BioCryst Pharmaceuticals Inc. BCRX
Operating income doubled Net income doubled Revenue accelerating Cash flow inflection Guidance raised strategy: New market
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Business Model#
What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.
BioCryst Pharmaceuticals is a commercial-stage biopharmaceutical company focused on rare diseases, with hereditary angioedema (HAE) as its primary therapeutic area. Its lead marketed product, ORLADEYO (berotralstat), is an oral once-daily plasma kallikrein inhibitor approved for HAE prevention in adults and adolescents, generating recurring prescription-based product revenue. Following the January 2026 acquisition of Astria Therapeutics, BioCryst added navenibart, an investigational injectable monoclonal antibody in Phase 3 development targeting HAE prevention with extended 3- and 6-month dosing intervals, which is being developed internally and licensed to regional partners. Revenue derives from ORLADEYO net product sales and partnership arrangements, including upfront and milestone payments from regional licensing deals such as those with Neopharmed Gentili for Europe and Torii for Japan. The company also advances earlier-stage pipeline candidates, including BCX17725, a KLK5 inhibitor in Phase 1 for Netherton syndrome. The June 2026 closure of its Birmingham Discovery Center of Excellence marks a deliberate strategic shift away from internal early discovery toward concentrating resources on its HAE franchise and late-stage pipeline.
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Current Status#
Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.
BioCryst Pharmaceuticals reported total net revenue of $218.2 million in Q2 2026, a 34% year-over-year increase, including ORLADEYO net revenue of $158.2 million and $55.7 million recognized from the navenibart licensing agreement with Neopharmed Gentili 35. Operating income rose to $98.5 million compared to $29.8 million in Q2 2025, and free cash flow reached $104.1 million 35. Enrollment in the ALPHA-ORBIT Phase 3 pivotal study of navenibart in hereditary angioedema was completed in June 2026 35. BioCryst raised its full-year 2026 total revenue guidance to $690 million to $715 million 35.
Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-08-05):
„Building on this momentum, we remain focused on cost discipline while directing our capital and energy toward opportunities where we can have the greatest impact. This positions BioCryst exceptionally well to continue delivering growth, strong profitability, and lasting value for patients and their families as well as our shareholders.“ – Charlie Gayer, President and Chief Executive Officer 35
„We were pleased to deliver strong revenue growth and positive free cash flow again in the second quarter, reflecting our continued focus on expanding the reach of ORLADEYO while advancing our prioritized pipeline programs. We are especially excited to have begun shipments of the ORLADEYO oral pellet formulation – an important milestone for children living with hereditary angioedema – and we are fully committed to making the launch a success.“ – Charlie Gayer, President and Chief Executive Officer 35
Revenue · 2026-Q2218$m+33.5 % vs. 2025-Q2
Net profit · 2026-Q278$m+1,437.3 % vs. 2025-Q2
EPS · 2026-Q20.30$+1,400.0 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, the company guides Revenue to $690 million to $715 million (raised); OpEx (non-GAAP) to $420 million to $440 million (confirmed); ORLADEYO net revenue to $625 million to $645 million (confirmed). 35.
ProfitabilityOperating income was $98.5 million in Q2 2026, up from $29.8 million in Q2 2025, with non-GAAP operating income of $113.2 million 35. Net income totaled $78.4 million, with diluted earnings per share of $0.30 35. Operating cash flow was $104.3 million and free cash flow was $104.1 million, with capital expenditures of $0.2 million.
LeverageNet debt stood at $240.4 million at June 30, 2026, against cash and cash equivalents of $155.0 million; total cash, restricted cash, and investments were $354.0 million 35. The company entered into a $400.0 million Blackstone term loan facility in January 2026, maturing January 2031, with an option for up to $150.0 million in additional term loans 34. The company has flagged a potential need for additional capital or financing if current resources prove insufficient to support development programs 34.
RecurringORLADEYO net revenue, the company's primary commercial product for oral once-daily hereditary angioedema prevention, totaled $158.2 million in Q2 2026, a 1% year-over-year increase 35. BioCryst maintained its full-year 2026 ORLADEYO revenue guidance at $625 million to $645 million 35. As of the Q2 report date, 47 ORLADEYO oral pellet prescriptions had been written year-to-date, with over half completing prior authorization 35.
Management viewBioCryst raised full-year 2026 total revenue guidance to $690 million to $715 million and improved non-GAAP operating expense guidance to $420 million to $440 million 35. David W. Jenkins was appointed Chief Scientific Officer in July 2026, and CareMed was engaged as the new commercial pharmacy partner for ORLADEYO shipments beginning Q3 2026 35. Initial shipments of ORLADEYO oral pellets to pediatric patients began the week of August 3, 2026, following FDA approval of the formulation in December 2025 34.
ChangeThe Board approved the Birmingham Closure Plan in June 2026, discontinuing all internal discovery programs and closing the Discovery Center of Excellence in Birmingham, Alabama, with implementation expected to be substantially complete by end of 2026 34. A manufacturing issue identified in May 2026 delayed ORLADEYO oral pellet fulfillment and was resolved on June 29, 2026 34. Non-GAAP operating expenses guidance for full-year 2026 was narrowed and improved to $420 million to $440 million, reflecting the winding down of discovery-stage activities 35.
Risks (current)Annora filed Paragraph IV notices challenging four ORLADEYO patents (expiring May 2040), and BioCryst filed a patent infringement lawsuit in March 2025 34. Single-source reliance for certain manufacturing, distribution, and specialty pharmacy services presents supply continuity risk, as illustrated by the May 2026 ORLADEYO oral pellet manufacturing disruption resolved in late June 2026 34. Integration risks from the Astria Therapeutics merger remain, including unknown liabilities associated with the navenibart program, and a data security compromise could expose the company to legal, regulatory, and reputational consequences 34.
New this reporting periodBioCryst executed a licensing agreement with Neopharmed Gentili in Q2 2026, granting exclusive European commercialization rights for navenibart for $70.0 million upfront and up to $275.0 million in regulatory and sales milestones, with tiered royalties of 18% to 30% 34 35. Enrollment in ALPHA-ORBIT, the Phase 3 pivotal study of navenibart for HAE prevention evaluating both 3- and 6-month dosing through 12 months, was completed in June 2026 35. BioCryst began dosing in Part 4 of the BCX17725 Phase 1 trial for Netherton syndrome, enrolling up to 12 patients for three months, with data expected by end of 2026 35.
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Price & Chart#
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Share-Price Drivers#
Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.
ORLADEYO (oral, once-daily HAE prophylaxis) commercial ramp
ORLADEYO U.S. generated $548.8M of FY2025 revenue, the largest single revenue line and the primary source of the company's recent swing to profitability 30 35
ORLADEYO U.S. generated $548.8M of FY2025 revenue, the largest single revenue line and the primary source of the company's recent swing to profitability 30 35
ORLADEYO U.S. franchise
U.S. ORLADEYO revenue of $548.8M in FY2025 anchored total revenue; group revenue rose to $218.2M in 2026-Q2 with change flags showing accelerating growth and raised guidance 30 35
U.S. ORLADEYO revenue of $548.8M in FY2025 anchored total revenue; group revenue rose to $218.2M in 2026-Q2 with change flags showing accelerating growth and raised guidance 30 35
ORLADEYO international expansion
European business ($38.7M) and Rest-of-world ($14.4M) in FY2025, with launches/approvals in Spain, Austria and Argentina and reimbursement steps in Italy adding markets 30 12 11
European business ($38.7M) and Rest-of-world ($14.4M) in FY2025, with launches/approvals in Spain, Austria and Argentina and reimbursement steps in Italy adding markets 30 12 11
ORLADEYO pediatric oral pellet formulation
Oral pellet formulation launched December 2025 and for pediatric HAE on 2026-08-03, extending the label into younger patients 32 35 34
Oral pellet formulation launched December 2025 and for pediatric HAE on 2026-08-03, extending the label into younger patients 32 35 34
navenibart Phase 3 program (via Astria acquisition)
Astria acquisition closed 2026-01-23 added navenibart; ALPHA-ORBIT pivotal enrollment completed 2026-06-30, with top-line results and US regulatory filing planned for 2027 35 33 30
Astria acquisition closed 2026-01-23 added navenibart; ALPHA-ORBIT pivotal enrollment completed 2026-06-30, with top-line results and US regulatory filing planned for 2027 35 33 30
navenibart European licensing (Neopharmed Gentili)
Exclusive European commercialization rights licensed to Neopharmed Gentili in May 2026 34 35 33
Exclusive European commercialization rights licensed to Neopharmed Gentili in May 2026 34 35 33
BCX17725 (KLK-5 inhibitor, Netherton syndrome)
Phase 1 trial enrollment ongoing from 2026-Q1 with Part 4 data reporting planned by end of 2026 35 33 28
Phase 1 trial enrollment ongoing from 2026-Q1 with Part 4 data reporting planned by end of 2026 35 33 28
ORLADEYO generic ANDA challenge (Annora)
Generic ANDA challenge to ORLADEYO from Annora noted January 2025, a potential exclusivity risk to the lead franchise 30
Generic ANDA challenge to ORLADEYO from Annora noted January 2025, a potential exclusivity risk to the lead franchise 30
Capital structure / debt actions
$75M debt paydown April 2025 and a Blackstone term loan facility drawn January 2026; net debt was $240.4M at 2026-Q2 22 34 30 35
$75M debt paydown April 2025 and a Blackstone term loan facility drawn January 2026; net debt was $240.4M at 2026-Q2 22 34 30 35
Cost restructuring
Discontinuation of internal discovery programs and closure of the Birmingham facility announced 2026-06-25, alongside profitability flag '+' 34
Discontinuation of internal discovery programs and closure of the Birmingham facility announced 2026-06-25, alongside profitability flag '+' 34
Sector trend: HAE prophylaxis demand is growing as the ORLADEYO franchise scales, lifting revenue and driving a swing to positive operating income and net income by 2026-Q2 (35). Margins are expanding with the oral franchise ramp while later-stage pipeline assets (navenibart, BCX17725) shift near-term spend toward Phase 3/Phase 1 readouts in 2026-2027 (30 33).
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Event Timeline#
This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.
Overview: one dot per event · click jumps to the period
2026 · 11 events
2026-Q2 · Apr – Jun 2026
„Building on this momentum, we remain focused on cost discipline while directing our capital and energy toward opportunities where we can have the greatest impact. This positions BioCryst exceptionally well to continue delivering growth, strong profitability, and lasting value for patients and their families as well as our shareholders.“ – Charlie Gayer, President and Chief Executive Officer 35
Revenue accelerating 2026-08-05
Total net revenue increased 34% year-over-year to $218.3 million in Q2 2026, including $55.7 million from the navenibart European licensing agreement with Neopharmed Gentili 35
Total net revenue increased 34% year-over-year to $218.3 million in Q2 2026, including $55.7 million from the navenibart European licensing agreement with Neopharmed Gentili 35
Guidance raised 2026-08-05
Full-year 2026 total revenue guidance raised to $690 million to $715 million; ORLADEYO guidance maintained at $625 million to $645 million 35
Full-year 2026 total revenue guidance raised to $690 million to $715 million; ORLADEYO guidance maintained at $625 million to $645 million 35
New market 2026-08-05
Enrollment completed in ALPHA-ORBIT Phase 3 pivotal study of navenibart for HAE; US regulatory filing expected by end of 2027 35
Enrollment completed in ALPHA-ORBIT Phase 3 pivotal study of navenibart for HAE; US regulatory filing expected by end of 2027 35
Operating income doubled 2026-08-05
Operating income more than doubled YoY (29.8 to 98.5 USDm, +231%). 34
Operating income more than doubled YoY (29.8 to 98.5 USDm, +231%). 34
Cash flow inflection 2026-08-05
Operating cash flow reached 104.3 USDm vs 41.3 USDm in 2025-Q2 (×2.5). 34
Operating cash flow reached 104.3 USDm vs 41.3 USDm in 2025-Q2 (×2.5). 34
2026-Q1 · Jan – Mar 2026
„We began 2026 with continued strong execution across our business, led by sustained growth of ORLADEYO and solid progress across our pipeline. ORLADEYO continues to grow because its differentiated oral profile and high level of attack control meet the needs of an increasing number of people living with hereditary angioedema. At the same time, we remain on track with enrollment in our navenibart and BCX17725 pipeline programs. We are also pleased to partner again with Neopharmed Gentili for European rights to navenibart. This progress underscores our strategy to focus on rare diseases where we have deep expertise, execute efficiently, and allocate capital thoughtfully to drive sustainable value for patients and shareholders.“ – Charlie Gayer, President and Chief Executive Officer 33
Operating income turned negative 2026-05-06
Non-cash acquired IPR&D charge of $697.8 million related to navenibart drove Q1 2026 GAAP operating loss of $701.6 million 33
Non-cash acquired IPR&D charge of $697.8 million related to navenibart drove Q1 2026 GAAP operating loss of $701.6 million 33
revenue 2026-05-06
ORLADEYO revenue rose to $148.3 million from $122.7 million in Q1 2025, up 21% on a comparable basis excluding divested European revenue 32
ORLADEYO revenue rose to $148.3 million from $122.7 million in Q1 2025, up 21% on a comparable basis excluding divested European revenue 32
Acquisition 2026-05-06
Completed acquisition of Astria Therapeutics, adding navenibart (Phase 3, HAE prevention) and STAR-0310 to pipeline 32
Completed acquisition of Astria Therapeutics, adding navenibart (Phase 3, HAE prevention) and STAR-0310 to pipeline 32
2025 · 18 events
FY2025 · Jan – Dec 2025
„2025 was a transformative year for BioCryst. Continued strong demand for ORLADEYO and outstanding patient outcomes have solidified its position as the leading oral, once-daily prophylaxis treatment for HAE. The successful sale of our European ORLADEYO business further strengthened our financial position, and the proposed acquisition of Astria marks an exciting step toward expanding our impact for HAE patients. With our advancing pipeline, flexibility to continue pursuing value-creating business development opportunities, and dedication of our exceptional team, we are confident in our ability to deliver innovative treatments for rare disease patients and drive sustainable growth well into the future.“ – Charlie Gayer, President and Chief Executive Officer 29
Net income turned positive 2026-02-26
Net income turned positive for the first time after 2 negative fiscal years (-88.9 to +263.9 USDm). 30
Net income turned positive for the first time after 2 negative fiscal years (-88.9 to +263.9 USDm). 30
2025-Q4 · Oct – Dec 2025
„2025 was fundamentally transformative for BioCryst. We achieved full-year profitability for the first time in the company's history, driven by strong commercial execution that delivered the highest level of new patient prescriptions in the U.S. since the initial launch of ORLADEYO, even as the treatment landscape continued to evolve. We also advanced key business development initiatives that streamlined our operations and further strengthened our leadership position in hereditary angioedema. We entered 2026 with strong momentum, completing the acquisition of Astria Therapeutics to grow our HAE portfolio to meet the needs of more patients, while adding to our long-term growth trajectory well into the next decade.“ – Charlie Gayer, President and Chief Executive Officer 31
earnings 2026-02-26
FY2025 GAAP operating income $341.0M (includes $243.3M one-time license revenue from European ORLADEYO divestiture) and non-GAAP operating income $214.2M; first full-year profitability in company history (31)
FY2025 GAAP operating income $341.0M (includes $243.3M one-time license revenue from European ORLADEYO divestiture) and non-GAAP operating income $214.2M; first full-year profitability in company history (31)
Revenue accelerating 2026-02-26
FY2025 ORLADEYO net revenue $601.8M, +38% year-over-year; excluding European business divested October 1, 2025, comparable growth was +43% (31)
FY2025 ORLADEYO net revenue $601.8M, +38% year-over-year; excluding European business divested October 1, 2025, comparable growth was +43% (31)
New market 2026-02-26
FDA approved ORLADEYO oral pellets for pediatric patients with HAE aged 2 to under 12 years in December 2025 (31)
FDA approved ORLADEYO oral pellets for pediatric patients with HAE aged 2 to under 12 years in December 2025 (31)
2025-Q3 · Jul – Sep 2025
„It has been an incredible honor to lead the employees of BioCryst over these past nearly 19 years. I couldn't be more confident in the exceptional team we have built and am excited to see them take BioCryst forward and continue to deliver innovative treatments for patients living with rare diseases.“ – Jon Stonehouse, Chief Executive Officer 27
Net debt to net cash 2025-11-03
European ORLADEYO business sale to Neopharmed completed October 1, 2025 for $250M; Pharmakon loan fully retired October 8, 2025 using $198.7M of proceeds; pro forma cash reached $294M (27)
European ORLADEYO business sale to Neopharmed completed October 1, 2025 for $250M; Pharmakon loan fully retired October 8, 2025 using $198.7M of proceeds; pro forma cash reached $294M (27)
Guidance raised 2025-11-03
FY2025 ORLADEYO revenue guidance raised to $590-600M; non-GAAP operating expense guidance lowered to $430-440M (27)
FY2025 ORLADEYO revenue guidance raised to $590-600M; non-GAAP operating expense guidance lowered to $430-440M (27)
Acquisition 2025-11-03
Definitive merger agreement signed with Astria Therapeutics on October 14, 2025, adding navenibart monoclonal antibody inhibitor to HAE portfolio; transaction financed by $550M Blackstone credit facility, expected to close Q1 2026 (27)
Definitive merger agreement signed with Astria Therapeutics on October 14, 2025, adding navenibart monoclonal antibody inhibitor to HAE portfolio; transaction financed by $550M Blackstone credit facility, expected to close Q1 2026 (27)
Operating income doubled 2025-11-03
Operating income more than doubled YoY (7.7 to 29.6 USDm, +284%). 27
Operating income more than doubled YoY (7.7 to 29.6 USDm, +284%). 27
Cash flow inflection 2025-11-03
Operating cash flow reached 41.6 USDm vs 8.2 USDm in 2024-Q3 (×5.1). 27
Operating cash flow reached 41.6 USDm vs 8.2 USDm in 2024-Q3 (×5.1). 27
2025-Q2 · Apr – Jun 2025
„The financial performance this quarter is the best in the company's history resulting from better-than-expected revenue growth and very meaningful operating profit. In the fifth year since approval, ORLADEYO revenue and demand have never been stronger, and this is driven by outstanding execution and increasing confidence in the product. Our accelerating operating profit and the sale of our European ORLADEYO business strengthen our financial position to deliver even greater value, and our pipeline remains on track for initial data later this year in two clinical programs.“ – Jon Stonehouse, Chief Executive Officer 24
Divestiture 2025-08-05
Entered stock purchase agreement to sell European ORLADEYO business to Neopharmed Gentili S.p.A. for $250M cash plus up to $14M in revenue milestones; proceeds earmarked to retire remaining Pharmakon term debt (25)
Entered stock purchase agreement to sell European ORLADEYO business to Neopharmed Gentili S.p.A. for $250M cash plus up to $14M in revenue milestones; proceeds earmarked to retire remaining Pharmakon term debt (25)
New market 2025-08-05
FDA accepted NDA for ORLADEYO oral granules for children aged 2 to 11 with HAE under priority review; PDUFA goal date December 12, 2025 (25)
FDA accepted NDA for ORLADEYO oral granules for children aged 2 to 11 with HAE under priority review; PDUFA goal date December 12, 2025 (25)
Operating income doubled 2025-08-05
Operating income more than doubled YoY (8.8 to 29.8 USDm, +239%). 25
Operating income more than doubled YoY (8.8 to 29.8 USDm, +239%). 25
revenue 2025-08-04
ORLADEYO Q2 net revenue $156.8M, +45% year-over-year; new patient prescriptions highest ever in a single quarter, exceeding Q1 2025 launch-quarter prescriptions by over 10% (24)
ORLADEYO Q2 net revenue $156.8M, +45% year-over-year; new patient prescriptions highest ever in a single quarter, exceeding Q1 2025 launch-quarter prescriptions by over 10% (24)
2025-Q1 · Jan – Mar 2025
„We started 2025 with another quarter of outstanding performance. ORLADEYO revenue growth was driven by moving ORLADEYO patients from free drug to paid at a much faster rate than we expected, resulting in a substantial increase to our annual guidance as we also move closer to peak sales of $1 billion. This increased financial strength accelerates our path to profitability and enables us to start paying down our debt, while continuing to invest in and advance our pipeline.“ – Jon Stonehouse, President and Chief Executive Officer 22
Operating income turned positive 2025-05-05
Q1 operating income improved to $21.2M from operating loss of $14.5M in Q1 2024; company accelerated full-year profitability target by one year to 2025 from prior guidance of 2026 (22)
Q1 operating income improved to $21.2M from operating loss of $14.5M in Q1 2024; company accelerated full-year profitability target by one year to 2025 from prior guidance of 2026 (22)
Revenue accelerating 2025-05-05
ORLADEYO net revenue +51% year-over-year to $134.2M, driven by accelerated conversion of patients from free drug to paid prescriptions and volume growth (22)
ORLADEYO net revenue +51% year-over-year to $134.2M, driven by accelerated conversion of patients from free drug to paid prescriptions and volume growth (22)
Guidance raised 2025-05-05
FY2025 ORLADEYO revenue guidance raised to $580-600M from prior range of $535-550M (22)
FY2025 ORLADEYO revenue guidance raised to $580-600M from prior range of $535-550M (22)
2024 · 15 events
2024-Q4 · Oct – Dec 2024
„2024 was a year of outstanding execution for the company on multiple fronts and it is exciting to carry this momentum into 2025. We had another year of exceptional ORLADEYO revenue growth moving us significantly closer to peak sales of $1 billion, and we did this while driving the company toward profitability in the near-term. We are excited that this year we expect to submit a new drug application to expand the ORLADEYO label to children under age 12 and to be in patient studies in two new clinical programs (BCX17725 and avoralstat)“ – Jon Stonehouse, President and Chief Executive Officer 19
„We ended 2024 with the strongest execution and performance in the company's history, and this year is off to a fantastic start, with ORLADEYO revenue already exceeding our initial expectations, the first clinical data from both the BCX17725 and avoralstat programs, and our pediatric label expansion for ORLADEYO anticipated later this year“ – Jon Stonehouse, President and Chief Executive Officer 20
Operating cash flow turned positive 2026-02-26
Operating cash flow turned positive on a half-year basis (2024-H1: -55.1 to 2024-H2: +3.0 USDm, aggregated from reported quarters where needed). 30
Operating cash flow turned positive on a half-year basis (2024-H1: -55.1 to 2024-H2: +3.0 USDm, aggregated from reported quarters where needed). 30
earnings 2025-02-24
Non-GAAP operating profit of $62.9M for FY2024 vs. operating losses in prior year; GAAP operating loss narrowed to $2.5M from $103.7M in 2023 20
Non-GAAP operating profit of $62.9M for FY2024 vs. operating losses in prior year; GAAP operating loss narrowed to $2.5M from $103.7M in 2023 20
Revenue accelerating 2025-02-24
ORLADEYO full-year net revenue +34% to $437.7M; total FY2024 revenue $450.7M, +36% YoY 20
ORLADEYO full-year net revenue +34% to $437.7M; total FY2024 revenue $450.7M, +36% YoY 20
Guidance raised 2025-02-24
2025 ORLADEYO revenue guidance raised to $535-$550M from prior $515-$535M; 2025 total revenue guidance raised to $560-$575M from $540-$560M 20
2025 ORLADEYO revenue guidance raised to $535-$550M from prior $515-$535M; 2025 total revenue guidance raised to $560-$575M from $540-$560M 20
2024-Q3 · Jul – Sep 2024
„Our third quarter performance continues to build on the outstanding year we are having, with significant revenue growth, strong patient demand, pipeline advancement and operating profitability in the quarter. As we look ahead, we see robust and durable revenue growth, new opportunities for younger children to benefit from ORLADEYO, and data readouts from BCX17725 in Netherton syndrome and avoralstat in DME, all while moving closer to sustainable profitability.“ – Jon Stonehouse, President and Chief Executive Officer 17
New market 2024-11-05
BCX17725 (KLK5 inhibitor for Netherton syndrome) advanced into Phase 1 clinical trial with first participant enrolled in October 2024; initial data expected in 2025 18
BCX17725 (KLK5 inhibitor for Netherton syndrome) advanced into Phase 1 clinical trial with first participant enrolled in October 2024; initial data expected in 2025 18
Guidance raised 2024-11-04
Full-year 2024 ORLADEYO guidance narrowed to top end at $430-$435M from prior $420-$435M; total product revenue guidance introduced at $443-$448M based on additional RAPIVAB revenue 17
Full-year 2024 ORLADEYO guidance narrowed to top end at $430-$435M from prior $420-$435M; total product revenue guidance introduced at $443-$448M based on additional RAPIVAB revenue 17
2024-Q2 · Apr – Jun 2024
„The first half of 2024 has been outstanding for BioCryst due to the success we are having in the marketplace with ORLADEYO. As a result, we are increasing our full year guidance for ORLADEYO, advancing multiple programs toward the clinic in the next 18 months and moving the company closer to profitability.“ – Jon Stonehouse, President and Chief Executive Officer 15
Operating income turned positive 2024-08-05
GAAP operating profit of $8.8M in Q2 2024 compared to operating loss of $20.7M in Q2 2023, reflecting lower R&D expenses following BCX10013 and BCX9930 program discontinuations 15
GAAP operating profit of $8.8M in Q2 2024 compared to operating loss of $20.7M in Q2 2023, reflecting lower R&D expenses following BCX10013 and BCX9930 program discontinuations 15
revenue 2024-08-05
ORLADEYO net revenue +34% YoY to $108.3M in Q2 2024; ex-U.S. revenue +51% YoY, representing 11% of global ORLADEYO net revenues 15
ORLADEYO net revenue +34% YoY to $108.3M in Q2 2024; ex-U.S. revenue +51% YoY, representing 11% of global ORLADEYO net revenues 15
Guidance raised 2024-08-05
Full-year 2024 ORLADEYO revenue guidance raised to $420-$435M from prior $390-$400M 15
Full-year 2024 ORLADEYO revenue guidance raised to $420-$435M from prior $390-$400M 15
EBITDA turned positive 2024-08-05
EBITDA turned positive for the first time after 17 negative periods (-14.2 to +9.1 USDm). 15
EBITDA turned positive for the first time after 17 negative periods (-14.2 to +9.1 USDm). 15
2024-Q1 · Jan – Mar 2024
„We are off to a fantastic start to the year with outstanding ORLADEYO revenue growth and our prioritized pipeline programs advancing on schedule. We are focused on continuing this momentum as we see strong patient demand for ORLADEYO and more pipeline programs advancing into the clinic, starting later this year“ – Jon Stonehouse, president and chief executive officer 13
Strategic pivot 2024-05-07
Company reduced R&D organization size and postponed planned capital expenditures at Discovery Center in Alabama in January 2024 to accelerate path to profitability 14
Company reduced R&D organization size and postponed planned capital expenditures at Discovery Center in Alabama in January 2024 to accelerate path to profitability 14
Revenue accelerating 2024-05-06
ORLADEYO net revenue +30% YoY to $88.9M in Q1 2024, driven by accelerated patient reauthorization from free drug to paid drug and new prescription growth 13
ORLADEYO net revenue +30% YoY to $88.9M in Q1 2024, driven by accelerated patient reauthorization from free drug to paid drug and new prescription growth 13
Guidance initiated 2024-05-06
Company guided to full-year 2024 operating profit (excluding non-cash stock compensation) and positive cash flow in second half of 2025 13
Company guided to full-year 2024 operating profit (excluding non-cash stock compensation) and positive cash flow in second half of 2025 13
Revenue accelerating 2024-02-27
FY2023 ORLADEYO net revenue reached $326.0M, +30% year-over-year; total revenues $331.4M versus $270.8M in 2022 12
FY2023 ORLADEYO net revenue reached $326.0M, +30% year-over-year; total revenues $331.4M versus $270.8M in 2022 12
2023 · 16 events
2023-Q4 · Oct – Dec 2023
„The impressive growth we are seeing with ORLADEYO has put us in a position to accelerate our path to profitability while continuing to invest in our diverse pipeline of first-in-class or best-in-class molecules that we believe will deliver our next marketed product“ – Jon Stonehouse, President and Chief Executive Officer 11
„After three years on the market, ORLADEYO continues on a steady growth trajectory to achieve $1 billion at peak. This commercial success, alongside our proven discovery platform that is producing additional first-in-class or best-in-class molecules, uniquely positions BioCryst to achieve financial independence from the capital markets and accelerate our path to profitability.“ – Jon Stonehouse, President and Chief Executive Officer 10
New market 2024-02-26
ORLADEYO approved in Argentina, commercially launched in Spain, and awarded final pricing approval in Austria in Q4 2023 11
ORLADEYO approved in Argentina, commercially launched in Spain, and awarded final pricing approval in Austria in Q4 2023 11
Guidance initiated 2024-01-08
FY2024 ORLADEYO net revenue guidance initiated at $380-$400M; operating profit expected in 2024 without additional capital raise 10
FY2024 ORLADEYO net revenue guidance initiated at $380-$400M; operating profit expected in 2024 without additional capital raise 10
Strategic pivot 2024-01-08
R&D headcount reduced by 59 employees (10% of organization); late-stage out-licensing of BCX10013 planned to optimize capital allocation 10
R&D headcount reduced by 59 employees (10% of organization); late-stage out-licensing of BCX10013 planned to optimize capital allocation 10
2023-Q3 · Jul – Sep 2023
„With nearly three years of launch data, we have excellent visibility into the pattern of growth for ORLADEYO and we remain on track to achieve the no less than $320 million in ORLADEYO revenues we have expected for 2023. Our solid base and the consistent addition of new patients each quarter, combined with the ongoing improvement in our percentage of paid patients and launches in new global markets, are all driving peak revenues to $1 billion.“ – Jon Stonehouse, President and Chief Executive Officer 8
New market 2023-11-08
BCX10013 proof-of-concept trial first patient enrolled in October 2023; data from ongoing trial expected in 2024 9
BCX10013 proof-of-concept trial first patient enrolled in October 2023; data from ongoing trial expected in 2024 9
New market 2023-11-08
License agreement entered with Clearside Biomedical to develop avoralstat for diabetic macular edema via SCS Microinjector; $5.0M upfront fee paid 9
License agreement entered with Clearside Biomedical to develop avoralstat for diabetic macular edema via SCS Microinjector; $5.0M upfront fee paid 9
revenue 2023-11-02
ORLADEYO net revenue reached $85.7M in Q3 2023, +29.8% year-over-year, reaccelerating from Q2's 24.2% 8
ORLADEYO net revenue reached $85.7M in Q3 2023, +29.8% year-over-year, reaccelerating from Q2's 24.2% 8
2023-Q2 · Apr – Jun 2023
„Our strong second quarter keeps us firmly on track to achieve no less than $320 million in ORLADEYO revenue this year, as our base of patients grows larger and larger every quarter. While ORLADEYO revenues continue to grow, we are also excited to host an R&D day in November to introduce new molecules and programs from our discovery platform that have the potential to replicate or exceed the success of ORLADEYO.“ – Jon Stonehouse, President and Chief Executive Officer 6
New market 2023-08-07
BCX10013 dose-ranging trial sites opened for paroxysmal nocturnal hemoglobinuria patients; enrollment expected by year-end 2023 7
BCX10013 dose-ranging trial sites opened for paroxysmal nocturnal hemoglobinuria patients; enrollment expected by year-end 2023 7
revenue 2023-08-03
ORLADEYO net revenue reached $81.0M in Q2 2023, +24.2% year-over-year, down from 38% growth in Q1 2023 6
ORLADEYO net revenue reached $81.0M in Q2 2023, +24.2% year-over-year, down from 38% growth in Q1 2023 6
Guidance confirmed 2023-08-03
FY2023 ORLADEYO revenue guidance of no less than $320M confirmed; peak revenue trajectory of $1B reiterated 6
FY2023 ORLADEYO revenue guidance of no less than $320M confirmed; peak revenue trajectory of $1B reiterated 6
2023-Q1 · Jan – Mar 2023
„The strong new patient growth in the first quarter, building on our large patient base with ORLADEYO, positions us very well to achieve our expectations for 2023, and advances us on a trajectory to peak sales of $1 billion. This growing revenue stream, alongside our robust balance sheet, has dramatically reduced our reliance on the capital markets as we drive value with continued commercial execution and disciplined investment in our pipeline.“ – Jon Stonehouse, president and chief executive officer 4
New market 2023-05-08
First patient enrolled in APeX-P pivotal trial evaluating ORLADEYO in pediatric HAE patients aged 2 to <12 years 5
First patient enrolled in APeX-P pivotal trial evaluating ORLADEYO in pediatric HAE patients aged 2 to <12 years 5
Guidance initiated 2023-05-03
Full-year 2023 ORLADEYO revenue guidance initiated at no less than $320M 4
Full-year 2023 ORLADEYO revenue guidance initiated at no less than $320M 4
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Key Figures ($m)#
The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue ($m) · annual basis, as reported
Net income ($m) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($m) · annual basis, as reported
Revenue ($m) · quarterly basis, as reported
Net income ($m) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($m) · quarterly basis, as reported
Cash ($m) · annual basis, as reported
Debt ($m) · annual basis, as reported
Net Debt ($m) · annual basis, as reported
Capex ($m) · annual basis, as reported
FCF ($m) · annual basis, as reported
D&A ($m) · annual basis, as reported
Cash ($m) · quarterly basis, as reported
Debt ($m) · quarterly basis, as reported
Net Debt ($m) · quarterly basis, as reported
Capex ($m) · quarterly basis, as reported
FCF ($m) · quarterly basis, as reported
D&A ($m) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2016 is on record.
Fiscal years
Amounts in $m · EPS in $ per share · as reported
| Period | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | OCF | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | 874.8 | 341 | 214.5 | 263.9 | 1.21 | 347.4 | 30 |
| FY2024 | 450.7 | -2.5 | 64.2 | -88.9 | -0.43 | -52 | 21 |
| FY2023 | 331.4 | -103.7 | -48.09 | -226.5 | -1.18 | -95.1 | 12 |
Quarters
Amounts in $m · EPS in $ per share · Net Debt/EBITDA as a multiple · as reported
| Period | Published | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | FCF | Cash | Net Debt | Net Debt/EBITDA (x) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-05 | 218.2 | 98.5 | 113.2 | 78.4 | 0.30 | 104.1 | 155 | 240.4 | – | 34 |
| 2026-Q1* | 2026-05-06 | 156.4 | -701.6 | 0.05 | -721.8 | -2.98 | -62.2 | 171.6 | 223.6 | – | 32 |
| 2025-Q4* | 2026-02-26 | 406.6 | 260.4 | 58.4 | 245.8 | 1.13* | 291.2 | 89.7 | -89.7 | – | 30 |
| 2025-Q3* | 2025-11-03 | 159.4 | 29.6 | 51.7 | 12.9 | 0.06 | 40.3 | 84.1 | 110.3 | 1.4x (LTM) | 27 |
| 2025-Q2* | 2025-08-05 | 163.4 | 29.8 | 60.9 | 5.1 | 0.02 | 41.1 | 88 | 154.8 | 2.8x (LTM) | 25 |
| 2025-Q1* | 2025-05-06 | 145.5 | 21.2 | 43.5 | 0 | 0.00 | -27.7 | 105.2 | 210.2 | 6.1x (LTM) | 23 |
| 2024-Q4* | 2026-02-26 | 131.5 | -4.5 | 18.2 | -26.8 | -0.13* | -5.9 | 104.7 | 210.2 | – | 30 |
| 2024-Q3* | 2024-11-04 | 117.1 | 7.7 | 24.9 | -14 | -0.07 | 8.2 | 96.8 | 217.5 | – | 17 |
| 2024-Q2* | 2024-08-05 | 109.3 | 8.8 | 21.9 | -12.7 | -0.06 | -1.5 | 78.4 | 235.4 | – | 15 |
| 2024-Q1* | 2024-05-07 | 92.8 | -14.5 | -0.8 | -35.4 | -0.17 | -53.9 | 84.3 | 224.2 | – | 14 |
| 2023-Q4* | 2025-02-24 | 93.4 | -42.7 | -26.2 | -61.7 | -0.32* | -9.5 | 110.6 | 192.6 | – | 20 |
| 2023-Q3* | 2023-11-08 | 86.7 | -11.9 | 0.4 | -36.1 | -0.19 | -20.9 | 150.9 | 147.1 | – | 9 |
| 2023-Q2* | 2023-08-07 | 82.5 | -20.7 | -7.9 | -75.3 | -0.40 | -19.3 | 146.2 | 147 | – | 7 |
| 2023-Q1* | 2023-05-08 | 68.8 | -28.4 | – | -53.3 | -0.28 | -47.7 | 155.1 | 77.4 | – | 5 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: EBITDA (adj.), EPS adj. (not reported in any source for these periods).
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Balance Sheet & Cash Flow ($m)#
Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
Fiscal years
Amounts in $m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-26 | 89.7 | 0 | -89.7 | 1.4 | 347.4 | 2.5 | 344.9 | 30 |
| FY2024 | 2025-02-25 | 104.7 | 314.9 | 210.2 | 1.2 | -52 | 1.1 | -53.1 | 21 |
| FY2023 | 2024-02-27 | 110.6 | 303.2 | 192.6 | 1.7 | -95.1 | 2.2 | -97.3 | 12 |
Quarters
Amounts in $m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-05 | 155 | 395.4 | 240.4 | 0.5 | 104.3 | 0.2 | 104.1 | 34 |
| 2026-Q1 | 2026-05-06 | 171.6 | 395.2 | 223.6 | 1.1 | -61.8 | 0.4 | -62.2 | 32 |
| 2025-Q4 | 2026-02-26 | 89.7 | 0 | -89.7 | 0.4 | 292 | 0.8 | 291.2 | 30 |
| 2025-Q3 | 2025-11-03 | 84.1 | 194.4 | 110.3 | 0.3 | 41.6 | 1.3 | 40.3 | 27 |
| 2025-Q2 | 2025-08-05 | 88 | 242.8 | 154.8 | 0.3 | 41.3 | 0.2 | 41.1 | 25 |
| 2025-Q1 | 2025-05-06 | 105.2 | 315.4 | 210.2 | 0.3 | -27.5 | 0.1 | -27.7 | 23 |
| 2024-Q4 | 2026-02-26 | 104.7 | 314.9 | 210.2 | 0.3 | -5.2 | 0.7 | -5.9 | 30 |
| 2024-Q3 | 2024-11-04 | 96.8 | 314.3 | 217.5 | 0.3 | 8.2 | 0.1 | 8.2 | 17 |
| 2024-Q2 | 2024-08-05 | 78.4 | 313.8 | 235.4 | 0.3 | -1.4 | 0.2 | -1.5 | 15 |
| 2024-Q1 | 2024-05-07 | 84.3 | 308.5 | 224.2 | 0.3 | -53.7 | 0.2 | -53.9 | 14 |
| 2023-Q4 | 2025-02-24 | 110.6 | 303.2 | 192.6 | 0.4 | -8.9 | 0.6 | -9.5 | 20 |
| 2023-Q3 | 2023-11-08 | 150.9 | 298 | 147.1 | 0.4 | -19.9 | 1 | -20.9 | 9 |
| 2023-Q2 | 2023-08-07 | 146.2 | 293.2 | 147 | 0.4 | -18.8 | 0.5 | -19.3 | 7 |
| 2023-Q1 | 2023-05-08 | 155.1 | 232.5 | 77.4 | 0.4 | -47.5 | 0.2 | -47.7 | 5 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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Revenue by Type (as of 2026-Q2 · USDm · 5/5)#
Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.
| Segment | Since | Period | Basis | Revenue | Source |
|---|---|---|---|---|---|
| ORLADEYO U.S. | FY2025 | FY2025 | 12M | 548.8 | 30 |
| License revenue | FY2025 | FY2025 | 12M | 244 | 30 |
| ORLADEYO European business | FY2025 | FY2025 | 12M | 38.7 | 30 |
| Other revenues | FY2025 | FY2025 | 12M | 29 | 30 |
| ORLADEYO Rest of world | FY2025 | FY2025 | 12M | 14.4 | 30 |
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Products & M&A (53/118 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.
| Product/Line | Since | Status | Source |
|---|---|---|---|
| Navenibart US regulatory filing | 2027-12 | Launched | 33 |
| Navenibart ALPHA-ORBIT top-line results both doses | 2027-09 | Launched | 35 |
| Navenibart Phase 3 program (ALPHA-ORBIT and ORBIT-EXPANSE trials) | 2027 | Launched | 31 |
| BCX17725 clinical trial data for Netherton syndrome | 2026-12 | Launched | 30 |
| BCX17725 Phase 1 trial data reporting for Part 4 | 2026-12 | Launched | 35 |
| BCX17725 Part 4 Phase 1 trial data | 2026-12 | Launched | 33 |
| ORLADEYO specialty pharmacy provider transition | 2026-08 | Launched | 34 |
| ORLADEYO oral pellets launch in pediatric patients | 2026-08 | Launched | 35 |
| ALPHA-ORBIT pivotal study enrollment completion | 2026-06 | Launched | 33 |
| ALPHA-ORBIT enrollment completed | 2026-06 | Launched | 35 |
| BCX17725 Phase 1 trial enrollment in healthy volunteers and Netherton syndrome patients | 2026-03 | Launched | 28 |
| Blackstone term loan facility | 2026-01 | Launched | 34 |
| BCX17725 Phase 1 trial for Netherton syndrome data readout | 2026 | Launched | 31 |
| ORLADEYO oral pellet formulation (7x) | 2025-12 | Launched | 32 |
| ORLADEYO granules pediatric formulation (ages 2-11) | 2025-12 | Launched | 24 |
| BCX17725 phase 1 initial data | 2025-12 | Launched | 24 |
| Avoralstat phase 1 initial data | 2025-12 | Launched | 24 |
| RAPIVAB/RAPIACTA/PERAMIFLU peramivir approved in United States, Canada, Australia, Japan, Taiwan, and Korea | 2025-09 | Launched | 28 |
| Avoralstat Phase 1 trial enrollment announced in Australia | 2025-08 | Launched | 30 |
| BCX17725 Fast Track designation (2x) | 2025-07 | Launched | 30 |
| ORLADEYO approved by National Institute of Drug and Food Surveillance in Colombia | 2025-06 | Launched | 30 |
| ORLADEYO Colombia approval (2x) | 2025-06 | Launched | 25 |
| ORLADEYO pediatric granule formulation NDA | 2025-05 | Launched | 25 |
| ORLADEYO pediatric granule formulation FDA priority review | 2025-05 | Launched | 25 |
| BCX17725 investigational new drug application clearance | 2025-05 | Launched | 25 |
| BCX17725 Phase 1 trial IND cleared by FDA | 2025-05 | Launched | 30 |
| ASPR non-exercise of optional ordering periods under RAPIVAB contract | 2025-05 | Launched | 25 |
| Pharmakon Loan prepayment ($50.0 million) (2x) | 2025-04 | Launched | 25 |
| BCX17725 Phase 1 trial (Netherton syndrome) | 2025-03 | Launched | 27 |
| ORLADEYO Portuguese Infarmed recommendation | 2025-02 | Launched | 21 |
| navenibart Phase 3 enrollment | 2025 | Launched | 29 |
| Oral C5 inhibitor clinical trials initiation | 2025 | Launched | 9 |
| ORLADEYO reimbursement in Netherlands | 2025 | Launched | 20 |
| ORLADEYO regulatory filings in Europe, Japan and Canada | 2025 | Launched | 23 |
| ORLADEYO regulatory filing planned for pediatric indication (2x) | 2025 | Planned | 18 |
| ORLADEYO pediatric granule formulation NDA filing to FDA | 2025 | Launched | 21 |
| ORLADEYO oral granules for children with HAE aged 2-11 (4x) | 2025 | Launched | 22 |
| ORLADEYO granules in children (aged 2 to <12) (2x) | 2025 | Launched | 27 |
| Bifunctional complement inhibitor anti-C2 clinical trials initiation | 2025 | Launched | 9 |
| BCX17725 phase 1 clinical trial enrollment | 2025 | Launched | 23 |
| BCX17725 initial data expected | 2025 | Planned | 21 |
| BCX17725 initial clinical data in Netherton syndrome | 2025 | Launched | 20 |
| BCX17725 (Netherton syndrome) patient studies | 2025 | Launched | 19 |
| Avoralstat initial clinical data targeted | 2025 | Launched | 21 |
| Avoralstat clinical trial with suprachoroidal delivery (3x) | 2025 | Launched | 28 |
| Avoralstat clinical trial advancement for DME (11x) | 2025 | Launched | 27 |
| APeX-P pediatric trial | 2025 | Launched | 13 |
| APeX-P pediatric ORLADEYO trial ongoing; supplemental NDA submission expected in 2025 | 2025 | Planned | 12 |
| Oral C2 inhibitor lead molecule selection (2x) | 2024 | Launched | 9 |
| APeX-P trial in pediatric HAE patients aged 2 to <12 years (6x) | 2023-01 | Launched | 25 |
| ORLADEYO supplemental NDA submission for pediatric use (3×) | 2021-02 | Launched | 12 |
| ORLADEYO FDA approval for prevention of HAE attacks in adults and pediatric patients ≥12 years (2×) | 2020-12 | Launched | 28 |
| Birmingham facility closure (2×) | 2026-06 | Discontinued (2026-12) | 35 |
| BCX17725 clinical advancement | 2024-12 | Launched | 16 |
| BCX17725 advancement into clinical trials for Netherton Syndrome | 2024-12 | Launched | 14 |
| ORLADEYO Irish Health Services Executive recommendation | 2024-11 | Launched | 21 |
| APeX-T observational study (2x) | 2024-11 | Launched | 17 |
| BCX17725 Phase 1 trial enrollment started for Netherton syndrome | 2024-10 | Launched | 18 |
| BCX17725 Phase 1 enrollment initiated for Netherton syndrome | 2024-10 | Launched | 21 |
| BCX17725 (KLK5 inhibitor for Netherton syndrome) | 2024-09 | Launched | 17 |
| Avoralstat (plasma kallikrein inhibitor for DME) | 2024-09 | Launched | 17 |
| ASPR contract for RAPIVAB (95,625 doses over 5 years) (2x) | 2024-09 | Launched | 21 |
| ORLADEYO approval in Peru | 2024-07 | Launched | 18 |
| ORLADEYO Peruvian General Directorate of Medicines approval | 2024-07 | Launched | 21 |
| ORLADEYO pediatric formulation (oral granule) for children as young as two years | 2024-06 | Launched | 15 |
| ORLADEYO approval in Mexico | 2024-05 | Launched | 16 |
| ORLADEYO Mexican Federal Commission approval for HAE prophylaxis | 2024-05 | Launched | 21 |
| APeX-P trial enrollment completion for pediatric ORLADEYO oral granule formulation (ages 2-11) | 2024-05 | Launched | 21 |
| APeX-P trial enrollment completed for pediatric ORLADEYO formulation | 2024-05 | Launched | 14 |
| ORLADEYO approved in Brazil | 2024-04 | Launched | 16 |
| ORLADEYO Brazilian Health Regulatory Agency approval | 2024-04 | Launched | 21 |
| ORLADEYO final reimbursement in Italy | 2024-03 | Launched | 11 |
| ORLADEYO reimbursement finalized in Italy | 2024-02 | Launched | 12 |
| ORLADEYO approval in Italy | 2024-02 | Launched | 12 |
| ORLADEYO Italian Medicines Agency reimbursement recommendation | 2024-02 | Launched | 21 |
| Oral C5 inhibitor lead optimization completion | 2024 | Launched | 9 |
| ORLADEYO pediatric formulation (APeX-P trial) | 2024 | Launched | 21 |
| BCX17725 clinical trials initiation for Netherton syndrome | 2024 | Launched | 9 |
| BCX17725 clinical trial initiation | 2024 | Launched | 21 |
| BCX17725 clinical trial for Netherton syndrome | 2024 | Launched | 13 |
| BCX17725 (KLK-5 inhibitor for Netherton syndrome) advancement into clinic | 2024 | Launched | 15 |
| BCX10013 data reporting from proof-of-concept trial | 2024 | Launched | 9 |
| ORLADEYO pediatric trial ongoing | 2023-12 | Launched | 11 |
| ORLADEYO final pricing approval in Austria | 2023-12 | Launched | 11 |
| R&D Day at Discovery Center of Excellence in Birmingham, AL | 2023-11 | Launched | 8 |
| R&D Day | 2023-11 | Launched | 6 |
| ORLADEYO reimbursement approval in Austria | 2023-11 | Launched | 12 |
| ORLADEYO marketing authorization in Spain | 2023-11 | Launched | 12 |
| ORLADEYO launch in Spain | 2023-11 | Launched | 12 |
| ORLADEYO approval in Austria | 2023-11 | Launched | 12 |
| ORLADEYO approval in Argentina | 2023-11 | Launched | 12 |
| BCX10013 proof-of-concept clinical trial patient enrollment (2x) | 2023-10 | Launched | 12 |
| ORLADEYO - Japan | 2023-09 | Launched | 9 |
| Austria ORLADEYO reimbursement approval | 2023-09 | Launched | 9 |
| BCX10013 dose-ranging trial enrollment (2x) | 2023-08 | Launched | 6 |
| ORLADEYO approval in Chile | 2023-05 | Launched | 12 |
| ORLADEYO marketing authorization in Chile | 2023-05 | Launched | 7 |
| APeX-S Clinical Trial (ORLADEYO HAE) | 2023-04 | Launched | 7 |
| ORLADEYO pediatric trial APeX-P | 2023-03 | Launched | 4 |
| Canadian Drug Expert Committee positive recommendation for ORLADEYO | 2023-02 | Launched | 5 |
| BCX10013 nonclinical study delay | 2023-02 | Launched | 5 |
| APeX-P trial first patient enrollment | 2023-01 | Launched | 5 |
| ORLADEYO approval in Switzerland | 2022 | Launched | 12 |
| ORLADEYO approval in Saudi Arabia | 2022 | Launched | 12 |
| ORLADEYO approval in Israel | 2022 | Launched | 12 |
| ORLADEYO approval in Canada | 2022 | Launched | 12 |
| ORLADEYO approval in United Kingdom | 2021 | Launched | 12 |
| ORLADEYO approval in UAE | 2021 | Launched | 12 |
| ORLADEYO approval in Japan | 2021 | Launched | 12 |
| ORLADEYO approval in European Union | 2021 | Launched | 12 |
| ORLADEYO commercialization | 2020-12 | Launched | 21 |
| ORLADEYO (berotralstat) | 2020-12 | Launched | 12 |
| ORLADEYO | 2020-12 | Launched | 25 |
| Peramivir approval in Australia | 2018 | Launched | 12 |
| Peramivir approval in Canada | 2017 | Launched | 12 |
| Peramivir approval in Taiwan | 2016 | Launched | 12 |
| Peramivir approval in United States | 2014 | Launched | 12 |
| BCX10013 oral Factor D inhibitor in clinical development (3×) | 2023-09 | Discontinued (2024-06) | 15 |
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M&A (33)#
All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.
Acquisitions · 25Divestitures/exits · 6older: 2 (in the table)
Acquisitions
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Navenibart licensing agreement with Neopharmed (3×) | 2026-05 | Announced | 34 |
| Navenibart exclusive commercialization rights to Neopharmed (Europe) | 2026-05 | Completed | 32 |
| Navenibart acquisition via Astria merger | 2026-01 | Completed | 30 |
| Sale of European ORLADEYO business (7×) | 2025-10 | Completed | 27 |
| Blackstone $550M senior secured credit facility commitment | 2025-10 | Completed | 28 |
| Astria Therapeutics acquisition | 2025-09 | Completed | 35 |
| Navenibart Kaken License Agreement for Japan development and commercialization (2×) | 2025-08 | Announced | 30 |
| Debt paydown of $75 million | 2025-04 | Completed | 22 |
| Annora ORLADEYO generic ANDA submission (6×) | 2025-01 | Completed | 30 |
| BCX10013 partnership or discontinuation decision (2×) | 2024-12 | Completed | 13 |
| ASPR RAPIVAB contract (5×) | 2024-09 | Completed | 30 |
| Clearside Agreement for avoralstat with SCS Microinjector technology | 2023-11 | Announced | 9 |
| Amended and Restated Commercialization and License Agreement with Torii (2×) | 2023-11 | Announced | 21 |
| Torii Agreement - ORLADEYO commercialization Japan (2×) | 2023-09 | Announced | 18 |
| Peramivir - Shionogi Agreement Japan/Taiwan | 2023-09 | Announced | 9 |
| Peramivir - Green Cross development/commercialization (2×) | 2023-09 | Completed | 18 |
| Galidesivir - BARDA/HHS contracts (expired 2022) | 2023-09 | Completed | 9 |
| ORLADEYO Collaboration with Er-Kim Pharmaceuticals (Turkey) (3×) | 2023-07 | Completed | 12 |
| ORLADEYO Collaboration with Pint Pharma (Pan-Latin America) | 2023-05 | Completed | 7 |
| Pharmakon debt facility (2×) | 2023-04 | Completed | 11 |
| BCX10013 development program (4×) | 2023-03 | Completed | 21 |
| ORLADEYO commercialization agreement with Swixx BioPharma AG | 2023-01 | Announced | 5 |
| Collaboration with Swixx BioPharma AG for ORLADEYO in Central and Eastern Europe | 2023-01 | Completed | 12 |
| Clearside Biomedical avoralstat agreement (3x) | 2023 | Announced | 12 |
| BCX10013 out-licensing | 2023 | Completed | 10 |
Divestitures / exits
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Avoralstat program termination | 2026-03 | Divested | 32 |
| Avoralstat development terminated | 2026-03 | Divested | 33 |
| ASPR RAPIVAB base period completed; optional periods not exercised | 2025-05 | Divested | 28 |
| STAR-0310 strategic alternatives pursuit | 2025 | Divested | 30 |
| Avoralstat strategic partner search | 2025 | Divested | 30 |
| Factor D programs discontinuation and close-out | 2024 | Divested | 21 |
| BCX9930 Program Discontinuation (2x) | 2022-12 | Divested | 11 |
| BCX9250 Program Discontinuation | 2022-11 | Divested | 11 |
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Reported KPIs (as disclosed) (242)#
Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| 2026-08-05 | 2026-Q2 | Cash and equivalents and investments | $352.6 million | 34 |
| 2026-08-05 | 2026-Q2 | Total revenue growth (y-o-y) | +34% | 35 |
| 2026-08-05 | 2026-Q2 | Total revenue growth (y-o-y comparable basis excluding European revenue) | +45% | 35 |
| 2026-08-05 | 2026-Q2 | ORLADEYO revenue growth (y-o-y) | +1% | 35 |
| 2026-08-05 | 2026-Q2 | ORLADEYO revenue growth (y-o-y comparable basis excluding European revenue) | +10% | 35 |
| 2026-08-05 | 2026-Q2 | ORLADEYO global peak market | $1 billion | 34 |
| 2026-08-05 | 2026-Q2 | Neopharmed upfront consideration | $70.0 million | 34 |
| 2026-08-05 | 2026-Q2 | Neopharmed royalties | 18% to 30% | 34 |
| 2026-08-05 | 2026-Q2 | Neopharmed regulatory and sales milestones | up to $275.0 million | 34 |
| 2026-08-05 | 2026-Q2 | Cash and cash equivalents and investments | $354.0 million | 35 |
| 2026-08-05 | 2026-Q2 | Blackstone Term Loans | $400.0 million | 34 |
| 2026-05-06 | 2026-Q1 | Withholding taxes paid on stock-based awards Q1 2026 | $1.2 million | 32 |
| 2026-05-06 | 2026-Q1 | Total revenues Q1 2026 | $156.4 million | 32 |
| 2026-05-06 | 2026-Q1 | Total revenues Q1 2025 | $145.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Total cost of product sales Q1 2026 | $5.4 million | 32 |
| 2026-05-06 | 2026-Q1 | Total cost of product sales Q1 2025 | $4.6 million | 32 |
| 2026-05-06 | 2026-Q1 | Total SG&A Q1 2026 | $94.6 million | 32 |
| 2026-05-06 | 2026-Q1 | Total SG&A Q1 2025 | $82.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Total R&D Q1 2026 | $60.3 million | 32 |
| 2026-05-06 | 2026-Q1 | Total R&D Q1 2025 | $37.3 million | 32 |
| 2026-05-06 | 2026-Q1 | Total ORLADEYO Q1 2026 | $148.3 million | 32 |
| 2026-05-06 | 2026-Q1 | Total ORLADEYO Q1 2025 | $134.2 million | 32 |
| 2026-05-06 | 2026-Q1 | Stock-based compensation SG&A Q1 2026 | $9.2 million | 32 |
| 2026-05-06 | 2026-Q1 | Stock-based compensation SG&A Q1 2025 | $12.8 million | 32 |
| 2026-05-06 | 2026-Q1 | Stock-based compensation R&D Q1 2026 | $6.8 million | 32 |
| 2026-05-06 | 2026-Q1 | Stock-based compensation R&D Q1 2025 | $8.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Sales and maturities of investment securities Q1 2026 | $221.2 million | 32 |
| 2026-05-06 | 2026-Q1 | Sales and marketing Q1 2026 | $43.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Sales and marketing Q1 2025 | $38.5 million | 32 |
| 2026-05-06 | 2026-Q1 | STAR 0310 R&D Q1 2026 | $0.7 million | 32 |
| 2026-05-06 | 2026-Q1 | STAR 0310 R&D Q1 2025 | $0 million | 32 |
| 2026-05-06 | 2026-Q1 | Research discovery and preclinical programs Q1 2026 | $4.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Research discovery and preclinical programs Q1 2025 | $3.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Purchases of investment securities Q1 2025 | $48.8 million | 32 |
| 2026-05-06 | 2026-Q1 | Pro-forma cash position | 330.8 million | 33 |
| 2026-05-06 | 2026-Q1 | Post close transition services income Q1 2026 | $1.2 million | 32 |
| 2026-05-06 | 2026-Q1 | Other revenues Q1 2026 | $5.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Other revenues Q1 2025 | $11.3 million | 32 |
| 2026-05-06 | 2026-Q1 | Other non program specific and indirect costs Q1 2026 | $7.4 million | 32 |
| 2026-05-06 | 2026-Q1 | Other non program specific and indirect costs Q1 2025 | $6.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Other expense net Q1 2026 | $1.5 million | 32 |
| 2026-05-06 | 2026-Q1 | ORLADEYO revenue Q1 2026 y-o-y growth comparable basis | +21% | 33 |
| 2026-05-06 | 2026-Q1 | ORLADEYO revenue Q1 2026 y-o-y growth | +11% | 33 |
| 2026-05-06 | 2026-Q1 | ORLADEYO revenue Q1 2026 | $148.3 million | 32 |
| 2026-05-06 | 2026-Q1 | ORLADEYO revenue Q1 2026 | 148.3 million | 33 |
| 2026-05-06 | 2026-Q1 | ORLADEYO revenue Q1 2025 | $122.7 million | 32 |
| 2026-05-06 | 2026-Q1 | ORLADEYO global peak market potential | $1 billion | 32 |
| 2026-05-06 | 2026-Q1 | Net proceeds from Term Loans Q1 2026 | $395.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Net increase in cash Q1 2026 | $82.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Net increase in cash Q1 2025 | $0.6 million | 32 |
| 2026-05-06 | 2026-Q1 | Net foreign currency losses Q1 2026 | $0.2 million | 32 |
| 2026-05-06 | 2026-Q1 | Net foreign currency gains Q1 2025 | less than $0.1 million | 32 |
| 2026-05-06 | 2026-Q1 | Net cash used in operating activities Q1 2026 | $(61.8) million | 32 |
| 2026-05-06 | 2026-Q1 | Net cash used in operating activities Q1 2025 | $(27.5) million | 32 |
| 2026-05-06 | 2026-Q1 | Net cash used in investing activities Q1 2026 | $(268.6) million | 32 |
| 2026-05-06 | 2026-Q1 | Net cash provided by investing activities Q1 2025 | $27.1 million | 32 |
| 2026-05-06 | 2026-Q1 | Net cash provided by financing activities Q1 2026 | $412.6 million | 32 |
| 2026-05-06 | 2026-Q1 | Net cash provided by financing activities Q1 2025 | $0.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Neopharmed navenibart upfront consideration | $70.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Neopharmed navenibart tiered royalties | 18% to 30% | 32 |
| 2026-05-06 | 2026-Q1 | Neopharmed navenibart regulatory and sales milestone payments | up to $275.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Navenibart R&D Q1 2026 | $9.7 million | 32 |
| 2026-05-06 | 2026-Q1 | Navenibart R&D Q1 2025 | $0 million | 32 |
| 2026-05-06 | 2026-Q1 | Maturities of investment securities Q1 2025 | $76.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Mark to market adjustment Q1 2026 | $2.8 million | 32 |
| 2026-05-06 | 2026-Q1 | License revenue Q1 2026 | $3.0 million | 32 |
| 2026-05-06 | 2026-Q1 | License revenue Q1 2025 | $0 million | 32 |
| 2026-05-06 | 2026-Q1 | Interest income Q1 2026 | $2.3 million | 32 |
| 2026-05-06 | 2026-Q1 | Interest income Q1 2025 | $3.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Interest expense Q1 2026 | $19.8 million | 32 |
| 2026-05-06 | 2026-Q1 | Interest expense Q1 2025 | $23.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Income tax expense Q1 2026 | $1.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Income tax expense Q1 2025 | $0.7 million | 32 |
| 2026-05-06 | 2026-Q1 | General and administrative Q1 2026 | $42.4 million | 32 |
| 2026-05-06 | 2026-Q1 | General and administrative Q1 2025 | $19.5 million | 32 |
| 2026-05-06 | 2026-Q1 | European ORLADEYO business SG&A Q1 2025 | $11.6 million | 32 |
| 2026-05-06 | 2026-Q1 | European ORLADEYO business R&D Q1 2025 | $0.2 million | 32 |
| 2026-05-06 | 2026-Q1 | European ORLADEYO business Q1 2025 | $11.5 million | 32 |
| 2026-05-06 | 2026-Q1 | European ORLADEYO business COGS Q1 2025 | $0.7 million | 32 |
| 2026-05-06 | 2026-Q1 | Effect of exchange rates Q1 2026 | $(0.1) million | 32 |
| 2026-05-06 | 2026-Q1 | Effect of exchange rates Q1 2025 | $0.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Cost of product sales peramivir Q1 2026 | $2.7 million | 32 |
| 2026-05-06 | 2026-Q1 | Cost of product sales peramivir Q1 2025 | $2.6 million | 32 |
| 2026-05-06 | 2026-Q1 | Cost of product sales ORLADEYO Q1 2026 | $2.7 million | 32 |
| 2026-05-06 | 2026-Q1 | Cost of product sales ORLADEYO Q1 2025 | $1.3 million | 32 |
| 2026-05-06 | 2026-Q1 | Compensation and related personnel costs R&D Q1 2026 | $27.1 million | 32 |
| 2026-05-06 | 2026-Q1 | Compensation and related personnel costs R&D Q1 2025 | $12.2 million | 32 |
| 2026-05-06 | 2026-Q1 | Common stock issued under stock based compensation plans Q1 2026 | $19.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Cash, cash equivalents, restricted cash and investments | 260.8 million | 33 |
| 2026-05-06 | 2026-Q1 | Cash paid for acquisition Astria Q1 2026 | $489.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Cash and cash equivalents March 31 2026 | $259.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Blackstone interest rate effective Q1 2026 | 8.47% | 32 |
| 2026-05-06 | 2026-Q1 | Blackstone additional term loans available | up to $150.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Blackstone Term Loans principal | $400.0 million | 32 |
| 2026-05-06 | 2026-Q1 | Blackstone Loan maturity date | January 23, 2031 | 32 |
| 2026-05-06 | 2026-Q1 | Berotralstat R&D Q1 2026 | $1.8 million | 32 |
| 2026-05-06 | 2026-Q1 | Berotralstat R&D Q1 2025 | $1.9 million | 32 |
| 2026-05-06 | 2026-Q1 | BCX17725 R&D Q1 2026 | $1.9 million | 32 |
| 2026-05-06 | 2026-Q1 | BCX17725 R&D Q1 2025 | $2.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Avoralstat R&D Q1 2026 | $0.9 million | 32 |
| 2026-05-06 | 2026-Q1 | Avoralstat R&D Q1 2025 | $2.5 million | 32 |
| 2026-05-06 | 2026-Q1 | Astria merger exchange ratio | 0.59 shares | 32 |
| 2026-05-06 | 2026-Q1 | Astria merger cash consideration | $8.55 per share | 32 |
| 2026-05-06 | 2026-Q1 | Acquired in-process R&D expense Q1 2026 | $697.8 million | 32 |
| 2026-02-26 | FY2025 | Cash and equivalents | 335.9 million | 30 |
| 2026-02-26 | FY2025 | ORLADEYO global peak market potential | $1 billion in annual net ORLADEYO revenues | 30 |
| 2026-02-26 | 2025-Q4 | Stockholders' deficit | $(119,153) | 31 |
| 2026-02-26 | 2025-Q4 | Royalty financing obligation | $465,688 | 31 |
| 2026-02-26 | 2025-Q4 | Restricted cash | $1,601 | 31 |
| 2026-02-26 | 2025-Q4 | Cash, cash equivalents and investments | $335,911 | 31 |
| 2026-02-26 | 2025-Q4 | Accumulated deficit | $(1,506,179) | 31 |
| 2025-11-04 | 2025-Q3 | ORLADEYO three months revenue | $159.4 million | 28 |
| 2025-11-04 | 2025-Q3 | ORLADEYO peak market potential | $1 billion in annual net ORLADEYO revenues | 28 |
| 2025-11-04 | 2025-Q3 | ORLADEYO nine months revenue | $468.3 million | 28 |
| 2025-11-03 | 2025-Q3 | U.S. contribution to global ORLADEYO net revenues Q3 | 89 percent | 27 |
| 2025-11-03 | 2025-Q3 | Pro forma cash balance | 294 million | 27 |
| 2025-11-03 | 2025-Q3 | ORLADEYO net revenue Q3 2025 | 159.1 million | 27 |
| 2025-11-03 | 2025-Q3 | ORLADEYO net revenue Q3 2024 | 116.3 million | 27 |
| 2025-11-03 | 2025-Q3 | New ORLADEYO prescribers in U.S. Q3 | 64 | 27 |
| 2025-11-03 | 2025-Q3 | Cash, cash equivalents and investments | 269.4 million | 27 |
| 2025-08-05 | 2025-Q2 | ORLADEYO peak revenue potential | $1 billion in annual net revenues | 25 |
| 2025-08-05 | 2025-Q2 | Net income | 5.1 million | 25 |
| 2025-08-05 | 2025-Q2 | Cash and cash equivalents | 285.2 million | 25 |
| 2025-08-04 | 2025-Q2 | U.S. share of global ORLADEYO revenue Q2 | 89.5 percent | 24 |
| 2025-08-04 | 2025-Q2 | ORLADEYO net revenue Q2 2025 | $156.8 million | 24 |
| 2025-08-04 | 2025-Q2 | ORLADEYO net revenue Q2 2024 | $108.3 million | 24 |
| 2025-08-04 | 2025-Q2 | New prescribers Q2 2025 | 69 | 24 |
| 2025-05-06 | 2025-Q1 | Expected U.S. revenue at peak | approximately 80 percent | 23 |
| 2025-05-06 | 2025-Q1 | Cash and equivalents | $105.2 million | 23 |
| 2025-05-06 | 2025-Q1 | Available-for-sale investments | $210.5 million | 23 |
| 2025-05-06 | 2025-Q1 | Pharmakon Loan prepayment | $75.0 million | 23 |
| 2025-05-06 | 2025-Q1 | Pharmakon Loan outstanding principal before prepayment | $300.0 million | 23 |
| 2025-05-06 | 2025-Q1 | ORLADEYO revenue peak | $1 billion in annual net ORLADEYO revenues | 23 |
| 2025-05-05 | 2025-Q1 | U.S. contribution to ORLADEYO revenue | 89.5 percent | 22 |
| 2025-05-05 | 2025-Q1 | Paid ORLADEYO patients share | approximately 84 percent | 22 |
| 2025-05-05 | 2025-Q1 | ORLADEYO revenue growth YoY | +51 percent | 22 |
| 2025-05-05 | 2025-Q1 | ORLADEYO revenue Q1 2025 | 134.2 million | 22 |
| 2025-05-05 | 2025-Q1 | Net cash utilization Q1 2025 | 25.5 million | 22 |
| 2025-05-05 | 2025-Q1 | Interest savings over life of loan | approximately 23.5 million | 22 |
| 2025-05-05 | 2025-Q1 | HAE patients preferring oral prophylaxis | 70 percent | 22 |
| 2025-05-05 | 2025-Q1 | Debt paydown Q2 2025 | 75 million | 22 |
| 2025-05-05 | 2025-Q1 | Cash, cash equivalents, restricted cash & investments | 317.3 million | 22 |
| 2025-02-25 | FY2024 | Cash and cash equivalents | approximately $104.7 million | 21 |
| 2025-02-25 | FY2024 | Available-for-sale investments | approximately $236.5 million | 21 |
| 2025-02-25 | FY2024 | ORLADEYO peak revenue potential | $1 billion | 21 |
| 2025-02-25 | FY2024 | ORLADEYO U.S. revenue pct at peak | 80 percent | 21 |
| 2025-02-24 | 2024-Q4 | U.S. patients on paid product | 73.5% | 20 |
| 2025-02-24 | 2024-Q4 | Stockholders' deficit | (475,934) | 20 |
| 2025-02-24 | 2024-Q4 | Operating cash use Q4 2024 | $8.4 million | 20 |
| 2025-02-24 | 2024-Q4 | ORLADEYO net revenue Q4 2024 | $124.2 million | 20 |
| 2025-02-24 | 2024-Q4 | ORLADEYO net revenue FY 2024 | $437.7 million | 20 |
| 2025-02-24 | 2024-Q4 | International sales percentage Q4 2024 | 13.9% | 20 |
| 2025-02-24 | 2024-Q4 | International sales percentage FY 2024 | 11.8% | 20 |
| 2025-02-24 | 2024-Q4 | HAE treaters considering ORLADEYO | 97% | 20 |
| 2025-02-24 | 2024-Q4 | Current prescribers extremely likely to prescribe more | 59% | 20 |
| 2025-02-24 | 2024-Q4 | Cash, cash equivalents, restricted cash and investments | $342.8 million | 20 |
| 2025-02-24 | 2024-Q4 | Accumulated deficit | (1,770,040) | 20 |
| 2025-01-10 | 2024-Q4 | Total revenue y-o-y growth Q4 2024 | +40 percent | 19 |
| 2025-01-10 | 2024-Q4 | Total revenue y-o-y growth FY 2024 | +36 percent | 19 |
| 2025-01-10 | 2024-Q4 | Physicians prescribed ORLADEYO | Over 1,200 | 19 |
| 2025-01-10 | 2024-Q4 | ORLADEYO y-o-y growth Q4 2024 | +36 percent | 19 |
| 2025-01-10 | 2024-Q4 | ORLADEYO annual growth FY 2024 | 34 percent | 19 |
| 2025-01-10 | 2024-Q4 | ORLADEYO annual growth FY 2023 | 30 percent | 19 |
| 2025-01-10 | 2024-Q4 | Countries with patient access | Over 30 | 19 |
| 2024-11-05 | 2024-Q3 | Investments available for sale | 252.6 (USD millions) | 18 |
| 2024-11-05 | 2024-Q3 | Cash and cash equivalents | 96.8 (USD millions) | 18 |
| 2024-11-04 | 2024-Q3 | Start forms growth 12 months | 14.2% | 17 |
| 2024-11-04 | 2024-Q3 | Reimbursed product rate US | 74.8% | 17 |
| 2024-11-04 | 2024-Q3 | Patient switch rate | approximately 50% | 17 |
| 2024-11-04 | 2024-Q3 | Operating cash increase Q3 | 13.1 million | 17 |
| 2024-11-04 | 2024-Q3 | ORLADEYO revenue growth YoY | 35.7% | 17 |
| 2024-11-04 | 2024-Q3 | ORLADEYO net revenue Q3 2024 | $116.3 million | 17 |
| 2024-11-04 | 2024-Q3 | New prescribers Q3 | 67 | 17 |
| 2024-11-04 | 2024-Q3 | International revenue contribution | 11.4% | 17 |
| 2024-11-04 | 2024-Q3 | GAAP operating profit Q3 | 7.7 million | 17 |
| 2024-11-04 | 2024-Q3 | Cash, cash equivalents & investments | 351.7 million | 17 |
| 2024-08-06 | 2024-Q2 | Pharmakon loan tranche A | 300.0 (USD millions) | 16 |
| 2024-08-06 | 2024-Q2 | Non-cash interest expense six months | 28.5 (USD millions) | 16 |
| 2024-08-06 | 2024-Q2 | Non-cash interest expense | 14.3 (USD millions) | 16 |
| 2024-08-06 | 2024-Q2 | Investments available for sale | 257.9 (USD millions) | 16 |
| 2024-08-06 | 2024-Q2 | Interest expense Pharmakon six months | 20.6 (USD millions) | 16 |
| 2024-08-06 | 2024-Q2 | Interest expense Pharmakon | 10.4 (USD millions) | 16 |
| 2024-08-06 | 2024-Q2 | Effective interest rate | 13.31% | 16 |
| 2024-08-06 | 2024-Q2 | Cash and cash equivalents | 78.4 (USD millions) | 16 |
| 2024-08-05 | 2024-Q2 | Operating cash use | 0.2 million | 15 |
| 2024-08-05 | 2024-Q2 | Cash, cash equivalents, restricted cash & investments | 338.1 million | 15 |
| 2024-08-05 | 2024-Q2 | Allergist/immunologist prescription likelihood | 52 percent | 15 |
| 2024-08-05 | 2024-Q2 | ORLADEYO patient retention 12 months | more than 60 percent | 15 |
| 2024-08-05 | 2024-Q2 | ORLADEYO paid patient rate | 74.4 percent | 15 |
| 2024-08-05 | 2024-Q2 | ORLADEYO international countries | more than 20 countries | 15 |
| 2024-08-05 | 2024-Q2 | ORLADEYO ex-US revenue percentage | 11 percent | 15 |
| 2024-05-06 | 2024-Q1 | Net cash utilization | 52.4 | 13 |
| 2024-05-06 | 2024-Q1 | Cash, cash equivalents, restricted cash and investments | 338.4 (USD millions) | 13 |
| 2024-02-27 | FY2023 | Total revenues | $331.4 million | 12 |
| 2024-02-27 | FY2023 | Selling, general & administrative expenses | $213.9 million | 12 |
| 2024-02-27 | FY2023 | Research & development expenses | $216.6 million | 12 |
| 2024-02-27 | FY2023 | Pharmakon Loan outstanding principal | $313.7 million | 12 |
| 2024-02-27 | FY2023 | Net working capital | $346.0 million | 12 |
| 2024-02-27 | FY2023 | Interest expense | $108.2 million | 12 |
| 2024-02-27 | FY2023 | Cost of product sales | $4.5 million | 12 |
| 2024-02-27 | FY2023 | Cash and equivalents | $110.6 million | 12 |
| 2024-02-27 | FY2023 | Available-for-sale investments | $278.3 million | 12 |
| 2024-02-27 | FY2023 | Pharmakon Loan Tranche A interest rate | 13.30% | 12 |
| 2024-02-27 | FY2023 | Pharmakon Loan Tranche A borrowing amount | $300.0 million | 12 |
| 2024-02-27 | FY2023 | ORLADEYO revenue | $326.0 million | 12 |
| 2024-01-08 | FY2023 | SG&A expense increase 2024 vs. 2023 | $20 million | 10 |
| 2024-01-08 | FY2023 | R&D expense reduction 2024 vs. 2023 | $20 million | 10 |
| 2024-01-08 | FY2023 | ORLADEYO Q4 2023 year-over-year growth | +27 percent | 10 |
| 2024-01-08 | FY2023 | ORLADEYO 2023 year-over-year growth | +29 percent | 10 |
| 2024-01-08 | FY2023 | Jobs reduction | 59 jobs (10 percent of total organization) | 10 |
| 2024-02-26 | 2023-Q4 | U.S. patients on paid or long-term free product (end of Q4 2023) | 1,104 | 11 |
| 2024-02-26 | 2023-Q4 | Percentage of U.S. patients on paid product (Q4 2023) | 71.5 percent | 11 |
| 2024-02-26 | 2023-Q4 | Net U.S. patient growth in 2023 | 321 | 11 |
| 2024-02-26 | 2023-Q4 | 2024 SG&A expenses expected increase | 20 million | 11 |
| 2024-02-26 | 2023-Q4 | 2024 R&D expenses expected reduction versus 2023 | 20-30 million | 11 |
| 2024-02-26 | 2023-Q4 | 2024 Full year operating expenses expected | 365-375 million | 11 |
| 2023-11-08 | 2023-Q3 | Net working capital | $411.7 million | 9 |
| 2023-11-08 | 2023-Q3 | Investments available for sale | $246.7 million | 9 |
| 2023-11-08 | 2023-Q3 | Cash and cash equivalents | $150.9 million | 9 |
| 2023-11-08 | 2023-Q3 | ORLADEYO global peak revenue potential | $1 billion in annual net ORLADEYO revenues | 9 |
| 2023-11-08 | 2023-Q3 | ORLADEYO US revenue at peak percentage | at least 70 to 80 percent | 9 |
| 2023-11-02 | 2023-Q3 | Sales from outside the U.S. (percentage of global ORLADEYO net revenues) | 12.2 percent | 8 |
| 2023-11-02 | 2023-Q3 | Operating cash use | 16.5 million | 8 |
| 2023-08-07 | 2023-Q2 | Net working capital | $417.6 million | 7 |
| 2023-08-07 | 2023-Q2 | Investments available for sale | $264.5 million | 7 |
| 2023-08-07 | 2023-Q2 | Cash and equivalents | $146.2 million | 7 |
| 2023-08-07 | 2023-Q2 | ORLADEYO US revenue at peak pct | 70 to 80 percent | 7 |
| 2023-08-07 | 2023-Q2 | ORLADEYO global peak revenue | $1 billion | 7 |
| 2023-08-03 | 2023-Q2 | Operating cash use Q2 2023 | $13.5 million | 6 |
| 2023-08-03 | 2023-Q2 | ORLADEYO international revenue pct | 10.1 percent | 6 |
| 2023-08-03 | 2023-Q2 | ORLADEYO Q2 2023 revenue | $81.0 million | 6 |
| 2023-08-03 | 2023-Q2 | ORLADEYO Q2 2023 growth yoy | +24.2 percent | 6 |
| 2023-08-03 | 2023-Q2 | Cash equivalents investments June 30 2023 | $414,115 | 6 |
| 2023-05-08 | 2023-Q1 | Global peak ORLADEYO revenue | $1 billion in annual net ORLADEYO revenues | 5 |
| 2023-05-08 | 2023-Q1 | ORLADEYO peak revenue from United States | at least 70 to 80 percent | 5 |
| 2023-05-03 | 2023-Q1 | U.S. patients on therapy y-o-y growth | 46 percent | 4 |
| 2023-05-03 | 2023-Q1 | U.S. patients on therapy q-o-q growth | eight percent | 4 |
| 2023-05-03 | 2023-Q1 | U.S. patients on ORLADEYO therapy | over 1,000 | 4 |
| 2023-05-03 | 2023-Q1 | U.S. patient start forms growth | 20 percent | 4 |
| 2023-05-03 | 2023-Q1 | Pro forma cash post-debt refinancing | approximately 429 million | 4 |
| 2023-05-03 | 2023-Q1 | Operating cash use | 40.8 million | 4 |
| 2023-05-03 | 2023-Q1 | International sales contribution to ORLADEYO revenue | 11.1 percent | 4 |
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Guidance Tracking (latest per metric/period · 11/20)#
All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.
Actuals: revenue in $m
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-08-05 | Revenue | 690–715 | – | pending | raised | 35 |
| FY2026 | 2026-08-05 | OpEx (non-GAAP) | 420–440 | – | pending | confirmed | 35 |
| FY2026 | 2026-05-06 | ORLADEYO net revenue | 625–645 | – | pending | confirmed | 35 |
| FY2026 | 2026-01-12 | ORLADEYO revenue | 625–645 | – | pending | confirmed | 31 |
| FY2026 | 2024-02-26 | EPS (GAAP) | positive | – | pending | initiated | 11 |
| FY2025 | 2025-08-04 | Full year 2025 global net ORLADEYO revenue | 580–600 | – | – | confirmed | 24 |
| FY2025 | 2025-05-05 | OpEx (GAAP) | 440–450 | – | – | – | 22 |
| FY2025 | 2025-05-05 | ORLADEYO net revenue | 590–600 | – | – | raised | 27 |
| FY2025 | 2025-02-24 | Revenue | 560–575 | 874.8 | beat | raised | 20 |
| FY2025 | 2025-02-24 | OpEx (non-GAAP) | 430–440 | – | – | lowered | 27 |
| FY2025 | 2025-01-10 | Total revenue (including RAPIVAB) | 540–560 | – | – | initiated | 19 |
| FY2024 | 2024-11-04 | OpEx (GAAP) | 380–390 | – | – | confirmed | 17 |
| FY2024 | 2024-11-04 | ORLADEYO net revenue | 430–435 | – | – | confirmed | 17 |
| FY2024 | 2024-11-04 | Total product revenue | 443–448 | – | – | initiated | 17 |
| FY2024 | 2024-05-06 | ORLADEYO revenue | 390–400 | – | – | raised | 13 |
| FY2023 | 2023-11-02 | ORLADEYO revenue | 320 | – | – | confirmed | 8 |
| FY2023 | 2023-08-03 | OpEx (GAAP) | ~375 | – | – | confirmed | 6 |
| FY2023 | 2023-02-21 | ORLADEYO global net revenue | 320 | – | – | initiated | 2 |
| FY2023 | 2023-01-09 | ORLADEYO net revenue | 320 | – | – | confirmed | 6 |
| 2023-Q1 | 2023-02-27 | ORLADEYO net revenue | 4 | – | – | confirmed | 3 |
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Development#
A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.
FY2026
ORLADEYO net revenue grew from $122.7 million in Q1 2025 to $148.3 million in Q1 2026 and $158.2 million in Q2 2026, with full-year 2026 ORLADEYO revenue guidance maintained at $625 million to $645 million 35. BioCryst completed the acquisition of Astria Therapeutics on January 23, 2026, adding navenibart (a Phase 3 monoclonal antibody for hereditary angioedema prevention) and STAR-0310 to its pipeline, financed in part through a $400.0 million term loan with Blackstone 32. A non-cash acquired in-process research and development charge of $697.8 million related to navenibart drove a Q1 2026 GAAP operating loss of $701.6 million and net loss of $721.8 million 33. In Q2 2026, total revenues increased 34% year-over-year to $218.3 million, including $55.7 million recognized from a European navenibart licensing agreement with Neopharmed Gentili, with GAAP operating income of $98.5 million and non-GAAP operating income of $113.2 million 35. BioCryst raised full-year 2026 total revenue guidance to $690 million to $715 million following enrollment completion in the ALPHA-ORBIT navenibart pivotal study in June 2026 35.
FY2025
BioCryst Pharmaceuticals reported total revenues of $874.8 million for FY2025, up from $450.7 million in 2024, with the increase driven primarily by $243.3 million in one-time license revenue from the divestiture of its European ORLADEYO business to Neopharmed Gentili and ORLADEYO product revenue growth of 38% year-over-year to $601.8 million (30, 31). The company recorded FY2025 GAAP operating income of $341.0 million and net income of $263.9 million, achieving full-year profitability for the first time in company history, with non-GAAP operating income of $214.2 million reflecting underlying operational performance (31). ORLADEYO net revenue growth was supported throughout the year by rising paid prescription rates, increased prescriber adoption, and expanding patient preference for oral HAE prophylaxis, with the U.S. prescriber base showing 97% considering ORLADEYO prescriptions by year-end (22, 27). Completion of the European business divestiture in October 2025 enabled full retirement of the Pharmakon term loan, with BioCryst ending 2025 in a net cash position of $89.7 million after paying down $323.7 million in total Pharmakon debt during the year (31). FDA approval of ORLADEYO oral pellets for pediatric patients aged 2 to under 12 years in December 2025 and the signed merger agreement with Astria Therapeutics – bringing navenibart into the HAE portfolio – represented the principal portfolio expansions during the period (31).
FY2024
BioCryst Pharmaceuticals generated total revenue of $450.7 million in FY2024, up approximately 36% year-over-year, with ORLADEYO net revenue of $437.7 million representing 34% growth driven by volume gains and price increases 31 21. The GAAP operating loss narrowed sharply to $2.5 million from $103.7 million in 2023, while non-GAAP operating income reached $71.9 million, supported by a $42 million year-over-year reduction in R&D expenses following the discontinuation of the Factor D inhibitor programs 31 20 21. Net loss for the full year was $88.9 million ($0.43 per diluted share), and net cash used in operating activities totaled $52.0 million; year-end liquidity comprised $104.7 million in cash equivalents and $236.5 million in available-for-sale investments 31 21. During 2024, BCX10013 was discontinued after clinical evaluation showed insufficient activity versus market alternatives, BCX17725 entered Phase 1 trials for Netherton syndrome, and the U.S. Department of Health and Human Services awarded a contract of up to $69 million for RAPIVAB procurement 21 18. ORLADEYO received regulatory approvals in Italy, Brazil, Mexico, and Peru and was commercially available in more than 30 countries by year-end, with the paid patient rate in the U.S. rising to 73.5% 21 20.
FY2023
BioCryst Pharmaceuticals reported FY2023 total revenues of $331.4 million, up from $270.8 million in 2022, driven by ORLADEYO (berotralstat) net revenue of $326.0 million, representing approximately 29% year-over-year growth 12. The company recorded an operating loss of $103.7 million and a net loss of $226.5 million for the year, as SG&A expenses increased 34% to $213.9 million to support commercial expansion while R&D expenses declined 14% to $216.6 million following the discontinuation of the BCX9930 and BCX9250 programs 11. In April 2023, BioCryst refinanced its debt through a new $300 million Pharmakon Tranche A loan, replacing the prior Athyrium credit facility and recording a $29.0 million loss on debt extinguishment 7. The U.S. patient base on paid or long-term free ORLADEYO reached 1,104 at year-end, up 30% year-over-year, while international market access expanded through new regulatory approvals and commercial collaborations in Argentina, Spain, Austria, Chile, and Turkey 11. In January 2024, the company announced a 10% R&D workforce reduction, a plan to out-license BCX10013, and projected operating profit for full-year 2024 10.
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Sources: official investor relations documents#
All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.
52 documents · 2016 – 2026 · SEC EDGAR (USA)
| # | Document type | Published | Link |
|---|---|---|---|
| #1 | 8-K-EX99.1 | 2023-01-09 | Open |
| #2 | 8-K-EX99.1 | 2023-02-21 | Open |
| #3 | 10-K | 2023-02-27 | Open |
| #4 | 8-K-EX99.1 | 2023-05-03 | Open |
| #5 | 10-Q | 2023-05-08 | Open |
| #6 | 8-K-EX99.1 | 2023-08-03 | Open |
| #7 | 10-Q | 2023-08-07 | Open |
| #8 | 8-K-EX99.1 | 2023-11-02 | Open |
| #9 | 10-Q | 2023-11-08 | Open |
| #10 | 8-K-EX99.1 | 2024-01-08 | Open |
| #11 | 8-K-EX99.1 | 2024-02-26 | Open |
| #12 | 10-K | 2024-02-27 | Open |
| #13 | 8-K-EX99.1 | 2024-05-06 | Open |
| #14 | 10-Q | 2024-05-07 | Open |
| #15 | 8-K-EX99.1 | 2024-08-05 | Open |
| #16 | 10-Q | 2024-08-06 | Open |
| #17 | 8-K-EX99.1 | 2024-11-04 | Open |
| #18 | 10-Q | 2024-11-05 | Open |
| #19 | 8-K-EX99.1 | 2025-01-10 | Open |
| #20 | 8-K-EX99.1 | 2025-02-24 | Open |
| #21 | 10-K | 2025-02-25 | Open |
| #22 / #122 | 8-K-EX99.1 | 2025-05-05 | Open |
| #23 | 10-Q | 2025-05-06 | Open |
| #24 | 8-K-EX99.1 | 2025-08-04 | Open |
| #25 | 10-Q | 2025-08-05 | Open |
| #26 | 8-K-EX99.1 | 2025-10-14 | Open |
| #27 | 8-K-EX99.1 | 2025-11-03 | Open |
| #28 | 10-Q | 2025-11-04 | Open |
| #29 | 8-K-EX99.1 | 2026-01-12 | Open |
| #30 | 10-K | 2026-02-26 | Open |
| #31 | 8-K-EX99.1 | 2026-02-26 | Open |
| #32 | 10-Q | 2026-05-06 | Open |
| #33 | 8-K-EX99.1 | 2026-05-06 | Open |
| #34 | 10-Q | 2026-08-05 | Open |
| #35 | 8-K-EX99.1 | 2026-08-05 | Open |
Older sources (+17)
| # | Document type | Published | Link |
|---|---|---|---|
| #201 | 10-Q | 2016-05-09 | Open |
| #202 | 10-Q | 2016-08-08 | Open |
| #203 | 10-Q | 2016-11-08 | Open |
| #204 | 10-K | 2017-02-27 | Open |
| #206 | 10-K | 2017-02-27 | Open |
| #205 | 10-Q | 2017-08-08 | Open |
| #208 | 10-K | 2018-03-12 | Open |
| #207 | 10-Q | 2018-08-09 | Open |
| #210 | 10-K | 2019-03-14 | Open |
| #209 | 10-Q | 2019-08-08 | Open |
| #214 | 10-K | 2020-03-13 | Open |
| #211 | 10-Q | 2020-05-11 | Open |
| #212 | 10-Q | 2020-08-07 | Open |
| #213 | 10-Q | 2020-11-06 | Open |
| #215 | 10-Q | 2021-05-07 | Open |
| #216 | 10-Q | 2021-08-09 | Open |
| #217 | 10-Q | 2021-11-04 | Open |
FAQ#
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Where can I find the official investor relations documents of BioCryst Pharmaceuticals Inc.?
The sources chapter links all 53 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.
More reports#
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