Deerfield funds disclose 6.81% BioCryst (BCRX) ownership stake

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

BioCryst Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

09058V103

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 09058V103

1

Names of Reporting Persons

Deerfield Mgmt, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,341,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,341,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,341,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.81 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Comprised of shares of common stock held by Deerfield Partners, L.P., of which Deerfield Mgmt, L.P. is the general partner.

SCHEDULE 13G

CUSIP No. 09058V103

1

Names of Reporting Persons

Deerfield Management Company, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,341,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,341,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,341,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.81 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Comprised of shares of common stock held by Deerfield Partners, L.P. of which Deerfield Management Company, L.P. is the investment advisor.

SCHEDULE 13G

CUSIP No. 09058V103

1

Names of Reporting Persons

Deerfield Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,341,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,341,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,341,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.81 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 09058V103

1

Names of Reporting Persons

James E. Flynn

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,341,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,341,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,341,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.81 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Comprised of shares of common stock held by Deerfield Partners, L.P.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BioCryst Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 4505 Emperor Blvd., Suite 200, Durham, North Carolina 27703
Item 2.
(a)	Name of person filing: James E. Flynn, Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P.
(b)	Address or principal business office or, if none, residence: James E. Flynn, Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P., 345 Park Avenue South, 12th Floor, New York, NY 10010
(c)	Citizenship: Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P. - Delaware limited partnerships; James E. Flynn - United States citizen
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 09058V103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Deerfield Mgmt, L.P. - 14,341,000 shares Deerfield Management Company, L.P. - 14,341,000 shares Deerfield Partners, L.P. - 14,341,000 shares James E. Flynn - 14,341,000 shares
(b)	Percent of class: Deerfield Mgmt, L.P. - 6.81% Deerfield Management Company, L.P. - 6.81% Deerfield Partners, L.P. - 6.81% James E. Flynn - 6.81%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: All Reporting Persons - 0
	(ii) Shared power to vote or to direct the vote: Deerfield Mgmt, L.P. - 14,341,000 Deerfield Management Company, L.P. - 14,341,000 Deerfield Partners, L.P. - 14,341,000 James E. Flynn - 14,341,000
	(iii) Sole power to dispose or to direct the disposition of: All Reporting Persons - 0
	(iv) Shared power to dispose or to direct the disposition of: Deerfield Mgmt, L.P. - 14,341,000 Deerfield Management Company, L.P. - 14,341,000 Deerfield Partners, L.P. - 14,341,000 James E. Flynn - 14,341,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit B
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Deerfield Mgmt, L.P.

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	02/12/2026

Deerfield Management Company, L.P.

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	02/12/2026

Deerfield Partners, L.P.

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	02/12/2026

James E. Flynn

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	02/12/2026

Exhibit Information

Exhibit A. Joint Filing Agreement. Exhibit B. Item 8 Statement. Exhibit C. Power of Attorney (1). (1) Power of Attorney previously filed as Exhibit 24 to a Form 3 with regard to BiomX Inc. filed with the Securities and Exchange Commission on March 19, 2024 by Deerfield Private Design Fund V, L.P., Deerfield Healthcare Innovations Fund II, L.P., Deerfield Mgmt V, L.P., Deerfield Mgmt HIF II, L.P., Deerfield Management Company, L.P. and James E. Flynn.

FAQ

What percentage of BioCryst (BCRX) does Deerfield report owning?

Deerfield-related entities and James E. Flynn report beneficial ownership of 6.81% of BioCryst common stock. They collectively hold 14,341,000 shares as disclosed in the Schedule 13G/A, crossing the 5% threshold that requires institutional holders to file.

How many BioCryst (BCRX) shares are beneficially owned by Deerfield?

The filing reports beneficial ownership of 14,341,000 BioCryst common shares. This amount is attributed to Deerfield Partners, L.P., Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and James E. Flynn, and represents 6.81% of the company’s common stock.

Who are the reporting persons on the BioCryst (BCRX) Schedule 13G/A?

The reporting persons are James E. Flynn, Deerfield Mgmt, L.P., Deerfield Management Company, L.P. and Deerfield Partners, L.P. All are listed as beneficial owners of the same 14,341,000 BioCryst common shares, with shared voting and dispositive power disclosed.

Does the Deerfield Schedule 13G/A indicate control intent over BioCryst (BCRX)?

No, the filers certify the shares are not held to change or influence control of BioCryst. They state the securities were not acquired and are not held for control purposes, consistent with a passive ownership filing under Schedule 13G.

What voting and dispositive power does Deerfield report over BioCryst (BCRX) shares?

The reporting persons disclose zero sole voting or dispositive power and full shared power over 14,341,000 shares. Each reports shared authority to vote and dispose of the same block of common stock, reflecting coordinated investment management.

What is the event date for the Deerfield ownership disclosure in BioCryst (BCRX)?

The event date triggering this Schedule 13G/A disclosure is December 31, 2025. Ownership levels as of that date led the Deerfield entities and James E. Flynn to report their 14,341,000-share, 6.81% beneficial stake in BioCryst.