<SEC-DOCUMENT>0001144204-18-011047.txt : 20180227
<SEC-HEADER>0001144204-18-011047.hdr.sgml : 20180227
<ACCEPTANCE-DATETIME>20180227083017
ACCESSION NUMBER:		0001144204-18-011047
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180227
DATE AS OF CHANGE:		20180227

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23186
		FILM NUMBER:		18643016

	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>8-K
<SEQUENCE>1
<FILENAME>tv487189_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<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-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WASHINGTON</B></FONT>,
D.C. 20549</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): February 27, 2018</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in"><B>BioCryst Pharmaceuticals,
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><I>(Exact
Name of Registrant as Specified in Charter)</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000-23186</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>62-1413174</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(State or Other Jurisdiction</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Commission</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(IRS Employer</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>of Incorporation)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>File Number)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Identification No.)</I></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-align: center"><B>4505 Emperor Blvd., Suite 200<BR>
Durham, North Carolina 27703</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Address of Principal Executive Offices)</I></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-align: center"><B>(919) 859-1302</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Registrant&rsquo;s telephone number,
including area code)</I></P>

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

<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; text-align: center"><I>(Former Name or Former Address, if Changed
Since Last Report)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2 below):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;210.14d-2(b))</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the
Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Emerging growth company &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">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. &#9744;</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item&nbsp;2.02. Results of Operations and
Financial Condition.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On February 27, 2018, BioCryst Pharmaceuticals,
Inc. issued a news release announcing recent corporate developments and its financial results for the year ended December 31, 2017,
which also referenced a conference call and webcast to discuss these recent corporate developments and financial results. A copy
of the news release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits.</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">(d) Exhibits</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv487189_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD><A HREF="tv487189_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release dated February 27, 2018 entitled &ldquo;BioCryst Reports Fourth Quarter and Full Year 2017 Financial Results&rdquo;</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The information furnished under Item 2.02
and Item 9.01 of this Current Report on Form 8-K, including the exhibit, is not deemed &ldquo;filed&rdquo; for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</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; text-align: center"><B>SIGNATURES</B></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-align: justify">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 hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: February 27, 2018</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BioCryst Pharmaceuticals, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 49%; text-decoration: none; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Alane Barnes&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alane Barnes</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, General
Counsel, </FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and Corporate Secretary</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-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tv487189_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit
99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>BioCryst Reports Fourth Quarter and Full Year 2017 Financial Results </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"><I>Updates Investors Regarding Proposed
Merger with Idera Pharmaceuticals, Inc.</I></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: justify"><B>Research Triangle Park, North Carolina
&ndash; February 27, 2018</B> &ndash; BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) announced today financial results for the fourth
quarter and year ended December 31, 2017.</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: justify">&ldquo;Our team made significant progress
in 2017 and we are off to a strong start in 2018,&rdquo; said Jon P. Stonehouse, President &amp; Chief Executive Officer. &ldquo;We
are keenly focused on continuing that momentum by advancing our pipeline, adding additional programs and driving our BCX7353 oral
prophylactic program toward approval and launch. We are on track to report top-line results from the APeX-2 pivotal trial of BCX7353
and to initiate a Phase 1 clinical trial for our recently unveiled ALK2 inhibitor program for treating FOP in the first half of
2019.&rdquo;</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-align: justify">Mr. Stonehouse continued, &ldquo;In January,
we announced our proposed merger with Idera Pharmaceuticals, Inc. (&ldquo;Idera&rdquo;) that we believe will build greater and
more sustainable value for the benefit of stockholders as well as patients with rare diseases beyond what we could achieve alone.
The BioCryst Board determined this combination was compelling from both a strategic and financial perspective following a careful
evaluation of a range of strategies to enhance long-term stockholder value. The transaction will create a leading rare disease
company with a robust pipeline including two promising Phase 3 programs and combines synergistic discovery engines that will not
only expand the number of rare diseases we can target but create meaningful opportunities for differentiation in the market through
joint small molecule and oligo treatments. Importantly, joining with Idera will also enable us to achieve cost synergies and increase
our financial strength and flexibility.&rdquo;</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>Fourth Quarter Financial Results </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-align: justify"><FONT STYLE="font-size: 10pt">For the three
months ended December 31, 2017, total revenues were $3.9 million, compared to $9.0 million in the fourth quarter of 2016. The decrease
in revenue was primarily due to the recognition of $2.3 million of RAPIVAB<SUP>&reg;</SUP> product sales to commercial partners
in 2016 that did not recur in 2017 and approximately a $2.5 million decline in collaborative revenue in 2017</FONT>, associated
with a decrease in development activity <FONT STYLE="font-size: 10pt">under U.S. Government development contracts. </FONT></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-align: justify">Research and Development (R&amp;D) expenses
for the fourth quarter of 2017 increased to $16.9 million from $12.2&nbsp;million in the fourth quarter of 2016, primarily due
to additions in R&amp;D personnel, as well as increased spending to advance the Company&rsquo;s hereditary angioedema (HAE) portfolio.
These increases were partially offset by a decrease in the Company&rsquo;s galidesivir development expenses in 2017.</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-align: justify">General and administrative (G&amp;A) expenses
for the fourth quarter of 2017 increased to $4.7 million, compared to $2.6&nbsp;million in the fourth quarter of 2016. The increase
was primarily due to approximately $1.5 million of merger-related costs associated with the Company&rsquo;s previously announced
definitive merger agreement with Idera Pharmaceuticals, Inc. (Idera).</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-align: justify"></P>

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<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-align: justify">Interest expense was $2.2&nbsp;million
in the fourth quarter of 2017, compared to $2.1&nbsp;million in the fourth quarter of 2016. Also, a $71,000 mark-to-market gain
on the Company&rsquo;s foreign currency hedge was recognized in the fourth quarter of 2017, as compared to a $5.7 million mark-to-market
gain in the fourth quarter of 2016. These changes result from periodic changes in the U.S. dollar/Japanese yen exchange rate.</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-align: justify">Net loss for the fourth quarter of 2017
was $19.5&nbsp;million, or $0.20 per share, compared to a net loss of $4.5&nbsp;million, or $0.06 per share, for the fourth quarter
2016.</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>Full Year 2017 Financial Results </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-align: justify">For the year ended December 31, 2017, total
revenues decreased to $25.2 million from $26.4 million in 2016. The decrease in 2017 revenue was primarily due to lower collaborative
revenue under U.S. Government development contracts as well as lower revenue from product sales to corporate partners. These decreases
were largely offset by $7.0 million in milestone payments associated with U.S. pediatric and Canadian regulatory approvals of RAPIVAB.</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-align: justify">R&amp;D expenses for 2017 increased to
$67.0 million from $61.0&nbsp;million in 2016, primarily due to increased spending on the Company&rsquo;s HAE program, partially
associated with the achievement of a performance-based stock option grant related to the successful completion of the APeX-1 clinical
trial, as well as an increase in R&amp;D personnel. These increases were partially offset by a decrease in galidesivir development
expenses under U.S. Government development contracts.</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-align: justify">G&amp;A expenses for 2017 increased to
$13.9 million, compared to $11.3&nbsp;million in 2016. The increase was due primarily to the achievement of a performance-based
stock option grant related to the successful completion of the APeX-1 clinical trial as well as merger-related costs associated
with the Company&rsquo;s definitive merger agreement with Idera.</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-align: justify">Interest expense was $8.6&nbsp;million
in 2017, compared to $6.5&nbsp;million in 2016. The increase in interest expense was due primarily to the closing of the Company&rsquo;s
$23 million senior credit facility in September 2016. A $1.8 million mark-to-market loss on the Company&rsquo;s foreign currency
hedge was recognized in 2017, as compared to a $1.7 million mark-to-market loss in 2016. These losses result from periodic changes
in the U.S. dollar/Japanese yen exchange rate. During 2017 and 2016, the Company also realized currency gains of $966,000 and $811,000,
respectively, from the exercise of a U.S. Dollar/Japanese yen currency option within its foreign currency hedge.</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-align: justify">Net loss for 2017 was $65.8&nbsp;million,
or $0.78 per share, compared to a net loss of $55.1&nbsp;million, or $0.75 per share for the same period last year.</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-align: justify">Cash, cash equivalents and investments
totaled $159.0 million at December 31, 2017, and reflect an increase from $65.1 million at December 31, 2016. Net operating cash
use for 2017 was $41.8 million, which excludes $134.0 million of net proceeds from the March and September 2017 public offerings.</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>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clinical Development Update &amp; Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Enrollment in the 750 mg cohort of the Zenith-1 proof-of-concept Phase 2 clinical trial of a liquid
formulation of BCX7353 for treatment of acute angioedema attacks in HAE has been completed and the 500 mg cohort is currently enrolling.
We expect to report top-line results from the first cohort in the second half of 2018.</TD></TR>                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On January 5, 2018, BioCryst announced that it had advanced a discovery program exploring activin
receptor-like kinase-2 (ALK2) inhibitors for treatment of Fibrodysplasia Ossificans Progressiva (FOP) into Investigational New
Drug Application (IND) enabling nonclinical development. The Company&rsquo;s optimized lead candidates, BCX9250 and BCX9499, are
projected to enter Phase 1 clinical trials during the first half of 2019.</TD></TR>                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On January 22, 2018, BioCryst and Idera jointly announced the signing of a definitive merger agreement
to create a company focused on the development and commercialization of medicines to serve patients suffering from rare diseases.
The combined company will be renamed upon closing, and will be led by Vincent Milano, CEO of Idera. Jon Stonehouse will serve as
a member of the Board of Directors. The transaction is subject to approval by the stockholders of both companies, as well as the
satisfaction of customary closing conditions. The transaction is expected to be completed by the end of the second quarter of 2018.</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-align: justify"><B>Financial Outlook for 2018 </B></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-align: justify">Based upon development plans and the Company&rsquo;s
awarded government contracts, on a stand-alone basis, BioCryst expects its 2018 net operating cash use to be in the range of $67
to $90 million, and its 2018 operating expenses to be in the range of $85 to $110 million. The Company&rsquo;s operating expense
range excludes equity-based compensation expense due to the difficulty in reliably projecting this expense, as it is impacted by
the volatility and price of the Company&rsquo;s stock, as well as by the vesting of the Company&rsquo;s outstanding performance-based
stock options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Company and Idera File Joint Preliminary Proxy Statement
/ Prospectus and Updated Merger Presentation</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">The Company also today provided an updated investor presentation
regarding the proposed merger with Idera Pharmaceuticals, which was announced on January 22, 2018. The presentation and a joint
preliminary proxy statement / prospectus were filed today with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
and both can be accessed by visiting the &ldquo;Investors&rdquo; section of the Company&rsquo;s website at www.BioCryst.com.</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>Conference Call and Webcast </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-align: justify">BioCryst's leadership team will host a
conference call and webcast Tuesday, February 27, 2018 at 11:00 a.m. Eastern Time to discuss these financial results and recent
corporate developments. To participate in the conference call, please dial 1-877-303-8027 (United States) or 1-760-536-5165 (International).
No passcode is needed for the call. The webcast can be accessed live or in archived form in the &ldquo;Investors&rdquo; section
of the Company&rsquo;s website at www.BioCryst.com. An accompanying slide presentation may also be accessed via the BioCryst website.
Please connect to the website at least 15 minutes prior to the start of the conference call to ensure adequate time for any software
download that may be necessary.</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-align: justify"></P>

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<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-align: justify"><B>About BCX7353</B></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-align: justify">Discovered by BioCryst, BCX7353 is a novel,
oral, once-daily, selective inhibitor of plasma kallikrein currently in development for the prevention and treatment of angioedema
attacks in patients diagnosed with HAE. BCX7353 has been generally safe and well tolerated in the Phase 2 APeX-1 clinical trial.
BioCryst is also conducting the ongoing ZENITH-1 clinical trial. ZENITH-1 is a proof-of-concept Phase 2 clinical trial testing
an oral liquid formulation of BCX7353 for the treatment of acute angioedema attacks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About BioCryst Pharmaceuticals </B></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-align: justify">BioCryst Pharmaceuticals designs, optimizes
and develops novel small-molecule medicines that address both common and rare conditions. BioCryst has several ongoing development
programs including BCX7353, an oral treatment for hereditary angioedema, galidesivir, a potential treatment for filoviruses, and
a preclinical program to develop oral Alk-2 inhibitors for the treatment of fibrodysplasia ossificans progressive (FOP). RAPIVAB&reg;
(peramivir injection), a viral neuraminidase inhibitor for the treatment of influenza, is BioCryst's first approved product and
has received regulatory approval in the U.S., Canada, Japan, Taiwan and Korea. Post-marketing commitments for RAPIVAB are ongoing,
as well as activities to support regulatory approvals in other territories. For more information, please visit the Company's website
at www.BioCryst.com.</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>Forward-Looking Statements </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-align: justify; background-color: white">This press release
contains forward-looking statements, including statements regarding future results, performance or achievements of BioCryst, and
statements regarding the expected benefits of the transactions contemplated by the Agreement and Plan of Merger dated as of January
21, 2018 by and among BioCryst, Idera and the other parties thereto (the &ldquo;merger agreement&rdquo; and such transactions,
the &ldquo;merger&rdquo;). These statements involve known and unknown risks, uncertainties and other factors which may cause BioCryst&rsquo;s
actual results, performance or achievements to be materially different from any future results, performances or achievements expressed
or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are
based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance
on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include:
that developing any drug candidate may take longer or may be more expensive than planned; that ongoing and future preclinical and
clinical development of candidates may not have positive results; that BioCryst may not be able to enroll the required number of
subjects in planned clinical trials of product candidates; that the Company may not advance human clinical trials with product
candidates as expected; that the&nbsp;FDA&nbsp;and EMA may require additional studies beyond the studies planned for product candidates,
or may not provide regulatory clearances which may result in delay of planned clinical trials, or may impose a clinical hold with
respect to such product candidate, or withhold market approval for product candidates; that the Company may not be able to continue
development of ongoing and future development programs; that such development programs may never result in future products; that
the merger may not be completed on the terms set forth in the merger agreement within the expected time period; that the merger
may involve unexpected costs or liabilities; that the announcement of the merger may result in disruption to our business or affect
our ability to retain and hire key personnel and maintain business relationships; or that the anticipated benefits of the merger
or other commercial opportunities may not be fully realized or may take longer than expected to realize.&nbsp;Please refer to the
documents BioCryst files periodically with the&nbsp;Securities and Exchange Commission, specifically BioCryst&rsquo;s most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, all of which identify important factors
that could cause the actual results to differ materially from those contained in BioCryst&rsquo;s projections and forward-looking
statements.</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-align: center; background-color: white">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">BCRXW</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">CONTACT: Thomas Staab, BioCryst Pharmaceuticals,
+1-919-859-7910</P>

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

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

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



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="color: #2F1625"><B>BIOCRYST </B></FONT><B>PHARMACEUTICALS, <FONT STYLE="color: #2F1625">INC.
</FONT></B><BR>
<B>CONSOLIDATED FINANCIAL <FONT STYLE="color: #2F1625">SUMMARY</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #2F1625">(in thousands, except per share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #2F1625">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2F1625"><B>Statements of Operations</B> (Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="color: #2F1625; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #2F1625; font-weight: bold; text-align: center">Three Months Ended</TD><TD STYLE="color: #2F1625; font-weight: bold">&nbsp;</TD><TD STYLE="color: #312238; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #312238; font-weight: bold; text-align: center">Twelve Months Ended</TD><TD STYLE="color: #312238; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><B>&nbsp;</B></TD><TD STYLE="color: #2F1625; font-weight: bold"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="color: #2F1625; font-weight: bold; text-align: center"><B>December 31,</B></TD><TD STYLE="color: #2F1625; font-weight: bold"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2F1625"><B>December
    </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #432C41">31,</FONT></B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="color: #553D54; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #553D54; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; color: #553D54; font-weight: bold">&nbsp;</TD><TD STYLE="color: #432C41; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #432C41; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; color: #432C41; font-weight: bold">&nbsp;</TD><TD STYLE="color: #432C41; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #432C41; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; color: #432C41; font-weight: bold">&nbsp;</TD><TD STYLE="color: #312238; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #312238; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; color: #312238; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #2F1625">Revenues:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; color: #312238; text-align: left; padding-left: 9pt">Product sales, net</TD><TD STYLE="width: 1%; color: #432C41">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #432C41; text-align: left">$</TD><TD STYLE="width: 10%; color: #432C41; text-align: right">-</TD><TD STYLE="width: 1%; color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,269</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,501</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #312238">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #312238; text-align: left">$</TD><TD STYLE="width: 10%; color: #312238; text-align: right">2,269</TD><TD STYLE="width: 1%; color: #312238; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #2F1625; text-align: left; padding-left: 9pt">Royalty revenue</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">3,291</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">3,662</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">10,543</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">9,682</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #2F1625; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Collaborative and other research and development</TD><TD STYLE="color: #312238; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: right">599</TD><TD STYLE="padding-bottom: 1pt; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: right">3,052</TD><TD STYLE="padding-bottom: 1pt; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #2F1625; text-align: right">13,142</TD><TD STYLE="padding-bottom: 1pt; color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #312B22; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #312B22; text-align: right">14,402</TD><TD STYLE="padding-bottom: 1pt; color: #312B22; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #2F1625; text-align: left">Total revenues</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">3,890</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">8,983</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">25,186</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">26,353</TD><TD STYLE="color: #312238; 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><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="color: #2F1625">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><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="color: #2F1625; text-align: left; padding-left: 9pt">Cost of products sold</TD><TD STYLE="color: #312B22">&nbsp;</TD>
    <TD STYLE="color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="color: #312B22; text-align: right">-</TD><TD STYLE="color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">2,297</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">1,142</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">2,297</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #2F1625; text-align: left; padding-left: 9pt">Research and development</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">16,924</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">12,158</TD><TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">66,962</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">61,008</TD><TD STYLE="color: #432C41; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #2F1625; text-align: left; padding-left: 9pt">General and administrative</TD><TD STYLE="color: #312B22">&nbsp;</TD>
    <TD STYLE="color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="color: #312B22; text-align: right">4,698</TD><TD STYLE="color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">2,561</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">13,933</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">11,253</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #312238; padding-bottom: 1pt; padding-left: 9pt">Royalty</TD><TD STYLE="color: #2F1625; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #2F1625; text-align: right">129</TD><TD STYLE="padding-bottom: 1pt; color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #423763; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #423763; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #423763; text-align: right">155</TD><TD STYLE="padding-bottom: 1pt; color: #423763; text-align: left">&nbsp;</TD><TD STYLE="color: #423763; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #423763; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #423763; text-align: right">560</TD><TD STYLE="padding-bottom: 1pt; color: #423763; text-align: left">&nbsp;</TD><TD STYLE="color: #59313C; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #59313C; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #59313C; text-align: right">402</TD><TD STYLE="padding-bottom: 1pt; color: #59313C; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #2F1625; text-align: left; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="color: #312238; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: right">21,751</TD><TD STYLE="padding-bottom: 1pt; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: right">17,171</TD><TD STYLE="padding-bottom: 1pt; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #312238; text-align: right">82,597</TD><TD STYLE="padding-bottom: 1pt; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #432C41; text-align: right">74,960</TD><TD STYLE="padding-bottom: 1pt; color: #432C41; 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><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="color: #2F1625; text-align: left">Loss from operations</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">(17,861</TD><TD STYLE="color: #432C41; text-align: left">)</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">(8,188</TD><TD STYLE="color: #2F1625; text-align: left">)</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">(57,411</TD><TD STYLE="color: #312238; text-align: left">)</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">(48,607</TD><TD STYLE="color: #432C41; 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><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="color: #2F1625; text-align: left">Interest and other income</TD><TD STYLE="color: #312B22">&nbsp;</TD>
    <TD STYLE="color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="color: #312B22; text-align: right">478</TD><TD STYLE="color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">98</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">1,015</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">793</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #2F1625; text-align: left">Interest expense</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">(2,231</TD><TD STYLE="color: #312238; text-align: left">)</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">(2,131</TD><TD STYLE="color: #312238; text-align: left">)</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">(8,565</TD><TD STYLE="color: #312238; text-align: left">)</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">(6,487</TD><TD STYLE="color: #432C41; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #312238; text-align: left; padding-bottom: 1pt">Gain (loss) on foreign currency derivative</TD><TD STYLE="color: #432C41; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #432C41; text-align: right">71</TD><TD STYLE="padding-bottom: 1pt; color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #432C41; text-align: right">5,718</TD><TD STYLE="padding-bottom: 1pt; color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #432C41; text-align: right">(821</TD><TD STYLE="padding-bottom: 1pt; color: #432C41; text-align: left">)</TD><TD STYLE="color: #312B22; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #312B22; text-align: right">(843</TD><TD STYLE="padding-bottom: 1pt; color: #312B22; 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><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="color: #432C41; 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(19,543</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(4,503</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(65,782</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="color: #312B22; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #312B22; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #312B22; text-align: right">(55,144</TD><TD STYLE="padding-bottom: 2.5pt; color: #312B22; 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><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="color: #2F1625; text-align: left; padding-bottom: 2.5pt">Basic and diluted net loss per common share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.20</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.06</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.78</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="color: #432C41; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #432C41; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #432C41; text-align: right">(0.75</TD><TD STYLE="padding-bottom: 2.5pt; color: #432C41; 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><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="color: #2F1625">Weighted average shares outstanding</TD><TD STYLE="color: #312B22">&nbsp;</TD>
    <TD STYLE="color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="color: #312B22; text-align: right">98,402</TD><TD STYLE="color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">73,764</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">84,451</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">73,699</TD><TD STYLE="color: #432C41; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Balance Sheet Data</B> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #432C41">(in
thousands)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 NOWRAP><B>&nbsp;</B></TD><TD NOWRAP><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2F1625"><B>December
    31, </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></B></TD><TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
    <FONT STYLE="color: #432C41">31, 2016</FONT></B></FONT></TD><TD NOWRAP><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: #312238; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: #312238; text-align: center; border-bottom: Black 1pt solid"><B>(Unaudited)</B></TD><TD NOWRAP STYLE="color: #312238; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: #2F1625; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: #2F1625; text-align: center; border-bottom: Black 1pt solid"><B>(Note 1)</B></TD><TD NOWRAP STYLE="color: #2F1625; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; color: #2F1625; text-align: left">Cash, cash equivalents and investments</TD><TD STYLE="width: 1%; color: #312238">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #312238; text-align: left">$</TD><TD STYLE="width: 10%; color: #312238; text-align: right">155,692</TD><TD STYLE="width: 1%; color: #312238; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #312238">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #312238; text-align: left">$</TD><TD STYLE="width: 10%; color: #312238; text-align: right">63,576</TD><TD STYLE="width: 1%; color: #312238; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #2F1625; text-align: left">Restricted cash</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">3,286</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">1,546</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #2F1625; text-align: left">Receivables from collaborations</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">6,117</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">8,768</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #2F1625; text-align: left">Total assets</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">178,259</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">89,847</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #2F1625; text-align: left">Non-recourse notes payable</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">28,682</TD><TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #312B22">&nbsp;</TD>
    <TD STYLE="color: #312B22; text-align: left">&nbsp;</TD><TD STYLE="color: #312B22; text-align: right">28,243</TD><TD STYLE="color: #312B22; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #312238; text-align: left">Senior credit facility</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">23,214</TD><TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #312238">&nbsp;</TD>
    <TD STYLE="color: #312238; text-align: left">&nbsp;</TD><TD STYLE="color: #312238; text-align: right">22,777</TD><TD STYLE="color: #312238; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #2F1625; text-align: left">Accumulated deficit</TD><TD STYLE="color: #585567">&nbsp;</TD>
    <TD STYLE="color: #585567; text-align: left">&nbsp;</TD><TD STYLE="color: #585567; text-align: right">(631,843</TD><TD STYLE="color: #585567; text-align: left">)</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">(566,061</TD><TD STYLE="color: #432C41; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #2F1625"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #2F1625">Stockholders&rsquo; equity<SUP></SUP></FONT></TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">83,767</TD><TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2F1625">1,578</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #2F1625">Shares of common stock outstanding</TD><TD STYLE="color: #2F1625">&nbsp;</TD>
    <TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #2F1625; text-align: right">98,411</TD><TD STYLE="color: #2F1625; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41">&nbsp;</TD>
    <TD STYLE="color: #432C41; text-align: left">&nbsp;</TD><TD STYLE="color: #432C41; text-align: right">73,782</TD><TD STYLE="color: #432C41; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2F1625">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2F1625">Note 1: Derived from audited financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2F1625">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2F1625"></P>

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