BIOCRYST PHARMACEUTICALS INC

BCRX · Biological Products, (No Diagnostic Substances) · 254.2M shares · +14%/yr ↑ shares · EDGAR filings ↗

Net buyback after stock comp: -$56M (gross $61K, SBC $56M)

Reference price $8.97 · est. market cap ~$2.3B — last insider sale, 2026-05-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C60

HAE-drug (Orladeyo) commercial-stage biotech growing toward profitability, with negative equity.

Strengths

Strong asset returns — ROA 51% (97th)
Debt-free, growing Orladeyo franchise — D/E 0.0, per 10-K

Risks

Negative equity — ROE -221%
Earnings volatility — net income -397%
Single-product (Orladeyo) concentration — per 10-K

Notable findings

Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Chronic dilutionShare count +14%/yr over 4y (dilution)
Exec changeRecent 8-K item 5.02 8-K ↗
Strong balance sheetStrong balance sheet — $336M cash & investments
Notable holderHeld by 6 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +3 more (as of 2026-03-31)
Revenue declineRevenue -55.6% YoY
Insider sellingInsider selling — 4 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$3M, last 6mo) Form 4 ↗

Quarterly revenue

2016-09-30 · $8M2016-12-31 · $9M2017-09-30 · $9M2017-12-31 · $4M

Last 4 quarters · from SEC filings.

Key metrics

Return on equity

-221.4%

Return on assets

51.3%

Revenue growth (QoQ)

-55.6%

Debt / equity

0.0×

Net debt / EBITDA

-1.0×

Current ratio

2.1×

EBITDA

$342M

Tangible book value

-$119M

Cash & investments

$336M

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-11	Galson Steven K	Grant	15K	—
2026-06-11	Milne Jill C.	Grant	15K	—
2026-06-11	LEVIN ALAN G	Grant	15K	—
2026-06-11	Frank Steven	Grant	15K	—
2026-06-11	SANDERS MACHELLE	Grant	15K	—
2026-06-11	MILANO VINCENT	Grant	15K	—
2026-06-11	Stonehouse Jon P	Grant	15K	—
2026-06-11	McKee Amy E	Grant	15K	—
2026-06-11	HEGGIE THERESA	Grant	15K	—
2026-05-29	Milne Jill C.	Grant	1.3K	$8.91
2026-05-29	Stonehouse Jon P	Grant	631	$8.91
2026-05-29	McKee Amy E	Grant	631	$8.91
2026-05-29	MILANO VINCENT	Grant	1.1K	$8.91
2026-05-29	Frank Steven	Grant	1.3K	$8.91
2026-05-18	McKee Amy E	Sell	11K	$8.97
2026-05-13	Barnes Alane P	Option exercise	62K	$5.04
2026-05-13	Barnes Alane P	Sell	62K	$9.54
2026-04-06	Menon Sandeep	Grant	205K	—
2026-03-20	HEGGIE THERESA	Sell	50K	$10.11
2026-03-20	HEGGIE THERESA	Option exercise	50K	$6.30
2026-03-16	Barnes Alane P	Option exercise	150K	$5.51
2026-03-16	Barnes Alane P	Sell	150K	$9.15
2026-03-02	Stonehouse Jon P	Option exercise	306K	$3.22
2026-03-02	Stonehouse Jon P	Disposition	306K	$8.64
2026-02-27	Milne Jill C.	Grant	528	$8.75
2026-02-27	McKee Amy E	Grant	642	$8.75
2026-02-27	MILANO VINCENT	Grant	848	$8.75
2026-02-27	Frank Steven	Grant	1.3K	$8.75
2026-02-27	Stonehouse Jon P	Grant	421	$8.75
2026-01-23	Milne Jill C.	Grant	2.6K	—
2026-01-23	Milne Jill C.	Grant	12K	—
2025-12-22	Gayer Charles K	Option exercise	14K	$3.22
2025-12-22	Gayer Charles K	Option exercise	10K	$5.04
2025-12-22	Gayer Charles K	Option exercise	50K	$5.51
2025-12-22	Barnes Alane P	Sell	22K	$7.65
2025-12-19	Gayer Charles K	Tax withheld	11K	$7.41
2025-12-19	Barnes Alane P	Tax withheld	17K	$7.41
2025-12-19	Stonehouse Jon P	Tax withheld	62K	$7.41
2025-12-18	Stonehouse Jon P	Gift	20K	—
2025-12-18	Stonehouse Jon P	Gift	10K	—
2025-12-18	Stonehouse Jon P	Gift	10K	—
2025-12-17	Barnes Alane P	Grant	122K	—
2025-12-17	Gayer Charles K	Grant	471K	—
2025-12-17	Ghias Babar	Grant	122K	—
2025-12-15	Barnes Alane P	Sell	21K	$7.65
2025-12-12	Barnes Alane P	Tax withheld	8.5K	$7.57
2025-12-12	Gayer Charles K	Tax withheld	8.2K	$7.57
2025-12-12	Stonehouse Jon P	Tax withheld	27K	$7.57
2025-12-03	Barnes Alane P	Sell	20K	$7.65
2025-12-02	Barnes Alane P	Sell	51K	$7.21
2025-12-01	Barnes Alane P	Option exercise	91K	$3.22
2025-12-01	Barnes Alane P	Sell	91K	$7.10
2025-11-28	McKee Amy E	Grant	783	$7.18
2025-11-28	Frank Steven	Grant	1.6K	$7.18
2025-11-28	MILANO VINCENT	Grant	783	$7.18
2025-11-13	SANDERS MACHELLE	Sell	9.6K	$7.14
2025-08-29	MILANO VINCENT	Grant	676	$8.31
2025-08-29	McKee Amy E	Grant	676	$8.31
2025-08-29	Frank Steven	Grant	1.4K	$8.31
2025-08-13	HEGGIE THERESA	Option exercise	30K	$2.91
2025-08-13	HEGGIE THERESA	Option exercise	40K	$5.41
2025-08-13	HEGGIE THERESA	Sell	70K	$8.51
2025-07-24	Ghias Babar	Grant	147K	—
2025-06-12	SANDERS MACHELLE	Grant	12K	—
2025-06-12	MILANO VINCENT	Grant	12K	—
2025-06-12	McKee Amy E	Grant	12K	—
2025-06-12	LEVIN ALAN G	Grant	12K	—
2025-06-12	Hutson Nancy J	Grant	12K	—
2025-06-12	HEGGIE THERESA	Grant	12K	—
2025-06-12	Galson Steven K	Grant	12K	—
2025-06-12	Frank Steven	Grant	12K	—
2025-05-30	MILANO VINCENT	Grant	523	$10.75
2025-05-30	Frank Steven	Grant	333	$10.75
2025-05-02	Frank Steven	Grant	1.9K	—
2025-03-31	Thackray Helen M.	Tax withheld	7.5K	$7.50
2025-02-28	MILANO VINCENT	Grant	653	$8.61

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (1)

Neopharmed

Suppliers (0)

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-06-12	Exec/director changeShareholder voteExhibits	filing ↗
2026-05-06	ResultsReg FDExhibits	filing ↗
2026-05-04	Reg FDExhibits	filing ↗
2026-02-26	ResultsReg FDExhibits	filing ↗
2026-01-23	Material agreementAcquisition/dispositionDebt obligationReg FDExhibits	filing ↗
2026-01-23	Exec/director change	filing ↗
2026-01-12	ResultsReg FDOtherExhibits	filing ↗
2026-01-09	Reg FD	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-12	2026-06-11	0001171843-26-004096 ↗
10-Q	2026-05-06	2026-03-31	0001628280-26-031238 ↗
8-K	2026-05-06	2026-05-06	0001171843-26-003052 ↗
8-K	2026-05-04	2026-05-04	0001171843-26-002960 ↗
8-K	2026-02-26	2026-02-26	0001171843-26-001119 ↗
10-K	2026-02-26	2025-12-31	0001628280-26-012240 ↗
8-K/A	2026-01-23	2025-10-14	0001171843-26-000405 ↗
8-K	2026-01-23	2026-01-23	0001140361-26-002200 ↗
8-K	2026-01-12	2026-01-12	0001171843-26-000213 ↗
8-K	2026-01-09	2026-01-09	0001171843-26-000154 ↗
8-K	2025-12-12	2025-12-12	0001171843-25-007909 ↗
8-K	2025-12-11	2025-12-09	0001171843-25-007878 ↗