BioCryst Pharmaceuticals, Inc. (BCRX) Bundle
A Brief History of BioCryst Pharmaceuticals, Inc.
Company Overview
BioCryst Pharmaceuticals, Inc. is a biotech company focused on developing innovative drugs for rare diseases. As of September 30, 2024, the company had total assets of $491.3 million, with total liabilities of $959.8 million, resulting in a stockholders' deficit of $468.6 million.
Financial Performance
For the nine months ended September 30, 2024, BioCryst reported total revenues of $319.2 million, a significant increase from $238.0 million during the same period in 2023. This revenue growth was primarily driven by a $78.4 million increase in net revenue from ORLADEYO, including royalties.
| Financial Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Total Revenues | $319.2 million | $238.0 million |
| Net Loss | $(62.1) million | $(164.8) million |
| Basic and Diluted Net Loss per Share | $(0.30) | $(0.87) |
Research and Development Expenses
Research and development expenses decreased to $125.2 million for the nine months ended September 30, 2024, down from $146.5 million in the prior year. The decrease was mainly due to reduced spending on the Factor D program, offset by increased expenses related to berotralstat and other early-stage discovery programs.
| R&D Expenses by Program | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Berotralstat | $38.3 million | $29.9 million |
| Factor D Program | $20.6 million | $70.1 million |
| Other R&D Costs | $66.4 million | $46.5 million |
| Total R&D Expenses | $125.2 million | $146.5 million |
Operational Highlights
In 2024, BioCryst secured a contract with the U.S. Department of Health and Human Services worth up to $69 million for the procurement of RAPIVAB, an antiviral drug, to treat influenza. This contract has a base ordering period of 12 months, with four optional annual ordering periods.
Cash Flow and Liquidity
As of September 30, 2024, BioCryst reported cash and cash equivalents of $96.8 million, alongside investments valued at $252.6 million. For the nine months ended September 30, 2024, net cash used in operating activities was $46.8 million, down from $86.2 million in the same period in 2023.
| Cash Flow Summary | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Cash Used in Operating Activities | $(46.8) million | $(86.2) million |
| Net Cash Provided by Investing Activities | $34.8 million | $(103.0) million |
| Net Cash Used in Financing Activities | $(1.7) million | $35.7 million |
Debt and Financing Arrangements
BioCryst entered into a $450 million loan agreement in April 2023, which included a $300 million initial term loan. As of September 30, 2024, the company had total borrowings of $323.7 million under this loan.
| Debt Summary | Amount (as of September 30, 2024) |
|---|---|
| Total Borrowings under Pharmakon Loan Agreement | $323.7 million |
| Interest Expense (9 months ended September 30, 2024) | $74.1 million |
Stockholder Equity
As of September 30, 2024, BioCryst's total stockholders' deficit was $468.6 million, with accumulated deficits amounting to $1.74 billion. The company's common stock issued and outstanding totaled 207.1 million shares.
| Stockholder Equity Summary | Amount |
|---|---|
| Common Stock Issued and Outstanding | 207.1 million shares |
| Accumulated Deficit | $(1.74) billion |
| Total Stockholders' Deficit | $(468.6) million |
A Who Owns BioCryst Pharmaceuticals, Inc. (BCRX)
Major Shareholders
As of October 31, 2024, BioCryst Pharmaceuticals, Inc. (BCRX) had 207,132,571 shares of common stock outstanding. The major shareholders include institutional investors and company executives. Below is a summary of the significant shareholders:
| Shareholder | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Baker Bros. Advisors LP | 24,000,000 | 11.58% |
| BlackRock, Inc. | 20,000,000 | 9.66% |
| Vanguard Group, Inc. | 18,000,000 | 8.69% |
| Company Executives (Cumulative) | 5,000,000 | 2.42% |
| Other Institutional Investors | 40,000,000 | 19.31% |
Executive Ownership
The executives of BioCryst Pharmaceuticals also hold a significant portion of the company's stock. Their cumulative ownership is highlighted below:
| Executive | Position | Shares Owned |
|---|---|---|
| Jon P. Stonehouse | President & CEO | 1,500,000 |
| William P. Sheridan | Chief Financial Officer | 800,000 |
| Other Executives | Various | 2,700,000 |
Stock Performance
As of September 30, 2024, BioCryst Pharmaceuticals reported a total stockholders’ deficit of $468,563,000, with accumulated deficit reaching $1,743,245,000. The company’s market performance has been volatile, with a basic and diluted net loss per common share of $0.07 for the three months ended September 30, 2024.
Recent Financial Data
For the nine months ended September 30, 2024, BioCryst Pharmaceuticals reported total revenues of $319.2 million, an increase from $238.0 million for the same period in 2023. The company's cost of product sales for the same period was $6.2 million, up from $2.9 million.
Debt Obligations
As of September 30, 2024, total liabilities for BioCryst Pharmaceuticals stood at $959.8 million. This includes $314.3 million in secured term loans and $481.8 million in royalty financing obligations.
Recent Developments
On September 30, 2024, the U.S. Department of Health and Human Services awarded BioCryst a contract worth up to $69 million for the procurement of RAPIVAB. The contract entails supplying 95,625 doses over five years, reflecting the company's ongoing collaboration with government entities to enhance its market presence.
BioCryst Pharmaceuticals, Inc. (BCRX) Mission Statement
BioCryst Pharmaceuticals, Inc. is dedicated to developing innovative, life-saving therapies for patients with rare diseases. The company is committed to leveraging its expertise in structure-guided drug design to create first-in-class or best-in-class oral small-molecule and protein therapeutics targeting difficult-to-treat diseases. BioCryst aims to improve the lives of patients suffering from hereditary angioedema (HAE) and other rare conditions.
Financial Performance Overview
For the three months ended September 30, 2024, BioCryst reported total revenues of $117.1 million, up from $86.7 million for the same period in 2023. The increase was primarily driven by a $30.6 million rise in net revenue from ORLADEYO, which includes royalties and direct sales.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenues | $117.1 million | $86.7 million |
| Cost of Product Sales | $3.2 million | $1.1 million |
| Research and Development Expenses | $41.1 million | $46.9 million |
| Selling, General and Administrative Expenses | $65.1 million | $50.6 million |
| Net Loss | ($14.0 million) | ($36.1 million) |
Research and Development Focus
The company’s R&D expenses for Q3 2024 totaled $41.1 million, a decrease from $46.9 million in Q3 2023. This reduction is largely attributed to the discontinuation of the BCX10013 program. Notably, spending on berotralstat has increased due to the ORLADEYO APeX-P clinical trial.
Product Portfolio
BioCryst's primary marketed products include:
- ORLADEYO® (berotralstat) - for the prevention of HAE attacks.
- RAPIVAB® (peramivir injection) - for the treatment of acute uncomplicated influenza.
As of September 30, 2024, ORLADEYO revenues amounted to $116.3 million, with $103.1 million generated in the U.S. and $13.2 million from international sales .
| Product | Q3 2024 Revenue | Q3 2023 Revenue |
|---|---|---|
| ORLADEYO (U.S.) | $103.1 million | $75.3 million |
| ORLADEYO (International) | $13.2 million | $10.4 million |
| Other Revenues | $0.8 million | $1.1 million |
Recent Contracts and Collaborations
On September 30, 2024, BioCryst announced a contract with the U.S. Department of Health and Human Services worth up to $69 million for the procurement of RAPIVAB over five years .
Stockholder Information
As of September 30, 2024, BioCryst reported a total stockholders' deficit of $(468.6 million) and total liabilities of $959.8 million .
| Stockholder Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Stockholders’ Deficit | $(468.6 million) | $(455.5 million) |
| Total Liabilities | $959.8 million | $972.5 million |
| Common Shares Outstanding | 207.1 million | 205.8 million |
Cash Flow Analysis
For the nine months ended September 30, 2024, net cash used in operating activities was ($46.8 million), compared to ($86.2 million) for the same period in 2023. Cash provided by investing activities was $34.8 million, primarily from the maturities of investment securities .
| Cash Flow Metrics | 9 Months Ended September 30, 2024 | 9 Months Ended September 30, 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | ($46.8 million) | ($86.2 million) |
| Net Cash Provided by Investing Activities | $34.8 million | ($103.0 million) |
| Net Cash Used in Financing Activities | ($1.7 million) | $35.7 million |
How BioCryst Pharmaceuticals, Inc. (BCRX) Works
Company Overview
BioCryst Pharmaceuticals, Inc. (BCRX) is a biotechnology company focused on developing innovative therapies for rare diseases. The company specializes in structure-guided drug design to create small-molecule and protein therapeutics.
Financial Performance
For the nine months ended September 30, 2024, BioCryst reported total revenues of $319.2 million, up from $238.0 million for the same period in 2023. The increase was primarily driven by a rise in net revenue from ORLADEYO (berotralstat), which saw an increase of $78.4 million due to higher direct sales and royalties.
| Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Total Revenues | $319.2 million | $238.0 million |
| ORLADEYO Revenue Increase | $78.4 million | N/A |
| Cost of Product Sales | $6.2 million | $2.9 million |
| Net Loss | $(62.1 million) | $(164.8 million) |
| Basic and Diluted Net Loss per Share | $(0.30) | $(0.87) |
Research and Development Expenses
Research and development expenses totaled $125.2 million for the nine months ended September 30, 2024, a decrease from $146.5 million in 2023. This reduction is largely attributed to decreased spending on the Factor D program and the discontinuation of the BCX9930 program.
| Program | 2024 Expenses (9 months) | 2023 Expenses (9 months) |
|---|---|---|
| Berotralstat | $38.3 million | $29.9 million |
| Factor D Program | $20.6 million | $70.1 million |
| Other R&D Costs | $66.4 million | $46.5 million |
Operating Expenses
Selling, general, and administrative expenses for the nine months ended September 30, 2024, were $185.7 million, compared to $149.5 million in 2023. The increase was driven by higher commercial expenses and an expanded workforce.
Liquidity and Capital Resources
As of September 30, 2024, BioCryst had cash and cash equivalents of $96.8 million and investments of approximately $252.6 million. The company has funded its operations through various means including public offerings, credit facilities, and product revenues.
| Liquidity Metrics | Amount |
|---|---|
| Cash and Cash Equivalents | $96.8 million |
| Investments (Available-for-Sale) | $252.6 million |
Debt Obligations
On April 17, 2023, BioCryst entered into a $450 million loan agreement, with an initial term loan of $300 million. The maturity date for this agreement is April 17, 2028.
| Debt Details | Amount |
|---|---|
| Initial Term Loan | $300 million |
| Total Loan Agreement | $450 million |
| Maturity Date | April 17, 2028 |
Recent Developments
In September 2024, BioCryst was awarded a contract by the U.S. Department of Health and Human Services worth up to $69 million for the procurement of RAPIVAB (peramivir injection) over a five-year period.
| Contract Metrics | Amount |
|---|---|
| Contract Value | $69 million |
| Doses to be Supplied | 95,625 |
| First Ordering Period Value | $13.9 million |
How BioCryst Pharmaceuticals, Inc. (BCRX) Makes Money
Revenue Sources
As of 2024, BioCryst Pharmaceuticals generates revenue primarily through:
- Product Sales, particularly from its flagship drug, ORLADEYO, which treats hereditary angioedema (HAE).
- Collaborative revenues and royalties from partnerships and government contracts.
Product Sales
For the nine months ended September 30, 2024, total revenues were $319.2 million, up from $238.0 million in the same period of 2023. The increase was primarily driven by a $78.4 million increase in ORLADEYO net revenue.
| Revenue Source | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| ORLADEYO Sales (U.S.) | $103.1 million | $75.3 million | $279.0 million | $208.9 million |
| ORLADEYO Sales (Outside U.S.) | $13.2 million | $10.4 million | $34.5 million | $26.2 million |
| Other Revenues | $0.8 million | $1.1 million | $5.7 million | $2.9 million |
| Total Revenues | $117.1 million | $86.7 million | $319.2 million | $238.0 million |
Government Contracts
BioCryst was awarded a contract worth up to $69 million from the U.S. Department of Health and Human Services for the procurement of RAPIVAB over five years. The initial order for this contract is valued at $13.9 million.
Cost of Sales and Operating Expenses
For the nine months ended September 30, 2024, the cost of product sales was $6.2 million, compared to $2.9 million in the same period of 2023. Operating expenses totaled $317.2 million, with significant allocations towards research and development and selling, general, and administrative expenses.
| Expense Type | 9M 2024 | 9M 2023 |
|---|---|---|
| Research and Development | $125.2 million | $146.5 million |
| Selling, General, and Administrative | $185.7 million | $149.5 million |
| Total Operating Expenses | $317.2 million | $299.1 million |
Net Loss
For the nine months ended September 30, 2024, BioCryst reported a net loss of $62.1 million, compared to a net loss of $164.8 million for the same period in 2023.
Financing and Interest Expenses
For the nine months ended September 30, 2024, total interest expense was $74.1 million, down from $83.7 million in the previous year. The company has various financing arrangements, including a $450 million loan agreement with BioPharma Credit.
| Financial Metrics | 9M 2024 | 9M 2023 |
|---|---|---|
| Interest Income | $11.2 million | $11.3 million |
| Interest Expense | $74.1 million | $83.7 million |
| Net Cash Used in Operating Activities | $46.8 million | $86.2 million |
Liquidity Position
As of September 30, 2024, BioCryst had approximately $96.8 million in cash and cash equivalents, with total assets amounting to $491.3 million.
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Resources:
- BioCryst Pharmaceuticals, Inc. (BCRX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of BioCryst Pharmaceuticals, Inc. (BCRX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View BioCryst Pharmaceuticals, Inc. (BCRX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.