BCRX Names Babar Ghias CFO, Adds Equity-Heavy Compensation Package

Rhea-AI Filing Summary

BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) filed an 8-K announcing a key leadership change. Effective 7 July 2025, the Board appointed Babar Ghias (46) as Chief Financial Officer, Principal Accounting Officer and Head of Corporate Development. Mr. Ghias brings two decades of healthcare and life-sciences experience, including CFO roles at AvenCell Therapeutics and Marathon Pharmaceuticals and M&A advisory work at Credit Suisse.

Compensation package includes: (i) base salary of $560,000; (ii) annual incentive target equal to 70 % of salary (full-year eligible for 2025); (iii) a $160,000 one-time cash bonus payable within 30 days; and (iv) Inducement Grants on 31 July 2025 of 147,000 RSUs and 305,000 stock options, vesting in four equal annual tranches from the first anniversary of grant.

The filing states Mr. Ghias has no related-party transactions, no special arrangements leading to his appointment, and no family relationships with existing directors or officers. A press release (Ex. 99.1) concurrently discloses the hire.

Investor take-away: While the event does not change current financial guidance, BioCryst strengthens its executive bench with a CFO possessing commercialisation and deal-making expertise that could support future capital strategy and business development.

Positive

• Experienced CFO appointment: Ghias has deep rare-disease commercialisation and M&A background, potentially enhancing strategic execution.
• Equity-based inducement aligns new executive’s interests with shareholders through multi-year vesting.

Negative

• Added cash outlay: $160k signing bonus and higher executive compensation modestly increase operating expenses.
• Potential dilution: 452k RSUs/options, while small (<0.3% of shares), still incrementally expand share count over four years.

Insights

Corporate Governance Expert

TL;DR: Seasoned CFO hire improves governance depth; impact modest but directionally positive.

The Board’s unanimous selection of Babar Ghias adds a financially sophisticated executive with proven capital-markets and rare-disease launch experience. His combined CFO/Head of Corporate Development remit centralises financial reporting, capital allocation and external growth initiatives under one leader, reducing coordination risk. Compensation aligns incentives through equity (≈452k shares/options) with four-year vesting, fostering retention without immediate EPS dilution. No related-party concerns were identified, supporting strong governance practices. Though strategic benefits depend on execution, the appointment addresses a critical leadership seat and signals Board focus on growth & M&A optionality.

Sell-Side Biotechnology Analyst

TL;DR: Leadership change is neutral near-term; potential upside if Ghias accelerates BD deals.

The disclosure is operational rather than financial—no guidance update, revenue metrics or pipeline changes. Mr. Ghias’s background in launching and monetising rare-disease assets fits BioCryst’s orphan-drug portfolio, but tangible valuation impact will hinge on future capital raises, partnering or acquisitions he may orchestrate. Compensation is in line with sector medians; the $160k cash bonus and option grant are immaterial to cash burn or share count (<0.3% dilution). Accordingly, I view the event as strategically constructive yet not immediately price-moving.

False000088279600008827962025-07-072025-07-07iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 7, 2025

_______________________________

BioCryst Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware	000-23186	62-1413174
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

4505 Emperor Blvd., Suite 200

Durham, North Carolina 27703

(Address of Principal Executive Offices) (Zip Code)

(919) 859-1302

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	BCRX	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 7, 2025, BioCryst Pharmaceuticals, Inc., a Delaware corporation (the “Company”), announced the appointment of Babar Ghias, age 46, as Chief Financial Officer of the Company, effective as of July 7, 2025, and as approved by the Company’s Board of Directors (the “Board”) on June 11, 2025. Mr. Ghias will also serve as the Company’s Principal Accounting Officer and Head of Corporate Development, effective as of July 7, 2025.

Mr. Ghias joins the Company from AvenCell Therapeutics, Inc. (“AvenCell”), a clinical-stage CAR-T company focused on hematologic malignancies, where he served as Chief Financial Officer since 2022. Prior to joining AvenCell, from 2017 to 2022, Mr. Ghias was Executive Vice President of Investments and Portfolio Management at Paragon Biosciences, LLC (“Paragon”), a global biotech development firm. He also served as Chief Financial and Operating Officer for several Paragon portfolio companies. At Paragon, he launched four biotechnology companies focused on rare diseases from early clinical to successful commercial launch. From 2014 to 2017, Mr. Ghias served as Chief Financial Officer and Head of Corporate Development at Marathon Pharmaceuticals, LLC, a specialty rare disease company, where he prepared the company for a commercial launch and led the successful sale of the firm. Earlier in his career, for over a decade, he was an investment banker who served as a senior member of the mergers and acquisitions team at Credit Suisse, providing strategic advice to clients and boards of directors in the healthcare and life sciences industries. Mr. Ghias received his B.S. degree in Economics from Lahore University of Management Sciences in Pakistan and earned his M.B.A. with honors from Washington University in St. Louis.

In connection with his appointment, the Company entered into an employment letter agreement (the “Employment Agreement”) with Mr. Ghias, effective as of July 7, 2025, pursuant to which Mr. Ghias will receive an annual base salary of $560,000, with a target percentage under the Company’s Annual Incentive Plan (“AIP”) of 70% of his annual base salary. Mr. Ghias’s AIP payout for 2025 performance will not be prorated based on his start date. Mr. Ghias will also receive a one-time cash bonus of $160,000, payable within 30 days of July 7, 2025, subject to certain offset and repayment requirements as set forth under his Employment Agreement.

In addition, on July 31, 2025, pursuant to the Company’s Inducement Equity Incentive Plan, as amended and restated, the Compensation Committee of the Board will grant to Mr. Ghias 147,000 restricted stock units and options to purchase up to 305,000 shares of the Company’s common stock (the “Inducement Grants”). The Inducement Grants shall vest in four equal annual installments beginning on the one-year anniversary of the grant date, in each case subject to Mr. Ghias’s continuous employment with the Company through the applicable vesting date.

Mr. Ghias has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor are there any such transactions currently proposed. There are no arrangements or understandings between Mr. Ghias and any other persons pursuant to which Mr. Ghias was appointed as Chief Financial Officer, and there are no family relationships between Mr. Ghias and any of the Company’s directors or executive officers.

Item 7.01. Regulation FD Disclosure.

On July 7, 2025, the Company issued a press release announcing the appointment of Mr. Ghias as the Company’s new Chief Financial Officer. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference into this Item 7.01.

The information furnished is not deemed “filed” for purposes of Section 18 of the Exchange Act, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release dated July 7, 2025 entitled “BioCryst Appoints Babar Ghias Chief Financial Officer and Head of Corporate Development”
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BioCryst Pharmaceuticals, Inc.
Date: July 7, 2025	By:	/s/ Alane Barnes
		Alane Barnes
		Chief Legal Officer

FAQ

Who is the new CFO of BioCryst Pharmaceuticals (BCRX)?

BioCryst appointed Babar Ghias as Chief Financial Officer, Principal Accounting Officer and Head of Corporate Development effective 7 July 2025.

What is the compensation package for BioCryst’s new CFO?

Ghias will receive $560k base salary, 70 % AIP target, a $160k signing bonus, 147k RSUs and 305k stock options vesting over four years.

Does the 8-K disclose any related-party transactions involving the new CFO?

No. The filing states Ghias has no direct or indirect material interest in any transaction requiring disclosure under Item 404(a).

Will the 2025 AIP bonus for the new CFO be prorated?

No. BioCryst confirmed the 2025 AIP payout will not be prorated despite Ghias joining mid-year.

When will the inducement equity awards to the new CFO vest?

Both the 147k RSUs and 305k options vest in four equal annual installments starting on the one-year anniversary of 31 July 2025.