3.2pt">2018</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,175</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: 3.2pt">2019</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,900</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: 3.2pt">2020</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,900</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; text-indent: 3.2pt">2021</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,300</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: 3.2pt">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; text-indent: 3.2pt">Total</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,275</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">The debt agreement contains <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> provisions that if deemed probable would create the recognition of an embedded feature; however, we do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe either provision is probable.<div style="display: inline; font-weight: bold;">&nbsp;</div></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -URI http://asc.fasb.org/topic&amp;trid=2208564<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6812548000">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Stockholders' Equity<br></strong></div></th>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> &#x2014; Stockholders&#x2019; Equity</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 8, 2017, </div>the Company filed a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$200,000</div> shelf registration statement on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> with the SEC. This shelf registration statement became effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 12, 2017 </div>and allows the Company to sell securities, including common stock, preferred stock, depository shares, stock purchase contracts, warrants and units, from time to time at prices and on terms to be determined at the time of sale.&nbsp;</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -URI http://asc.fasb.org/topic&amp;trid=2208762<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6826087360">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationsPolicy', window );">Business Combinations Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Agreement and Plan of Merger</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div>&nbsp;BioCryst Pharmaceuticals, Inc. (the &#x201c;Company&#x201d; or &#x201c;BioCryst&#x201d;), Idera Pharmaceuticals, Inc. (&#x201c;Idera&#x201d;), a Delaware corporation, Nautilus Holdco,&nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of BioCryst (&#x201c;Holdco&#x201d;),&nbsp;Island Merger Sub,&nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&#x201c;Merger Sub A&#x201d;), and Boat Merger Sub,&nbsp;Inc., a Delaware corporation and a direct, wholly owned subsidiary of Holdco (&#x201c;Merger Sub B&#x201d;), entered into an Agreement and Plan of Merger (the &#x201c;Merger Agreement&#x201d;). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, (a)&nbsp;Merger Sub A shall be merged with and into Idera (the &#x201c;Idera Merger&#x201d;), with Idera surviving as a wholly owned subsidiary of Holdco, and (b)&nbsp;Merger Sub B shall be merged with and into BioCryst (the &#x201c;BioCryst Merger&#x201d;, and, together with the Idera Merger, the &#x201c;Mergers&#x201d;), with BioCryst surviving as a wholly owned subsidiary of Holdco. <div style="display: inline; font-size: 10pt">At the effective time of the mergers, Holdco will be renamed Valenscion Incorporated.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Pursuant to the Merger Agreement, <div style="display: inline; color: #333333">u</div>pon completion of the Mergers, each issued and outstanding share of Idera common stock will be converted into the right to receive <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.20</div> shares of Holdco common stock (the "Idera exchange ratio"), and each issued and outstanding share of BioCryst common stock will be converted into the right to receive <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50</div> shares of Holdco common stock (the "BioCryst exchange ratio" and together with the Idera exchange ratio, the "exchange ratios"). The exchange ratios will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be adjusted for changes in the market price of either BioCryst common stock or Idera common stock between the date of signing of the Merger Agreement and completion of the Mergers. Upon completion of the Mergers, each issued and outstanding share of Idera preferred stock (with certain exceptions) will be converted into the right to receive an amount of Holdco common stock based on its liquidation preference.<div style="display: inline; color: #333333">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt; color: #333333">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><div style="display: inline; color: #333333"></div></div> <div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0"><div style="display: inline; color: #333333">The Merger Agreement has been unanimously approved by the boards of directors of BioCryst and Idera.&nbsp;The transaction is subject to approval by the stockholders of both companies, as well as regulatory approvals and satisfaction of other customary closing conditions.&nbsp;On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 15, 2018, </div>the Federal Trade Commission notified BioCryst that its request for early termination of the waiting period under the HSR Act had been granted.</div> The stockholders&#x2019; meeting for both companies has been scheduled for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 10, 2018. </div>Affiliates of Baker Bros. Advisors, LP are the beneficial owners of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div> of issued and outstanding BioCryst common stock and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18%</div> of issued and outstanding Idera common stock, have agreed, among other things, to vote their shares of BioCryst common stock and Idera common stock in favor of the proposal to adopt the Merger Agreement at each of the BioCryst special meeting and Idera special meeting. <div style="display: inline; color: #333333">The combined company, which will be renamed Valenscion Incorporated, will be headquartered in Exton, PA, at the current Idera headquarters, with a consolidated research center in Birmingham, AL, at the current BioCryst facility. </div></div> <div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0; color: #333333">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"><div style="display: inline; color: #333333">The transaction is expected to be completed during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> However, this Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and the forward-looking statements contained in this Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q are prepared as an independent company without giving effect to the Mergers.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_DescriptionOfCompanyPolicyTextBlock', window );">Description of Company [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">The Company</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></div> <div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0">BioCryst is a biotechnology company that designs, optimizes and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on oral treatments for rare diseases in which significant unmet medical needs exist and that align with its capabilities and expertise. The Company was incorporated in Delaware in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1986</div> 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. BioCryst has incurred losses and negative cash flows from operations since inception.&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">With the funds available at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company believes these resources will be sufficient to fund its operations at least through the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The Company has sustained operating losses for the majority of its corporate history and expects that its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> expenses will exceed its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> revenues. The Company expects to continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations. Accordingly, its planned operations raise doubt about its ability to continue as a going concern beyond the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The Company&#x2019;s liquidity needs will be largely determined by the success of operations in regards to the progression of its product candidates in the future. The Company also <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>consider other plans to fund operations beyond the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> including: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>)&nbsp;securing or increasing U.S. Government funding of its programs, including obtaining procurement contracts; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>)&nbsp;out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestones; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>)&nbsp;raising additional capital through equity or debt financings or from other sources; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>)&nbsp;obtaining additional product candidate regulatory approvals, which would generate revenue, milestones and cash flow; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>)&nbsp;reducing spending on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more research and development programs, including by discontinuing development; and/or (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>)&nbsp;restructuring operations to change its overhead structure. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>issue securities, including common stock, preferred stock, depositary shares, stock purchase contracts, warrants and units, through private placement transactions or registered public offerings in the future. The Company&#x2019;s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events and its decisions in the future.&nbsp;&nbsp;</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Accounting, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Basis of Presentation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, JPR Royalty Sub LLC (&#x201c;Royalty Sub&#x201d;) and MDCP, LLC (&#x201c;MDCP&#x201d;) and Nautilus Holdco,&nbsp;Inc. All subsidiaries were formed to facilitate financing and/or strategic transactions for the Company. In the case of Nautilus Holdco,&nbsp;Inc., the subsidiary was formed entirely to facilitate a merger with Idera.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Royalty Sub was formed in connection with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000</div>&nbsp;financing transaction the Company completed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011.</div> See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,</div> Royalty Monetization, for a further description of this transaction. MDCP was formed in connection with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,000</div> Senior Credit Facility that the Company closed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 23, 2016. </div>See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,</div> Senior Credit Facility, for a further description of this transaction. All intercompany transactions and balances have been eliminated.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company&#x2019;s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#x201c;U.S. GAAP&#x201d;) for interim financial reporting and the instructions to Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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&#x2019;s opinion, necessary to present fairly, in all material respects, the Company&#x2019;s consolidated financial position, results of operations, and cash flows. There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> adjustments other than normal recurring adjustments.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">These financial statements should be read in conjunction with the financial statements for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and the notes thereto included in the Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K. Interim operating results are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of operating results for the full year. The balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> has been derived from the audited consolidated financial statements included in the Company&#x2019;s most recent Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash and Cash Equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> 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.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy', window );">Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted Cash</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Restricted cash as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> reflects <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,188</div> in royalty revenue paid by Shionogi&nbsp;&amp; Co., Ltd. (&#x201c;Shionogi&#x201d;) designated for interest on the PhaRMA Notes (defined in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,411</div> the Company is required to maintain as collateral for a letter of credit associated with the lease execution and build-out of its new Birmingham research facilities.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentPolicyTextBlock', window );">Investment, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Investments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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&#x2019;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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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&#x2019;s investment policy requires it to purchase high-quality marketable securities with a maximum individual maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years and requires an average portfolio maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months. Some of the securities the Company invests in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>have market risk. This means that a change in prevailing interest rates <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe it has a material exposure to interest rate risk arising from its investments. Generally, the Company&#x2019;s investments are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> collateralized. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> realized any significant losses from its investments.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <!-- Field: Page; Sequence: 7; Value: 3 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months and which mature at or less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months from the balance sheet date are classified as current. Investments with a maturity beyond <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months from the balance sheet date are classified as long-term. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company believes that the cost of its investments is recoverable in all material respects.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The following tables summarize the fair value of the Company&#x2019;s investments by type. The estimated fair values of the Company&#x2019;s fixed income investments are classified as Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> active. These fair values are obtained from independent pricing services which utilize Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> inputs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized<br /> Cost</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accrued<br /> Interest</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Gains</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Losses</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Estimated<br /> Fair&nbsp;Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt">Obligations of the U.S. Government and its agencies</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,116</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(205</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,059</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Corporate debt securities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,299</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">201</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(250</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,250</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Certificates of deposit</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,821</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,830</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total investments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,236</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">379</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(476</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,139</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized<br /> Cost</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accrued<br /> Interest</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Gains</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Losses</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Estimated<br /> Fair&nbsp;Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt">Obligations of the U.S. Government and its agencies</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,121</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">177</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(122</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,176</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Corporate debt securities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,021</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">203</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(108</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,116</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Certificates of deposit</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,099</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,118</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total investments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,241</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">412</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(244</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,410</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The following table summarizes the scheduled maturity for the Company&#x2019;s investments at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Maturing in one year or less</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,540</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,115</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Maturing after one year through two years</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,505</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,257</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Maturing after two years</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,094</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,038</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total investments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,139</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,410</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesPolicyTextBlock', window );">Receivables, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Receivables from Collaborations</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 (&#x201c;Green Cross&#x201d;), Mundipharma International Holdings Limited (&#x201c;Mundipharma&#x201d;) and Seqirus UK Limited (&#x201c;SUL&#x201d;), and product sales to SUL. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company had the following receivables.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <!-- Field: Page; Sequence: 8; Value: 3 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Billed</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unbilled</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">U.S. Department of Health and Human Services</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">996</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,019</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shionogi&nbsp;&amp; Co. Ltd.</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,422</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,422</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Green Cross Corporation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">899</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">926</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Mundipharma International Holdings Limited</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Seqirus UK Limited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,133</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">172</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,305</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total receivables</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,499</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,195</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,694</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Billed</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unbilled</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">U.S. Department of Health and Human Services</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,020</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,062</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shionogi&nbsp;&amp; Co. Ltd.</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,600</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,600</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Green Cross Corporation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,388</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,416</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Mundipharma International Holdings Limited</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Seqirus UK Limited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">992</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total receivables</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,902</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,215</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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&#x2019;s calculations of its indirect cost rates are subject to audit by the U.S. Government.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Receivables from Product Sales</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Receivables from product sales are recorded for amounts due to the Company related to sales of RAPIVAB<div style="display: inline; font-weight: bold;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div></div>. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventory, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventory</div></div>&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company&#x2019;s inventory consisted primarily of peramivir work in process and is being manufactured for the Company&#x2019;s partners. Inventory is stated at the lower of cost and net realizable value, determined under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (&#x201c;FIFO&#x201d;) method, or market. 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 will capitalize subsequent costs related to the production of inventories.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Property, Plant and Equipment, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Property and Equipment</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years. Laboratory equipment, office equipment, and software are depreciated over a life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years. Furniture and fixtures are depreciated over a life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> years. Leasehold improvements are amortized over their estimated useful lives or the expected lease term, whichever is less. Property consists of a leased building which did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> meet the sale-leaseback criteria and is recorded at its fair value, less depreciation. The building is being depreciated over a period equal to the expected term of the related lease.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsFiniteLivedPolicy', window );">Intangible Assets, Finite-Lived, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Patents and Licenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AccruedExpensesPolicyTextBlock', window );">Accrued Expenses [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Accrued Expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Company generally enters into contractual agreements with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party vendors who provide research and development, manufacturing, 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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:&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <table style="; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 4%">&nbsp;</td> <td style="vertical-align: top; width: 6%"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2022;</div></td> <td style="vertical-align: top; width: 1%">&nbsp;</td> <td style="vertical-align: top; width: 88%"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to Clinical Research Organizations (&#x201c;CROs&#x201d;) in connection with preclinical and toxicology studies and clinical trials;</div></td> <td style="width: 1%">&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2022;</div></td> <td style="vertical-align: top">&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to investigative sites in connection with clinical trials;</div></td> <td>&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2022;</div></td> <td style="vertical-align: top">&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">fees paid to contract manufacturers in connection with the production of the Company&#x2019;s raw materials, drug substance and drug products;&nbsp;and</div></td> <td>&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td style="vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2022;</div></td> <td style="vertical-align: top">&nbsp;</td> <td colspan="2" style="vertical-align: top"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">professional fees.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">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&#x2019;s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the carrying value of accrued expenses approximates their fair value due to their short-term settlement.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Tax, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Income Taxes</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The liability method is used in the Company&#x2019;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.&nbsp;Although <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> changes were made to provisional amounts during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>we will continue to evaluate our estimates related to the new legislation as clarifying guidance and interpretations are issued and our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> tax returns are completed.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2017, </div>the SEC staff issued Staff Accounting Bulletin <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> (&#x201c;SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118&#x201d;</div>), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (&#x201c;TCJA&#x201d;). SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> provides a measurement period that should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> extend beyond <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the TCJA enactment date for companies to complete the accounting under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,</div> Income Taxes.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock', window );">Comprehensive Income, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Accumulated Other Comprehensive Loss</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders&#x2019; equity. Amounts reclassified from accumulated other comprehensive loss are recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> reclassifications out of accumulated other comprehensive loss were recorded during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017.</div></div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue Recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Transition Considerations</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the Financial Accounting Standards Board issued Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09:</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>)</div> (&#x201c;ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606&#x201d;</div>), which provides a single, comprehensive revenue recognition model for all contracts with customers. The core principle of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> is that an entity should recognize revenue when it transfers 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. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">The Company adopted the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> using the modified retrospective method as applied to contracts that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed as of that date. The modified retrospective method requires the recognition of the cumulative effect of initially applying the standard (if any) as an adjustment to opening retained earnings for the fiscal year beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div>&nbsp;As a result, financial information for reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>are presented under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> while comparative financial information has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been adjusted and continues to be reported in accordance with the Company&#x2019;s historical accounting policy for revenue recognition prior to the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">Adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> resulted in a change in the Company&#x2019;s method of accounting for fees received under licensing agreements. Prior to adopting ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> fees received under licensing agreements that were related to future performance were deferred and recognized over an estimated period based on the terms of the agreement and the products licensed. Under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> licenses of drug products and formulations are forms of functional intellectual property. Licenses of functional intellectual property grant a right to use the intellectual property and the related revenue will generally be recognized at a point in time rather than over time. As a result, certain license fees that were previously deferred and recognized over time were eliminated through a cumulative effect adjustment as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 10; Value: 3 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The following table summarizes the cumulative effect of the changes to the Company&#x2019;s unaudited Consolidated Balance Sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>from the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.1pt">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Balance at </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Adjustments due to </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">ASC 606</div></div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Balance at </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">January 1, 2018</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 10pt">Deferred collaboration expense</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(58</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">152</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,484</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,184</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,300</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Equity</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accumulated deficit</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(631,843</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,126</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(630,717</div></td> <td style="text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">The following tables summarize the current period impacts of adopting ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> on the Company&#x2019;s unaudited Consolidated Balance Sheet and Consolidated Statement of Comprehensive Loss:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments due to ASC 606</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balances without adoption of ASC 606</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 10pt">Deferred collaboration expense</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">152</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">196</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,300</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">888</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,188</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Equity</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accumulated deficit</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(656,494</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">282</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(656,212</div></td> <td style="text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Three Months Ended March 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Adjustments due to</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">ASC 606</div></div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Balances without</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">adoption of ASC 606</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Collaborative and other research and development revenue</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">296</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">611</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,441</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,455</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(25,777</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">282</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(25,495</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net loss per share</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.26</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.00</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.26</div></td> <td style="text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Adoption of the standard had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on total net cash within the Consolidated Statements of Cash Flows.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"><div style="display: inline; font-style: italic;">Collaborative and Other Research and Development Arrangements and Royalties</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">The Company recognizes revenue when it satisfies a performance obligation by transferring promised goods or services to a customer. Revenue is measured at the transaction price that is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. The transaction price includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occur.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 11.5pt">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">The Company has collaboration and license agreements with a number of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties as well as research and development agreements with certain government entities. The Company&#x2019;s primary sources of revenue are license, service, royalty and product sale revenues from these collaborative and other research and development arrangements.</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement.</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Arrangements that involve the delivery of more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> 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. Variable consideration is assessed at each reporting period as to whether it is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors. Analyzing the arrangement to identify performance obligations requires the use of judgment, and each <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be an obligation to deliver services, a right or license to use an asset, or another performance obligation.&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.05pt">&nbsp;</div> <!-- Field: Page; Sequence: 11; Value: 3 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt; color: #0070C0"></div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">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&#x2019;s contracts with the Biomedical Advanced Research and Development Authority within the United States Department of Health and Human Services (&#x201d;BARDA/HHS&#x201d;) and the National Institute of Allergy and Infectious Diseases (&#x201c;NIAID/HHS&#x201d;), revenue is recognized as reimbursable direct and indirect costs are incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">Under certain of the Company&#x2019;s license agreements, the Company receives royalty payments based upon its licensees&#x2019; 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.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt"><div style="display: inline; font-style: italic;">Product Sales</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company recognizes revenue for sales of RAPIVAB when the customer obtains control of the product, which generally occurs on the date of shipment to the Company&#x2019;s specialty distributors, utilizing the Sell-In revenue recognition methodology. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. In the United States, and prior to the SUL Agreement, the Company sold RAPIVAB to specialty distributors, who in turn, sell to physician offices, hospitals and federal, state and commercial health care organizations.&nbsp;With the completion of the SUL worldwide license of RAPIVAB, SUL will be responsible for sales of RAPIVAB, other than U.S. Government stockpiling sales. With the completion of the SUL collaboration, all peramivir sales (i.e., RAPIVAB, ALPIVAB<div style="display: inline; font-weight: bold;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">TM</div></div>, RAPIACTA<div style="display: inline; font-weight: bold;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div></div>, and PERAMIFLU<div style="display: inline; font-weight: bold;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div></div>) should be made by the Company&#x2019;s partners, except for U.S. Government stockpiling sales, and the Company will be reliant on these partners to generate sales.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Sales deductions consist of statutory rebates to state Medicaid, Medicare and other government agencies and sales discounts (including trade discounts and distribution service fees). These deductions are recorded as reductions from revenue from RAPIVAB in the same period as the related sales with estimates of future utilization derived from historical experience adjusted to reflect known changes in the factors that impact such reserves.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company recorded the following revenues for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Royalty revenues</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,661</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,321</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Collaborative and other research and development revenues:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">U.S. Department of Health and Human Services</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">654</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Shionogi &amp; Co., Ltd.</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">296</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Seqirus UK Limited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,166</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total collaborative and other research and development revenues</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,116</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenues</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,976</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,437</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">Contract Balances</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue and billings in excess of revenue recognized (contract liabilities) on the Consolidated Balance Sheets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <!-- Field: Page; Sequence: 12; Value: 3 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Contract assets</div></div> - The Company&#x2019;s long-term contracts, typically the government research and development contracts, are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring subsequent to revenue recognition resulting in contract assets. Contract assets are generally classified as current assets in the Consolidated Balance Sheet.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><div style="display: inline; font-style: italic;"><div style="display: inline; text-decoration: underline;">Contract liabilities</div></div> - The Company often receives cash payments from customers in advance of the Company&#x2019;s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the revenue.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">Contract Costs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>incur direct and indirect costs associated with obtaining a contract. Incremental contract costs that the Company expects to recover are capitalized and amortized over the expected term of the contract. Non-incremental contract costs and costs that the Company does expect to recover are expensed as incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-style: italic;">Advertising</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The Company engages in very limited distribution and direct-response advertising when promoting RAPIVAB. Advertising and promotional costs are expensed as the costs are incurred.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpensePolicy', window );">Research and Development Expense, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Research and Development Expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Company&#x2019;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&#x2019;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&#x2019;s manufacturing and clinical and preclinical studies are performed by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-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&#x2019;s on-going review of the level of services actually performed.&nbsp;&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Additionally, the Company has license agreements with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties, such as Albert Einstein College of Medicine of Yeshiva University (&#x201c;AECOM&#x201d;), Industrial Research, Ltd. (&#x201c;IRL&#x201d;), and the University of Alabama at Birmingham (&#x201c;UAB&#x201d;), 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.&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Deferred collaboration expenses represent sub-license payments, paid to the Company&#x2019;s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to the Company&#x2019;s academic partners for modification to existing license agreements. These deferred expenses would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have been incurred without receipt of such payments or modifications from the Company&#x2019;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.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock-Based Compensation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company&#x2019;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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> compensation expense is recognized until &#x201c;performance&#x201d; is deemed to have occurred.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_InterestExpenseAndDeferredFinancingCostsPolicyTextBlock', window );">Interest Expense and Deferred Financing Costs [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Interest Expense and Deferred Financing Costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Interest expense for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> includes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,136</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,020,</div> respectively, related to the issuance of the PhaRMA Notes (defined in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) and the Senior Credit Facility (defined in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>). Costs directly associated with the issuance of the PhaRMA Notes and the Senior Credit Facility have been capitalized and are netted against the non-recourse notes payable and Senior Credit Facility on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the terms of the PhaRMA Notes and the Senior Credit Facility using the effective interest rate method. Amortization of deferred financing costs and original issue discount included in interest expense was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$232</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$220</div> for each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LesseeLeasesPolicyTextBlock', window );">Lessee, Leases [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Lease Financing Obligation</div></div>&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Based on the terms of the lease agreement for the new research facility in Birmingham, Alabama, the Company had construction period risks during the construction period and the Company was deemed the owner of the building (for accounting purposes only) during the construction period. Accordingly, the Company recorded an asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,589</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>representing the Company&#x2019;s leased portion of the building and recorded a corresponding liability. Upon completion of leasehold improvement construction, which ended in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> meet the sale-leaseback criteria for de-recognition of the building asset and liability. Therefore, the lease is accounted for as a financing obligation. The asset will be depreciated over the expected duration of the lease of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.5</div> years, and rental payments will be treated as principal and interest payments on the lease financing obligation liability. The underlying accounting for this transaction has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on cash flows associated with the underlying lease or construction in process. Interest expense for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> includes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$82</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$80,</div> respectively, related to the lease financing obligation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">At each of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the lease financing obligation balance was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,703</div> and was recorded as a long term liability on the consolidated balance sheets. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>the remaining future minimum payments under the lease financing obligation are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,225.</div></div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_CurrencyHedgeAgreementPolicyTextBlock', window );">Currency Hedge Agreement [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Currency Hedge Agreement</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for hedge accounting treatment; therefore mark to market adjustments are recognized in the Company&#x2019;s Consolidated Statements of Comprehensive Loss. Cumulative mark to market adjustments for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> resulted in losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,804</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,543,</div> respectively. Mark to market adjustments are determined by a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party pricing model that uses quoted prices in markets that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> actively traded and for which significant inputs are observable directly or indirectly, representing Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> in the fair value hierarchy as defined by U.S. GAAP. The Company is also required to post collateral in connection with the mark to market adjustments based on thresholds defined in the Currency Hedge Agreement. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> hedge collateral was posted under the agreement.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings Per Share, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Net Loss Per Share</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Net loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted loss per share is equivalent to basic net loss per share for all periods presented herein because common equivalent shares from unexercised stock options and common shares expected to be issued under the Company&#x2019;s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,775</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,762,</div> respectively, of such potential common shares, as their impact would be anti-dilutive.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_ConcentrationOfMarketRiskPolicyTextBlock', window );">Concentration of Market Risk [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Significant Customers and Other Risks</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><div style="display: inline; font-style: italic;">Significant Customers</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">Prior to the SUL Agreement, the Company relied primarily on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> specialty distributors to purchase and supply the majority of RAPIVAB. These <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> pharmaceutical specialty distributors accounted for greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> of all RAPIVAB product sales and accounted for predominantly all of the Company&#x2019;s outstanding receivables from product sales. The loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more of these specialty distributors as a customer could have negatively impacted the commercialization of RAPIVAB. However, the Company will utilize these specialty distributors on a limited basis subsequent to the SUL collaboration, as SUL and other peramivir collaboration partners will be responsible for commercial sales on a worldwide basis. In addition, in connection with the SUL collaboration, all peramivir sales (i.e., RAPIVAB, RAPIACTA, and PERAMIFLU) will be made by the Company&#x2019;s partners and the Company will be reliant on these partners to generate sales and remit cash to satisfy receivables.&nbsp;</div> <div style=" font-size: 10pt; text-indent: 29.7pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 27.35pt; margin: 0pt 0">Other than peramivir royalty revenues for which Seqirus has a significant percentage of worldwide geography, the Company&#x2019;s primary source of revenue that has an underlying cash flow stream is the reimbursement of galidesivir (formerly <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">BCX4430</div>) development expenses earned under cost-plus-fixed-fee contracts with BARDA/HHS and NIAID/HHS (each as defined below). The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its galidesivir program. Accordingly, reimbursement of these expenses represents a significant portion of the Company&#x2019;s collaborative and other research and development revenues. The completion or termination of the NIAID/HHS and BARDA/HHS galidesivir contracts could negatively impact the Company&#x2019;s future Consolidated Statements of Comprehensive Loss and Cash Flows. The Company recognizes royalty revenue from the net sales of RAPIACTA by Shionogi; however, the underlying cash flow from these royalty payments, except for Japanese government stockpiling sales, is used directly to pay the interest, and then the principal, on the Company&#x2019;s non-recourse notes payable. Payment of the interest and the ultimate repayment of principal of these notes will be entirely funded by future royalty payments derived from net sales of RAPIACTA. Further, the Company&#x2019;s drug development activities are performed by a limited group of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party vendors. If any of these vendors were unable to perform their services, this could significantly impact the Company&#x2019;s ability to complete its drug development activities.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</div> <!-- Field: Page; Sequence: 14; Value: 3 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><div style="display: inline; font-style: italic;">Risks from Third Party Manufacturing and Distribution Concentration</div>&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">The Company primarily relies on single source manufacturers for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development. Delays in the manufacture or distribution of any product could adversely impact the commercial revenue and future procurement stockpiling of the Company&#x2019;s product candidates in development.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt"><div style="display: inline; font-style: italic;">Credit Risk</div>&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.3pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months or less. Other than product sale and collaborative partner receivables discussed above, the majority of the Company&#x2019;s receivables from collaborations are due from the U.S. Government, for which there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assumed credit risk.</div></div></div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">New Accounting Pronouncements, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent Accounting Pronouncements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2017, </div>the SEC staff issued SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118,</div> which provides guidance on accounting for the tax effects of the TCJA. SAB <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118</div> provides a measurement period that should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> extend beyond <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the TCJA enactment date for companies to complete the accounting under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,</div> Income Taxes.&nbsp;</div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 29.5pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016, </div>the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18:</div> <div style="display: inline; font-style: italic;">Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Restricted Cash</div> (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18&#x201d;</div>). The new standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and interim periods within those annual reporting periods. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>and applied it retrospectively to all periods presented. Adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company&#x2019;s consolidated financial statements.&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15:</div> <div style="display: inline; font-style: italic;">Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Classification of Certain Cash Receipts and Cash Payments</div> (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15&#x201d;</div>). The amendments in this update clarify how entities should classify certain cash receipts and cash payments on the Consolidated Statements of Cash Flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> class of cash flows. The standard is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and interim periods within those annual reporting periods. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018. </div>Adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company&#x2019;s consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02:</div> <div style="display: inline; font-style: italic;">Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div> (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02&#x201d;</div>). The amendments in this update require lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for all leases with terms greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. This update also introduces new disclosure requirements for leasing arrangements. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> will be effective for the Company in fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> but early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.5pt">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2016, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01:</div> <div style="display: inline; font-style: italic;">Financial Instruments - Overall (Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>): Recognition and Measurement of Financial Assets and Financial Liabilities</div> (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01&#x201d;</div>). The amendments in this update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In particular, the amendments in this update supersede, for public business entities, the requirement to disclose the methods and significant assumptions used in calculating the fair value of financial instruments required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The standard is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and interim periods within those annual reporting periods. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018. </div>Adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company&#x2019;s consolidated financial statements.</div></div></div></div></div></div></div></div></div><span></span>
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</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AccruedExpensesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents accrued expenses policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AccruedExpensesPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents concentration of market risk policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_ConcentrationOfMarketRiskPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents currency hedge agreement policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_CurrencyHedgeAgreementPolicyTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_DescriptionOfCompanyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of company policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_DescriptionOfCompanyPolicyTextBlock</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_InterestExpenseAndDeferredFinancingCostsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents interest expense and deferred financing costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_InterestExpenseAndDeferredFinancingCostsPolicyTextBlock</td>
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<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -Subparagraph (a)-(d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6909625&amp;loc=d3e227-128457<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationsPolicy</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4273-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Entity's cash and cash equivalents accounting policy with respect to restricted balances.  Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4273-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomePolicyPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32847-109319<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32809-109319<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32840-109319<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=84176650&amp;loc=d3e32247-109318<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=84176650&amp;loc=d3e32280-109318<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65884525&amp;loc=d3e40913-109327<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for finite-lived intangible assets. This accounting policy also might address: (1) the amortization method used; (2) the useful lives of such assets; and (3) how the entity assesses and measures impairment of such assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66006027&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4556-108314<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109236672&amp;loc=d3e543-108305<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4492-108314<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 5.M)<br> -URI http://asc.fasb.org/extlink&amp;oid=65877573&amp;loc=d3e87990-122713<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2,12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27290-111563<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for leasing arrangement entered into by lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=77888426&amp;loc=SL77918666-209980<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6662146208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Significant Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized<br /> Cost</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accrued<br /> Interest</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; 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text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(205</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,059</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Corporate debt securities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,299</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">201</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(250</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,250</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Certificates of deposit</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,821</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(21</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,830</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total investments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,236</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">379</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(476</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,139</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized<br /> Cost</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accrued<br /> Interest</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Gains</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross<br /> Unrealized<br /> Losses</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Estimated<br /> Fair&nbsp;Value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt">Obligations of the U.S. Government and its agencies</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,121</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">177</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(122</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,176</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Corporate debt securities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,021</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">203</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(108</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,116</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Certificates of deposit</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,099</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,118</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 10pt">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total investments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,241</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">412</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(244</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,410</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AvailableForSaleSecuritiesDebtMaturitiesFairValueTableTextBlock', window );">Available For Sale Securities Debt Maturities Fair Value [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Maturing in one year or less</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,540</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,115</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Maturing after one year through two years</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,505</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,257</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Maturing after two years</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,094</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,038</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total investments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89,139</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,410</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_ScheduleOfReceivablesFromCollaborationsTableTextBlock', window );">Schedule of Receivables from Collaborations [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Billed</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unbilled</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">U.S. Department of Health and Human Services</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">996</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,019</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shionogi&nbsp;&amp; Co. Ltd.</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,422</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,422</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Green Cross Corporation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">899</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">926</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Mundipharma International Holdings Limited</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Seqirus UK Limited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,133</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">172</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,305</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total receivables</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,499</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,195</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,694</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Billed</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unbilled</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">U.S. Department of Health and Human Services</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,020</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,062</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shionogi&nbsp;&amp; Co. Ltd.</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,600</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,600</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Green Cross Corporation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,388</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,416</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Mundipharma International Holdings Limited</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Seqirus UK Limited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">825</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">167</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">992</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total receivables</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,902</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,215</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock', window );">Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Balance at </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Adjustments due to </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">ASC 606</div></div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Balance at </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">January 1, 2018</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 10pt">Deferred collaboration expense</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(58</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">152</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,484</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,184</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,300</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Equity</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accumulated deficit</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(631,843</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,126</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(630,717</div></td> <td style="text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments due to ASC 606</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balances without adoption of ASC 606</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Assets</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 10pt">Deferred collaboration expense</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">152</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">196</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,300</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">888</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,188</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Equity</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accumulated deficit</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(656,494</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">282</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(656,212</div></td> <td style="text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Three Months Ended March 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Reported</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Adjustments due to</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">ASC 606</div></div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Balances without</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">adoption of ASC 606</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Collaborative and other research and development revenue</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">296</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">611</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,441</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,455</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(25,777</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">282</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(25,495</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net loss per share</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.26</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.00</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.26</div></td> <td style="text-align: left">)</td> </tr> </table></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisaggregationOfRevenueTableTextBlock', window );">Disaggregation of Revenue [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Royalty revenues</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,661</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,321</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Collaborative and other research and development revenues:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">U.S. Department of Health and Human Services</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">654</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Shionogi &amp; Co., Ltd.</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">296</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Seqirus UK Limited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,166</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total collaborative and other research and development revenues</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,116</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenues</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Stock-based Compensation (Tables)<br></strong></div></th>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Awards<br /> Available</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options<br /> Outstanding</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted<br /> Average<br /> Exercise<br /> Price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%">Balance December&nbsp;31, 2017</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">468</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,452</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.06</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Restricted stock unit awards granted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Restricted stock unit awards cancelled</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock option awards granted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(31</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.43</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Stock option awards exercised</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2014;</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(169</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.22</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Stock option awards cancelled</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.87</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance March&nbsp;31, 2018</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">476</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,269</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.10</div></td> <td style="text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock', window );">Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: left">Expected Life in Years</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.5</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected Volatility</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Dividend Yield</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-Free Interest Rate</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.4</div></td> <td style="text-align: left">%</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for share-based compensation plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818857440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Senior Credit Facility (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="background-color: White"> <td style="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Principal Payments</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: justify; text-indent: 3.2pt">2018</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,175</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: 3.2pt">2019</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,900</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: 3.2pt">2020</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,900</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; text-indent: 3.2pt">2021</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,300</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: 3.2pt">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; text-indent: 3.2pt">Total</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,275</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6831819440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Significant Accounting Policies (Details Textual)<br> shares in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Jan. 21, 2018</div></th>
<th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 23, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 09, 2011 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Long-term Line of Credit, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,114<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted Cash and Cash Equivalents, Current, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,599<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,286<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossOnSaleOfInvestments', window );">Loss on Sale of Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax', window );">Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Interest Expense, Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,136<span></span>
</td>
<td class="nump">2,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of Debt Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">232<span></span>
</td>
<td class="nump">220<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest Expense, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,221<span></span>
</td>
<td class="nump">$ 2,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_LeaseFinancingObligationNetOfCurrent', window );">Lease Financing Obligation, Net of Current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,731<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,751<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,775<span></span>
</td>
<td class="nump">2,762<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_RAPIVABMember', window );">RAPIVAB [Member] | Customer Concentration Risk [Member] | Sales Revenue, Product Line [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_NumberOfMajorCustomers', window );">Number of Major Customers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_RAPIVABMember', window );">RAPIVAB [Member] | Customer Concentration Risk [Member] | Sales Revenue, Product Line [Member] | Three Customers [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember', window );">Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLossOnDerivative', window );">Derivative, Loss on Derivative</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,804<span></span>
</td>
<td class="nump">$ 1,543<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=bcrx_CurrencyHedgeAgreementMember', window );">Currency Hedge Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CollateralAlreadyPostedAggregateFairValue', window );">Collateral Already Posted, Aggregate Fair Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseArrangementTypeAxis=bcrx_BirminghamResearchFacilityMember', window );">Birmingham Research Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest Expense, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">82<span></span>
</td>
<td class="nump">$ 80<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_LeaseFinancingObligationNetOfCurrent', window );">Lease Financing Obligation, Net of Current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,703<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,703<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeasesFutureMinimumPaymentsDue', window );">Capital Leases, Future Minimum Payments Due, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,225<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember', window );">Computer Equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Property, Plant and Equipment, Useful Life</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=bcrx_LaboratoryEquipmentOfficeEquipmentAndSoftwareMember', window );">Laboratory Equipment, Office Equipment and Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Property, Plant and Equipment, Useful Life</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember', window );">Furniture and Fixtures [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Property, Plant and Equipment, Useful Life</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold Improvements [Member] | Birmingham Research Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Property, Plant and Equipment, Useful Life</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">20 years 182 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property, Plant and Equipment, Gross, Ending Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,589<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_MaturityPeriodOfHighQualityMarketablesecurities', window );">Maturity Period of High Quality Marketable Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities', window );">Average Maturity Period of High Quality Marketable Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 180 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_MaturityperiodOfShortTermInvestment', window );">Maturity Period of Short Term Investment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AverageMaturityForPortfolioInvestments', window );">Average Maturity for Portfolio Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 180 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_MaturityperiodOfShortTermInvestment', window );">Maturity Period of Short Term Investment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">90 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_LongtermInvestmentMaturityMinimum', window );">Long-term Investment Maturity, Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis=bcrx_RoyaltyReceivableMember', window );">Royalty Receivable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted Cash and Cash Equivalents, Current, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,188<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis=bcrx_CollateralForCreditMember', window );">Collateral for Credit [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted Cash and Cash Equivalents, Current, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,411<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=bcrx_SeniorCreditFacilityMember', window );">Senior Credit Facility [Member] | MidCap Financial Services, LLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Long-term Line of Credit, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 21,275<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=bcrx_JPRRoyaltySubLLCMember', window );">JPR Royalty Sub LLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized', window );">Revenue Recognition Royalty and Milestone Revenue Recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=bcrx_MergerAgreementMember', window );">Merger Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_IderaExchangeRatio', window );">Idera Exchange Ratio</a></td>
<td class="nump">0.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_BioCrystExchangeRatio', window );">BioCryst Exchange Ratio</a></td>
<td class="nump">0.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=bcrx_MergerAgreementMember', window );">Merger Agreement [Member] | Baker Brother [Member] | BioCryst [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners', window );">Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners</a></td>
<td class="nump">14.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=bcrx_MergerAgreementMember', window );">Merger Agreement [Member] | Baker Brother [Member] | Idera [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners', window );">Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners</a></td>
<td class="nump">18.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AverageMaturityForPortfolioInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average maturity for portfolio investments during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AverageMaturityForPortfolioInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average maturity period of high quality marketable securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AverageMaturityPeriodOfHighQualityMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_BioCrystExchangeRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of BioCryst common stock into common stock of Holdco.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_BioCrystExchangeRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_IderaExchangeRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of Idera common stock into common stock of Holdco.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_IderaExchangeRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_LeaseFinancingObligationNetOfCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Lease Financing obligation as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_LeaseFinancingObligationNetOfCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_LongtermInvestmentMaturityMinimum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents long term investment maturity minimum.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_LongtermInvestmentMaturityMinimum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_MaturityPeriodOfHighQualityMarketablesecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents maturity period of high quality marketable securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_MaturityPeriodOfHighQualityMarketablesecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_MaturityperiodOfShortTermInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maturity period of short term investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_MaturityperiodOfShortTermInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_NumberOfMajorCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of major customers accounting for 10% or more of the specified concentration risk benchmark, which includes, but not limited to, sales revenue, accounts receivable, etc.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_NumberOfMajorCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue recognition royalty and milestone revenue recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_RevenueRecognitionRoyaltyAndMilestoneRevenueRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28555-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeasesFutureMinimumPaymentsDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of minimum lease payments for capital leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84164817&amp;loc=d3e45280-112737<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalLeasesFutureMinimumPaymentsDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CollateralAlreadyPostedAggregateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate fair value of assets that are already posted, at the end of the reporting period, as collateral for derivative instruments with credit-risk-related contingent features.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4H<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=109980867&amp;loc=SL5624258-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CollateralAlreadyPostedAggregateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6351-108592<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=109250915&amp;loc=d3e13531-108611<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109250915&amp;loc=d3e13537-108611<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6404-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLossOnDerivative">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in the fair value of derivatives recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109980867&amp;loc=SL5618551-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLossOnDerivative</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (210.5-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense for debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109500613&amp;loc=SL6036836-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossOnSaleOfInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the carrying value and the sale price of an investment.  A loss would be recognized when the sale price of the investment is less than the carrying value of the investment. This element refers to the Loss included in earnings and not to the cash proceeds of the sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(b)(9)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(b)(7)(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossOnSaleOfInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669686-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 17B<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL34724394-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=bcrx_RAPIVABMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=bcrx_RAPIVABMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=us-gaap_CustomerConcentrationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=us-gaap_CustomerConcentrationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueProductLineMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueProductLineMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=bcrx_ThreeCustomersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=bcrx_ThreeCustomersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=bcrx_CurrencyHedgeAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=bcrx_CurrencyHedgeAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseArrangementTypeAxis=bcrx_BirminghamResearchFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=bcrx_LaboratoryEquipmentOfficeEquipmentAndSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_FurnitureAndFixturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis=bcrx_RoyaltyReceivableMember</td>
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<tr>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis=bcrx_CollateralForCreditMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis=bcrx_CollateralForCreditMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=bcrx_SeniorCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=bcrx_SeniorCreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAxis=bcrx_MidCapFinancialServicesLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityAxis=bcrx_MidCapFinancialServicesLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=bcrx_JPRRoyaltySubLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=bcrx_JPRRoyaltySubLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=bcrx_MergerAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=bcrx_MergerAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=bcrx_BakerBrotherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=bcrx_BakerBrotherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_OwnershipAxis=bcrx_BiocrystMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_OwnershipAxis=bcrx_BiocrystMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_OwnershipAxis=bcrx_IderaMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_OwnershipAxis=bcrx_IderaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6828098096">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 1 - Significant Accounting Policies - Fair Value of the Company's Investments by Type (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis', window );">Amortized Cost</a></td>
<td class="nump">$ 89,236<span></span>
</td>
<td class="nump">$ 105,241<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AvailableForSaleDebtSecuritiesAccruedInterest', window );">Accrued Interest</a></td>
<td class="nump">379<span></span>
</td>
<td class="nump">412<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Gross Unrealized Gains</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Gross Unrealized Losses</a></td>
<td class="num">(476)<span></span>
</td>
<td class="num">(244)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtSecurities', window );">Estimated Fair Value</a></td>
<td class="nump">89,139<span></span>
</td>
<td class="nump">105,410<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_USGovernmentAgenciesDebtSecuritiesMember', window );">US Government Agencies Debt Securities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis', window );">Amortized Cost</a></td>
<td class="nump">44,116<span></span>
</td>
<td class="nump">60,121<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AvailableForSaleDebtSecuritiesAccruedInterest', window );">Accrued Interest</a></td>
<td class="nump">148<span></span>
</td>
<td class="nump">177<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Gross Unrealized Gains</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Gross Unrealized Losses</a></td>
<td class="num">(205)<span></span>
</td>
<td class="num">(122)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtSecurities', window );">Estimated Fair Value</a></td>
<td class="nump">44,059<span></span>
</td>
<td class="nump">60,176<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_CorporateDebtSecuritiesMember', window );">Corporate Debt Securities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis', window );">Amortized Cost</a></td>
<td class="nump">35,299<span></span>
</td>
<td class="nump">34,021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AvailableForSaleDebtSecuritiesAccruedInterest', window );">Accrued Interest</a></td>
<td class="nump">201<span></span>
</td>
<td class="nump">203<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Gross Unrealized Gains</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Gross Unrealized Losses</a></td>
<td class="num">(250)<span></span>
</td>
<td class="num">(108)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtSecurities', window );">Estimated Fair Value</a></td>
<td class="nump">35,250<span></span>
</td>
<td class="nump">34,116<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_CertificatesOfDepositMember', window );">Certificates of Deposit [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis', window );">Amortized Cost</a></td>
<td class="nump">9,821<span></span>
</td>
<td class="nump">11,099<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AvailableForSaleDebtSecuritiesAccruedInterest', window );">Accrued Interest</a></td>
<td class="nump">30<span></span>
</td>
<td class="nump">32<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Gross Unrealized Gains</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Gross Unrealized Losses</a></td>
<td class="num">(21)<span></span>
</td>
<td class="num">(14)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtSecurities', window );">Estimated Fair Value</a></td>
<td class="nump">$ 9,830<span></span>
</td>
<td class="nump">$ 11,118<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AvailableForSaleDebtSecuritiesAccruedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of accrued interest in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AvailableForSaleDebtSecuritiesAccruedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27161-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27161-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27161-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesDebtSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109979856&amp;loc=d3e26610-111562<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (aa)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27161-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesDebtSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_USGovernmentAgenciesDebtSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_USGovernmentAgenciesDebtSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_CorporateDebtSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_CorporateDebtSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_CertificatesOfDepositMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_CertificatesOfDepositMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6812749808">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 1 - Significant Accounting Policies and Concentrations of Risk - Scheduled Maturity for the Company's Investments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue', window );">Maturing in one year or less</a></td>
<td class="nump">$ 47,540<span></span>
</td>
<td class="nump">$ 64,115<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue', window );">Maturing after one year through two years</a></td>
<td class="nump">38,505<span></span>
</td>
<td class="nump">34,257<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears', window );">Maturing after two years</a></td>
<td class="nump">3,094<span></span>
</td>
<td class="nump">7,038<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesDebtSecurities', window );">Total investments</a></td>
<td class="nump">$ 89,139<span></span>
</td>
<td class="nump">$ 105,410<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents available for sale securities debt maturities after one through two years fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents debt maturities after two years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AvailableForSaleSecuritiesDebtMaturitiesMaturingAfterTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), maturing in next fiscal year following latest fiscal year. Excludes interim and annual periods when interim period is reported on rolling approach, from latest statement of financial position date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27198-111563<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27161-111563<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 320<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=75019621&amp;loc=d3e62586-112803<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109979856&amp;loc=d3e26610-111562<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (aa)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27161-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesDebtSecurities</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6828661984">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 1 - Significant Accounting Policies and Concentrations of Risk- Summary of Receivables (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">$ 5,694<span></span>
</td>
<td class="nump">$ 6,117<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis=us-gaap_BilledRevenuesMember', window );">Billed Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">4,499<span></span>
</td>
<td class="nump">3,902<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis=us-gaap_UnbilledRevenuesMember', window );">Unbilled Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">1,195<span></span>
</td>
<td class="nump">2,215<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_USDepartmentOfHealthAndHumanServicesMember', window );">US Department of Health and Human Services [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">1,019<span></span>
</td>
<td class="nump">2,062<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_USDepartmentOfHealthAndHumanServicesMember', window );">US Department of Health and Human Services [Member] | Billed Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">23<span></span>
</td>
<td class="nump">42<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_USDepartmentOfHealthAndHumanServicesMember', window );">US Department of Health and Human Services [Member] | Unbilled Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">996<span></span>
</td>
<td class="nump">2,020<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_ShionogiAndCoLtdMember', window );">Shionogi and Co. Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">2,422<span></span>
</td>
<td class="nump">1,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_ShionogiAndCoLtdMember', window );">Shionogi and Co. Ltd [Member] | Billed Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">2,422<span></span>
</td>
<td class="nump">1,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_ShionogiAndCoLtdMember', window );">Shionogi and Co. Ltd [Member] | Unbilled Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_GreenCrossCorporationMember', window );">Green Cross Corporation [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">926<span></span>
</td>
<td class="nump">1,416<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_GreenCrossCorporationMember', window );">Green Cross Corporation [Member] | Billed Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">899<span></span>
</td>
<td class="nump">1,388<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_GreenCrossCorporationMember', window );">Green Cross Corporation [Member] | Unbilled Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">27<span></span>
</td>
<td class="nump">28<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_MundipharmaInternationalHoldingsLimitedMember', window );">Mundipharma International Holdings Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">22<span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_MundipharmaInternationalHoldingsLimitedMember', window );">Mundipharma International Holdings Limited [Member] | Billed Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">22<span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_MundipharmaInternationalHoldingsLimitedMember', window );">Mundipharma International Holdings Limited [Member] | Unbilled Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_SeqirusUKLimitedMember', window );">Seqirus UK Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">1,305<span></span>
</td>
<td class="nump">992<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_SeqirusUKLimitedMember', window );">Seqirus UK Limited [Member] | Billed Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">1,133<span></span>
</td>
<td class="nump">825<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_SeqirusUKLimitedMember', window );">Seqirus UK Limited [Member] | Unbilled Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Receivables</a></td>
<td class="nump">$ 172<span></span>
</td>
<td class="nump">$ 167<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-06(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e604059-122996<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivablesNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis=us-gaap_BilledRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis=us-gaap_BilledRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis=us-gaap_UnbilledRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivablesByBillingStatusTypeAxis=us-gaap_UnbilledRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_USDepartmentOfHealthAndHumanServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_USDepartmentOfHealthAndHumanServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_ShionogiAndCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_ShionogiAndCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_GreenCrossCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_GreenCrossCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_MundipharmaInternationalHoldingsLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_MundipharmaInternationalHoldingsLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_SeqirusUKLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis=bcrx_SeqirusUKLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6828322208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Significant Accounting Policies - Cumulative Effective Adopted Accounting Pronouncement (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Jan. 01, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsCurrent', window );">Deferred collaboration expense</a></td>
<td class="nump">$ 152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 152<span></span>
</td>
<td class="nump">$ 210<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">7,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,300<span></span>
</td>
<td class="nump">8,484<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(656,494)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(630,717)<span></span>
</td>
<td class="num">$ (631,843)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">3,976<span></span>
</td>
<td class="nump">$ 9,437<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
<td class="nump">18,441<span></span>
</td>
<td class="nump">16,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (25,777)<span></span>
</td>
<td class="num">$ (14,219)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share (in dollars per share)</a></td>
<td class="num">$ (0.26)<span></span>
</td>
<td class="num">$ (0.19)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member', window );">Accounting Standards Update 2014-09 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsCurrent', window );">Deferred collaboration expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(58)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,184)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,126<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member', window );">Difference between Revenue Guidance in Effect before and after Topic 606 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsCurrent', window );">Deferred collaboration expense</a></td>
<td class="nump">$ 44<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">888<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="nump">282<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="nump">$ 282<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share (in dollars per share)</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member', window );">Calculated under Revenue Guidance in Effect before Topic 606 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsCurrent', window );">Deferred collaboration expense</a></td>
<td class="nump">$ 196<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">8,188<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(656,212)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
<td class="nump">18,455<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (25,495)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share (in dollars per share)</a></td>
<td class="num">$ (0.26)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember', window );">Collaborative and Other Research and Development [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">$ 315<span></span>
</td>
<td class="nump">$ 3,116<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember', window );">Collaborative and Other Research and Development [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">296<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember', window );">Collaborative and Other Research and Development [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">$ 611<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCostsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of deferred costs capitalized at the end of the reporting period that are expected to be charged against earnings within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCostsCurrent</td>
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<tr>
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<tr>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1337-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130539-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130545-203045<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130543-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember</td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6817728368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Significant Accounting Policies and Concentrations of Risk - Summary of Revenues (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
</tr>
<tr class="re">
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<td class="nump">$ 3,976<span></span>
</td>
<td class="nump">$ 9,437<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=us-gaap_RoyaltyMember', window );">Royalty [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">3,661<span></span>
</td>
<td class="nump">6,321<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember', window );">Collaborative and Other Research and Development [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">315<span></span>
</td>
<td class="nump">3,116<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember', window );">Collaborative and Other Research and Development [Member] | US Department of Health and Human Services [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="nump">315<span></span>
</td>
<td class="nump">654<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember', window );">Collaborative and Other Research and Development [Member] | Shionogi and Co. Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">296<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=bcrx_CollaborativeAndOtherResearchAndDevelopmentMember', window );">Collaborative and Other Research and Development [Member] | Seqirus UK Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax', window );">Revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 2,166<span></span>
</td>
</tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130539-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130545-203045<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130543-203045<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=bcrx_USDepartmentOfHealthAndHumanServicesMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=bcrx_ShionogiAndCoLtdMember</td>
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<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=bcrx_SeqirusUKLimitedMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R22.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6831312992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Stock-based Compensation (Details Textual)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Aug. 31, 2013 </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_NumberOfStockbasedCompensationPlans', window );">Number of Stock-based Compensation Plans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Allocated Share-based Compensation Expense, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,903<span></span>
</td>
<td class="nump">$ 2,462<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,717<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedForRemainderOfFiscalYear', window );">Employee Service Share-based Compensation Nonvested Awards Compensation Cost Expected to be Recognized For Remainder of Fiscal Year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,475<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearTwo', window );">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Two</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,472<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearThree', window );">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Three</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,386<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFour', window );">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Four</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,382<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFive', window );">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Expected to be Recognized Year Five</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Allocated Share-based Compensation Expense, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,820<span></span>
</td>
<td class="nump">$ 2,326<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.72<span></span>
</td>
<td class="nump">$ 3.75<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate', window );">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant', window );">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">476,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">468,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Employee Stock Option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate', window );">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Employee Stock Option [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1', window );">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Employee Stock Option [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1', window );">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Employee Stock Option [Member] | Non-employee Directors [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardFirstVestingPeriodAfterGrantDate', window );">Share-based Compensation Arrangement by Share-based Payment Award, First Vesting Period After Grant Date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Employee Stock Option [Member] | Vest 25% Each Year Until Fully Vested [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Performance Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Allocated Share-based Compensation Expense, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares</a></td>
<td class="nump">1,032,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | August 2013 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage', window );">Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Performance Shares [Member] | Vest Upon Successful Completion of Specific Development Milestones [Member] | December 2014 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage', window );">Share-based Compensation Arrangement by Shar-based Payment Award, Awards Unvested, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember', window );">Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber', window );">Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=bcrx_EmployeeStockPurchasePlanMember', window );">Employee Stock Purchase Plan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Allocated Share-based Compensation Expense, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 83<span></span>
</td>
<td class="nump">$ 136<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,475,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant', window );">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">277<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum', window );">Percentage of Salary to Purchase Common Stock, Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_PercentageOfCommonStockSharesBeginning', window );">Percentage of Common Stock Shares, Beginning</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">85.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_PercentageOfCommonStockSharesEnding', window );">Percentage of Common Stock Shares, Ending</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">85.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee', window );">Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount', window );">Shar-based Compensation Arrangement by Shar-based Payment Award, Maximum Number of Shares Per Employee, Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans', window );">Stock Issued During Period, Shares, Employee Stock Purchase Plans | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedForRemainderOfFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Employee service share based compensation nonvested awards compensation cost expected to be recognized for remainder of fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedForRemainderOfFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFive">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Employee service share based compensation nonvested awards compensation cost expected to be recognized year five.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFive</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Employee service share based compensation nonvested awards compensation cost expected to be recognized year four.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Employee service share based compensation nonvested awards compensation cost expected to be recognized year three.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Employee service share based compensation nonvested awards compensation cost expected to be recognized year two.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_NumberOfStockbasedCompensationPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of stock based compensation plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_NumberOfStockbasedCompensationPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_PercentageOfCommonStockSharesBeginning">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of common stock shares beginning.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_PercentageOfCommonStockSharesBeginning</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_PercentageOfCommonStockSharesEnding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of common stock shares ending.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_PercentageOfCommonStockSharesEnding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of salary to purchase common stock maximum.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_PercentageOfSalaryToPurchaseCommonStockMaximum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents share-based compensation arrangement by share-based payment award maximum value per employee amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_ShareBasedCompensationArrangementBySharbasedPaymentAwardMaximumNumberOfSharesPerEmployeeAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardFirstVestingPeriodAfterGrantDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share based compensation arrangement by share based payment award first vesting period after grant date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardFirstVestingPeriodAfterGrantDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of performance awards that remain unvested.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_SharebasedCompensationArrangementBySharbasedPaymentAwardAwardsUnvestedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5047-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=115993241&amp;loc=d3e301413-122809<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The highest quantity of shares an employee can purchase under the plan per period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of equity instruments other than options outstanding, including both vested and non-vested instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of vesting of share-based compensation awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of an employee stock purchase plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=bcrx_IncentivePlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=bcrx_NonEmployeeDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=bcrx_NonEmployeeDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=bcrx_Vest25PercentEachYearUntilFullyVestedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=bcrx_Vest25PercentEachYearUntilFullyVestedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_PerformanceSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_PerformanceSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=bcrx_VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=bcrx_VestUponSuccessfulCompletionOfSpecificDevelopmentMilestonesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=bcrx_August2013Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=bcrx_August2013Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=bcrx_December2014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=bcrx_December2014Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=bcrx_EmployeeStockPurchasePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=bcrx_EmployeeStockPurchasePlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6817674592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Stock-based Compensation - Stock Incentive Plan Activities (Details) - Incentive Plan [Member]<br> shares in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2018 </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant', window );">Awards available, beginning balance (in shares)</a></td>
<td class="nump">468<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Options outstanding, beginning balance (in shares)</a></td>
<td class="nump">14,452<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Weighted average exercise price, beginning balance (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 6.06<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Awards available, restricted stock awards granted (in shares)</a></td>
<td class="num">(6)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod', window );">Awards available, restricted stock awards cancelled (in shares)</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable', window );">Awards available, stock option awards granted (in shares)</a></td>
<td class="num">(31)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod', window );">Options outstanding, stock option awards granted (in shares)</a></td>
<td class="nump">31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Weighted average exercise price, stock option awards granted (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 5.43<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Options outstanding, stock option awards exercised (in shares)</a></td>
<td class="num">(169)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Weighted average exercise price, stock option awards exercised (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 3.22<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable', window );">Awards available, stock option awards cancelled (in shares)</a></td>
<td class="nump">45<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod', window );">Options outstanding, stock option awards cancelled (in shares)</a></td>
<td class="num">(45)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice', window );">Weighted average exercise price, stock option awards cancelled (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 5.87<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant', window );">Awards available, ending balance (in shares)</a></td>
<td class="nump">476<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Options outstanding, ending balance (in shares)</a></td>
<td class="nump">14,269<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted average exercise price, ending balance (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 6.10<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents share based compensation arrangement by share based payment award options grants in period awards available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share based compensation arrangement by share based payment award options forfeitures in period awards available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)-(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price of options that were either forfeited or expired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)-(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=bcrx_IncentivePlanMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6613048848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Stock-based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Incentive Plan (Details) - Incentive Plan [Member]<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1', window );">Expected Life (Year)</a></td>
<td class="text">5 years 182 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Expected Volatility</a></td>
<td class="nump">82.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate', window );">Expected Dividend Yield</a></td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate', window );">Risk-Free Interest Rate</a></td>
<td class="nump">2.40%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The risk-free interest rate assumption that is used in valuing an option on its own shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iv)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.D.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=115993241&amp;loc=d3e301413-122809<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=bcrx_IncentivePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=bcrx_IncentivePlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<TYPE>XML
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<TEXT>
<html>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6830451600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Collaborative and Other Research and Development Contracts (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">36 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 16, 2015</div></th>
<th class="th"><div>Feb. 28, 2006</div></th>
<th class="th"><div>Sep. 30, 2013</div></th>
<th class="th"><div>Jun. 30, 2006</div></th>
<th class="th"><div>Jun. 30, 2000</div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Mar. 31, 2015</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=bcrx_CSLLimitedMember', window );">CSL Limited [Member</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLicenseFeesReceived', window );">Proceeds from License Fees Received</a></td>
<td class="nump">$ 33,740<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_MilestonePaymentReceived', window );">Milestone Payment Received</a></td>
<td class="nump">7,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_MilestonePaymentMaximum', window );">Milestone Payment Maximum</a></td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_RoyaltyTerm', window );">Royalty Term</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis=bcrx_NationalInstituteOfAllergyAndInfectiousDiseasesMember', window );">National Institute of Allergy and Infectious Diseases [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_CollaborativeAgreementContractValue', window );">Collaborative Agreement Contract Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts', window );">Expected Receivable From Awards for Research and Development Contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 39,477<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis=bcrx_UABMember', window );">UAB [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_PeriodOfAgreement', window );">Period of Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_RenewablePeriodOfAgreement', window );">Renewable Period of Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=bcrx_BaseContractMember', window );">Base Contract [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GovernmentContractReceivable', window );">Government Contract Receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,265<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=bcrx_AdditionalDevelopmentOptionsMember', window );">Additional Development Options [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GovernmentContractReceivable', window );">Government Contract Receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,855<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=bcrx_ASPRBARDAContractMember', window );">ASPRBARDA Contract [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GovernmentContractReceivable', window );">Government Contract Receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 39,120<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts', window );">Proceeds from awards for Research and Development Contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=bcrx_GreenCrossCorporationMember', window );">Green Cross Corporation [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLicenseFeesReceived', window );">Proceeds from License Fees Received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=bcrx_MundipharmaMember', window );">Mundipharma [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_UpfrontPaymentsReceivableAmount', window );">Upfront Payments Receivable Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=bcrx_AECOMAndIRLMember', window );">AECOM and IRL [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_MilestonePaymentMaximum', window );">Milestone Payment Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_MilestonePaymentMinimum', window );">Milestone Payment Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AnnualLicenseFeeMinimum', window );">Annual License Fee Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">150<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AnnualLicenseFeeMaximum', window );">Annual License Fee Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_AdvanceNoticePeriodForTerminationOfAgreement', window );">Advance Notice Period for Termination of Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AdvanceNoticePeriodForTerminationOfAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents advance notice period for termination of agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AdvanceNoticePeriodForTerminationOfAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AnnualLicenseFeeMaximum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents annual maximum license fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AnnualLicenseFeeMaximum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_AnnualLicenseFeeMinimum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent minimum annual license fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_AnnualLicenseFeeMinimum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_CollaborativeAgreementContractValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents collaborative agreement contract value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_CollaborativeAgreementContractValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents expected receivable from awards for research and development contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_ExpectedReceivableFromAwardsForResearchAndDevelopmentContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_MilestonePaymentMaximum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents milestone payment maximum.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_MilestonePaymentMaximum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_MilestonePaymentMinimum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents milestone payment minimum.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_MilestonePaymentMinimum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_MilestonePaymentReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of milestone payment received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_MilestonePaymentReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_PeriodOfAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents period of agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_PeriodOfAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents proceeds from awards for research and development contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_ProceedsFromAwardsForResearchAndDevelopmentContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_RenewablePeriodOfAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents renewable period of agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_RenewablePeriodOfAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_RoyaltyTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between the date of the Agreement and its expiration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_RoyaltyTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_UpfrontPaymentsReceivableAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents upfront payments receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_UpfrontPaymentsReceivableAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GovernmentContractReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of receivables that are derived from government contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 912<br> -SubTopic 310<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68054760&amp;loc=d3e55295-109406<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GovernmentContractReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLicenseFeesReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash received from licensees for license fees during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromLicenseFeesReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=bcrx_CSLLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=bcrx_CSLLimitedMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis=bcrx_NationalInstituteOfAllergyAndInfectiousDiseasesMember</td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis=bcrx_UABMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Royalty Monetization (Details Textual)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>May 18, 2016 </div>
<div>USD ($)</div>
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<th class="th">
<div>Mar. 09, 2011 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
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<th class="th">
<div>May 18, 2016 </div>
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<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,804<span></span>
</td>
<td class="nump">$ 1,543<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=bcrx_PhaRMANotesMember', window );">PhaRMA Notes Member] | Currency Hedge Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromHedgeInvestingActivities', window );">Payments for (Proceeds from) Hedge, Investing Activities, Total</a></td>
<td class="nump">$ 1,950<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_RequiredForeignCurrencyHedgePerDollar', window );">Required Foreign Currency Hedge Per Dollar | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=bcrx_PhaRMANotesMember', window );">PhaRMA Notes Member] | Japan, Yen | Currency Hedge Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeForwardExchangeRate1', window );">Derivative, Forward Exchange Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=bcrx_JPRRoyaltySubLLCMember', window );">JPR Royalty Sub LLC [Member] | PhaRMA Notes Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_PrivatePlacementOfSeniorSecuredNotes', window );">Private Placement of Senior Secured Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_PercentageOfCarryingAmountInExcessOfFairValue1', window );">Percentage of Carrying Amount in Excess of Fair Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=bcrx_JPRRoyaltySubLLCMember', window );">JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | Currency Hedge Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CollateralAlreadyPostedAggregateFairValue', window );">Collateral Already Posted, Aggregate Fair Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_MaximumAmountOfCollateralRequiredToPost', window );">Maximum Amount of Collateral Required to Post</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,850<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=bcrx_JPRRoyaltySubLLCMember', window );">JPR Royalty Sub LLC [Member] | PhaRMA Notes Member] | Fair Value, Inputs, Level 2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableFairValueDisclosure', window );">Notes Payable, Fair Value Disclosure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=bcrx_JPRRoyaltySubLLCMember', window );">JPR Royalty Sub LLC [Member] | Royalty Monetization [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSecuredDebt', window );">Proceeds from Issuance of Secured Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,691<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_TransactionCosts', window );">Transaction Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,309<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_InterestReserve', window );">Interest Reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_InterestReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents interest reserve established as part of the royalty monetization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_InterestReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_MaximumAmountOfCollateralRequiredToPost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents maximum amount of collateral required to post.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_MaximumAmountOfCollateralRequiredToPost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_PercentageOfCarryingAmountInExcessOfFairValue1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of carrying amount in excess of fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_PercentageOfCarryingAmountInExcessOfFairValue1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_PrivatePlacementOfSeniorSecuredNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents private placement of senior secured notes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_PrivatePlacementOfSeniorSecuredNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_RequiredForeignCurrencyHedgePerDollar">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Company is required to maintain a foreign currency hedge per dollar under the agreements governing the PhaRMA Notes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_RequiredForeignCurrencyHedgePerDollar</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_TransactionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents transaction costs associated with royalty monetization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_TransactionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CollateralAlreadyPostedAggregateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate fair value of assets that are already posted, at the end of the reporting period, as collateral for derivative instruments with credit-risk-related contingent features.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4H<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=109980867&amp;loc=SL5624258-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CollateralAlreadyPostedAggregateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28551-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=114775985&amp;loc=d3e28878-108400<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeForwardExchangeRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual rate at which a foreign currency can be purchased or sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeForwardExchangeRate1</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLossOnDerivative">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in the fair value of derivatives recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109980867&amp;loc=SL5618551-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLossOnDerivative</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of notes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20,22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesPayableFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromHedgeInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow or inflow for a financial contract that meets the hedge criteria as either a cash flow hedge, fair value hedge, or hedge of a net investment in a foreign operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForProceedsFromHedgeInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfSecuredDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfSecuredDebt</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=bcrx_CurrencyHedgeAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=bcrx_CurrencyHedgeAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=bcrx_PhaRMANotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=bcrx_PhaRMANotesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td></td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">srt_CurrencyAxis=currency_JPY</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=bcrx_JPRRoyaltySubLLCMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCommitmentsAxis=bcrx_RoyaltyMonetizationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCommitmentsAxis=bcrx_RoyaltyMonetizationMember</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6817913920">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 5 - Senior Credit Facility (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Sep. 23, 2016</div></th>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Long-term Line of Credit, Total</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 15,114<span></span>
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<td class="nump">$ 16,750<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=bcrx_MidCapFinancialServicesLLCMember', window );">MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Long-term Line of Credit, Total</a></td>
<td class="nump">$ 23,000<span></span>
</td>
<td class="nump">$ 21,275<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_DebtInstrumentMinimumLibor', window );">Debt Instrument, Minimum LIBOR</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentTerm', window );">Debt Instrument, Term</a></td>
<td class="text">3 years 120 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_bcrx_DebtInstrumentFinalPaymentFeePercentage', window );">Debt Instrument, Final Payment Fee, Percentage</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd', window );">Line of Credit Facility, Interest Rate at Period End</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=bcrx_MidCapFinancialServicesLLCMember', window );">MidCap Financial Services, LLC [Member] | Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_DebtInstrumentFinalPaymentFeePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage fee of principal amount of debt at which final payment has been made.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_DebtInstrumentFinalPaymentFeePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_bcrx_DebtInstrumentMinimumLibor">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The minimum LIBOR interest that will be added to the basis spread.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">bcrx_DebtInstrumentMinimumLibor</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>bcrx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effective interest rate at the end of the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAxis=bcrx_MidCapFinancialServicesLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityAxis=bcrx_MidCapFinancialServicesLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=bcrx_SeniorCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=bcrx_SeniorCreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811890144">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 5 - Senior Credit Facility - Scheduled Principal Repayments of the Credit Facility (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear', window );">2018</a></td>
<td class="nump">$ 5,175<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo', window );">2019</a></td>
<td class="nump">6,900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree', window );">2020</a></td>
<td class="nump">6,900<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour', window );">2021</a></td>
<td class="nump">2,300<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total</a></td>
<td class="nump">$ 21,275<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=109500613&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the remainder of the fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
