Biocryst Pharmaceuticals, Inc. · NASDAQ:BCRX
Biocryst Pharmaceuticals — Q4 2025 Earnings Presentation
21 slides from Biocryst Pharmaceuticals's earnings presentation, Feb 26, 2026
Slide 1: Full Year 2025 Results Call
Full Year 2025 Results Call Corporate Update & Financial Results February 26, 2026 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, anticipated approval and commercialization of navenibart, pharmaceutical res
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes non-GAAP financial measures that differ from measures calculated in accordance with generally accepted accounting principles in the United States of America (“GAAP”), including financial measures labeled as “non-GAAP.” We believe providing these
Slide 4: Agenda
AGENDA Charlie Gayer Corporate update President and Chief Executive Officer Dr. Bill Sheridan Pipeline update Chief Development Officer Babar Ghias Financial update Chief Financial Officer Q&A 4
Slide 5: BioCryst: delivering sustainable growth in rare disease
BioCryst: delivering sustainable growth in rare disease Value creation through three key strategic growth pillars Commercial Product Internal R&D External Opportunities Steady growth with Maximizing potential of Via strategic business high cash flow visibility rare disease pipeline development • Sus
Slide 6: Our pipeline
Our pipeline APPROVED / ASSET PROGRAM PRE-CLINICAL PHASE 1 PHASE 2 PHASE 3/PIVOTAL COMMERCIAL CORE PROGRAMS ORLADEYO® (berotralstat) Hereditary Oral Plasma Kallikrein Inhibitor Angioedema (HAE) ORLADEYO® (berotralstat) Hereditary Oral Plasma Kallikrein Inhibitor in Pediatrics Angioedema (HAE) Naveni
Slide 7: ORLADEYO: the first and only approved targeted oral for HAE prophylaxis
ORLADEYO: the first and only approved targeted oral for HAE prophylaxis • ORLADEYO (berotralstat) is a plasma kallikrein inhibitor At year-end 2025: indicated for prophylaxis to prevent attacks of HAE in patients ages 2+ • Discovered in BioCryst labs >1,600 • Approved in US Dec 2020; now in 6th year
Slide 8: ORLADEYO offers proven long-term attack control, demonstrated by strong real-world efficacy data
ORLADEYO offers proven long-term attack control, demonstrated by strong real-world efficacy data Strong retention over time Great efficacy + differentiated convenience (% of patients persistent at various time points)3 3 86% 76% 2.5 Leads to HAE monthly attack rate 2 61% 1.5 2.8 1 0.5 1.1 1 1 0.9 0.
Slide 9: ORLADEYO: highly achievable path to $1B peak revenue
ORLADEYO: highly achievable path to $1B peak revenue Key drivers to peak $1B Peak • ~150 net patient adds per year (adult + pediatric) • Paid rate improvement toward $625-645M 85% at YE 2029 vs. 81% at YE $563M 20252 • Modest annual price increases • Contribution from ex-US geographies 2025¹ 2026 20
Slide 10: Navenibart: a long-acting plasma kallikrein inhibitor for HAE prophylaxis
Navenibart: a long-acting plasma kallikrein inhibitor for HAE prophylaxis Trusted mechanism & modality • Potential to be the first therapy for HAE prophylaxis with dosing every 3 or 6 months Monoclonal antibody inhibitor of plasma kallikrein • Obtained through acquisition of Astria Therapeutics in
Slide 11: Navenibart: potential for strong efficacy with optimal dosing profile
Navenibart: potential for strong efficacy with optimal dosing profile 100% 90% Mean attack rate reduction Navenibart (Q3M) Navenibart (Q6M) 80% 92% mean attack reduction 13.3 months mean follow up 90% mean attack reduction (Q4W) n=17 11.9 months mean follow up 70% n=12 60% 50% (Q8W) 40% 30% 0 4 8 12
Slide 12: BioCryst positioned to offer the leading oral and injectable
BioCryst positioned to offer the leading oral and injectable Combined portfolio to reach distinct, durable, and growing segments, covering full spectrum of patient preference HAE patients receiving prophylaxis primarily fall into two categories: Navenibart Oral preference Prefer an Injectable prefer
Slide 13: Significant addressable opportunity in HAE
Significant addressable opportunity in HAE Estimated US patients on prophylaxis 9,700 9,100 8,400 7,600 Other¹ Navenibart opportunity: 5,000+ patients Injectable prophy ORLADEYO ORLADEYO predicted share: 2,000+ stable patients 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 The durability of the O
Slide 14: BioCryst HAE franchise expected to generate double digit revenue growth into the next decade
BioCryst HAE franchise expected to generate double digit revenue growth into the next decade HAE portfolio revenue1 Illustrative operating expenses2 $1.8B+ ~15% $1B+ ~15% $1B+ CAGR CAGR cash balance $563M by 2029 2025E ex-EU³ 2029E 2033E Strong profitability and cash flow generation Operating levera
Slide 15: BCX17725: a targeted KLK5 inhibitor for Netherton syndrome (NS)
BCX17725: a targeted KLK5 inhibitor for Netherton syndrome (NS) What is Netherton syndrome? Why Netherton syndrome? • A severe, rare, genetic disorder with widespread skin involvement and systemic complications Aligned with core rare disease focus • High unmet need • Causes premature separation of s
Slide 16: 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 junctions (via PAR2) in the skin • BCX17725 designed to stop PAR2 KLK5 overactivity at the top of the pathway Downs
Slide 17: Targeted therapies drive diagnosis of rare diseases
Targeted therapies drive diagnosis of rare diseases Change in US Prevalence After Netherton Syndrome Launch of Targeted Therapy Population Assumptions 25 +67% 20 Initial healthcare claims analysis indicates a Est. Prevalence (000’s) +70% diagnosed US prevalence of ~1,600 15 +214% 10 +67% +200% 5 Ong
Slide 18: BCX17725 Phase 1 study design
BCX17725 Phase 1 study design Parts 1 & 2: SAD Completed Healthy volunteers MAD Completed This study is designed to help us understand: 1. Preliminary safety Part 3: NS patients Multiple Dose 2. Systemic exposure N = 1-3 3. Distribution into skin 4 weeks of treatment, open-label, safety and PK antic
Slide 19: Finance summary
Finance summary (Figures in millions) FY 2025 FY 2024 2025 RESULTS1, 2 FY 2025 FY 2024 Non-GAAP Non-GAAP ORLADEYO revenue $602 $438 $563 $395 Operating profit (loss) $341 $(3) $214 $72 FY 2026 GUIDANCE3 AS OF FEB 26, 2026 JAN 12, 2026 ORLADEYO revenue Unchanged $625-645 Total revenue Unchanged $635-
Slide 20: ORLADEYO direct revenue has reached zero-royalty tier
ORLADEYO direct revenue has reached zero-royalty tier (Figures in millions) Illustrative Royalty Dynamic Royalty terms (Total net royalties paid and payable1) Partner Rate Tiers (Direct3) Cumulative Cap $0-350M: 9.5% $86 Mid-$80s $85 Mid-$80s $85 Royalty Pharma $350M-550M: 4.5% None $74 Over $550M:
Slide 21: Appendix: Non-GAAP reconciliations
Appendix: Non-GAAP reconciliations Reconciliation of Non-GAAP Income (Loss) From Operations (in thousands) Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 European Other Non- European Other Non- ORLADEYO GAAP ORLADEYO GAAP U.S. GAAP Business 1 Adjustments 2 Non-GAAP U.S.
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