Biocryst (BCRX) CLO sells 62,500 shares in pre-set 10b5-1 trade

Rhea-AI Filing Summary

BIOCRYST PHARMACEUTICALS INC Chief Legal Officer Alane P. Barnes exercised employee stock options for 62,500 shares of common stock at $5.04 per share and sold 62,500 shares in an open-market transaction at $9.54 per share. The sale was executed under a pre-arranged Rule 10b5-1 trading plan and is described as automatic, rather than a discretionary trade. After these transactions, Barnes directly holds 400,703 shares of Biocryst common stock.

Insights

Insider trading and governance analyst

Pre-planned option exercise and sale with modest net share reduction.

Alane P. Barnes, Chief Legal Officer of BIOCRYST PHARMACEUTICALS INC, exercised employee stock options for 62,500 shares of common stock at an exercise price of $5.04 per share and sold 62,500 shares at $9.54 per share. The derivative entry shows the corresponding option position going to zero, indicating a full exercise of that specific grant.

The filing specifies that the stock sale occurred pursuant to a Rule 10b5-1 trading plan adopted on August 13, 2025, and that the transaction occurred automatically. Such plans are pre-arranged and reduce the informational value of trade timing because they are not reactive to short-term news.

Following the transactions, Barnes directly owns 400,703 shares of common stock, which indicates that a substantial equity stake remains after this exercise-and-sell sequence. Overall, this looks like a routine liquidity event tied to option vesting rather than a directional bet on BCRX shares.

Insider Trade Summary 10b5-1

Net Seller: 62,500 shares ($596,250)

Net Sell 3 txns

Insider Barnes Alane P

Role Chief Legal Officer

Sold 62,500 shs ($596K)

Type	Security	Shares	Price	Value
Exercise	Emp. Stock Option (Right to Buy)	62,500	$0.00	--
Exercise	Common Stock	62,500	$5.04	$315K
Sale	Common Stock	62,500	$9.54	$596K

Holdings After Transaction: Emp. Stock Option (Right to Buy) — 0 shares (Direct, null); Common Stock — 463,203 shares (Direct, null)

Footnotes (1)

1. This transaction was made pursuant to a plan adopted by the reporting person on August 13, 2025 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The transaction occurred automatically and does not represent a discretionary transaction by the reporting person. The option grant became exercisable at the rate of 25% on each of the first, second, third, and fourth anniversaries of the date of grant.

Key Figures

Shares sold: 62,500 shares Sale price: $9.54 per share Options exercised: 62,500 shares +4 more

7 metrics

Shares sold 62,500 shares Open-market sale at $9.54 on May 13, 2026

Sale price $9.54 per share Common stock sale by CLO Alane P. Barnes

Options exercised 62,500 shares Employee stock option exercise on May 13, 2026

Option exercise price $5.04 per share Emp. Stock Option (Right to Buy) grant

Shares owned after 400,703 shares Direct BCRX common stock holdings post-transaction

Rule 10b5-1 plan adoption date August 13, 2025 Pre-arranged trading plan governing the sale

Option expiration date December 20, 2027 End of term for exercised employee stock option

Key Terms

Rule 10b5-1, open-market sale, Emp. Stock Option (Right to Buy), derivative security, +1 more

5 terms

Rule 10b5-1 regulatory

"This transaction was made pursuant to a plan adopted by the reporting person on August 13, 2025 in accordance with Rule 10b5-1"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

open-market sale financial

"transaction_action: "open-market sale" for 62,500 shares at $9.5400"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Emp. Stock Option (Right to Buy) financial

"security_title: "Emp. Stock Option (Right to Buy)" with 62,500 underlying shares"

derivative security financial

"transaction_code_description: "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

exercise price financial

"conversion_or_exercise_price: "5.0400" for the employee stock option"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
hours per response:			0.5

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

X

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^*

Barnes Alane P

(Last) (First) (Middle)

4505 EMPEROR BLVD.

SUITE 200

(Street)

DURHAM NORTH CAROLINA 27703

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2026

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

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

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

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	05/13/2026		M		62,500(1)	A	$5.04	463,203	D
Common Stock	05/13/2026		S		62,500(1)	D	$9.54	400,703	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
Emp. Stock Option (Right to Buy)	$5.04	05/13/2026		M			62,500(1)	12/20/2018(2)	12/20/2027	Common Stock	62,500	$0	0	D

Explanation of Responses:

1. This transaction was made pursuant to a plan adopted by the reporting person on August 13, 2025 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The transaction occurred automatically and does not represent a discretionary transaction by the reporting person.

2. The option grant became exercisable at the rate of 25% on each of the first, second, third, and fourth anniversaries of the date of grant.

	/s/ Alane P. Barnes	05/15/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did BCRX Chief Legal Officer Alane P. Barnes do in this Form 4?

Alane P. Barnes exercised stock options for 62,500 BIOCRYST shares at $5.04 and sold 62,500 shares at $9.54. These paired transactions converted options into cash while leaving her with a remaining direct holding of 400,703 common shares of BCRX.

How many BIOCRYST (BCRX) shares did Alane P. Barnes sell and at what price?

Barnes sold 62,500 shares of BIOCRYST common stock at $9.54 per share in an open-market transaction. This sale coincided with the exercise of 62,500 employee stock options, effectively monetizing those options while retaining a sizable remaining equity position.

What stock options did Alane P. Barnes exercise in this BCRX filing?

She exercised an employee stock option covering 62,500 shares of BIOCRYST common stock with a $5.04 exercise price. The option became fully exercisable in 25% annual increments and, after this transaction, that specific option grant shows zero remaining derivative balance.

Was the BCRX insider stock sale by Alane P. Barnes pre-planned?

Yes. The filing states the transaction was executed under a Rule 10b5-1 trading plan adopted on August 13, 2025. It notes the transaction occurred automatically, indicating it was pre-scheduled rather than a discretionary response to contemporaneous company developments.

How many BIOCRYST (BCRX) shares does Alane P. Barnes own after these transactions?

After the reported option exercise and stock sale, Barnes directly holds 400,703 BIOCRYST common shares. This remaining stake suggests the transaction reflects partial monetization of an option grant while maintaining significant ongoing equity exposure to the company’s stock.

What is notable about the option terms in Alane P. Barnes’s BCRX Form 4?

The option for 62,500 BIOCRYST shares had a $5.04 exercise price, became exercisable in 25% increments over four years, and was scheduled to expire on December 20, 2027. This filing shows that specific grant fully exercised and no longer outstanding.