Highlights

  • Second quarter 2026 total revenues were $218,250 thousand, and net income was $78,395 thousand, or $0.30 per diluted share.
  • Six-month net loss was $643,417 thousand, including a non-cash acquired in-process research and development charge of $697.8 million from the Astria merger.
  • ORLADEYO revenue was $158,202 thousand in the second quarter, and license and other revenues were $60,048 thousand.
  • Management raised 2026 total revenue guidance to $690 million to $715 million and maintained ORLADEYO guidance of $625 million to $645 million.

BioCryst (NASDAQ: BCRX) shares were trading at USD 8.01 on October 27, 2026, up 1.59%, with a relative volume at time of 2.28. The biotechnology company completed its merger with Astria Therapeutics on January 23, 2026, entered a navenibart license agreement with an affiliate of Neopharmed on May 4, 2026, and filed its quarterly report on Form 10-Q for the quarter ended June 30, 2026 on August 5, 2026.

BioCryst Pharmaceuticals, Inc. was founded in 1986 and incorporated in Delaware in 1991, and its headquarters is in Durham, North Carolina. It is a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (HAE) and other rare diseases. Its marketed products are ORLADEYO (berotralstat), an oral, once-daily therapy for the prevention of HAE attacks, and RAPIVAB (peramivir injection) for acute uncomplicated influenza. Its pipeline includes navenibart, an injectable monoclonal antibody in Phase 3 development, and BCX17725 for Netherton syndrome in Phase 1 development. The fiscal year ends December 31.

Second Quarter 2026 Results

Total revenues were $218,250 thousand for the three months ended June 30, 2026, compared with $163,353 thousand a year earlier. ORLADEYO revenue was $158,202 thousand, and license and other revenues were $60,048 thousand, including $55.7 million recognized under the Neopharmed License Agreement. Its European ORLADEYO business was sold to Neopharmed on October 1, 2025.

Operating expenses were $119,785 thousand, and income from operations was $98,465 thousand. Research and development expenses were $51,969 thousand. Net income was $78,395 thousand, or $0.31 per basic share and $0.30 per diluted share, compared with $5,085 thousand, or $0.02, in the second quarter of 2025.

Six-Month Results and Merger

For the six months ended June 30, 2026, total revenues were $374,663 thousand, and the company reported a net loss of $643,417 thousand, or $2.59 per share. Operating expenses included acquired in-process research and development expense of $697.8 million, a non-cash charge for the value assigned to the navenibart asset acquired in the Astria merger.

Liquidity and Debt

Cash, cash equivalents and available-for-sale investments totaled $352.6 million at June 30, 2026. Net cash provided by operating activities was $42,551 thousand for the six months, and net cash used in investing activities was $378,796 thousand, including $489.5 million paid for the Astria acquisition, net of cash acquired. Net cash provided by financing activities was $401,399 thousand, including net proceeds of $395.0 million from term loans of $400.0 million under the Blackstone Loan Agreement. The term loans mature on January 23, 2031 and include a minimum liquidity covenant.

The company has royalty financing obligations with RPI and OMERS. The company said its financial resources at June 30, 2026 are sufficient to fund operations for at least the next 12 months.

Developments and Outlook

On June 25, 2026, the board approved a plan to discontinue internal discovery programs and close the Discovery Center of Excellence facility in Birmingham, Alabama, expected to be mostly complete by the end of 2026. The company disclosed a manufacturing issue that delayed initial product fulfillment of the ORLADEYO oral pellet formulation, and it announced that initial shipments to pediatric patients began the week of August 3. A new sole source specialty pharmacy for ORLADEYO begins in the third quarter of 2026.

On the earnings call, management said it raised 2026 total revenue guidance from $635 million to $660 million to $690 million to $715 million, maintained 2026 ORLADEYO revenue guidance of $625 million to $645 million, and set non-GAAP operating expense guidance of $420 million to $440 million. It said it expects top-line data from the navenibart ALPHA-ORBIT study in the third quarter of 2027 and proof-of-concept data for BCX17725 by the end of 2026.