BioCryst Reports Second Quarter 2024 Financial Results and Provides Business Update
BioCryst Pharmaceuticals reported Q2 2024 financial results, highlighting a 34% y-o-y increase in ORLADEYO net revenue to $108.3 million. Full-year 2024 ORLADEYO revenue guidance has been raised to $420-$435 million from $390-$400 million. The company achieved a GAAP operating profit of $8.8 million, compared to a loss in Q2 2023, and a non-GAAP operating profit of $21.9 million. Total revenues rose 32.5% y-o-y to $109.3 million. R&D expenses fell 26.6% y-o-y to $37.6 million, while SG&A expenses increased 20% y-o-y to $61.2 million. Net loss was $12.7 million, down from $75.3 million in Q2 2023. Cash reserves totaled $338.1 million as of June 30, 2024. The pipeline includes advancing BCX17725 for Netherton syndrome and avoralstat for diabetic macular edema. BioCryst plans to achieve full-year operating profit in 2024 and positive EPS by 2026 without additional fundraising.
BioCryst Pharmaceuticals ha riportato i risultati finanziari del Q2 2024, evidenziando un incremento del 34% anno su anno nel fatturato netto di ORLADEYO, pari a 108,3 milioni di dollari. Le previsioni di fatturato per ORLADEYO nell'intero anno 2024 sono state riviste al rialzo a 420-435 milioni di dollari, rispetto ai precedenti 390-400 milioni di dollari. L'azienda ha registrato un profitto operativo GAAP di 8,8 milioni di dollari, rispetto a una perdita nel Q2 2023, e un profitto operativo non-GAAP di 21,9 milioni di dollari. I ricavi totali sono aumentati del 32,5% anno su anno, raggiungendo 109,3 milioni di dollari. Le spese per R&D sono diminuite del 26,6% anno su anno a 37,6 milioni di dollari, mentre le spese SG&A sono aumentate del 20% anno su anno a 61,2 milioni di dollari. La perdita netta è stata di 12,7 milioni di dollari, in calo rispetto ai 75,3 milioni di dollari nel Q2 2023. Le riserve di liquidità ammontano a 338,1 milioni di dollari al 30 giugno 2024. Il piano include il progresso di BCX17725 per la sindrome di Netherton e avoralstat per l'edema maculare diabetico. BioCryst prevede di raggiungere un profitto operativo per l'intero anno nel 2024 e un utile per azione positivo entro il 2026 senza ulteriori raccolte di fondi.
BioCryst Pharmaceuticals informó sobre los resultados financieros del Q2 2024, destacando un aumento del 34% interanual en los ingresos netos de ORLADEYO a 108,3 millones de dólares. La guía de ingresos para ORLADEYO para el año completo 2024 se ha elevado a 420-435 millones de dólares desde 390-400 millones de dólares. La compañía logró un beneficio operativo GAAP de 8,8 millones de dólares, en comparación con una pérdida en el Q2 2023, y un beneficio operativo no GAAP de 21,9 millones de dólares. Los ingresos totales aumentaron un 32,5% interanual a 109,3 millones de dólares. Los gastos de I+D cayeron un 26,6% interanual a 37,6 millones de dólares, mientras que los gastos SG&A aumentaron un 20% interanual a 61,2 millones de dólares. La pérdida neta fue de 12,7 millones de dólares, disminuyendo desde los 75,3 millones de dólares en el Q2 2023. Las reservas de efectivo totalizaron 338,1 millones de dólares al 30 de junio de 2024. La pipeline incluye el avance de BCX17725 para el síndrome de Netherton y avoralstat para el edema macular diabético. BioCryst planea lograr un beneficio operativo para el año completo en 2024 y un EPS positivo para 2026 sin financiación adicional.
BioCryst Pharmaceuticals는 2024년 2분기 재무 결과를 발표하며 ORLADEYO 순수익이 전년 대비 34% 증가하여 1억 830만 달러에 달한다고 보고했습니다. 2024년 전체 ORLADEYO 수익 가이던스는 3억 9000만 달러에서 4억 4000만 달러로 상향 조정되었습니다. 회사는 GAAP 운영 이익이 880만 달러로, 2023년 2분기 손실에 비해 개선되었으며, 비 GAAP 운영 이익은 2천 190만 달러로 나타났습니다. 총 수익은 전년 대비 32.5% 증가하여 1억 930만 달러에 이르렀습니다. 연구개발(R&D) 비용은 전년 대비 26.6% 감소하여 3760만 달러가 되었고, SG&A 비용은 20% 증가해 6120만 달러가 되었습니다. 순손실은 1270만 달러로, 2023년 2분기 7530만 달러에서 감소했습니다. 현금 보유고는 2024년 6월 30일 기준으로 3억 3810만 달러에 달했습니다. 파이프라인에는 Netherton 증후군을 위한 BCX17725와 당뇨성 황반부종을 위한 avoralstat이 포함되어 있습니다. BioCryst는 2024년 전체 운영 이익을 달성하고 2026년까지 추가 자금 조달 없이 긍정적인 주당 순이익(EPS)을 목표로 하고 있습니다.
BioCryst Pharmaceuticals a annoncé ses résultats financiers du 2ème trimestre 2024, mettant en évidence une augmentation de 34 % d'une année sur l'autre des revenus nets d'ORLADEYO, atteignant 108,3 millions de dollars. La prévision de revenus pour ORLADEYO pour l'exercice 2024 a été relevée à 420-435 millions de dollars, contre 390-400 millions de dollars précédemment. L'entreprise a réalisé un bénéfice d'exploitation GAAP de 8,8 millions de dollars, contre une perte au 2ème trimestre 2023, et un bénéfice d'exploitation non-GAAP de 21,9 millions de dollars. Les revenus totaux ont augmenté de 32,5 % d'une année sur l'autre, atteignant 109,3 millions de dollars. Les dépenses R&D ont diminué de 26,6 % d'une année sur l'autre pour s'établir à 37,6 millions de dollars, tandis que les dépenses SG&A ont augmenté de 20 % d'une année sur l'autre pour atteindre 61,2 millions de dollars. La perte nette était de 12,7 millions de dollars, en baisse par rapport à 75,3 millions de dollars au 2ème trimestre 2023. Les réserves de liquidités s'élevaient à 338,1 millions de dollars au 30 juin 2024. Le pipeline comprend l'avancement de BCX17725 pour le syndrome de Netherton et d'avoralstat pour l'œdème maculaire diabétique. BioCryst prévoit d'atteindre un bénéfice d'exploitation pour l'ensemble de l'année en 2024 et un BPA positif d'ici 2026 sans levée de fonds supplémentaire.
BioCryst Pharmaceuticals berichtete über die finanziellen Ergebnisse für Q2 2024 und hob einen Anstieg von 34% im Vergleich zum Vorjahr bei den Nettoumsätzen von ORLADEYO auf 108,3 Millionen Dollar hervor. Die Umsatzprognose für ORLADEYO für das Gesamtjahr 2024 wurde auf 420-435 Millionen Dollar von zuvor 390-400 Millionen Dollar angehoben. Das Unternehmen erzielte einen GAAP-Betriebsgewinn von 8,8 Millionen Dollar, verglichen mit einem Verlust im Q2 2023, sowie einen Non-GAAP-Betriebsgewinn von 21,9 Millionen Dollar. Die Gesamterlöse stiegen um 32,5% im Vergleich zum Vorjahr auf 109,3 Millionen Dollar. Die F&E-Ausgaben sanken um 26,6% im Vergleich zum Vorjahr auf 37,6 Millionen Dollar, während die SG&A-Ausgaben um 20% im Vergleich zum Vorjahr auf 61,2 Millionen Dollar stiegen. Der Nettoverlust betrug 12,7 Millionen Dollar, ein Rückgang von 75,3 Millionen Dollar im Q2 2023. Die liquiden Mittel beliefen sich zum 30. Juni 2024 auf 338,1 Millionen Dollar. Die Pipeline umfasst den Fortschritt von BCX17725 für das Netherton-Syndrom und avoralstat für diabetisches Makulaödem. BioCryst plant, im Jahr 2024 einen Gesamtbetriebsgewinn zu erzielen und bis 2026 ohne zusätzliche Mittel einen positiven Gewinn je Aktie (EPS) zu erreichen.
- 34% y-o-y increase in ORLADEYO net revenue to $108.3 million.
- Full-year 2024 ORLADEYO revenue guidance increased to $420-$435 million.
- GAAP operating profit of $8.8 million in Q2 2024.
- Non-GAAP operating profit of $21.9 million in Q2 2024.
- Total revenues rose 32.5% y-o-y to $109.3 million.
- R&D expenses decreased 26.6% y-o-y to $37.6 million.
- Net loss reduced to $12.7 million from $75.3 million y-o-y.
- Cash reserves totaled $338.1 million as of June 30, 2024.
- SG&A expenses increased 20% y-o-y to $61.2 million.
- Interest expense remains high at $24.7 million.
- BCX10013 development discontinued due to inadequate clinical activity.
Insights
BioCryst's Q2 2024 results demonstrate strong financial performance, particularly driven by ORLADEYO. Revenue grew 32.5% y-o-y to
Notably, BioCryst has increased its full-year 2024 ORLADEYO revenue guidance to
BioCryst's pipeline developments show a strategic focus on rare diseases. The planned regulatory filing to expand ORLADEYO's label for children as young as two years old could significantly broaden its market reach. However, the discontinuation of BCX10013 due to insufficient clinical activity is a setback.
The advancement of BCX17725 for Netherton syndrome and avoralstat for diabetic macular edema (DME) demonstrates diversification into unmet medical needs. The novel approach of targeting the kallikrein-bradykinin pathway in DME could potentially address limitations of current VEGF inhibitors, offering a unique value proposition in a large market. These pipeline developments, while promising, are still in early stages and will require successful clinical trials to realize their potential.
ORLADEYO's market performance is impressive, with 52% of allergist/immunologists extremely likely to prescribe it, up from 29% in early 2023. The
The international expansion, now available in over 20 countries, is driving growth with ex-U.S. revenue increasing
—Q2 2024 ORLADEYO net revenue grows 34 percent y-o-y to
—Full-year 2024 ORLADEYO revenue guidance increased to
—Company generates GAAP operating profit of
—Pipeline continues to advance—
RESEARCH TRIANGLE PARK, N.C., Aug. 05, 2024 (GLOBE NEWSWIRE) -- BioCryst Pharmaceuticals, Inc. (Nasdaq:BCRX) today reported financial results for the second quarter ended June 30, 2024, and provided a corporate update.
“The first half of 2024 has been outstanding for BioCryst due to the success we are having in the marketplace with ORLADEYO. As a result, we are increasing our full year guidance for ORLADEYO, advancing multiple programs toward the clinic in the next 18 months and moving the company closer to profitability,” said Jon Stonehouse, president and chief executive officer of BioCryst.
ORLADEYO® (berotralstat): Oral, Once-daily Treatment for Prevention of Hereditary Angioedema (HAE) Attacks
- ORLADEYO net revenue in the second quarter of 2024 was
$108.3 million (+34 percent year-over-year (y-o-y)). - Operational improvements drove revenue above expectations for the second quarter. This included a three percent increase in the overall rate of paid patients relative to the end of 2023, which now stands at 74.4 percent.
- New patient starts continued at the same high rate seen in the prior two quarters, matching the new patient demand seen in the first three quarters of the launch in 2021, and patient retention remained strong. We continue to see more than 60 percent of patients on paid therapy staying on for at least a year.
- A recent market research study showed that 52 percent of allergist/immunologists are extremely likely to prescribe ORLADEYO to more patients, up from 29 percent in early 2023.
- With additional recent approvals and reimbursement authorizations in Europe and Latin America, ORLADEYO is now commercially available to patients in more than 20 countries. Ex-U.S. ORLADEYO revenue in the second quarter increased 51 percent y-o-y and accounted for 11 percent of global ORLADEYO net revenues.
“Our second quarter revenue growth and increased full year guidance for ORLADEYO reflect strong underlying demand and favorable patient outcomes, combined with our continuing focus on improving patient services and market access operations. The real-world experience of patients who respond to ORLADEYO is consistent with the 91 percent reduction in attacks from baseline that we saw in long-term clinical trials. The potential for patients to have that high level of HAE attack control in a once-daily pill is a major differentiator in the marketplace that makes ORLADEYO’s trajectory toward
Rare Disease Pipeline
The goal with our pipeline is to build on our success with ORLADEYO by bringing additional selected, highly differentiated rare disease products to patients.
- The company remains on track to submit a regulatory filing in 2025 to expand the ORLADEYO label to enable children as young as two years of age to receive an oral granule formulation of ORLADEYO. ORLADEYO would be the first oral prophylactic therapy for children with HAE.
- The company has completed its clinical evaluation of its oral Factor D inhibitor, BCX10013. The drug was safe and well tolerated at all doses studied, however the level of clinical activity observed was less than other therapies on the market and potential partners have declined to make the additional investment required to evaluate higher doses. BioCryst plans to discontinue development, consistent with its previously announced plans.
- The company expects to advance BCX17725, its KLK-5 inhibitor for the treatment of Netherton syndrome, into the clinic by the end of 2024.
- Netherton syndrome is a serious, rare, lifelong genetic disorder affecting the skin, hair and immune system. People with Netherton syndrome often have red, scaly, inflamed skin, fragile hair, and are more likely to develop skin infections, allergies, asthma and eczema. Netherton syndrome can be life threatening, especially during infancy when patients are vulnerable to dehydration and recurrent infections. Currently, there is no approved treatment for Netherton syndrome.
- Netherton syndrome is a serious, rare, lifelong genetic disorder affecting the skin, hair and immune system. People with Netherton syndrome often have red, scaly, inflamed skin, fragile hair, and are more likely to develop skin infections, allergies, asthma and eczema. Netherton syndrome can be life threatening, especially during infancy when patients are vulnerable to dehydration and recurrent infections. Currently, there is no approved treatment for Netherton syndrome.
- In 2025, the company plans to advance avoralstat, a plasma kallikrein inhibitor, into a clinical trial of patients with diabetic macular edema (DME).
- DME is an important cause of vision loss in diabetes and is due to leakage from the blood vessels in the retina. While current treatments focus on VEGF inhibition, DME can develop from other mechanisms, such as the kallikrein-bradykinin pathway. This is supported by observations that many DME patients have an incomplete response to intravitreal anti-VEGF therapies that are administered every four to eight weeks. Avoralstat targets the kallikrein-bradykinin system on the retinal vascular endothelial cells and may result in less vascular leakage and less edema. Avoralstat, delivered to the suprachoroidal space as a depot formulation, is designed to provide high dose levels to the retinal vessels with long-lasting exposure, which could result in less frequent injections and a reduced burden on patients and the healthcare system.
- DME is an important cause of vision loss in diabetes and is due to leakage from the blood vessels in the retina. While current treatments focus on VEGF inhibition, DME can develop from other mechanisms, such as the kallikrein-bradykinin pathway. This is supported by observations that many DME patients have an incomplete response to intravitreal anti-VEGF therapies that are administered every four to eight weeks. Avoralstat targets the kallikrein-bradykinin system on the retinal vascular endothelial cells and may result in less vascular leakage and less edema. Avoralstat, delivered to the suprachoroidal space as a depot formulation, is designed to provide high dose levels to the retinal vessels with long-lasting exposure, which could result in less frequent injections and a reduced burden on patients and the healthcare system.
Second Quarter 2024 Financial Results
For the three months ended June 30, 2024, total revenues were
R&D expenses for the second quarter of 2024 decreased to
Selling, general and administrative expenses for the second quarter of 2024 increased to
Total operating expenses were
The company generated a GAAP operating profit of
Interest expense was
Net loss for the second quarter of 2024 was
Cash, cash equivalents, restricted cash and investments totaled
Non-GAAP Pro forma Financial Measures
The information furnished in this release includes non-GAAP pro forma financial measures that differ from measures calculated in accordance with generally accepted accounting principles in the United States of America (GAAP), including financial measures labeled as “non-GAAP” or “adjusted.”
We believe providing these non-GAAP measures, which show our pro forma results with these items adjusted, is valuable and useful since they allow the company and investors to better understand the company’s financial performance in the absence of these one-time events and allow investors to more accurately understand our second quarter 2023 and second quarter 2024 results and more easily compare them to future results. These non-GAAP pro forma measures also correspond with the way we expected Wall Street analysts to compare our results. Our non-GAAP pro forma measures should be considered only as supplements to, and not as substitutes for or in isolation from, our other measures of financial information prepared in accordance with GAAP, such as GAAP revenue, operating income, net income, operating profit and earnings per share.
Our references to our second quarter 2023 and first six months 2023 “non-GAAP pro forma” financial measures of adjusted net loss and adjusted earnings per share constitute non-GAAP financial measures. They refer to our GAAP results, adjusted to show the results without the one-time loss on the extinguishment of the Athyrium term loans. Our reference to our second quarter 2024 and first six months 2024 “non-GAAP pro forma” financial measure of non-GAAP operating profit constitutes a non-GAAP financial measure. It refers to our GAAP results, adjusted to show the results without including non-cash stock compensation expense.
Financial Outlook for 2024
Based on the operational improvements and strong patient and physician demand for ORLADEYO seen in the first half of 2024, the company is raising its outlook for full year 2024 global net ORLADEYO revenue to be between
The company maintains its prior operating expense outlook, and expects full year 2024 operating expenses to be between
This operating expense outlook does not reflect non-cash stock compensation expense, or one-time expenses related to the previously announced workforce reduction implemented in the first quarter of 2024.
Based on the company’s disciplined approach to capital allocation, and the increased revenue guidance for ORLADEYO, the company is confident that it will achieve a full-year operating profit in 2024 (not including non-cash stock compensation), be approaching quarterly positive earnings per share (EPS) and positive cash flow in the second half of 2025 (not including non-cash stock compensation) and be profitable on an EPS basis, with positive cash flow, for full year 2026. The company expects it can achieve these financial milestones without raising additional funds and does not intend to draw the additional
Conference Call and Webcast
BioCryst management will host a conference call and webcast at 8:30 a.m. ET today to discuss the financial results and provide a corporate update. The live call may be accessed by dialing 1-844-481-2942 for domestic callers and 1-412-317-1866 for international callers. A live webcast and replay of the call will be available online in the investors section of the company website at www.biocryst.com.
About BioCryst Pharmaceuticals
BioCryst Pharmaceuticals is a global biotechnology company with a deep commitment to improving the lives of people living with complement-mediated and other rare diseases. BioCryst leverages its expertise in structure-guided drug design to develop first-in-class or best-in-class oral small-molecule and protein therapeutics to target difficult-to-treat diseases. BioCryst has commercialized ORLADEYO® (berotralstat), the first oral, once-daily plasma kallikrein inhibitor, and is advancing a pipeline of small-molecule and protein therapies. For more information, please visit www.biocryst.com or follow us on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding future results, performance or achievements. These statements involve known and unknown risks, uncertainties and other factors which may cause BioCryst’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include: BioCryst’s ability to successfully implement or maintain its commercialization plans for ORLADEYO; risks related to the planned discontinuation of the development of BCX10013; BioCryst’s ability to successfully progress its pipeline development plans as described herein; risks related to the reduction in size of BioCryst’s R&D organization; the results of BioCryst’s partnerships with third parties may not meet BioCryst’s current expectations; risks related to government actions, including that decisions and other actions, including as they relate to pricing, may not be taken when expected or at all, or that the outcomes of such decisions and other actions may not be in line with BioCryst’s current expectations; the commercial viability of ORLADEYO, including its ability to achieve sustained market acceptance; ongoing and future preclinical and clinical development of product candidates may take longer than expected and may not have positive results; the FDA or other applicable regulatory agency may require additional studies beyond the studies planned for products and product candidates, may not provide regulatory clearances which may result in delay of planned clinical trials, may impose certain restrictions, warnings, or other requirements on products and product candidates, may impose a clinical hold with respect to product candidates, or may withhold, delay or withdraw market approval for products and product candidates; product candidates, if approved, may not achieve market acceptance; BioCryst’s ability to successfully commercialize its products and product candidates; BioCryst’s ability to successfully manage its growth and compete effectively; risks related to the international expansion of BioCryst’s business; timing for achieving profitability and positive cash flow may not meet management’s expectations; statements and projections regarding financial guidance and goals and the attainment of such goals may differ from actual results based on market factors and BioCryst’s ability to execute its operational and budget plans; and actual financial results may not be consistent with expectations, including that revenue, operating expenses and cash usage may not be within management’s expected ranges. Please refer to the documents BioCryst files periodically with the Securities and Exchange Commission, specifically BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, which identify important factors that could cause actual results to differ materially from those contained in BioCryst’s projections and forward-looking statements.
BCRXW
Contact:
John Bluth
+1 919 859 7910
jbluth@biocryst.com
| BIOCRYST PHARMACEUTICALS, INC. CONSOLIDATED FINANCIAL SUMMARY (In thousands, except per share) | ||||||||||||||||
| Statements of Operations (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| ORLADEYO | $ | 108,288 | $ | 81,009 | $ | 197,155 | $ | 149,423 | ||||||||
| Other | 1,044 | 1,482 | 4,938 | 1,846 | ||||||||||||
| Total revenues | 109,332 | 82,491 | 202,093 | 151,269 | ||||||||||||
| Expenses: | ||||||||||||||||
| Cost of product sales | 1,699 | 894 | 2,964 | 1,825 | ||||||||||||
| Research and development | 37,623 | 51,247 | 84,116 | 99,635 | ||||||||||||
| Selling, general and administrative | 61,214 | 50,997 | 120,578 | 98,864 | ||||||||||||
| Royalty | 35 | 56 | 162 | 63 | ||||||||||||
| Total operating expenses | 100,571 | 103,194 | 207,820 | 200,387 | ||||||||||||
| Income (loss) from operations | 8,761 | (20,703 | ) | (5,727 | ) | (49,118 | ) | |||||||||
| Interest income | 3,554 | 3,750 | 7,585 | 7,128 | ||||||||||||
| Interest expense | (24,733 | ) | (28,915 | ) | (49,239 | ) | (56,311 | ) | ||||||||
| Foreign currency (losses) gains, net | (84 | ) | 301 | (135 | ) | 72 | ||||||||||
| Loss on extinguishment of debt | — | (29,019 | ) | — | (29,019 | ) | ||||||||||
| Loss before income taxes | $ | (12,502 | ) | $ | (74,586 | ) | $ | (47,516 | ) | $ | (127,248 | ) | ||||
| Income tax expense | 172 | 740 | 537 | 1,411 | ||||||||||||
| Net loss | $ | (12,674 | ) | $ | (75,326 | ) | $ | (48,053 | ) | $ | (128,659 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.06 | ) | $ | (0.40 | ) | $ | (0.23 | ) | $ | (0.68 | ) | ||||
| Weighted average shares outstanding | 206,425 | 189,118 | 206,244 | 188,815 | ||||||||||||
| Balance Sheet Data (in thousands) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| (unaudited) | (Note 1) | |||||||
| Cash, cash equivalents and investments | $ | 336,344 | $ | 388,987 | ||||
| Restricted cash | 1,795 | 1,804 | ||||||
| Receivables | 68,759 | 56,950 | ||||||
| Total assets | 472,419 | 516,960 | ||||||
| Secured term loan | 313,822 | 303,231 | ||||||
| Royalty financing obligation | 523,633 | 531,599 | ||||||
| Accumulated deficit | (1,729,212 | ) | (1,681,159 | ) | ||||
| Stockholders’ deficit | (475,606 | ) | (455,528 | ) | ||||
| Shares of common stock outstanding | 206,629 | 205,771 | ||||||
Note 1: Derived from audited financial statements.
| Reconciliation of Adjusted Net Loss and Adjusted Diluted Earnings Per Share (in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| GAAP net loss | $ | (12,674 | ) | $ | (75,326 | ) | $ | (48,053 | ) | $ | (128,659 | ) | ||||
| Less: One-time R&D restructuring expense | — | — | (1,264 | ) | — | |||||||||||
| Less: One-time loss on extinguishment of Athyrium term loans | — | (29,019 | ) | — | (29,019 | ) | ||||||||||
| Adjusted net loss | $ | (12,674 | ) | $ | (46,307 | ) | $ | (46,789 | ) | $ | (99,640 | ) | ||||
| GAAP basic and diluted net loss per common share | $ | (0.06 | ) | $ | (0.40 | ) | $ | (0.23 | ) | $ | (0.68 | ) | ||||
| Adjusted basic and diluted net loss per common share | $ | (0.06 | ) | $ | (0.24 | ) | $ | (0.23 | ) | $ | (0.53 | ) | ||||
| Reconciliation of Adjusted Income (Loss) from Operations (in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| GAAP income (loss) from operations | $ | 8,761 | $ | (20,703 | ) | $ | (5,727 | ) | $ | (49,118 | ) | |||||
| Less: Stock-based compensation expense | (13,173 | ) | (12,841 | ) | (26,825 | ) | (26,848 | ) | ||||||||
| Adjusted income (loss) from operations | $ | 21,934 | $ | (7,862 | ) | $ | 21,098 | $ | (22,270 | ) | ||||||
FAQ
What was the ORLADEYO net revenue in Q2 2024?
What is the updated full-year 2024 ORLADEYO revenue guidance?
Did BioCryst achieve an operating profit in Q2 2024?
What were BioCryst's total revenues in Q2 2024?
What was BioCryst's net loss in Q2 2024?
What was BioCryst's cash position as of June 30, 2024?
Why was the development of BCX10013 discontinued?
