Welcome to our dedicated page for Biocryst Pharmaceuticals SEC filings (Ticker: BCRX), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
BioCryst Pharmaceuticals, Inc. SEC filings document the company's commercial rare-disease business, including ORLADEYO® results, revenue guidance, pricing disclosures, and financial results furnished on Form 8-K. The filings also describe pipeline and business-development matters involving HAE programs, including navenibart licensing and the completed acquisition of Astria Therapeutics as a BioCryst subsidiary.
BioCryst's filings further cover financing and capital-structure matters, including term-loan arrangements, as well as proxy disclosures on board elections, executive compensation, equity awards, committee structure, and shareholder voting matters. Material-event reports and proxy statements provide the formal record for governance changes, strategic transactions, and Regulation FD disclosures.
BioCryst Pharmaceuticals reported a major turnaround in 2025, driven by its hereditary angioedema drug ORLADEYO. Total revenues reached $874.8 million, up from $450.7 million, and operating results swung from a small loss to $341.0 million of operating profit.
ORLADEYO net revenue was $601.8 million, up 38% year over year, or 43% excluding the divested European business. On a non-GAAP basis, total revenue was $592.9 million and operating profit $214.2 million, both sharply higher. Net income was $263.9 million, or $1.21 per diluted share, marking the company’s first full-year profitability.
Strategically, BioCryst sold its European ORLADEYO business, received FDA approval for an ORLADEYO oral pellet formulation for children with HAE, and completed the acquisition of Astria Therapeutics, adding Phase 3 antibody navenibart to its HAE portfolio. For 2026, it reaffirmed ORLADEYO revenue guidance of $625–$645 million and total revenue of $635–$660 million, with non-GAAP operating expenses expected between $450–$470 million.
BioCryst Pharmaceuticals, Inc. received an updated ownership report showing that Deerfield-related investment entities and James E. Flynn together beneficially own 14,341,000 shares of its common stock, representing 6.81% of the company as of 12/31/2025.
The shares are held through Deerfield Partners, L.P., with Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Flynn reporting shared power to vote and dispose of these shares, and no sole voting or dispositive power. The filers certify the holdings are not for the purpose of changing or influencing control of BioCryst.
State Street Corporation has filed a Schedule 13G reporting beneficial ownership of 11,073,211 shares of BioCryst Pharmaceuticals Inc. common stock, representing 5.3% of the class as of the event date.
State Street reports no sole voting or dispositive power, with shared voting power over 10,457,690 shares and shared dispositive power over 11,073,211 shares. The holdings are certified as acquired and held in the ordinary course of business, not to change or influence control of BioCryst. Several State Street Global Advisors entities are identified as relevant investment adviser subsidiaries.
BioCryst Pharmaceuticals director Jill C. Milne reported new equity holdings following a merger and standard director compensation grants. On 01/23/2026 she received 2,582 shares of BioCryst common stock in exchange for 4,377 Astria Therapeutics shares under a merger where each Astria share was converted into 0.59 BioCryst share plus $8.55 in cash.
She also acquired 12,272 restricted stock units as an automatic non-employee director grant that will vest in three equal annual installments starting one year after grant. In addition, she received an automatic stock option grant for 26,684 shares at an exercise price of $6.79, vesting 1/36 per month over three years and expiring on 01/23/2036.
BioCryst Pharmaceuticals director files initial ownership report showing no holdings
BioCryst Pharmaceuticals Inc. director Jill C. Milne filed an initial ownership report on Form 3 for the company’s common stock. The filing states that no non-derivative or derivative securities are beneficially owned, meaning she reports no current ownership position in BioCryst shares or related equity instruments.
BioCryst Pharmaceuticals, Inc. completed its previously agreed merger with Astria Therapeutics, Inc. on January 23, 2026. Axel Merger Sub, Inc., a wholly owned subsidiary of BioCryst, merged with and into Astria, and Astria now operates as a wholly owned subsidiary of BioCryst.
The filing also confirms that the appointment of Jill C. Milne, Ph.D. to BioCryst’s board of directors became effective on the merger closing date after conditions in the merger agreement were satisfied. On January 20, 2026, the board further appointed Dr. Milne to the Compensation Committee and the Science Committee, effective as of the closing date.
BioCryst Pharmaceuticals entered into a new Loan Agreement on January 23, 2026 providing $400 million of initial term loans to help fund its acquisition of Astria Therapeutics and related costs, as well as for working capital and general corporate purposes. The term loans mature on January 23, 2031 and require quarterly interest-only payments, with all principal due at maturity.
The loans bear interest at three-month SOFR, with a floor of 1.75%, plus 4.50% per year, and BioCryst may pay up to 200 basis points of interest in kind until the second anniversary of closing, at which time the margin on those loans increases by 0.50% for the relevant period. The facility is secured by substantially all assets of BioCryst and its subsidiaries and includes customary covenants and events of default, plus prepayment premiums that step down from 3.00% to 0% over four years.
On the same date, BioCryst completed its merger with Astria Therapeutics, with Astria becoming a wholly owned subsidiary. Each share of Astria common stock was converted into the right to receive 0.59 BioCryst share plus $8.55 in cash, subject to standard adjustments, combining the two companies’ businesses.
BioCryst Pharmaceuticals reported preliminary, unaudited full-year 2025 net revenue from its hereditary angioedema drug ORLADEYO of $601 million, which the company highlighted as a 37 percent year-over-year increase and above its prior guidance range. The company also discussed non-GAAP views of ORLADEYO sales that exclude European revenue to show comparable growth, noting 36 percent growth for the fourth quarter of 2025 and 43 percent growth for the full year 2025 on this basis. In the same update, BioCryst provided guidance for 2026 ORLADEYO net revenue, total revenue, and operating expenses, and reminded investors of its presentation at the J.P. Morgan Healthcare Conference.
BioCryst Pharmaceuticals' Chief Commercial Officer, Ronald Dullinger, has filed an initial Form 3 reporting his equity holdings in the company. As of 01/01/2026, he beneficially owns 258,372 shares of common stock, which include 206,813 restricted stock units that vest in four equal annual installments starting on each grant’s anniversary.
He also holds several employee stock options to purchase common stock, including grants for 100,000 shares at $2.85 per share expiring in 2029 and 100,000 shares at $8.31 per share expiring in 2030. Additional option awards cover smaller blocks of shares at exercise prices between $6.43 and $11.43, with expiration dates running through 2035. Each option grant vests 25% per year over four years from its grant date.
BioCryst Pharmaceuticals, Inc. is increasing the U.S. wholesale acquisition cost of its hereditary angioedema treatment ORLADEYO (berotralstat) effective January 9, 2026. The price is rising from $44,484.33 to $48,487.92 per 28-day pack of either the 150mg or 110mg capsules. This change applies to the wholesale acquisition cost, which is a list price used in transactions between the company and its buyers in the United States.