Biocryst Pharmaceuticals, Inc. · NASDAQ:BCRX
Biocryst Pharmaceuticals — Q2 2024 Earnings Presentation
25 slides from Biocryst Pharmaceuticals's earnings presentation, Aug 5, 2024
Slide 1: Second Quarter 2024 Results Call
Second Quarter 2024 Results Call Co rpo rate U pd ate & F inanc ial R esults August 5, 2024 C ON F I D EN TI A L & P R O P R I ETA R Y
Slide 2: Forward-looking statements
Forward-looking statements BioCryst’s presentation contains forward-looking statements, including statements regarding future results, unaudited and forward-looking financial information and company performance or achievements. These statements are subject to known and unknown risks, uncertainties a
Slide 3: Agenda
AGENDA Jon Stonehouse Corporate update President and Chief Executive Officer Charlie Gayer ORLADEYO® update Chief Commercial Officer Anthony Doyle Financial update Chief Financial Officer Q&A 3
Slide 4: ORLADEYO: Help your patients live without compromise
y EFFICACY ADMINISTRATIC Help your patients live without compromise. ORLADEYOS is the only targeted preventative therapy for hereditary angioedema (HAE) to combine attack prevention AND oral administration. Capsule not actual size orladeyo (berotralstat) capsules 150 mg Rob, an ORLADEYO patient
Slide 5: HAE attack prevention should be effective and convenient
HAE attack prevention should be EFFECTIVE 4, CONVENIENT. You deserve “AND” with ORLADEYO® ORLADEYO is the only targeted preventative therapy / for HAE to combine proven attack prevention AND \ convenient oral administration. Kharri, taking ORLADEYO since 2020 Capsule not setual ize WHAT IS ORLADEYO®
Slide 6: ORLADEYO demonstrated long-lasting effectiveness through 96 weeks of treatment
ORLADEYO demonstrated long-lasting effectiveness through 96 weeks of treatment Source: Kiani-Alikhan et al. J Allergy Clin Immunol Pract. 2024;12(3):733-743.e10. 6
Slide 7: GI adverse events typically resolve quickly
GI adverse events typically resolve quickly Source: ORLADEYO prescribing information; Kiani-Alikhan et al. J Allergy Clin Immunol Pract. 2024;12(3):733-743.e10.; Data on file, BioCryst Pharmaceuticals Inc. 7
Slide 8: Over 50% of patients trying ORLADEYO had prior prophy experience
Over 50% of patients trying ORLADEYO launch-to-date had prior experience on another prophy therapy Treatment naive, 17% Prophy experienced, 52% On-demand only, 32% Source: Specialty Pharmacy patient-reported data through June 3, 2024, supplemented with 2015-2024 administrative claims data. 8
Slide 9: The HAE market of diagnosed and treated patients continues to grow
The HAE market of diagnosed and treated patients continues to grow 11,135 10,035 2,624 Between 2019 and 2023: 2,025 • Over 1,000 more diagnosed patients • Over 500 more patients treated for HAE 8,010 8,511 2019 2023 Treated Not Treated Source: 2018-2023 administrative claims data 9
Slide 10: Patient retention is high launch-to-date, regardless of prior therapy
Patient retention is high launch-to-date, regardless of prior therapy 3rd ship 6th ship 12th ship Prior prophy 91% 77% 61%* Prophy naive 91% 80% 67% *63% of patients switching from lanadelumab remain on ORLADEYO for at least 12 monthly shipments, including those reporting zero attacks at baseline So
Slide 11: ORLADEYO 12-month persistence of 61% not different from other LTP products
Claims data show ORLADEYO 12-months persistence of 61% is not different from other LTP products Persistence defined as no gap in refills of greater than 45 days after a patient initiates therapy 100.0% 80.0% 60.0% 61% 40.0% 20.0% 0.0% 3 months 9 months 12 months ORLADEYO lanadelumab SC C1-INH Source
Slide 12: Market research: 1 in 2 injectable prophy users prefers oral
MARKET RESEARCH: 1 in 2 injectable prophy users prefers oral ROA, 3 in 4 are willing to switch PREFERENCE AMONG CURRENT WILLINGNESS TO SWITCH HAE LTP AMONG INJECTABLE PROPHY USERS CURRENT INJECTABLE PROPHY USERS (n=120) (n=120) 19% 48% 57% 33% 20% 24% Prefers oral prophy admin Not at all willing No
Slide 13: Top reasons patients prefer oral prophylaxis
Top reasons patients prefer oral prophylaxis Source: Data on file, BioCryst Pharmaceuticals Inc. 13
Slide 14: Market research: 4 out of 5 patients report fewer attacks
MARKET RESEARCH: 4 out of 5 patients report having fewer attacks after starting ORLADEYO and 3 out of 4 report less severe attacks HAE ATTACK FREQUENCY ON ORLADEYO HAE ATTACK SEVERITY ON ORLADEYO All Respondents (n=124) All Respondents (n=108) 9% 19% 12% 76% 79% 5% 82 patients 98 patients Nearly hal
Slide 15: Allergist/Immunologist intent to prescribe has increased strongly
MARKET RESEARCH: Allergist/Immunologist intent to prescribe has increased strongly since the first half of 2023 LIKELIHOOD TO PRESCRIBE ORLADEYO PRESCRIBING METRICS ORLADEYO TO MORE PATIENTS 100% 100% 93% 29% 90% 80% +23% Change in 52% 80% extreme 80% 77% 60% likelihood 70% 40% 70% 64% 62% 60% 45% 2
Slide 16: Intent to prescribe more ORLADEYO remains consistent
MARKET RESEARCH: Intent to prescribe more ORLADEYO remains consistent, with prescriptions coming mostly from prophylactic switches ALLERGIST-IMMUNOLOGISTS (A/IS) PRESCRIBING - 2023 SOURCE OF FUTURE NEW ORLADEYO PRESCRIPTIONS - 2024 (n=154 unique A/Is managing ~1,300 HAE patients) (n=154 unique A/Is
Slide 17: Path to $800M US revenue in 2029
Path to $800M US revenue in 2029 Modest average price increases 2024-2029 Improve rate of ~200 annual net Paid to 85% ASSUMPTIONS patients added, 2024-2029 • 15-20% gross-to-net on Paid shipments • Compliance in low-90s% 1,104 Paid + PAP* patients * PAP is the company’s long-term patient with 71.5%
Slide 18: Revenue $326M through 2023 and growing
Revenue $326M through 2023 (third year) and growing US NET PATIENT GROWTH NET REVENUE ($M) 1,000 patients 100.0 90.0 Start Forms and DCs Patients on Therapy 80.0 70.0 60.0 50.0 40.0 Jan-22 Jun-22 Jan-23 Jun-23 Jul-23 Mar-22 Jul-22 Mar-23 Apr-22 Oct-22 Apr-23 Sep-22 Nov-22 Oct-23 Oct-21 Sep-23 Nov-21
Slide 19: Our pipeline
Our pipeline A SSET PRO GRA M L EA D PRE - PRO OF OF PI VO T AL ‡ A PPROV ED / OP T IM I ZA T I ON CL I NI CAL CO N CEPT † CO MM ERCI A L ORLADEYO ® (berotralstat) Hereditary Oral Plasma Kallikrein Angioedema Inhibitor (HAE) ORLADEYO ® (berotralstat) Hereditary Oral Plasma Kallikrein Angioedema Inhi
Slide 20: Program milestones
Program milestones A SSET 2024 2025 2026 2027 2028 ORLADEYO® (berotralstat) Oral Plasma Submit for approval Kallikrein Inhibitor (age ≥2 yrs) BCX17725 Protein Therapeutic Initiate phase 1 Start POC POC data Avoralstat Ocular Plasma Kallikrein Inhibitor Start POC POC data Oral C5 Inhibitor Select lea
Slide 21: Uniquely positioned to create sustainable value
Uniquely positioned to create sustainable value 2024 2025 2026 Full year Approaching Full year operating quarterly positive profit* positive EPS/cash flow EPS/cash flow in 2H Company does not intend to raise any additional funds, including not drawing the additional $150M in debt available from Phar
Slide 22: Finance summary
Finance summary (FIGURES IN MILLIONS) Q2 2024 CASH POSITION Cash, cash equivalents, restricted cash & investments at December 31, 2023 $391 Cash, cash equivalents, restricted cash & investments at March 31, 2024 $338 Cash, cash equivalents, restricted cash & investments at June 30, 2024 $338 Senior
Slide 23: Traditional debt and royalty breakdown
Traditional debt and royalty breakdown June 30, December 31 , 2024 2023 Royalty financing obligations - current 28,974 23,565 Royalty financing obligations - long-term 494,659 508,034 Total royalty financing obligations 523,633 531 ,599 Secured term loan 31 3,822 303,231 Traditional Debt Commercial
Slide 24: Royalty obligations: terms
Royalty obligations: terms Rate Tiers Rate Tiers Cumulative Upfront Product (Key TerritoriesB) (Other MarketsB) Payback Cap $0-350M: 8.75% $0-150M: 20% ORLADEYO $350M-550M: 2.75% $150M-230M: 10% None RP Over $550M: None Over $230M: None $125M 2020 BCX9930 Global net sales 1% n/a None $0-350M: 0.75%
Slide 25: Second Quarter 2024 Results Call
Second Quarter 2024 Results Call Co rpo rate U pd ate & F inanc ial R esults August 5, 2024 C ON F I D EN TI A L & P R O P R I ETA R Y
BioCryst Pharmaceuticals — Q2 2024 Earnings Presentation on 6ix