$BCRX

BIOCRYST PHARMACEUTICALS INC

CIK:0000882796|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 218,250	$ 163,353	$ 374,663	$ 308,887
Expenses:
Cost of product sales	3,840	2,798	9,217	7,366
Acquired in-process research and development	0	0	697,761	0
Research and development	51,969	43,386	112,288	80,656
Selling, general and administrative	63,976	87,383	158,530	169,852
Total operating expenses	119,785	133,567	977,796	257,874
Income (loss) from operations	98,465	29,786	(603,133)	51,013
Other income (expense):
Interest income	2,434	2,516	4,690	5,540
Interest expense	(21,712)	(21,582)	(41,491)	(45,076)
Foreign currency gains (losses), net	27	(63)	(198)	(62)
Loss on extinguishment of debt	0	(4,171)	0	(4,171)
Other income (expense), net	260	0	(1,202)	0
Total other expense, net	(18,991)	(23,300)	(38,201)	(43,769)
Income (loss) before income taxes	79,474	6,486	(641,334)	7,244
Income tax expense	1,079	1,401	2,083	2,127
Net income (loss)	78,395	5,085	(643,417)	5,117
Other comprehensive (loss) income:
Foreign currency translation adjustment	(27)	702	(89)	1,068
Unrealized loss on available for sale investments	(133)	(188)	(477)	(343)
Total other comprehensive (loss) income	(160)	514	(566)	725
Net comprehensive income (loss)	$ 78,235	$ 5,599	$ (643,983)	$ 5,842
Net income (loss) per common share, basic (in usd per share)	$ 0.31	$ 0.02	$ (2.59)	$ 0.02
Weighted average shares of common stock outstanding, basic (in shares)	254,481	209,519	248,403	209,203
Net income (loss) per common share, diluted (in usd per share)	$ 0.30	$ 0.02	$ (2.59)	$ 0.02
Weighted average shares of common stock outstanding, diluted (in shares)	265,165	219,886	248,403	217,574
Product sales, net
Revenues:
Total revenues	$ 157,513	$ 162,430	$ 308,914	$ 306,217
License and other revenues
Revenues:
Total revenues	$ 60,737	$ 923	$ 65,749	$ 2,670

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ 78,395	$ (721,812)	$ 5,085	$ 32	$ (643,417)		$ 5,117
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation					974		660
Acquired in-process research and development	0		0		697,761		0
Amortization of assembled workforce					600		0
Inventory obsolescence					583		1,026
Stock-based compensation expense					30,719		42,672
Mark-to-market adjustment on share-based liability					3,331		0
Payment of Pharmakon paid-in-kind interest					0		(5,492)
Non-cash interest expense on royalty financing obligations	13,036	13,294			26,330		26,916
Amortization of debt issuance costs on term loans					352		1,003
Amortization of discount on investments, net					(166)		(2,533)
Loss on extinguishment of debt	0		4,171		0		4,171
Changes in operating assets and liabilities:
Increase in trade receivables					(1,959)		(21,295)
(Increase) decrease in inventory					(9,196)		568
Decrease in prepaid expenses and other assets					7,964		28
Decrease in royalty financing obligations					(26,788)		(36,921)
Decrease in accounts payable and accrued expenses					(55,330)		(2,135)
Increase in deferred revenue					10,793		0
Net cash provided by operating activities					42,551		13,785
Cash flows from investing activities:
Acquisitions of property and equipment					(612)		(322)
Purchases of investments					(135,635)		(78,103)
Sales and maturities of investments					246,931		134,647
Acquisition of Astria Therapeutics, Inc., net of cash acquired					(489,480)		0
Net cash (used in) provided by investing activities					(378,796)		56,222
Cash flows from financing activities:
Net proceeds from common stock issued under stock-based compensation plans					25,682		5,811
Withholding taxes paid on stock-based awards					(4,879)		(2,217)
Common stock issued to directors in lieu of cash retainer					77		15
Proceeds from term loan					400,000		0
Repayment of Pharmakon term loan principal					0		(69,508)
Prepayment premium and fees on Pharmakon term loan					0		(2,250)
Payment of debt issuance costs on term loan					(4,952)		0
Principal payments on royalty financing obligations					(13,823)		(3,956)
Principal payments on finance lease liabilities					(706)		(1,052)
Net cash provided by (used in) financing activities					401,399		(73,157)
Effect of exchange rates on cash, cash equivalents and restricted cash					(107)		1,810
Increase (decrease) in cash, cash equivalents and restricted cash, including cash classified within current assets held for sale					65,047		(1,340)
Less: net increase in cash and cash equivalents classified within current assets held for sale					0		(15,058)
Net increase (decrease) in cash, cash equivalents, and restricted cash					65,047		(16,398)
Beginning of period		$ 91,337		$ 106,323	91,337	$ 89,925	106,323
End of period	156,384		89,925		156,384	91,337	89,925
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	154,972		88,033		154,972	89,736	88,033
Restricted cash	479		492		479	201	492
Restricted cash in other assets	933		1,400		933		1,400
Total cash, cash equivalents and restricted cash	$ 156,384		$ 89,925		156,384	$ 91,337	89,925
Supplemental cash flow disclosure:
Issuance of common stock for the acquisition of Astria Therapeutics, Inc.					251,655		0
Cash paid for interest					14,374		16,679
Cash paid for taxes					3,058		1,228
Taxes withheld on stock-based awards included in accrued expenses					947		343
Capitalized Software
Supplemental cash flow disclosure:
Capitalized software costs included in accrued expenses/Purchases of property and equipment included in accounts payable					566		152
Property and Equipment
Supplemental cash flow disclosure:
Capitalized software costs included in accrued expenses/Purchases of property and equipment included in accounts payable					$ 100		$ 1,069

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 154,972	$ 89,736
Restricted cash	479	201
Short-term investments	197,601	185,011
Trade receivables	110,757	106,818
Inventory, net	6,056	5,398
Prepaid expenses and other current assets	14,818	17,182
Total current assets	484,683	404,346
Long-term inventory, net	31,945	23,990
Property and equipment, net	9,058	8,783
Long-term investments	0	61,164
Right of use assets, net	12,608	10,203
Other assets	19,557	5,672
Total assets	557,851	514,158
Current liabilities:
Accounts payable	11,459	15,826
Accrued expenses	121,895	126,413
Share-based liability	16,360	13,743
Operating lease liabilities	1,912	317
Finance lease liabilities	1,092	1,312
Royalty financing obligations	43,808	38,455
Deferred revenue	12,320	0
Total current liabilities	208,846	196,066
Operating lease liabilities	10,603	8,571
Finance lease liabilities	849	1,441
Royalty financing obligations	382,981	427,233
Secured term loan	395,400	0
Deferred revenue	13,461	0
Total liabilities	1,012,140	633,311
Stockholders’ deficit:
Preferred stock, $0.01 par value; shares authorized - 5,000; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.01 par value; shares authorized - 450,000; shares issued and outstanding – 255,265 at June 30, 2026 and 213,060 at December 31, 2025	2,553	2,131
Additional paid-in capital	1,693,282	1,384,857
Accumulated other comprehensive (loss) income	(528)	38
Accumulated deficit	(2,149,596)	(1,506,179)
Total stockholders’ deficit	(454,289)	(119,153)
Total liabilities and stockholders’ deficit	$ 557,851	$ 514,158