BioCryst (BCRX) Director Accepts Stock in Lieu of $5,625 Cash Retainer

Rhea-AI Filing Summary

BioCryst Pharmaceuticals director Vincent Milano reported an equity-based compensation transaction: on 08/29/2025 he was issued 676 shares of Common Stock at an effective price of $8.31 per share, increasing his direct beneficial ownership to 90,436 shares. The filing explains the shares were issued in lieu of 50% of the quarterly cash board retainer of $11,250, indicating part of the director's compensation was taken in stock rather than cash. The Form 4 was signed by power of attorney on 09/03/2025.

Positive

• Clear disclosure of the director compensation election to receive stock in lieu of cash
• Transaction documented with specific share count (676), price ($8.31), and resulting ownership (90,436 shares)
• Explanation provided that shares were issued in lieu of 50% of the quarterly cash board retainer of $11,250

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received equity in lieu of cash retainer, modest increase in direct holdings; transaction appears routine and non-material to company valuation.

This Form 4 discloses a non-derivative issuance of 676 common shares to a director as compensation substitution. The size of the grant relative to the director's total ownership (90,436 shares) is small and reflects standard board compensation practices where cash is partially converted to equity. There is no indication of additional transactions, option exercises, or changes to ownership structure beyond this issuance.

Corporate Governance Expert

TL;DR: Routine board compensation election to receive stock; governance implications are standard and disclosed.

The filing plainly states shares were issued in lieu of 50% of the quarterly cash retainer of $11,250. That disclosure is consistent with common director compensation arrangements and satisfies Section 16 reporting for insiders. The Form 4 was executed by a power of attorney, a customary administrative step. No governance irregularities or material departures from routine disclosure are evident in the document.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

MILANO VINCENT

(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		676(1)	A	$8.31	90,436	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 50% 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 transaction did Vincent Milano report on Form 4 for BCRX?

He reported the issuance of 676 shares of Common Stock on 08/29/2025 at an effective price of $8.31 per share.

Why were the 676 shares issued to the reporting person?

The shares were issued in lieu of 50% of the quarterly cash board retainer of $11,250, per the filing explanation.

What is Vincent Milano's total direct beneficial ownership after the transaction?

The filing reports 90,436 shares of Common Stock beneficially owned following the reported transaction.

When was the Form 4 signed and filed?

The signature by power of attorney is dated 09/03/2025, following the transaction date of 08/29/2025.

Does the Form 4 report any derivative transactions or option exercises?

No. Table II for derivative securities contains no reported transactions; only a non-derivative issuance of common stock is reported.