Biocryst Pharmaceuticals, Inc. · NASDAQ:BCRX
Biocryst Pharmaceuticals — Q3 2025 Earnings Presentation
23 slides from Biocryst Pharmaceuticals's earnings presentation, Nov 3, 2025
Slide 1: Third Quarter 2025 Results Call
Third Quarter 2025 Results Call Corporate Update & Financial Results November 3, 2025 CONFIDENTIAL & PROPRIETARY
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements, including statements regarding, among other things, future results, performance or achievements, expectations regarding pipeline development, the expected benefits of BioCryst’s acquisition of Astria (the “Merger”) and
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to financial information prepared in accordance with U.S. GAAP, this presentation also includes our non-GAAP operating expense outlook for full year 2025, which refers to our expected GAAP operating expense, excluding stock-based compensation expense and trans
Slide 4: Agenda
AGENDA Jon Stonehouse Corporate update Chief Executive Officer Charlie Gayer ORLADEYO® update President and Chief Commercial Officer Dr. Bill Sheridan Pipeline update Chief Development Officer Babar Ghias Financial update Chief Financial Officer Q&A 4
Slide 5: BioCryst is well-positioned to achieve sustainable, double digit revenue growth
BioCryst is well-positioned to achieve sustainable, double digit revenue growth Value creation through three key strategic growth pillars Growing commercial product Maximize potential of internal Strategic business with high cash flow visibility rare disease portfolio development • Sustainable $1B p
Slide 6: Q3 2025: Continued strong ORLADEYO growth (+37% y/y)
Q3 2025: Continued strong ORLADEYO growth (+37% y/y) ORLADEYO REVENUE QUARTERLY & QUARTERLY AVERAGE BY YEAR ($M) 160 • FY25 guidance range raised to $590-600M 140 120 • New patient prescriptions equal to two-year average and slightly up y/y 100 80 • 64 new prescribers in Q3, exceeding two-year 60 av
Slide 7: 2025 market research: ORLADEYO outlook remains strong
2025 market research: ORLADEYO outlook remains strong 100% 80% 60% Patient LTP Share 40% 20% 22% 23% 25% 24% 24% 24% 24% 24% 24% 24% 0% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 ORLADEYO Takhzyro Haegarda Other Prophy** Andembry Dawnzera Deucrictibant Navenibart Estimated Prophylaxis 7,600 8
Slide 8: Year-over-year market research reaffirms outlook for ORLADEYO
Year-over-year market research reaffirms outlook for ORLADEYO 2024 Results 2025 Results 2025 results are little changed from 2024 and support our continued confidence in ORLADEYO’s trajectory Source: BioCryst Internal Market Research Studies (Conducted Jun 2024, Jun 2025) 8
Slide 9: BioCryst's proven track record of commercial execution
BioCryst’s proven track record of commercial execution ORLADEYO Revenue (US) $550M+ $500M+ 2020 Forecast 2021 Actual Our commercial engine delivers: $92M $118M 2025 Guidance1 Superior performance + 2021 2025 High degree of forecasting accuracy Patients On Therapy (US) ~2,100 ~2,100 We will apply sam
Slide 10: BioCryst to acquire Astria for ~$700M TEV
BioCryst to acquire Astria for ~$700M TEV Acquisition of Astria to expand and strengthen presence in HAE while transforming growth profile Strong strategic fit Compelling LTP asset Enhances financial profile ✓ 10+ yr double digit portfolio CAGR ✓ Differentiated injectable profile ✓ Profitability mai
Slide 11: Significant addressable opportunity in HAE
Significant addressable opportunity in HAE Augments BioCryst’s HAE portfolio with the potential best-in-class option for any route of administration preference Estimated US patients on prophylaxis 9,700 9,100 8,400 7,600 Other Navenibart opportunity: 5,000+ patients Injectable prophy in the US ORLAD
Slide 12: Navenibart could become the 1st choice injectable therapy
Navenibart could become the 1st choice injectable therapy ✓ Trusted mechanism & modality 100% Navenibart (Q3M) Navenibart Monoclonal antibody inhibitor of plasma kallikrein 90% (Q6M) Mean Attack Rate Reduction ✓ Compelling efficacy data 80% Phase 1b/2 data highlight navenibart’s High affinity and po
Slide 13: Transaction financing overview
Transaction financing overview ~$700M Enterprise Value Equity portion Cash portion ~$280M1 ~$420M • 0.59 BCRX shares per ATXS • To be funded by mix of: share o Up to $400M of Blackstone facility3 • ATXS shareholders to own o Cash on balance sheet ~15% of combined company2 1. Based on ~37M shares iss
Slide 14: Our pipeline
Our pipeline ASSET PROGRAM PRE-CLINICAL PHASE 1 PHASE 2 PHASE 3/PIVOTAL APPROVED / COMMERCIAL CORE PROGRAMS ORLADEYO® (berotralstat) Hereditary Angioedema Oral Plasma Kallikrein (HAE) Inhibitor ORLADEYO® (berotralstat) Hereditary Angioedema Oral Plasma Kallikrein (HAE) Inhibitor in Pediatrics BCX177
Slide 15: Bringing ORLADEYO granules to children
Bringing ORLADEYO granules to children • Despite significant innovation in HAE prophylaxis for adults, there is still high unmet need in children • Injectable therapies are the only FDA-approved options for children ages 2 to <12 • Positions ORLADEYO to be the market leading prophylaxis for children
Slide 16: Treating Netherton syndrome with a targeted KLK5 inhibitor: BCX17725
Treating Netherton syndrome (NS) with a targeted KLK5 inhibitor: BCX17725 Severe, rare, genetic and lifelong disease High Premature separation of skin layers, unmet severe inflammation and infection risk need No approved targeted therapies Well-understood biological cause: Validated SPINK5 gene vari
Slide 17: BCX17725 targets KLK5, the key player in Netherton syndrome
BCX17725 targets KLK5, the key player in Netherton syndrome BCX17725 KLK5 • KLK5 initiates the pathologic Degrades protease cascade (KLK7, KLK14 KLK7 epithelial KLK14) and inflammation (via junctions PAR2) in the skin • BCX17725 designed to stop PAR2 KLK5 overactivity at the top of the pathway Downs
Slide 18: BCX17725 Phase 1: healthy volunteers and patients with Netherton syndrome
BCX17725 Phase 1: healthy volunteers and patients with Netherton syndrome Parts 1 & 2: Single Ascending Dose Healthy volunteers Multiple Ascending Dose This study is designed to help us understand: 1. Preliminary safety Part 3: Multiple Dose 2. Systemic exposure NS patients 4 weeks of treatment, ope
Slide 19: BCX17725 in healthy volunteers: encouraging distribution to epidermis after IV dosing
BCX17725 in healthy volunteers: encouraging distribution to epidermis after IV dosing Pre-dose Post-dose: BCX17725 12 mg/kg IV 80 µm dermis dermis epidermis epidermis Notes: Immunofluorescence (IF) using capture antibody specific to BCX17725 and fluor-tagged (green) detection antibody. Cell nuclei –
Slide 20: Finance summary
Finance summary (Figures in millions) PRO FORMA3 CASH POSITION SEP 30, 2025 SEP 30, 2025 Cash, cash equivalents, restricted cash & investments1 $269 $294 Senior credit facility $199 $0 9ME ORLADEYO ROYALTIES Q3 2025 SEP 30, 2025 Royalty revenues paid and payable $20 $77 Non-cash interest expense $13
Slide 21: ORLADEYO royalties: terms
ORLADEYO royalties: terms Cumulative Upfront Rate Tiers Rate Tiers Payback (Direct2) (Indirect) Cap $0-350M: 8.75% $0-150M: 20% RP $125M $350M-550M: 2.75% $150M-230M: 10% None 2020 Over $550M: None Over $230M: None $0-350M: 0.75% $0-150M: 3% RP $150M1 $350M-550M: 1.75% $150M-230M: 2% None 2021 Over
Slide 22: ORLADEYO royalty rate now declining
ORLADEYO royalty rate now declining (Figures in millions) RPI rate OMERS rate¹ Expected rate Expected rate at peak 20% 17% 14% • We expect total royalties to be steady and blended rate to decline through peak, now that revenue has reached 4% royalty free tier (>$550M) • Rate expected to settle ~4% a
Slide 23: Third Quarter 2025 Results Call
Third Quarter 2025 Results Call Corporate Update & Financial Results November 3, 2025 CONFIDENTIAL & PROPRIETARY
BioCryst Pharmaceuticals — Q3 2025 Earnings Presentation on 6ix