BioCryst Pharmaceuticals, Inc. is an American pharmaceutical company headquartered in Durham, North Carolina. The company is a commercial stage biotech company that focuses on developing and commercializing medicines for hereditary angioedema (HAE) and other rare diseases. BioCryst's antiviral drug peramivir (Rapivab) was approved by the FDA in December 2014 and berotralstat (ORLADEYO) was approved in December 2020.3 Its shares trade on Nasdaq under the symbol BCRX.1Wikipedia text CC BY-SA 4.0
BioCryst Pharmaceuticals, Inc. is an American pharmaceutical company headquartered in Durham, North Carolina. The company is a commercial stage biotech company that focuses on developing and commercializing medicines for hereditary angioedema (HAE) and other rare diseases. BioCryst's antiviral drug peramivir (Rapivab) was approved by the FDA in December 2014 and berotralstat (ORLADEYO) was approved in December 2020.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue101112139$874.8M in 2025+1691% since 2019Operating income101112139$341.0M in 2025Net income101112139$263.9M in 2025
Revenue1415$218.2M in Q2 FY2026+40% since Q1 FY2026Operating income1415$98.5M in Q2 FY2026Net income1415$78.4M in Q2 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenues
$874.8M
$450.7M
$331.4M
Cost of product sales
$19.1M
$12.3M
$4.5M
Research and development
$166.1M
$174.6M
$216.6M
Selling, general and administrative
$348.6M
$266.3M
$214.1M
Total operating expenses
$533.8M
$453.3M
$435.1M
Income (loss) from operations
$341.0M
-$2.5M
-$103.7M
Interest income
$10.7M
$14.7M
$15.8M
Interest expense
-$78.9M
-$98.5M
-$108.2M
Foreign currency losses, net
-$152.0K
-$641.0K
-$1.0M
Loss on extinguishment of debt
-$17.3M
$0
-$29.0M
Other income
$12.1M
$0
$0
Total other expense, net
-$73.6M
-$84.4M
-$122.5M
Income (loss) before income taxes
$267.4M
-$87.0M
-$226.2M
Income tax expense
$3.5M
$1.9M
$310.0K
Net income (loss)
$263.9M
-$88.9M
-$226.5M
Foreign currency translation adjustment
-$674.0K
-$776.0K
$180.0K
Unrealized (loss) gain on available for sale investments
-$209.0K
$360.0K
$1.1M
Total other comprehensive (loss) income
-$883.0K
-$416.0K
$1.3M
Net comprehensive income (loss)
$263.0M
-$89.3M
-$225.2M
Net income (loss) per common share: basic (in usd per share)
$1.26
-$0.43
-$1.18
Weighted average shares of common stock outstanding: basic (in shares)
209.9M shares
206.7M shares
192.2M shares
Net income (loss) per common share: diluted (in usd per share)
$1.21
-$0.43
-$1.18
Weighted average shares of common stock outstanding: diluted (in shares)
218.6M shares
206.7M shares
192.2M shares
No quarter-by-quarter statement was filed.
Total assets16101112139$514.2M in 2025+193% since 2019Total liabilities139$633.3M in 2025−35% since 2023Shareholders’ equity1112139-$119.2M in 2025Cash161011139$89.7M in 2025−21% since 2019Long-term debt16101112139$0 in 2025
Total assets1415$557.9M in Q2 FY2026+8% since Q1 FY2025Total liabilities1415$1.0B in Q2 FY2026+60% since Q1 FY2025Shareholders’ equity1415-$454.3M in Q2 FY2026+281% since Q1 FY2025Cash1415$155.0M in Q2 FY2026+73% since Q1 FY2025Long-term debt1415$395.4M in Q2 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$89.7M
$104.7M
$110.6M
Restricted cash
$201.0K
$210.0K
$1.8M
Short-term investments
$185.0M
$216.1M
Trade receivables
$106.8M
$79.1M
Inventory, net
$5.4M
$8.1M
Prepaid expenses and other current assets
$17.2M
$13.8M
Total current assets
$404.3M
$422.0M
Long-term inventory, net
$24.0M
$23.2M
Property and equipment, net
$8.8M
$7.8M
Long-term investments
$61.2M
$20.3M
Right of use assets
$10.2M
$12.0M
Other assets
$5.7M
$5.2M
Total assets
$514.2M
$490.4M
Accounts payable
$15.8M
$11.6M
Accrued expenses
$126.4M
$113.3M
Share-based liability
$13.7M
$0
Operating lease liabilities
$317.0K
$937.0K
Finance lease liabilities
$1.3M
$1.8M
Royalty financing obligations
$38.5M
$32.7M
Total current liabilities
$196.1M
$160.4M
Operating lease liabilities
$8.6M
$7.9M
Finance lease liabilities
$1.4M
$2.1M
Royalty financing obligations
$427.2M
$481.1M
Secured term loan
$0
$314.9M
Total liabilities
$633.3M
$966.4M
Preferred stock, $0.01 par value; shares authorized - 5,000; no shares issued and outstanding at December 31, 2025 and 2024
$0
$0
Common stock, $0.01 par value; shares authorized - 450,000; shares issued and outstanding 213,060 and 208,543 at December 31, 2025 and 2024, respectively
$2.1M
$2.1M
Additional paid-in capital
$1.4B
$1.3B
Accumulated other comprehensive income
$38.0K
$921.0K
Accumulated deficit
-$1.5B
-$1.8B
Total stockholders deficit
-$119.2M
-$475.9M
-$455.5M
-$294.6M
Total liabilities and stockholders deficit
$514.2M
$490.4M
Preferred stock, par or stated value (in usd per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par or stated value (in usd per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
450.0M shares
450.0M shares
Common stock, shares, issued (in shares)
213.1M shares
208.5M shares
Common stock, shares, outstanding (in shares)
213.1M shares
208.5M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$89.7M
$104.7M
$110.6M
Restricted cash
$201.0K
$210.0K
$1.8M
Short-term investments
$185.0M
$216.1M
Trade receivables
$106.8M
$79.1M
Inventory, net
$5.4M
$8.1M
Prepaid expenses and other current assets
$17.2M
$13.8M
Total current assets
$404.3M
$422.0M
Long-term inventory, net
$24.0M
$23.2M
Property and equipment, net
$8.8M
$7.8M
Long-term investments
$61.2M
$20.3M
Right of use assets
$10.2M
$12.0M
Other assets
$5.7M
$5.2M
Total assets
$514.2M
$490.4M
Accounts payable
$15.8M
$11.6M
Accrued expenses
$126.4M
$113.3M
Share-based liability
$13.7M
$0
Operating lease liabilities
$317.0K
$937.0K
Finance lease liabilities
$1.3M
$1.8M
Royalty financing obligations
$38.5M
$32.7M
Total current liabilities
$196.1M
$160.4M
Operating lease liabilities
$8.6M
$7.9M
Finance lease liabilities
$1.4M
$2.1M
Royalty financing obligations
$427.2M
$481.1M
Secured term loan
$0
$314.9M
Total liabilities
$633.3M
$966.4M
Preferred stock, $0.01 par value; shares authorized - 5,000; no shares issued and outstanding at December 31, 2025 and 2024
$0
$0
Common stock, $0.01 par value; shares authorized - 450,000; shares issued and outstanding 213,060 and 208,543 at December 31, 2025 and 2024, respectively
$2.1M
$2.1M
Additional paid-in capital
$1.4B
$1.3B
Accumulated other comprehensive income
$38.0K
$921.0K
Accumulated deficit
-$1.5B
-$1.8B
Total stockholders deficit
-$119.2M
-$475.9M
-$455.5M
-$294.6M
Total liabilities and stockholders deficit
$514.2M
$490.4M
Preferred stock, par or stated value (in usd per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par or stated value (in usd per share)
BioCryst Pharmaceuticals sits at the top of its group. 8 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of BioCryst Pharmaceuticals
RA CAPITAL MANAGEMENT, L.P.Filed SCHEDULE 13G/A on BioCryst Pharmaceuticals, latest Aug 14, 2026 (2 filings since Nov 12, 2025)
State Street CorporationFiled SCHEDULE 13G on BioCryst Pharmaceuticals, latest Aug 7, 2026 (7 filings since Feb 9, 2022)
VANGUARD GROUP INCFiled SCHEDULE 13G/A on BioCryst Pharmaceuticals, latest Mar 26, 2026 (7 filings since Feb 9, 2022)
James E. FlynnFiled SCHEDULE 13G/A on BioCryst Pharmaceuticals, latest Feb 12, 2026 (2 filings since Sep 19, 2025)
Avoro Capital Advisors LLCFiled SCHEDULE 13G/A on BioCryst Pharmaceuticals, latest May 15, 2025 (2 filings since Feb 14, 2024)
BlackRockFiled SCHEDULE 13G/A on BioCryst Pharmaceuticals, latest Apr 17, 2025 (5 filings since Feb 1, 2022)
BAKER BROS. ADVISORS LPFiled SC 13G/A on BioCryst Pharmaceuticals, latest Feb 14, 2024 (3 filings since Feb 14, 2022)
BioCryst PharmaceuticalsDurham, North Carolina, United States
Astria Securities Corporation Subsidiary · Delaware, United States
Astria Therapeutics, Inc. Subsidiary · Delaware, United States
BioCryst Canada, ULC Subsidiary · British Columbia, Canada
BioCryst Japan K.K. Subsidiary · Japan
BioCryst US Sales Co., LLC Subsidiary · Delaware, United States
JPR Royalty Sub LLC Subsidiary · Delaware, United States
Quellis Biosciences, LLC Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What BioCryst Pharmaceuticals reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease property in Durham, North Carolina, Birmingham, Alabama, and Boston, Massachusetts, as well as certain immaterial locations outside of the United States. Our headquarters, including our clinical and regulatory operations are based in Durham, while our principal research facility is located in Birmingham. We currently lease approximately 23,100 square feet in Durham through leases expiring June 30, 2029 and May 31, 2033, and we lease approximately 49,000 square feet in Birmingham through July 31, 2030, with options for additional extensions. In addition, we lease approximately 30,110 square feet in Boston, Massachusetts in connection with our acquisition of Astria under a lease that is scheduled to end on November 30, 2028.
The company was founded in 1986 by Charles E. Bugg and John A. Montgomery. In March 1994, BioCryst became a public company when it completed an initial public offering by listing its shares on the NASDAQ stock exchange. In 2008, the company was named one of the fastest growing companies by Deloitte & Touche in its 2008 list of Technology Fast 500.
In October 2010, BioCryst announced its headquarters would move to Durham, North Carolina, where the company has had an office since 2006. In January 2018, BioCryst signed a definitive merger agreement with Idera Pharmaceuticals, with plans for the combined company to change its name and move to Pennsylvania. However, BioCryst shareholders voted down the merger in July.
Dec 11, 2025FDA approval FDA approved Orladeyo (berotralstat dihydrochloride), priority review, orphan drug (NDA 219776).88
Sep 11, 2024Phase 3 trial completed Phase 3 trial of Berotralstat in Hereditary Angioedema: primary completion Sep 11, 2024, results posted Feb 25, 2026 (ClinicalTrials.gov NCT05453968).89
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar
Filings
397 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 77 major events, 215 insider forms, 29 large holders, 56 other. The latest 20:
51 open-market trades by officers, directors and large owners since October 2021: 12 buys and 39 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How BioCryst Pharmaceuticals is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks BioCryst Pharmaceuticals names in Item 1A of its 10-K filed Feb 26, 2026: 63 risks under these headings, as written.18
Risks Relating to Our Business
We may not achieve sustained profitability.
We may need to raise additional capital or obtain additional financing in the future. If we are unable to raise capital or obtain additional financing if and when needed, we may need to adjust our operations.
If the benefits of the Merger do not meet the expectations of investors or securities analysts, the market price of our common stock may decline.
Combining Astria with our business may be more difficult, costly or time consuming than expected and the combined company may fail to realize the anticipated benefits and synergies of the Merger.
We are in the early stages of integrating Astria into our business, and unknown or unanticipated risks associated with Astria’s business or product candidates could adversely affect us.
We will likely incur substantial expenses related to the Merger.
Issuance of shares of our common stock in connection with the Merger may adversely affect the market price of our common stock.
Our success depends in part upon our ability to manage our product candidate pipeline, advance our product candidates through the various stages of development, especially through the clinical trial process, and to receive regulatory approvals for the commercial sale of our product candidates.
If our development collaborations with third parties, such as our development partners, contractors and contract research organizations, fail, the development of our product candidates will be delayed or stopped.
If we or our partners do not obtain regulatory approvals for our product candidates or maintain regulatory approvals for our products, we or our partners will not be able to commercialize and sell these products and potential products, which would significantly harm our business because we will receive no revenue.
We focus primarily on rare diseases, which may create additional risks and challenges, including that the target patient populations of our products and product candidates may be small.
The other 52 risks
If the FDA or comparable foreign regulatory authorities approve generic versions of any of our drug products that receive marketing approval, or such authorities do not grant our products appropriate periods of data or market exclusivity before approving generic versions of our products, the sales of our products could be adversely affected.
We may face competition from biosimilars, which may have a material adverse impact on the future commercial prospects of our biological products and product candidates.
The commercial viability of any approved product could be compromised if the product is less effective than expected, causes undesirable side effects that either were not previously identified or were worse than expected, or fails to achieve market acceptance within the medical community.
If we fail to successfully commercialize or establish collaborative relationships to commercialize or develop certain of our products and product candidates, or if any partner terminates or fails to perform its obligations under agreements
with us, potential revenues from commercialization of our products and product candidates could be reduced, delayed or eliminated.
The results of our partnership with Torii may not meet our current expectations.
There can be no assurance that our or our partners’ commercialization efforts, methods, and strategies for our products or technologies will succeed, and our future revenue generation is uncertain.
We have expanded our development and regulatory capabilities and implemented sales, marketing and distribution capabilities, and as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
We depend on third-party vendors in the manufacture and distribution of our products, product candidates and the materials for our products and product candidates. If we cannot rely on existing third-party vendors, we will be required
to incur significant costs and potential delays in finding new third-party vendors, which could adversely impact the development and commercialization timeframes for our products and product candidates.
Commercialization of our products by us and our partners is subject to the potential commercialization risks described herein and numerous additional risks. Any potential revenue benefits to us, including in the form of milestone payments, royalties or other consideration, are highly speculative.
We face intense competition, and if we are unable to compete effectively, the demand for our products may be reduced.
Developments by others may render our products, product candidates, or technologies obsolete or noncompetitive.
We are subject to various laws and regulations related to our products and product candidates, and if we or our partners do not comply with these laws and regulations, we could face substantial penalties.
We cannot predict the likelihood, nature or extent of government regulation or other measures that may arise from future legislation or administrative or executive action, either in the United States or abroad.
Our employees, consultants and partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements, which could cause significant liability for us and harm our reputation.
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’ ability to commercialize our products or develop our product candidates.
We may be subject to data privacy and security risks, and our actual or perceived failure to comply with regulations and other legal obligations related to privacy and data protection could harm our business.
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.
If we fail to adequately protect or enforce our intellectual property rights, the value of those rights would diminish, and if we fail to secure the rights to patents of others, it could adversely affect our business.
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.
We have diversified our pipeline to include the development of protein therapeutics, which may create additional risks and challenges.
Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
We may be subject to claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties or that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
We face an inherent risk of liability in the event that the use or misuse of our products or product candidates results in personal injury or death, and our product liability insurance coverage may be insufficient.
We may face risks related to our former U.S. Government contracts.
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/or seek additional remedies.
Because continuing events of default exist under the PhaRMA Notes, the holders of the PhaRMA Notes may be able to foreclose on the collateral securing the PhaRMA Notes and our equity interest in Royalty Sub. As a result, we may not realize the benefit of future royalty payments, if any, that might otherwise accrue to us following repayment of the PhaRMA Notes and we could otherwise be adversely affected.
We have incurred significant indebtedness, which could adversely affect our business. Additionally, the Blackstone Loan Agreement (as defined below) contains conditions and restrictions that limit our flexibility in operating our business. We may be required to make a prepayment or repay our 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.
International expansion of our business exposes us to business, legal, regulatory, political, operational, financial, and economic risks.
Foreign currency exchange rate fluctuations could have an adverse impact on our results of operations, financial position, and cash flows.
Our actual or perceived failure to comply with European or other international governmental laws and regulations and other legal obligations related to privacy, data protection and information security could harm our business.
If our facilities, or the facilities of our third-party vendors, incur damage or power is lost for a significant length of time, our business will suffer.
Cyber incidents and related disruptions in our or our third-party vendors’ information technology systems could adversely affect our business.
From time to time, we use artificial intelligence in our business, and challenges with properly managing its use could adversely affect our business.
Our ability to maintain global brand uniformity for ORLADEYO may be impacted by the sale of our European ORLADEYO business.
Health epidemics or pandemics could materially adversely affect our business, operations, clinical development or commercialization plans and timelines, or that of third parties with whom we conduct business, including, without limitation, our development partners, manufacturers, CROs, and others, as well as the regulatory and government agencies with whom we work.
Our business, operations, clinical development or commercialization plans and timelines, and access to capital could be adversely affected by unpredictable and unstable market and economic conditions.
Insurance coverage is increasingly more costly and difficult to obtain or maintain.
If we fail to retain our existing key personnel or fail to attract and retain additional key personnel, the development of our product candidates, the commercialization of our products, and the related growth of our business may be delayed or stopped.
If our risk management committee and other compliance methods are not effective, our business, financial condition and operating results may be adversely affected.
Future acquisitions, strategic investments, partnerships, alliances, or divestitures could be difficult to identify and integrate, divert the attention of management, disrupt our business, dilute stockholder value, materially change the risk profile of the Company and could fail to meet our expectations, any of which could adversely affect our operating results and financial condition.
Our business and operations could be negatively affected if we become subject to stockholder activism or hostile bids, which could cause us to incur significant expense, hinder execution of our business strategy and impact our stock price.
Risks Relating to Investing in Our Common Stock
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.
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.
If we fail to maintain effective internal control over financial reporting, we may not be able to produce accurate and timely financial statements, which may adversely affect investor confidence in us and our financial reporting, adversely affect our business and operating results and negatively impact the trading price of our common stock.
Future sales and issuances of securities may dilute the ownership interests of our current stockholders and cause our stock price to decline.
We have anti-takeover provisions in our corporate charter documents that may result in outcomes with which you do not agree.
We have never paid dividends on our common stock and do not anticipate doing so in the foreseeable future.
Our Amended and Restated By-Laws provide that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain litigation that may be initiated by our stockholders, which may limit a stockholder’s ability to obtain a favorable judicial forum for such disputes with us or our directors, officers or employees.
General Risk Factors
Natural disasters, epidemic or pandemic disease outbreaks, trade wars, armed conflicts, political unrest or other events could disrupt our business or operations or those of our development partners, manufacturers, regulators or other third parties with whom we conduct business now or in the future.
We are subject to legal proceedings, which could harm our reputation or result in other losses or unexpected expenditure of time and resources.
Legal proceedings
In January 2025, the Company received a Paragraph IV notice of certification (the “First Notice Letter”) from Annora Pharma Private Limited (“Annora”) regarding U.S. Patent Nos. 10,662,160; 11,117,867; and 11,618,733. In January 2026, the Company received an additional Paragraph IV notice of certification (the “Second Notice Letter” and, together with the First Notice Letter, the “Notice Letters”) from Annora regarding U.S. Patent No. 12,344,585. The Notice Letters advise that Annora has submitted an ANDA to the FDA seeking approval to manufacture, use or sell a generic version of ORLADEYO in the United States prior to the expiration of four patents listed in the FDA’s Orange Book: U.S. Patent Nos. 10,662,160; 11,117,867; 11,618,733; and 12,344,585 (the “Challenged Patents”). The Notice Letters allege that the Challenged Patents, which expire in 2039, are invalid, unenforceable and/or will not be infringed by the commercial manufacture, use or sale of the generic product described in Annora’s ANDA. The Notice Letters do not challenge the
following six ORLADEYO Orange Book patents that expire in 2035: U.S. Patent Nos. 10,125,102; 10,329,260; 10,689,346; 11,230,530; 11,708,333; and 12,116,346.
