AI-extracted from the 10-Q filed 2026-08-05 — Q2 2026 (six months ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
BioCryst reported H1 2026 revenues of $374.7M (+21% YoY), driven by ORLADEYO sales and $55.7M license revenue from Neopharmed navenibart deal, but recorded $643.4M net loss due to $697.8M non-cash IPR&D charge from Astria acquisition.
Biggest Revenue Drivers
ORLADEYO product sales and royalties$306.5M+15% YoY
Net price increase and increased volume from continued strong market dynamics; excludes European business sold Oct 2025.
Biggest Revenue Drivers
Total revenue: $374.7M+21% YoY
ORLADEYO product sales and royalties$306.5M+15% YoY
Net price increase and increased volume from continued strong market dynamics; excludes European business sold Oct 2025.
Largest Expense Items
Acquired in-process research and development$697.8MN/A
Non-cash charge for navenibart IPR&D asset acquired in Astria Therapeutics merger on January 23, 2026.
Research and development$112.3M+39% YoY
$27.1M navenibart Phase 3 development from acquisition; $14.2M increase in compensation from Astria merger costs including $10.7M stock option payout for post-combination service.
Cost of product sales$9.2M+25% YoY
Increase from higher ORLADEYO partner sales; decrease from European business divestiture.
Margins: Gross margin improved with ORLADEYO expansion and licensing revenue, but operating results severely impacted by $697.8M non-cash IPR&D charge related to Astria acquisition accounting as asset acquisition under ASC 805.
Watch Items from the Filing
Specialty pharmacy concentration: Single specialty pharmacy represented ~97% of ORLADEYO product sales in Q2 2026 and H1 2026 (~95%). On August 5, 2026, company transitioned to new sole-source specialty pharmacy, creating transition execution risk.
Navenibart clinical and commercial execution: Phase 3 ALPHA-ORBIT trial enrollment completed June 2026; Neopharmed European license received $70M upfront and eligible for $275M milestones. Success dependent on trial outcomes and manufacturing scale-up.
Patent litigation and generic competition: Annora ANDA challenges to four ORLADEYO patents expiring May 2040 (two Orange Book patents expire 2035); litigation filed March 2025, in early stages with outcome and materiality uncertain.
Birmingham Closure Plan: Announced June 2026 to discontinue internal discovery and close Birmingham facility; estimated $7.2M one-time costs for severance; majority of employee terminations in 2026, some in Q1 2027. Shifts strategy to external innovation.
$400M Blackstone term loan due January 2031 secured by substantially all assets; minimum liquidity covenant applies. Interest-only payments at SOFR floor 1.75% + 4.50% = 8.50% effective Q2 2026; PIK election available for 200 bps through Jan 2028.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
5 transactions in BCRX reported by 2 members of Congress under the STOCK Act, most recent trade Jul 10, 2026. Reported transactions, not recommendations.
About BIOCRYST PHARMACEUTICALS INC (BCRX): stock profile, AI score and financials
BIOCRYST PHARMACEUTICALS INC (BCRX) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores BCRX at 53.3/100 on a composite quality score built from its SEC filings, placing it at rank #1,411 of 2,925 stocks — the top half of the AI-ranked universe. BCRX scores in the top quartile across revenue growth (95.1), free cash flow (91.1), institutional flow (78.7). Areas of concern include balance sheet strength (1.8) and profitability (11.6), which score below median versus the broader universe. Shareholder dilution risk is elevated at 15.9/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), BIOCRYST PHARMACEUTICALS INC reports quarterly revenue of $218.3M, net income of $78.4M, an operating margin of 45.1%. Top institutional holders of BCRX by reported 13-F value include BlackRock, RA CAPITAL MANAGEMENT, L.P., STATE STREET, based on the most recent SEC filings. BCRX trades on the Nasdaq exchange and files with the SEC under CIK 882796. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BCRX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for BIOCRYST PHARMACEUTICALS INC directly from SEC EDGAR.