Biocryst Pharmaceuticals, Inc. · NASDAQ:BCRX
Biocryst Pharmaceuticals — Q3 2024 Earnings Presentation
21 slides from Biocryst Pharmaceuticals's earnings presentation, Nov 4, 2024
Slide 1: Third Quarter 2024 Results Call
Third Quarter 2024 Results Call Corporate Update & Financial Results November 4, 2024 CONFIDENTIAL & PROPRIETARY
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, achievements, or future market share. These statements are subject to known and unknown
Slide 3: Agenda
AGENDA Jon Stonehouse Corporate update President and Chief Executive Officer Charlie Gayer ORLADEYO® update Chief Commercial Officer Dr. Helen Thackray R&D update Chief Research and Development Officer Anthony Doyle Financial update Chief Financial Officer Q&A 3
Slide 4: Strong ORLADEYO growth and business progress continues in Q3
Strong ORLADEYO growth and business progress continues in Q3 • ORLADEYO revenue of $116.3m (+35.7% y/y) COMMERCIAL • Full year ORLADEYO guidance raised to $430-435m (from $420-435m) • Introduced total product revenue guidance $443-448m (including additional 2024 RAPIVAB revenue) • ORLADEYO pediatric
Slide 5: Real world evidence: Type 1 and 2 HAE attack reduction on ORLADEYO
REAL WORLD EVIDENCE: Type 1 and 2 HAE patients have significant and sustained attack reduction on ORLADEYO • Median attack rate of 1/3rd of an MONTHLY HAE ATTACK RATES BEFORE AND AFTER BEROTRALSTAT INITIATION attack per month in a study population of over 450 patients • The primary reason for reduce
Slide 6: Real world evidence: C1 normal-inh HAE attack reduction on ORLADEYO
REAL WORLD EVIDENCE: C1 normal-inh HAE patients have significant and sustained attack reduction on ORLADEYO • Median attack rate of <1 per month in MONTHLY HAE ATTACK RATES BEFORE AND AFTER BEROTRALSTAT INITIATION study population of over 350 patients • Excellent attack reduction and control for a p
Slide 7: Real world evidence: ORLADEYO persistence versus other LTP products
REAL WORLD EVIDENCE: ORLADEYO persistence is not different from other LTP products • Adherence and persistence rates for all three LTP PERCENTAGE OF PERSISTENT PATIENTS (≥45-DAY GAP) treatments among patients with HAE were AT FOLLOW-UP: (A) AMONG ALL PATIENTS OR (B) AMONG uniformly high PATIENTS WIT
Slide 8: 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% $95 $800 ASSUMPTIONS patients added, 2024-2029 $100 • 15-20% gross-to-net on Paid shipments $295 • Compliance in low-90s% 1,104 Paid + PAP* patients * PAP is the company’s long-term
Slide 9: Comprehensive annual research + market simulation
Comprehensive annual research + market simulation OUR MODEL STARTS WITH PREFERENCE AND SIMULATES 6,000 MARKET INTERACTIONS BETWEEN HCPS, PATIENTS, & PAYERS Research Sample* Market Model Simulation (Monte Carlo) 1.1 A patient, physician, and payer are randomly selected from survey respondents. 2 The
Slide 10: Monte Carlo simulation outcome: U.S. prophy market share
Monte Carlo simulation outcome: U.S. prophy market share ORLADEYO REACHES A STEADY STATE OF OVER 2,000 PATIENTS IN U.S. DURING 2028, EVEN AS NEW PRODUCTS GAIN SHARE 100% 80% Prophylaxis Patient Share 60% 40% 20% 21% 22% 24% 25% 24% 24% 24% 23% 23% 20% 0% 2024 2025 2026 2027 2028 2029 2030 2031 2032
Slide 11: 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. 11
Slide 12: 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 12
Slide 13: Market research: preference for oral route of administration
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 14: Market research: patients report fewer attacks after starting ORLADEYO
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: Market research: Allergist/Immunologist intent to prescribe has increased
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% +23% 90% 80% Change in 52% 80% extreme 80% 77% 60% likelihood 70% 40% 70% 64% 62% 60% 45% 2
Slide 16: Our pipeline
Our pipeline ASSET PROGRAM LEAD PRE- PROOF OF PIVOTAL‡ APPROVED / OPTIMIZATION CLINICAL CONCEPT† COMMERCIAL ORLADEYO® (berotralstat) Hereditary Oral Plasma Kallikrein Angioedema Inhibitor (HAE) ORLADEYO® (berotralstat) Hereditary Oral Plasma Kallikrein Angioedema Inhibitor (age ≥2 years) (HAE) BCX17
Slide 17: BCX17725 Phase 1 enrollment begins
BCX17725 Phase 1 enrollment begins A SSE T 2024 2025 2026 2027 2028 Market opportunity BCX17725 Start Population Protein Start POC POC data • Estimated 1,600 in US based on claims analysis Phase 1 Therapeutic • Up to 5,000 with improved diagnosis (no Next catalyst: initial patient data by end of 202
Slide 18: Finance summary
Finance summary (FIGURES IN MILLIONS) Q3 2024 CASH POSITION Cash, cash equivalents, restricted cash & investments at December 31, 2023 $391 Cash, cash equivalents, restricted cash & investments at June 30, 2024 $338 Cash, cash equivalents, restricted cash & investments at September 30, 2024 $352 Sen
Slide 19: Traditional debt and royalty breakdown
Traditional debt and royalty breakdown September 30, 2024 December 31, 2023 Royalty financing obligations - current 33,000 23,565 Royalty financing obligations - long-term 481,775 508,034 Total royalty financing obligations 514,775 531,599 Secured term loan 314,333 303,231 Traditional Debt Commercia
Slide 20: 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% RP $125M ORLADEYO $350M-550M: 2.75% $150M-230M: 10% None 2020 Over $550M: None Over $230M: None $0-350M: 0.75% $0-150M: 3% RP $150MA ORLADEYO $350M-
Slide 21: Third Quarter 2024 Results Call
Third Quarter 2024 Results Call Corporate Update & Financial Results November 4, 2024 CONFIDENTIAL & PROPRIETARY
BioCryst Pharmaceuticals — Q3 2024 Earnings Presentation on 6ix