BCRX Form 4: Director Converts $11,250 Retainer into 1,353 Shares

Rhea-AI Filing Summary

Frank Steven, a director of BioCryst Pharmaceuticals, acquired 1,353 shares of the company's common stock on 08/29/2025 at a price of $8.31 per share, bringing his total beneficial ownership to 16,052 shares. The shares were issued in lieu of a quarterly cash board retainer equal to $11,250, representing an election to receive equity rather than cash compensation.

This disclosure is a routine Section 16 filing reporting a director compensation-related share issuance; it reflects non-derivative, direct ownership and does not indicate any sale or derivative transactions.

Positive

• Director elected equity compensation: 1,353 shares issued in lieu of a $11,250 quarterly cash retainer, aligning board incentives with shareholders
• Transparency in holdings: Reporting increases beneficial ownership disclosure to 16,052 shares, improving investor visibility

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director equity election, common governance practice with limited material impact.

The form 4 reports a director electing stock in lieu of cash compensation, converting a $11,250 quarterly retainer into 1,353 shares at $8.31 each. This aligns management and board incentives with shareholder outcomes and is a standard governance tool to promote longer-term alignment. The transaction increases outstanding insider-held shares modestly but appears immaterial to capital structure or control.

Securities Analyst

TL;DR: Non-material insider acquisition; useful for monitoring insider sentiment but not a market-moving event.

The acquisition is a direct, non-derivative purchase resulting from a compensation election rather than a market buy, so it does not necessarily signal conviction beyond customary compensation practice. The reported holdings of 16,052 shares provide transparency on the director's stake, but the size of the issuance is small relative to typical public float sizes and therefore unlikely to affect valuation or liquidity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Frank Steven

(Last) (First) (Middle)

4505 EMPEROR BLVD.

SUITE 200

(Street)

DURHAM NC 27703

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BIOCRYST PHARMACEUTICALS INC [ BCRX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/29/2025		A		1,353(1)	A	$8.31	16,052	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares of Common Stock issued to the reporting person in lieu of 100% of the quarterly cash Board Member retainer of $11,250.

	/s/ Alane P. Barnes, by power of attorney	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did BioCryst director Frank Steven report on Form 4 (BCRX)?

The Form 4 reports Frank Steven acquired 1,353 shares of BioCryst common stock on 08/29/2025 at $8.31 per share, increasing his holdings to 16,052 shares.

Why were the 1,353 shares issued to the director?

The shares were issued in lieu of the director's quarterly cash retainer; the filing states they replace 100% of the $11,250 quarterly board retainer.

Does this Form 4 indicate any sales or derivative transactions by the director?

No. The filing reports a non-derivative acquisition of common stock and shows direct ownership; there are no sales or derivative instruments disclosed.

Is this transaction likely material to BioCryst's capitalization?

Based on the filing, the issuance of 1,353 shares appears routine and immaterial to overall capitalization; the filing provides no evidence of material impact.

Was the Form 4 filed by multiple reporting persons?

No. The form indicates it was filed by one reporting person, the director Frank Steven.