Credit and interest ratesnegative · 5 filings
“The decrease in interest expense for the six months ended June 30, 2026 was primarily due to a lower effective interest rate under the Blackstone Loan Agreement.”10-Q · Aug 5, 2026 ↗
BioCryst Pharmaceuticals, Inc.
BCRX
Market read
BioCryst Pharmaceuticals, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
What changed
- Revenue increased 33.6% versus the comparable filing period.
Company-2.2% todayVolume comparison unavailable
Market group0 of 1 activeHereditary Angioedema Drugs · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Reported $25.6M increase in ORLADEYO revenue (ex-Europe) attributed to increased direct sales and a net price increase; track future revenue and stated demand/price drivers.
Invalidation: The isolated read changes if BCRX's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 33.6% versus the comparable filing period.
- Operating margin improved 26.9 percentage points.
- Net income increased 1441.7% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Reported $25.6M increase in ORLADEYO revenue (ex-Europe) attributed to increased direct sales and a net price increase; track future revenue and stated demand/price drivers.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements84
Verified relationships6
Evidence supporting the case
- Latest annual revenue changed +94.1% year over year.
- Operating margin changed +39.5 percentage points in the latest annual period.
- Net margin changed +49.9 percentage points in the latest annual period.
- Operating cash flow covered net income at 1.32x in the latest annual period.
- Demand and volume has repeated favorable evidence across 3 filings.
Evidence challenging the case
- Diluted shares increased 5.7% in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 93% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 58% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
8.126m-3.2%12m+1.3%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$157.2M+782.4%$-1.03+7.1%
2022-12-31$270.8M+72.3%$-1.33+3.8%
2023-12-31$331.4M+22.4%$-1.18+3.4%
2024-12-31$450.7M+36.0%$-0.43+7.5%
2025-12-31$874.8M+94.1%$1.21+5.7%
What management says matters
Persistent and emerging business drivers
Demand and volumepositive · 3 filings
“The $10.9 million increase in total revenues was primarily driven by the following: • $25.6 million increase in ORLADEYO revenue, excluding revenues associated with our European ORLADEYO business, primarily due to an increase in direct sales of ORLADEYO due t…”10-Q · May 6, 2026 ↗
Product pipeline and R&Dmixed · 3 filings
“These increases were partially offset by the following: • $5.6 million decrease in stock-based compensation expense primarily due to research and development related turnover and prior period acceleration of expense pursuant to the BioCryst Pharmaceuticals, I…”10-Q · Aug 5, 2026 ↗
Legal and regulatory exposuremixed · 2 filings
“This increase was driven by an increase in ORLADEYO related regulatory, safety and quality activities as efforts shifted from development to supporting commercial products, reflecting the program’s commercial progression, as well as increases in variable cost…”10-Q · Nov 4, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 2.0× · EV/sales 1.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
8.12-2.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 16:00 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for BCRX. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
Fundamentals strengthened in the latest filing
10-Q filed 2026-08-05 against the comparable filing from 2025-08-05.
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationdiscount
Capital and cash conversion
Reported investment and cash context
- Capital spending YoY
- +90.1%
- Capital spending / revenue
- +0.2%
- Free-cash-flow margin
- +11.2%
- FCF margin change
- +6.8 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 33.6% versus the comparable filing period.
- Operating margin improved 26.9 percentage points.
- Net income increased 1441.7% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“sales and marketing expenses (excluding stock-based compensation) for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by the following: • $3.7 million of expense associated with the portion of the Astria stock option payout attributable to post-combination service in connection with the Merger; and • $1.7 million of expense associated with Astria related severance costs in connection with the Merger.”
“The following table summarizes our selling, general, and administrative expenses for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 Sales and marketing (excluding stock-based compensation) $ 76,900 $ 71,901 General and administrative (excluding stock-based compensation) 63,203 46,670 European ORLADEYO business (excluding stock-based compensation) — 26,464 Stock-based compensation 18,427 24,817 Total selling, general, and administrative expenses $ 158,530 $ 169,852 The increase in sales and marketing expenses (excluding stock-based compensation) for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by the...”
“The increase in general and administrative expenses (excluding stock-based compensation) for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by the following: • $14.7 million of expense associated with the portion of the Astria stock option payout attributable to post-combination service in connection with the Merger; • $6.3 million of expense associated with Astria related severance costs in connection with the Merger; and 40 Table of Content s • $4.9 million increase due to incremental employee, facility, and other costs associated with Astria.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind BCRX
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
CLSDQFiling-linked namepartnerFeb 26, 2026 ▾
“Avoralstat We are developing our investigational plasma kallikrein inhibitor, avoralstat, with Clearside Biomedical, Inc.’s SCS Microinjector ® to deliver avoralstat to the back of the eye through the suprachoroidal space to treat patients with diabetic macul…”
SGIOFFiling-linked namepartnerFeb 26, 2026 ▾
“In January 2010, our partner, Shionogi, received the first approval for peramivir injection and launched it in Japan under the commercial name RAPIACTA.”
NBRGFiling-linked namepartnerFeb 26, 2026 ▾
“In 2021, we entered into supply and distribution agreements with Neopharm Ltd.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 7 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
BCRX is currently a Leader in the organic co-movement group Hereditary Angioedema Drugs. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for BCRX; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.