[SCHEDULE 13G] BIOCRYST PHARMACEUTICALS INC SEC Filing

Rhea-AI Filing Summary

Deerfield-affiliated entities and individual James E. Flynn report a 5.80% beneficial ownership stake in BioCryst Pharmaceuticals common stock, representing 12,169,000 shares. The filing states that all reporting persons have no sole voting or dispositive power and instead hold shared voting and dispositive power over 12,169,000 shares. The reporting group consists of Deerfield Mgmt, L.P., Deerfield Management Company, L.P., Deerfield Partners, L.P. and James E. Flynn, organized in Delaware (entities) and the United States (Flynn). The filing includes a joint filing agreement, an Item 8 statement and a previously filed power of attorney exhibit. Signatures are dated 09/19/2025.

Insights

Institutional Ownership Analyst

TL;DR: A single investment group reports a material minority stake (5.80%) with shared control, signaling a coordinated passive ownership disclosure.

The Schedule 13G discloses that Deerfield-related entities and James E. Flynn collectively beneficially own 12,169,000 shares (5.80%) of BioCryst common stock, with shared voting and dispositive power and no sole control. Filing under Schedule 13G indicates the holders represent passive investors rather than active control seekers, and the inclusion of joint filing and Item 8 exhibits documents the group structure. This is a straightforward ownership disclosure without disclosed transactions or change-in-control intent.

Corporate Governance Specialist

TL;DR: Ownership is material enough to be disclosed but shows no single-party control; governance influence appears limited based on shared powers.

The report shows coordinated ownership across Deerfield entities and an individual, each reporting identical aggregate holdings and percentages. All reporting persons list zero sole voting or dispositive power and identical shared powers, which suggests decision-making authority is exercised collectively through the group. The filing attaches governance-relevant exhibits (joint filing agreement and Item 8 statement) but does not assert any effort to change board composition or control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

BioCryst Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

09058V103

(CUSIP Number)

09/12/2025

(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 12,169,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,169,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,169,000.00

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)

5.80 %

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 12,169,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,169,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,169,000.00

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)

5.80 %

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 12,169,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,169,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,169,000.00

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)

5.80 %

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 12,169,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,169,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,169,000.00

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)

5.80 %

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. - 12,169,000 shares Deerfield Management Company, L.P. - 12,169,000 shares Deerfield Partners, L.P. - 12,169,000 shares James E. Flynn - 12,169,000 shares
(b)	Percent of class: Deerfield Mgmt, L.P. - 5.80% Deerfield Management Company, L.P. - 5.80% Deerfield Partners, L.P. - 5.80% James E. Flynn - 5.80%
(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. - 12,169,000 Deerfield Management Company, L.P. - 12,169,000 Deerfield Partners, L.P. - 12,169,000 James E. Flynn - 12,169,000
	(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. - 12,169,000 Deerfield Management Company, L.P. - 12,169,000 Deerfield Partners, L.P. - 12,169,000 James E. Flynn - 12,169,000
Item 5.	Ownership of 5 Percent or Less of a Class.
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)(K), so indicate under Item 3(k) 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:	09/19/2025

Deerfield Management Company, L.P.

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	09/19/2025

Deerfield Partners, L.P.

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	09/19/2025

James E. Flynn

Signature:	/s/ Jonathan Isler
Name/Title:	Jonathan Isler, Attorney-In-Fact
Date:	09/19/2025

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

How many BioCryst (BCRX) shares do Deerfield and James E. Flynn beneficially own?

The filing reports 12,169,000 shares, representing 5.80% of BioCryst common stock.

Do the reporting persons have sole voting control over the BCRX shares?

No. The filing states 0 shares with sole voting power and 12,169,000 shares with shared voting power.

Which entities filed this Schedule 13G for BCRX?

Deerfield Mgmt, L.P., Deerfield Management Company, L.P., Deerfield Partners, L.P. and James E. Flynn are the filers.

When were the signatures on the Schedule 13G dated?

The signatures are dated 09/19/2025.

Does the filing indicate an intent to influence control of BioCryst?

The certification states the securities were not acquired for the purpose of changing or influencing control of the issuer.