BCRX · BioCryst Pharmaceuticals, Inc.

BioCryst Pharmaceuticals reported first quarter 2026 financial results that highlight strong commercial execution for ORLADEYO, offset by a significant non-cash charge from the acquisition of Astria Therapeutics. ORLADEYO net revenue reached $148.3 million, an 11% increase year-over-year, driven by continued strong new patient prescriptions. On a comparable basis excluding European revenue (which was divested in October 2025), growth was 21% year-over-year. Total revenue of $156.4 million included $3.0 million in license revenue and $5.1 million in other revenues (primarily RAPIVAB).

The GAAP operating loss of $701.6 million was largely due to a $697.8 million acquired in-process research and development expense related to the Astria acquisition, which was accounted for as an asset acquisition. Excluding this and other adjustments, non-GAAP operating profit was $54.2 million, demonstrating underlying profitability. The GAAP net loss was $721.8 million, or $2.98 per diluted share, compared to net income of $32,000 in the prior year period.

Management highlighted progress in the pipeline, particularly navenibart for hereditary angioedema. Enrollment in the pivotal ALPHA-ORBIT study is on track to complete by June 2026, supporting a US regulatory filing by end of 2027. In May, BioCryst entered into a licensing agreement with Neopharmed Gentili for European commercial rights to navenibart, receiving $70 million upfront and eligibility for up to $275 million in milestones plus tiered royalties (18%-30%). The company also ended development of avoralstat for diabetic macular edema to focus on rare diseases.

Cash, cash equivalents, restricted cash and investments totaled $260.8 million at March 31, 2026. Pro-forma including the $70 million upfront from the navenibart license, cash would be $330.8 million. The company maintained its full-year 2026 guidance: ORLADEYO revenue of $625-$645 million, total revenue of $635-$660 million, and non-GAAP operating expenses of $450-$470 million. The appointment of Sandeep Menon as Chief R&D Officer in April strengthens the leadership team.