BIOCRYST PHARMACEUTICALS INC
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
BCRX$7.69+0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001628280-26-053300
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001628280-26-070112
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 160 previous paragraphs and 167 current paragraphs.
85 unchanged; 54 reworded; 23 added; 17 removed; 4 previous and 5 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
On August 25, 2026, we announced that Japan’s Ministry of Health, Labor and Welfare granted marketing approval for ORLADEYO for prophylactic therapy in pediatric patients with HAE aged 2 to <12 years.
Current report
On October 21, 2026, we announced that the FDA approved the supplemental new drug application for use of the 150 mg oral pellet formulation of once-daily ORLADEYO for prophylactic therapy in adults and adolescents aged 12 years and older.
Current report
Scientific Advisory Board
Current report
On October 5, 2026, we announced the formation of a Scientific Advisory Board (“SAB”) comprising seven accomplished scientific and industry leaders with deep expertise across rare disease research and drug development. The SAB will provide independent scientific and strategic guidance as we aim to advance our research and development strategy and build a high value novel drug pipeline.
Current report
•$29.6 million increase in ORLADEYO revenue, excluding revenues associated with our European ORLADEYO business, primarily due to the transition to a new sole source specialty pharmacy for ORLADEYO shipments to patients in the United States in the third quarter of 2026, as well as growth in the underlying U.S. business (reflecting an increase in net price and higher volume of oral pellets for pediatric patients, partially offset by lower capsule shipments). Unlike the previous specialty pharmacy arrangement, the new specialty pharmacy takes title to and maintains inventory of ORLADEYO prior to dispensing to patients and is required to maintain 7-21 days of inventory on hand. In connection with the transition, the new specialty pharmacy established its initial inventory position in the third quarter of 2026, and the related purchases contributed favorably to revenues during the period in an amount in the upper teens of millions of dollars. As of September 30, 2026, inventory levels at the new specialty pharmacy were at the lower end of the required range; and
Current report
•$69.9 million increase in ORLADEYO revenue, excluding revenues associated with our European ORLADEYO business, primarily due to the transition to a new sole source specialty pharmacy for ORLADEYO shipments to patients in the United States in the third quarter of 2026, as well as growth in the underlying U.S. business (reflecting an increase in net price and higher volume of capsules and oral pellets for pediatric patients). Unlike the previous specialty pharmacy arrangement, the new specialty pharmacy takes title to and maintains inventory of ORLADEYO prior to dispensing to patients and is required to maintain 7-21 days of inventory on hand. In connection with the transition, the new specialty pharmacy established its initial inventory position in the third quarter of 2026, and the related purchases contributed favorably to revenues during the period in an amount in the upper teens of millions of dollars. As of September 30, 2026, inventory levels at the new specialty pharmacy were at the lower end of the required range; and
Current report
The following table summarizes our cost of product sales for the nine months ended September 30, 2026 and 2025:
Current report
•$8.7 million increase in other non-program specific and indirect costs primarily due to the recognition of $9.5 million of impairment expense related to the Birmingham Closure Plan (see “Note 3—Birmingham Closure” in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report).
Current report
•$5.3 million decrease in research, discovery and preclinical programs due to the discontinuation of various programs as a result of the Birmingham Closure Plan;
Current report
The following table summarizes our research and development expenses for the nine months ended September 30, 2026 and 2025:
Current report
The increase in research and development expenses for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by the following:
Current report
•$9.9 million increase in other non-program specific and indirect costs primarily due to the recognition of $9.5 million of impairment expense related to the Birmingham Closure Plan.
Current report
•$3.8 million decrease in research, discovery and preclinical programs due to the discontinuation of various programs as a result of the Birmingham Closure Plan;
Current report
The increase in sales and marketing expenses (excluding stock-based compensation) for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily driven by $3.0 million of expense associated with the transition to a new sole source specialty pharmacy for ORLADEYO shipments to patients in the United States in the third quarter of 2026 and $1.7 million of cash separation costs related to the September 2026 workforce reduction (see “Note 13—Workforce Reduction” in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report); partially offset by a $1.2 million decrease in manufacturing support related costs.
Current report
•$3.8 million increase in severance costs primarily driven by Astria related severance costs and cash separation costs related to the September 2026 workforce reduction; and
Current report
•$3.0 million of expense associated with the transition to a new sole source specialty pharmacy for ORLADEYO shipments to patients in the United States in the third quarter of 2026.
Current report
These increases were partially offset by $3.3 million decrease in manufacturing support related costs.
Current report
•$4.6 million decrease in personnel related costs due to lower headcount; and
Current report
Income tax expense
Current report
For the three months ended September 30, 2026, income tax expense was $0.7 million compared to an income tax benefit of $0.8 million for the three months ended September 30, 2025. The increase in income tax expense was primarily due to the tax benefit recognized in the third quarter of 2025 resulting from the enactment of the One Big Beautiful Bill Act (“OBBBA”) during the three months ended September 30, 2025 which allowed additional taxable deductions for domestic research and development expenditures.
Current report
For the nine months ended September 30, 2026, income tax expense was $2.8 million compared to $1.4 million for the nine months ended September 30, 2025. The increase in income tax expense was primarily driven by the increase in U.S. and foreign taxable income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Current report
Revenues from product sales are recorded at the net selling price (transaction price), which includes estimates of variable consideration including government and managed care rebates, chargebacks, co-payment and patient assistance, quick starts, and product returns. Variable consideration is estimated using the expected value method and is included in product sales, net only to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. Estimates are reassessed each reporting period. If actual results vary from estimates, adjustments are recognized, which would affect net product revenue and earnings in the period identified.
Current report
The most subjective of these estimates are government and managed care rebates. We estimate rebates payable to third-party payors, including managed care organizations and government programs, and record such amounts as reductions of gross product revenues at the time revenue is recognized, with corresponding liabilities recorded in accrued expenses. Rebate estimates are based on contractual terms, applicable program requirements, and product distribution information obtained from our specialty pharmacy regarding payor mix.
Removed paragraphs (17)
Previous report
Based on proprietary analyses of HAE prevalence and market research studies with HAE patients, physicians, and payors in the United States and Europe, and over five years of commercialization experience with ORLADEYO, we anticipate that the global commercial market for ORLADEYO has the potential to reach a global peak of $1 billion in annual net ORLADEYO revenues. These expectations are subject to numerous risks and uncertainties that may cause our actual results, performance, or achievements to be materially different. There can be no assurance that our commercialization methods and strategies will succeed, or that the market for ORLADEYO will develop in line with our current expectations. See “Risk Factors—Risks Relating to Our Business—Risks Relating to Product Development and Commercialization—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” in Part II, Item 1A of this report for further discussion of these risks.
Previous report
In May 2026, we presented new real-world evidence underscoring the ongoing burden of pediatric HAE, with studies highlighting the significant healthcare and quality-of-life burden associated with HAE in pediatric patients and their caregivers. In addition, on June 12, 2026, we announced that new clinical data and real-world evidence demonstrated that treatment with ORLADEYO was associated with consistent reductions in HAE attack burden and healthcare utilization across diverse patient populations.
Previous report
Navenibart (STAR-0215)
Previous report
On May 4, 2026, we announced that we entered into a licensing agreement granting an Irish affiliate of Neopharmed Gentili S.p.A. (“Neopharmed”) exclusive rights to commercialize navenibart for HAE in Europe (the “Neopharmed License Agreement”). We received upfront consideration of $70.0 million and will be eligible to receive up to $275.0 million in future regulatory and sales milestone payments. We will also receive tiered royalties on net sales ranging from 18% to 30%. Navenibart is an investigational product that has not yet received regulatory approval in the United States or Europe.
Previous report
On May 6, 2026, we announced that patient enrollment in ALPHA-ORBIT, the ongoing pivotal study of navenibart for the prophylaxis of HAE, was on track to be completed by the end of June 2026. On June 29, 2026, we announced that enrollment was completed in June 2026, putting navenibart on track to potentially be the first HAE therapy to have both 3- and 6-month dosing with efficacy evaluated through 12 months.
Previous report
On June 12, 2026, we announced that a post-hoc analysis of the Phase 1b/2 multicenter, dose-ranging, open-label ALPHA-STAR study of navenibart demonstrated that investigational navenibart consistently reduced HAE attack rates across patient subgroups, supporting the ongoing Phase 3 evaluation of navenibart as a potential long-acting therapeutic option for the broad HAE population.
Previous report
BCX17725 (Netherton syndrome)
Previous report
On May 6, 2026, we announced that we have begun dosing in Part 4 of the Phase 1 trial of BCX17725 for the treatment of Netherton syndrome, which will enroll up to 12 patients for three months.
Previous report
Birmingham Closure Plan
Previous report
On June 25, 2026, our Board of Directors approved a plan to discontinue our internal discovery programs and close the Discovery Center of Excellence facility in Birmingham, Alabama (the “Birmingham Closure Plan”). The Birmingham Closure Plan was approved as part of the ongoing strategic evolution to strengthen our rare disease pipeline, following a comprehensive strategic review and scientific diligence of our research capabilities, programs and priorities. The implementation of the Birmingham Closure Plan is expected to be substantially complete by the end of 2026.
Previous report
•$14.7 million increase in ORLADEYO revenue, excluding revenues associated with our European ORLADEYO business, primarily due to a net price increase and an increase in volume of direct sales of ORLADEYO due to continued strong market dynamics; partially offset by:
Previous report
•$40.3 million increase in ORLADEYO revenue, excluding revenues associated with our European ORLADEYO business, primarily due to a net price increase and an increase in direct sales of ORLADEYO due to continued strong market dynamics; partially offset by:
Previous report
The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025:
Previous report
The increase in research and development expenses for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by the following:
Previous report
Sources of Liquidity
Previous report
Net revenue from sales of ORLADEYO is recorded at net selling price (transaction price), which includes reserves for variable consideration such as (i) estimated government rebates, such as Medicaid and Medicare Part D reimbursements, and estimated managed care rebates, (ii) estimated chargebacks, (iii) estimated costs of co-payment assistance programs, and (iv) product returns. These reserves, representing our best estimates of the amount of consideration to which we are entitled based on the terms of the applicable contracts and statutory requirements, are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable if no payments are required of us or a current liability if a payment is required of us. Actual amounts of consideration may differ from our estimates. If actual results vary from estimates, these estimates are adjusted, which would affect net product revenue and earnings in the period such variances become known.
Previous report
The most subjective of these estimates are government and managed care rebates. We contract with group purchasing organizations associated with managed care organizations and participate in certain government programs or, collectively, third-party payors, so that ORLADEYO will be eligible for purchase by, or partial or full reimbursement from, such third-party payors. We estimate the rebates we will provide to third-party payors and deduct these estimated amounts from total gross product revenues at the time the revenues are recognized, resulting in a reduction of product revenue and the establishment of a current liability. We estimate the rebates that we will provide to third-party payors based upon (i) our contracts with these third-party payors, (ii) the contractually mandated discounts applicable to the programs, and (iii) product distribution information obtained from our specialty pharmacy regarding payor mix.
Reworded paragraphs (54)
Previous wording
We are a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (“HAE”) and other rare diseases, driven by our deep commitment to improving the lives of people living with these conditions. We have built a robust commercial infrastructure to support the successful commercialization of ORLADEYO, an oral, once-daily therapy discovered and developed internally for the prevention of HAE attacks. Our business strategy includes leveraging this established commercial platform to successfully commercialize a pipeline of potential first-in-class or best-in-class oral small-molecule and injectable protein therapeutics targeting a range of rare diseases. In June 2026, we announced that we would discontinue our internal discovery programs and close our Discovery Center of Excellence facility in Birmingham, Alabama. We plan to focus on identifying and advancing high-value opportunities through external innovation, rigorous scientific evaluation, and disciplined capital allocation. By utilizing our existing commercial capabilities and focusing on rare disease markets, we believe that we can most effectively optimize our costs and strategically allocate resources to support long-term, sustainable growth.
Current wording
We are a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (“HAE”) and other rare diseases, driven by our deep commitment to improving the lives of people living with these conditions. We have built a robust commercial infrastructure to support the successful commercialization of ORLADEYO, an oral, once-daily therapy discovered and developed internally for the prevention of HAE attacks. Our business strategy includes leveraging this established commercial platform to successfully commercialize a pipeline of potential first-in-class or best-in-class oral small-molecule and injectable protein therapeutics targeting a range of rare diseases. In June 2026, we announced that we would discontinue our internal discovery programs and close our Discovery Center of Excellence facility in Birmingham, Alabama (the “Birmingham Closure Plan”). We are focusing on identifying and advancing high-value opportunities through external innovation, rigorous scientific evaluation, and disciplined capital allocation. By utilizing our existing commercial capabilities and focusing on rare disease markets, we believe that we can most effectively optimize our costs and strategically allocate resources to support long-term, sustainable growth.
Previous wording
ORLADEYO is an oral, once-daily therapy discovered and developed by us for the prevention of HAE attacks. A capsule formulation of ORLADEYO is approved in the United States and other global markets for the prevention of HAE attacks in adults and pediatric patients 12 years and older. In addition, in December 2025, the U.S. Food and Drug Administration (“FDA”) approved an oral pellet formulation of once-daily ORLADEYO for prophylactic therapy in pediatric patients with HAE aged 2 to <12 years.
Current wording
ORLADEYO is an oral, once-daily therapy discovered and developed by us for the prevention of HAE attacks. A capsule formulation of ORLADEYO is approved in the United States and other global markets for the prevention of HAE attacks in adults and pediatric patients 12 years and older. In December 2025, the U.S. Food and Drug Administration (“FDA”) approved an oral pellet formulation of once-daily ORLADEYO for prophylactic therapy in pediatric patients with HAE aged 2 to <12 years, and in October 2026, the FDA approved the 150 mg oral pellet formulation of once-daily ORLADEYO for prophylactic therapy in adults and adolescents aged 12 years and older. Additionally, in August 2026, Japan’s Ministry of Health, Labor and Welfare granted marketing approval for ORLADEYO for prophylactic therapy in pediatric patients with HAE aged 2 to <12 years.
Previous wording
Revenue from sales of ORLADEYO for the three and six months ended June 30, 2026 is discussed under “Results of Operations” in this MD&A. Revenue from sales of ORLADEYO in future periods is subject to uncertainties and will depend on several factors, including, but not limited to, the success of our and our partners’ commercialization efforts in the United States and elsewhere, the number of new patients switching to ORLADEYO, patient retention and demand, the number of physicians prescribing ORLADEYO, the rate of monthly prescriptions, reimbursement from third-party and government payors, the number of patients receiving free product, our pricing strategy, and market trends. We monitor and analyze this data on an ongoing basis as we continue to commercialize ORLADEYO and adjust our forecasts accordingly. In addition, on May 6, 2026, we announced that we identified a manufacturing issue that delayed the initial product fulfillment of the oral pellet formulation of ORLADEYO. On June 29, 2026, we announced that the issue was resolved, and the week of August 3, 2026, we began shipping the ORLADEYO oral pellets in the United States to pediatric patients with HAE aged 2 to <12 years.
Current wording
Revenue from sales of ORLADEYO for the three and nine months ended September 30, 2026 is discussed under “Results of Operations” in this MD&A. Revenue from sales of ORLADEYO in future periods is subject to uncertainties and will depend on several factors, including, but not limited to, the success of our and our partners’ commercialization efforts in the United States and elsewhere, the number of new patients switching to ORLADEYO, patient retention and demand, the number of physicians prescribing ORLADEYO, the rate of monthly prescriptions, reimbursement from third-party and government payors, the number of patients receiving free product, our pricing strategy, competition and market trends. We monitor and analyze this data on an ongoing basis as we continue to commercialize ORLADEYO and adjust our forecasts accordingly.
Previous wording
Our revenues are difficult to predict and depend on several factors, including those discussed in the “Risk Factors” section in Part II, Item 1A of this report. For example, our revenues depend, in part, on regulatory approval decisions for our products and product candidates, the effectiveness of our and our collaborative partners’ commercialization efforts, market acceptance of our products, particularly ORLADEYO, and the resources dedicated to our products and product candidates by us and our collaborative partners, as well as entering into or modifying licensing agreements for our product candidates. Furthermore, revenues related to our collaborative development activities are dependent upon the progress toward, and the achievement of, developmental milestones by us or our collaborative partners.
Current wording
Our revenues are difficult to predict and depend on several factors, including those discussed in the “Risk Factors” section in Part II, Item 1A of this report. For example, our revenues depend, in part, on regulatory approval decisions for our products and product candidates, the effectiveness of our and our collaborative partners’ commercialization efforts, market acceptance of our products, particularly ORLADEYO, and the resources dedicated to our products and product candidates by us and our collaborative partners, as well as entering into or modifying licensing agreements for our product candidates. Furthermore, revenues related to our collaborative development activities are dependent upon the progress toward, and the achievement of, developmental milestones by us or our collaborative partners. In addition, as noted below under “Results of Operations” in this MD&A, our new specialty pharmacy established its initial inventory position in the three months ended September 30, 2026, and the related purchases contributed favorably to revenue during the period.
Previous wording
Our operating expenses are also difficult to predict and depend primarily on research and development activities, including clinical research activities, and the ongoing requirements of our development programs, as well as the costs of commercialization, drug manufacturing, direction from regulatory agencies and the factors discussed in the “Risk Factors” section in Part II, Item 1A of this report. Management may be able to control the timing and level of research and development and selling, general and administrative expenses, but many of these expenditures will occur irrespective of our actions due to contractually committed activities and/or payments. In addition, in June 2026, we announced the Birmingham Closure Plan (as defined below). While we expect costs associated with the Birmingham Closure Plan to include costs related to contract termination, lease termination, employee termination benefits and severance, among other costs, management’s analysis of the Birmingham Closure Plan’s execution and related impact is still ongoing.
Current wording
Our operating expenses are also difficult to predict and depend primarily on research and development activities, including clinical research activities, and the ongoing requirements of our development programs, as well as the costs of commercialization, drug manufacturing, direction from regulatory agencies and the factors discussed in the “Risk Factors” section in Part II, Item 1A of this report. Management may be able to control the timing and level of research and development and selling, general and administrative expenses, but many of these expenditures will occur irrespective of our actions due to contractually committed activities and/or payments. In June 2026, we announced the Birmingham Closure Plan, and we recognized certain related one-time expenses during the three months ended September 30, 2026. See “Note 3—Birmingham Closure” in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report for additional details on the Birmingham Closure Plan and related expenses.
Previous wording
We announced on August 5, 2026 that initial product shipments of ORLADEYO oral pellets to pediatric patients began the week of August 3, marking a new paradigm in the treatment of HAE in pediatrics. In addition, to support the growing scale of ORLADEYO across both adults and pediatrics, we have engaged a new commercial pharmacy partner for ORLADEYO to serve as our sole source specialty pharmacy for ORLADEYO shipments to patients in the United States beginning in the third quarter of 2026.
Current wording
On August 5, 2026, we announced that initial product shipments of ORLADEYO oral pellets to pediatric patients began the week of August 3, 2026, marking a new paradigm in the treatment of HAE in pediatrics. In addition, to support the growing scale of ORLADEYO across both adults and pediatrics, we announced that we engaged a new commercial pharmacy partner for ORLADEYO to serve as our sole source specialty pharmacy for ORLADEYO shipments to patients in the United States beginning in the third quarter of 2026.
Previous wording
Results of Operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025
Current wording
Results of Operations for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025
Previous wording
The $54.9 million increase in total revenues for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by:
Current wording
The $20.9 million increase in total revenues for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily driven by:
Previous wording
◦$2.5 million increase due to the recognition of revenue related to the Kaken License Agreement (see “Note 12—Collaborative and Other Relationships” in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report for additional information on this agreement); partially offset by:
Current wording
•$5.1 million increase in license and other revenues primarily attributable to the recognition of $2.2 million of revenue related to the Neopharmed License Agreement and $1.6 million of revenue related to the Kaken License Agreement (see “Note 12—Collaborative and Other Relationships” in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report for additional information on these agreements), and $1.3 million in quarterly royalty payments from BioCryst Ireland Limited; partially offset by:
Previous wording
• $24.8 million decrease in revenues associated with our European ORLADEYO business due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Current wording
•$13.8 million decrease in revenues associated with our European ORLADEYO business due to the sale of our European ORLADEYO business to Neopharmed Gentili S.p.A. (“Neopharmed”) on October 1, 2025.
Previous wording
The following table summarizes our revenues for the six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes our revenues for the nine months ended September 30, 2026 and 2025:
Previous wording
The $65.8 million increase in total revenues for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by the following:
Current wording
The $86.7 million increase in total revenues for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by the following:
Previous wording
•$50.3 million increase in license and other revenues primarily attributable to:
Current wording
•$55.4 million increase in license and other revenues primarily attributable to:
Previous wording
◦$55.7 million increase due to the recognition of revenue related to the Neopharmed License Agreement;
Current wording
◦$58.0 million increase due to the recognition of revenue related to the Neopharmed License Agreement;
Previous wording
◦$5.9 million increase due to revenue related to quarterly royalty payments from BioCryst Ireland Limited; and
Current wording
◦$7.2 million increase due to revenue related to quarterly royalty payments from BioCryst Ireland Limited; and
Previous wording
◦$13.2 million decrease in direct sales of peramivir primarily due to lower direct sales of peramivir to the HHS following the expiration of the initial 12‑month base ordering period in September 2025, after which no additional ordering periods were exercised.
Current wording
◦$13.2 million decrease in direct sales of peramivir primarily due to lower direct sales of peramivir to the U.S. Department of Health and Human Services (“HHS”) following the expiration of the initial 12‑month base ordering period in September 2025, after which no additional ordering periods were exercised; partially offset by:
Previous wording
•$13.3 million decrease in revenues associated with our European ORLADEYO business due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Current wording
• $38.7 million decrease in revenues associated with our European ORLADEYO business due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Previous wording
The following tables summarize our cost of product sales for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes our cost of product sales for the three months ended September 30, 2026 and 2025:
Previous wording
The increase in cost of product sales for the three and six months ended June 30, 2026 compared to three and six months ended June 30, 2025 was primarily due to an increase in ORLADEYO sales to our partners, partially offset by a decrease in cost of product sales associated with our European ORLADEYO business due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Current wording
The $1.2 million increase in cost of product sales for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily due to an increase in ORLADEYO sales to our partners, partially offset by a decrease in cost of product sales associated with our European ORLADEYO business due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Previous wording
Acquired in-process research and development expense was $697.8 million for the six months ended June 30, 2026 related to the non-cash charge recognized for the value assigned to the navenibart in-process research and development asset acquired as part of the Merger. See “Note 2—Acquisition of Astria Therapeutics, Inc.” in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report for additional information on the Merger.
Current wording
Acquired in-process research and development expense was $697.8 million for the nine months ended September 30, 2026 related to the non-cash charge recognized for the value assigned to the navenibart in-process research and development asset acquired as part of the Merger. See “Note 2—Acquisition of Astria Therapeutics, Inc.” in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report for additional information on the Merger.
Previous wording
We do not maintain or evaluate internal research and development costs on a program-by-program basis, and certain costs may benefit multiple programs. Beginning in the quarter ended September 30, 2025, we no longer allocate non-program specific external costs or internal costs to programs. These costs are separately presented on the respective line items listed below. Research and development expenses have been reclassified for the three and six months ended June 30, 2025 for comparability. There is no impact on total research and development expenses.
Current wording
We do not maintain or evaluate internal research and development costs on a program-by-program basis as certain costs may benefit multiple programs. We do not allocate non-program specific external costs or internal costs to programs.
Previous wording
•$17.3 million increase in navenibart due to the acquisition of the Phase 3 product candidate in connection with the Merger; and
Current wording
•$18.0 million increase in navenibart due to the acquisition of the Phase 3 product candidate in connection with the Merger; and
Previous wording
•$1.9 million increase in BCX17725 primarily due to an increase in drug manufacturing activities.
Current wording
•$3.8 million decrease in BCX17725 primarily due to a decrease in drug manufacturing activities;
Previous wording
•$2.2 million decrease in berotralstat primarily attributed to a decrease in manufacturing and other costs incurred to support FDA approval in pediatric patients in 2025; and
Current wording
•$1.9 million decrease in berotralstat primarily attributed to a decrease in manufacturing and other costs incurred to support FDA approval in pediatric patients in 2025; and
Previous wording
•$3.0 million decrease in avoralstat due to the discontinuation of the program in the first quarter of 2026;
Current wording
•$1.8 million decrease in avoralstat due to the discontinuation of the program in the first quarter of 2026.
Previous wording
•$27.1 million increase in navenibart and $0.8 million increase in STAR-0310 due to the acquisition of the Phase 3 and Phase 1a product candidates, respectively, in connection with the Merger; and
Current wording
•$45.1 million increase in navenibart due to the acquisition of the Phase 3 product candidate in connection with the Merger;
Previous wording
•$14.2 million increase in compensation and related personnel costs primarily due to expenses incurred in connection with the Merger, including the portion of the Astria stock option payout attributable to post-combination service, totaling $10.7 million, and $4.0 million of Astria related severance costs.
Current wording
•$14.8 million increase in compensation and related personnel costs primarily due to $10.7 million associated with the portion of the Astria stock option payout attributable to post-combination service in connection with the Merger, and a $6.4 million increase in severance costs driven by employee termination and separation costs related to the Birmingham Closure Plan and Astria related severance costs, partially offset by a $2.5 million decrease in personnel costs due to lower headcount; and
Previous wording
•$4.5 million decrease in avoralstat due to the discontinuation of the program in the first quarter of 2026;
Current wording
•$6.3 million decrease in avoralstat due to the discontinuation of the program in the first quarter of 2026;
Previous wording
•$5.6 million decrease in stock-based compensation expense primarily due to research and development related turnover and prior period acceleration of expense pursuant to the BioCryst Pharmaceuticals, Inc. Equity Award Retirement Policy, partially offset by a modification to extend the post-termination exercise period of certain vested stock option awards at the time of retirement for certain individuals to the original expiration date, resulting in $5.4 million of incremental expense in 2026;
Current wording
•$6.3 million decrease in stock-based compensation expense primarily due to research and development related turnover and prior period acceleration of expense pursuant to the BioCryst Pharmaceuticals, Inc. Equity Award Retirement Policy, partially offset by a modification to extend the post-termination exercise period of certain vested stock option awards at the time of retirement for certain individuals to the original expiration date, resulting in $6.8 million of incremental expense in 2026, and $1.0 million equity modifications in connection with employee terminations related to the Birmingham Closure Plan;
Previous wording
•$2.3 million decrease in berotralstat primarily attributed to a decrease in manufacturing and other costs to support FDA approval in pediatric patients in 2025; and
Current wording
•$4.1 million decrease in berotralstat primarily attributed to a decrease in manufacturing and other costs to support FDA approval in pediatric patients in 2025;
Previous wording
•$1.3 million decrease in research and development expenses associated with our European ORLADEYO business (excluding stock-based compensation) due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Current wording
•$1.5 million decrease in research and development expenses associated with our European ORLADEYO business (excluding stock-based compensation) due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Previous wording
The decrease in general and administrative expenses (excluding stock-based compensation) for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by $5.9 million of transaction-related costs incurred in 2025 associated with the sale of our European ORLADEYO business to Neopharmed on October 1, 2025, partially offset by a $2.4 million increase in employee, facility, and other costs associated with Astria.
Current wording
The decrease in general and administrative expenses (excluding stock-based compensation) for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily driven by a decrease in transaction-related costs, partially offset by $1.9 million of cash separation costs related to the Birmingham Closure Plan and the September 2026 workforce reduction.
Previous wording
Expenses associated with our European ORLADEYO business (excluding stock-based compensation) were $14.9 million for the three months ended June 30, 2025. There were no corresponding expenses for the three months ended June 30, 2026 due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Current wording
Expenses associated with our European ORLADEYO business (excluding stock-based compensation) were $12.1 million for the three months ended September 30, 2025. There were no corresponding expenses for the three months ended September 30, 2026 due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Previous wording
The decrease in stock-based compensation expense for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily attributed to employee turnover and prior period acceleration of expense pursuant to the BioCryst Pharmaceuticals, Inc. Equity Award Retirement Policy, partially offset by an increase in awards granted.
Current wording
The decrease in stock-based compensation expense for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily attributed to employee turnover, prior period acceleration of expense pursuant to the BioCryst Pharmaceuticals, Inc. Equity Award Retirement Policy, and prior period adjustments for estimated forfeitures.
Previous wording
The following table summarizes our selling, general, and administrative expenses for the six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes our selling, general, and administrative expenses for the nine months ended September 30, 2026 and 2025:
Previous wording
The increase in sales and marketing expenses (excluding stock-based compensation) for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by the following:
Current wording
The increase in sales and marketing expenses (excluding stock-based compensation) for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by the following:
Previous wording
•$3.7 million of expense associated with the portion of the Astria stock option payout attributable to post-combination service in connection with the Merger; and
Current wording
•$3.7 million of expense associated with the portion of the Astria stock option payout attributable to post-combination service in connection with the Merger;
Previous wording
The increase in general and administrative expenses (excluding stock-based compensation) for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by the following:
Current wording
The increase in general and administrative expenses (excluding stock-based compensation) for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by the following:
Previous wording
•$6.3 million of expense associated with Astria related severance costs in connection with the Merger; and
Current wording
•$6.5 million increase in severance costs driven by $6.3 million of Astria related severance costs in connection with the Merger; and
Previous wording
•$4.9 million increase due to incremental employee, facility, and other costs associated with Astria.
Current wording
•$6.5 million increase due to incremental employee, facility, and other costs associated with Astria.
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
◦$4.1 million increase due to the recognition of revenue related to the Kaken License Agreement; partially offset by:
Current report — wording carried from elsewhere
The $0.6 million decrease in cost of product sales for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily driven by a decrease in cost of product sales associated with our European ORLADEYO business due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Current report — wording carried from elsewhere
•$2.4 million decrease in BCX17725 primarily due to a decrease in drug manufacturing activities; and
Current report — wording carried from elsewhere
These increases were partially offset by:
Current report — wording carried from elsewhere
•$1.5 million of transaction-related costs incurred in 2025 in connection with the Merger.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
•$53.5 million increase in license and other revenues primarily attributable to the recognition of $55.7 million of revenue related to the Neopharmed License Agreement (see “Note 12—Collaborative and Other Relationships” in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report for additional information on this agreement), partially offset by a $6.2 million decrease in direct sales of peramivir primarily due to lower direct sales of peramivir to the U.S. Department of Health and Human Services (“HHS”) following the expiration of the initial 12‑month base ordering period in September 2025, after which no additional ordering periods were exercised; and
Previous report — wording carried elsewhere
•$3.9 million decrease in stock-based compensation expense primarily due to research and development related turnover and prior period acceleration of expense pursuant to the BioCryst Pharmaceuticals, Inc. Equity Award Retirement Policy, partially offset by a modification to extend the post-termination exercise period of certain vested stock option awards at the time of retirement for certain individuals to the original expiration date, resulting in $2.4 million of incremental expense in the second quarter of 2026 (see “Note 11—Stock-Based Compensation” in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this report);
Previous report — wording carried elsewhere
•$1.4 million decrease in research and development expenses associated with our European ORLADEYO business (excluding stock-based compensation) due to the sale of our European ORLADEYO business to Neopharmed on October 1, 2025.
Previous report — wording carried elsewhere
•$1.7 million of expense associated with Astria related severance costs in connection with the Merger.