UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
( X ) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 0R 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the TRANSITION PERIOD FROM ____ to ____
Commission File Number 000-23186
BIOCRYST PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 62-1413174
(State or other (I.R.S. employer
jurisdiction of identification no.)
incorporation or
organization)
2190 Parkway Lake Drive; Birmingham, Alabama 35244
(Address and zip code of principal executive offices)
(205) 444-4600
(Registrant's telephone number, including area code)
NONE
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days:
Yes X No
---- ----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: 10,634,683 shares of the
Company's Common Stock, $.01 par value, were outstanding as of August 8, 1996.
1
BIOCRYST PHARMACEUTICALS, INC.
INDEX
Part I. Financial Information PAGE NO.
Item 1. Financial Statements:
Condensed Balance Sheets - June 30,
1996 and December 31, 1995 3
Condensed Statements of Operations
- Three and Six Months Ended June
30, 1996 and 1995 4
Condensed Statements of Cash Flows
- Six Months Ended June 30, 1996
and 1995 5
Notes to Condensed Financial
Statements 6
Item 2. Management's Discussion and
Analysis of Financial Condition and
Results of Operations 6
Part II. Other Information
Item 1. Legal Proceedings 9
Item 2. Changes in Securities 10
Item 3. Defaults Upon Senior Securities 10
Item 4. Submission of Matters to a Vote of
Security Holders 10
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 14
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BIOCRYST PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS
June 30, 1996 and December 31, 1995
(In thousands, except per share)
1996 1995
(Unaudited) (Note 1)
----------- --------
ASSETS
Cash and cash equivalents $ 6,273 $ 6,135
Securities held-to-maturity 11,540 5,279
Prepaid expenses and other current assets 626 279
-------- --------
Total current assets 18,439 11,693
Furniture and equipment, net 1,228 1,363
-------- --------
Total assets $ 19,667 $ 13,056
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses $ 839 $ 397
Accrued taxes, other than income 155 350
Accrued vacation 131 111
Current maturities of long-term debt 31 29
Current maturities of capital lease obligations 260 242
-------- --------
Total current liabilities 1,416 1,129
Long-term debt 3 19
Capital Lease Obligations 145 282
Deferred license fee 300 300
-------- --------
Total liabilities 1,864 1,730
-------- --------
Stockholders' equity:
Convertible preferred stock, $.01 par
value, shares authorized - 5,000;
shares issued and outstanding - none
Common stock, $.01 par value, shares
authorized - 45,000; shares issued
and outstanding - 10,623 in 1996
and 9,504 in 1995 106 95
Additional paid-in capital 50,888 41,298
Accumulated deficit (33,191) (30,067)
-------- --------
Total stockholders' equity 17,803 11,326
-------- --------
Total liabilities and stockholders' equity $ 19,667 $ 13,056
======== ========
See accompanying notes to condensed financial statements.
3
BIOCRYST PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
Periods Ended June 30, 1996 and 1995
(In thousands, except per share)
THREE MONTHS SIX MONTHS
1996 1995 1996 1995
-------- -------- -------- --------
Collaborative and other
research and development $ 1,500 $ 64 $ 1,521 $ 95
Interest and other 241 159 388 285
-------- -------- -------- --------
Revenues 1.741 223 1,909 380
-------- -------- -------- --------
Research and development 1,863 1,307 3,414 3,753
General and administrative 1,062 464 1,563 1,042
Interest 27 36 56 77
-------- -------- -------- --------
Expenses 2,952 1,807 5,033 4,872
-------- -------- -------- --------
Net loss $ (1,211) $ (1,584) $ (3,124) $ (4,492)
======== ======== ======== ========
Net loss per share (Note 2) $ (.11) $ (.18) $ (.31) $ (.54)
Weighted average shares
outstanding (Note 2) 10,571 8,700 10,096 8,306
See accompanying notes to condensed financial statements.
4
BIOCRYST PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 1996 and 1995
(In thousands)
1996 1995
Operating activities
Net loss $ (3,124) $ (4,492)
Depreciation and amortization 265 296
Changes in operating assets and
liabilities, net (80) (132)
-------- --------
Net cash used by operating activities (2,939) (4,328)
-------- --------
INVESTING ACTIVITIES
Purchases of furniture and equipment (130) (113)
Purchase of marketable securities (10,579) (4,918)
Maturities of marketable securities 4,317 12,707
-------- --------
Net cash (used)/provided by investing activities (6,392) 7,676
-------- --------
FINANCING ACTIVITIES
Principal payments on debt and
capital lease obligations (131) (158)
Proceeds from sale of common stock,
net of issuance cost 9,600 8,618
-------- --------
Net cash provided by financing activities 9,469 8,460
-------- --------
Increase in cash and cash equivalents 138 11,808
Cash and cash equivalents at
beginning of period 6,135 2,678
-------- --------
Cash and cash equivalents at end of period $ 6,273 $ 14,486
======== ========
See accompanying notes to condensed financial statements.
5
BIOCRYST PHARMACEUTICALS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
Note 1. Basis of Preparation
The condensed balance sheet as of June 30, 1996 and the condensed statements of
operations and cash flows for the six months ended June 30, 1996 and 1995 have
been prepared in accordance with generally accepted accounting principles by the
Company and have not been audited. Such financial statements reflect all
adjustments which are, in management's opinion, necessary to present fairly, in
all material respects, the financial position at June 30, 1996 and the results
of operations and cash flows for the six months ended June 30, 1996 and 1995.
These condensed financial statements should be read in conjunction with the
financial statements for the year ended December 31, 1995 and the notes thereto
included in the Company's 1995 Annual Report. Interim operating results are not
necessarily indicative of operating results for the full year. The balance sheet
as of December 31, 1995 has been prepared from the audited financial statements
included in the previously mentioned Annual Report.
Note 2. Net Loss Per Share
Net loss per share is computed using the weighted average number of shares of
common stock outstanding. Common equivalent shares (from unexercised stock
options and warrants) have been excluded from the computation as their effect is
anti-dilutive.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
This Quarterly Report on Form 10-Q contains certain statements of a
forward-looking nature that involve risks and uncertainties relating to future
events or the future financial performance of the Company. Such statements are
only predictions and the actual events or results may differ materially from the
results discussed in the forward-looking statements. Factors that could cause or
contribute to such differences include those discussed below as well as those
discussed in other filings made by the Company with the Securities and Exchange
Commission.
OVERVIEW
Since its inception in 1986, the Company has been engaged in research and
development activities (including conducting preclinical studies and clinical
trials) and organizational efforts, including recruiting its scientific and
management personnel, establishing laboratory facilities, engaging its
Scientific Advisory Board and raising capital. The Company has not received any
revenue from the sale of pharmaceutical products and does not expect to receive
such revenues to a significant extent for at least several years, if at all. The
Company has incurred operating losses since its inception. The Company expects
to incur significant additional operating losses over the next several years and
expects such losses to increase as the Company's research and development and
clinical trial efforts expand.
The Company's future business, financial condition and results of operations are
dependent on the Company's ability to successfully develop, market and
manufacture its pharmaceutical products for the treatment of immunological and
infectious diseases and disorders. Inherent in this process are a number of
6
factors that the Company must carefully manage in order to be successful. Some
of these factors are: conducting preclinical studies and clinical trials of its
compounds that demonstrate such compounds' safety and effectiveness; obtaining
additional financing to support the Company's operations; achieving revenues or
profitable operations; developing collaborative arrangements with corporate
partners, academic institutions and consultants to support research and
development efforts and to conduct such clinical trials; obtaining regulatory
approval for such compounds; entering into agreements for product development,
manufacturing and commercialization; developing the capacity to manufacture,
market and sell its products either directly or with collaborative partners;
competing effectively with other pharmaceutical and biotechnological products
for human therapeutic applications; obtaining adequate reimbursement from
third-party payors for its products; retaining and attracting key personnel;
obtaining and/or maintaining product liability and clinical trial insurance;
protecting its patents and proprietary rights; and avoiding infringement claims
by third parties. No assurance can be given that the Company will be able to
manage such factors successfully. The failure to manage such factors
successfully could have a material adverse effect on the Company's business,
financial condition and results of operations.
Results of Operations (first six months of 1996 compared to first six months of
1995)
Revenues increased 402.4% to $1.9 million in the first six months of 1996 from
$380,000 in the first six months of 1995. The increase was primarily due to the
$1.5 million license fee paid to the Company by Torii Pharmaceuticals Co., Ltd.
("Torii") pursuant to a license agreement (see below).
Research and development expenses decreased 9.0% to $3.4 million in the first
six months of 1996 from $3.8 million in the first six months of 1995. The
decrease is primarily attributable to less costs associated with manufacturing
compounds for conducting clinical trials and fewer preclinical studies in
progress. These costs tend to fluctuate from quarter to quarter depending upon
the stage of development and the conduct of clinical trials. This decrease is
not necessarily indicative of a decrease in research and development expenses
for the full year. The Company expects research and development expenses to
increase during the remainder of 1996 due to increased clinical trials and costs
associated with manufacturing BCX-34.
General and administrative expenses increased 50.0% to $1.6 million in the first
six months of 1996 from $1.0 million in the first six months of 1995. The
increase is primarily the result of approximately $574,000 in consulting fees
and withholding taxes incurred in connection with the license agreement with
Torii.
Interest expense decreased 27.3% to $56,000 in the first six months of 1996 from
$77,000 in the first six months of 1995. The decrease is due to a decline in
capitalized lease obligations, along with long-term debt, resulting in lesser
interest expense. The Company obtained most of its leases in connection with the
move to its new facilities in April 1992.
Liquidity and Capital Resources
Cash expenditures have exceeded revenues since the Company's inception.
Operations have principally been funded through an initial public offering of
common stock, private placements of equity and debt securities, equipment lease
financing, facility leases, collaborative and other research and development
agreements (including a license and options for licenses), research grants and
interest income. In addition, the Company has attempted to contain costs and
reduce cash flow requirements by renting scientific equipment or facilities,
contracting with third parties to conduct certain research and development and
using consultants. The Company expects to incur additional expenses, resulting
in significant losses, as it continues and expands its research and development
activities and undertakes additional preclinical studies and clinical trials of
compounds which have been or may be discovered. The Company also expects to
incur substantial administrative, manufacturing and commercialization
expenditures in the future as it seeks FDA approval for its compounds and
establishes its manufacturing capability under Good Manufacturing Practices, and
substantial expenses related to the filing, prosecution, maintenance, defense
and enforcement of patent and other intellectual property claims.
7
At June 30, 1996, the Company's cash, cash equivalents and securities
held-to-maturity were $17.8 million, an increase of $6.4 million from such
amount at December 31, 1995. The increase was primarily due to the private
placement of common stock in March and May 1996 with proceeds of $9.5 million
partially offset by net cash used by operating activities.
On June 28, 1996, the Company filed a registration statement with the Securities
and Exchange Commission for a proposed public offering of 2,000,000 shares of
its common stock. BioCryst and its underwriters are evaluating a timetable for
the proposed offering. There can be no assurance that the offering will be
successfully completed.
The Company received $500,000 in June 1993 as a license fee from Ciba-Geigy. The
Company is required to refund up to $300,000 of the fee if sales of any
resultant products are below specified levels.
The Company has financed its equipment purchases primarily with lease lines of
credit. The Company currently has a $500,000 line of credit with its bank to
finance capital equipment. In January 1992, the Company entered into an
operating lease for its current facilities which, based on an extension signed
in December 1994, expires on March 31, 2000, with an option to lease for an
additional three years at current market rates. The operating lease requires the
Company to pay monthly rent (ranging from $10,241 and escalating annually to a
minimum of $12,457 per month in the final year), and a pro rata share of
operating expenses and real estate taxes in excess of base year amounts.
At December 31, 1995, the Company had long-term capital lease and operating
lease obligations which provide for aggregate minimum payments of $531,747 in
1996, $502,077 in 1997 and $306,714 in 1998. The Company is required to expend
$6.0 million over the three-year period ending December 31, 1997 on its
influenza neuraminidase project and $1.0 million over the three-year period
ending July 18, 1998 on its complement project in order to maintain a worldwide
license from The University of Alabama at Birmingham. These two agreements have
25-year terms and are terminable by the Company upon three months' notice. In
addition, the Company has committed to conducting certain clinical trials and
animal studies in 1996 for an aggregate amount of approximately $1.2 million.
In May 1996, the Company entered into an exclusive license agreement with Torii
to develop, manufacture and commercialize BCX-34 and certain other PNP inhibitor
compounds in Japan for the treatment of rheumatoid arthritis, T-cell cancers
(including CTCL) and atopic dermatitis. Upon entering into the agreement,
Torii paid the Company $1.5 million in license fees and made a $1.5 million
equity investment in the Company, purchasing 76,608 shares of common stock at
a purchase price of $19.58 per share. The agreement further provides for
potential milestone payments of up to $19.0 million and royalties on future
sales of licensed products in Japan. Torii is responsible for all development,
regulatory and commercialization expenses in Japan. The agreement is subject to
termination by Torii at any time and by the Company in certain circumstances.
Pursuant to the agreement, Torii may negotiate a license with the Company to
develop BCX-34 and certain other PNP inhibitor compounds for additional
indications.
At December 31, 1995, the Company had net operating loss and research and
development credit carryforwards of approximately $25.6 million and $1.4
million, respectively, which will expire in 2005 through 2010. At June 30, 1996,
the Company's net operating loss carryforward was approximately $28.7 million.
Use of the net operating losses and research and development credits will be
subject to a substantial annual limitation due to the ownership provisions of
the Tax Reform Act of 1986. The annual limitation is expected to result in the
expiration of a portion of net operating losses and credits before utilization,
which has been considered by the Company in its computations under Statement No.
109. Additional sales of the Company's equity securities may result in further
annual limitations on the use of operating loss carryforwards and research and
development credit carryforwards against taxable income in future years.
8
The Company plans to finance its needs principally from its existing capital
resources and interest thereon, from payments under collaborative and licensing
agreements with corporate partners, through research grants, and to the extent
available, through lease or loan financing and future public or private
financings. The Company believes that its available funds will be sufficient to
fund the Company's operations through most of 1997. However, this is a
forward-looking statement, and no assurance can be given that there will be no
change that would consume available resources significantly before such time.
The Company's long-term capital requirements and the adequacy of its available
funds will depend upon many factors, including results of research and
development, results of product testing, relationships with strategic partners,
changes in the focus and direction of the Company's research and development
programs, competitive and technological advances and the FDA regulatory process.
Additional funds, if any, may possibly be raised through financing arrangements
or collaborative relationships and/or the issuance of preferred or common stock
or convertible securities, on terms and prices significantly more favorable than
those received by current stockholders, which could have the effect of diluting
or adversely affecting the holdings or rights of existing stockholders of the
Company. In addition, collaborative arrangements may require the Company to
transfer certain material rights to such corporate partners. If adequate funds
are not available, the Company will be required to delay, scale back or
eliminate one or more of its research, drug discovery or development programs or
attempt to obtain funds through arrangements with collaborative partners or
others that may require the Company to relinquish some or all of its rights to
certain of its intellectual property, product candidates or products. No
assurance can be given that additional financing will be available to the
Company on acceptable terms, if at all. Additional funding, whether through
additional sales of securities or collaborative or other arrangements with
corporate partners or from other sources, may not be available when needed or on
terms acceptable to the Company. Insufficient funds may require the Company to
delay, scale-back or eliminate certain of its research and development programs
or to license third parties to commercialize products or technologies that the
Company would otherwise undertake itself.
The Company believes that inflation has not had a material impact on its
operations.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings:
In October 1991, the Company granted an option to Warner-Lambert Company
("Warner-Lambert") to license BioCryst's group one purine nucleoside
phosphorylase ("PNP") inhibitors on terms and conditions to be negotiated
by the parties. In June 1993, that option was extended at Warner-Lambert's
request until the earlier of September 1994 or completion of
Warner-Lambert's clinical trials, while being restricted to only BCX-5,
one PNP inhibitor compound in BioCryst's group one inhibitors. The
Company's patent application for two compounds in this group of PNP
inhibitor compounds, including BCX-5, has been allowed by the U. S. Patent
and Trademark Office. Upon exercise of the option, any license negotiated
by the parties would have required an upfront payment, milestone payments
and royalties on agreed-upon terms. In July 1994, Warner-Lambert requested
a further extension of its option and a dispute has arisen between the
parties as to, among other things, whether or not the option has expired
and whether or not BioCryst is obligated to negotiate further with
Warner-Lambert the terms of a licensing agreement.
On February 6, 1995, the Company filed a complaint for a declaratory
judgment against Warner-Lambert in the Circuit Court of Shelby County,
Alabama to resolve the dispute. Warner-Lambert counter-claimed against the
Company, alleging that the Company breached the option. Warner-Lambert
claims compensatory damages for the alleged breach, including the amounts
it has paid to date to BioCryst, its costs in testing BCX-5 and for
profits lost because it will not have certain patent rights to BCX-5 that
might have been granted by a license. In May 1996, BioCryst amended its
complaint to assert certain damage claims.
9
The Company believes that the conditions precedent to the exercise of
Warner-Lambert's option have not been satisfied, that the option has
expired and that Warner-Lambert's breach of contract allegations lack
merit. The Company believes that it has complied with its obligations
under the option agreement, and intends to continue to vigorously pursue
this action. The proceedings are ongoing, and there can be no assurance
that the Company will prevail or that Warner-Lambert will not prevail on
its counter-claims. No assurance can be given that this litigation will
not have a material adverse effect on the Company.
Item 2. Changes in Securities:
None
Item 3. Defaults Upon Senior Securities:
None
Item 4. Submission of Matters to a Vote of Security Holders:
(a) The Company's annual meeting of stockholders was held on May 15, 1996.
(b) Messrs. Featheringill, Rosenwald and Sherrill were reelected as
directors for three-year terms expiring in 1999. Messrs. Bugg, Gee,
Horovitz, Montgomery, Spencer and Steer continue as directors.
(c) Motions before stockholders:
1. Election of three directors as follows -
Votes Votes Broker
Name For Against Abstention Non-Votes
---- --- ------- ---------- ---------
William W. Featheringill 7,205,712 4,975 0 0
Lindsay A. Rosenwald, M.D. 7,205,712 4,975 0 0
Joseph H. Sherrill, Jr. 7,206,212 4,475 0 0
(d) Not applicable.
10
Item 5. Other Information:
None
Item 6. Exhibits and Reports on Form 8-K:
a. Exhibits:
NUMBER DESCRIPTION
------ -----------
3.1 Composite Certificate of Incorporation of
Registrant. Incorporated by reference to
Exhibit 3.1 to the Company's Form 10-Q for
the second quarter ending June 30, 1995 dated
August 11, 1995.
3.2 Bylaws of Registrant. Incorporated by
reference to Exhibit 3.1 to the Company's
Form 10-Q for the second quarter ending June
30, 1995 dated August 11, 1995.
4.1 See Exhibits 3.1 and 3.2 for provisions of
the Composite Certificate of Incorporation
and Bylaws of the Registrant defining rights
of holders of Common Stock of the Registrant.
10.1 Common Stock Purchase Warrant dated October
15, 1991 to purchase 500,000 shares of Common
Stock issued to John Pappajohn. Incorporated
by reference to Exhibit 10.6 to the Company's
Form S-1 Registration Statement (Registration
No. 33-73868).
10.2 Common Stock Purchase Warrant dated October
15, 1991 to purchase 500,000 shares of Common
Stock issued to Lindsay Rosenwald.
Incorporated by reference to Exhibit 10.7 to
the Company's Form S-1 Registration Statement
(Registration No. 33-73868).
10.3 1991 Stock Option Plan, as amended and
restated. Incorporated by reference to
Exhibit 99.1 to the Company's Form S-8
Registration Statement (Registration No.
33-95062).
10.4 Form of Notice of Stock Option Grant and
Stock Option Agreement. Incorporated by
reference to Exhibit 99.2 and 99.3 to the
Company's Form S-8 Registration Statement
(Registration No. 33-95062).
10.5 Warehouse Lease dated January 17, 1992
between Principal Mutual Life Insurance
Company and the Registrant. Incorporated by
reference to Exhibit 10.21 to the Company's
Form S-1 Registration Statement (Registration
No. 33-73868).
10.6 Master Equipment Lease Dated January 22, 1992
Between Boston Financial & Equity Corporation
and the Registrant. Incorporated by reference
to Exhibit 10.22 to the Company's Form S-1
Registration Statement (Registration No.
33-73868).
11
10.7 Equipment Leases dated July 25, 1992,
February 25, 1993, August 25, 1993, and
November 25, 1993 between Ventana Leasing,
Inc. and the Registrant. Incorporated by
reference to Exhibit 10.23 to the Company's
Form S-1 Registration Statement (Registration
No. 33-73868).
10.8 Common Stock Purchase Warrants issued in
connection with the issuance of Series A
Convertible Preferred Stock. Incorporated by
reference to Exhibit 10.32 to the Company's
Form S-1 Registration Statement (Registration
No. 33-73868).
10.9 Private Placement Agency Agreement dated July
1, 1993 between the Registrant and Paramount
Capital, Inc., as amended. Incorporated by
reference to Exhibit 10.33 to the Company's
Form S-1 Registration Statement (Registration
No. 33-73868).
10.10 Subscription and Preferred Stock Agreement
and Confidential Investor Questionnaire among
the Registrant and the purchasers of Series B
Convertible Preferred Stock. Incorporated by
reference to Exhibit 10.34 to the Company's
Form S-1 Registration Statement (Registration
No. 33-73868).
10.11 Fourth Amended and Restated Registration
Rights Agreement among the Registrant and
certain securityholders. Incorporated by
reference to Exhibit 10.35 to the Company's
Form S-1 Registration Statement (Registration
No. 33-73868).
10.12 Common Stock Purchase Warrants issued in
connection with the issuance of Series B
Convertible Preferred Stock. Incorporated by
reference to Exhibit 10.36 to the Company's
Form S-1 Registration Statement (Registration
No. 33-73868).
10.13 Common Stock Purchase Warrants dated December
7, 1993 to purchase 49,400 shares of Common
Stock issued to each of John Pappajohn,
Lindsay A. Rosenwald and William M. Spencer.
Incorporated by reference to Exhibit 10.37 to
the Company's Form S-1 Registration Statement
(Registration No. 33-73868).
10.14 Employment Agreement dated November 19, 1993
between the Registrant and Charles E. Bugg,
Ph.D. Incorporated by reference to Exhibit
10.38 to the Company's Form S-1 Registration
Statement (Registration No. 33-73868).
10.15# License Agreement dated April 15, 1993
between Ciba-Geigy Corporation and the
Registrant. Incorporated by reference to
Exhibit 10.40 to the Company's Form S-1
Registration Statement (Registration No.
33-73868).
10.16 Stock Purchase Agreement dated September 21,
1994 between Registrant and Bernard B. Levine
to purchase 515,000 shares of common stock.
Incorporated by reference Exhibit 10.2 to the
Company's Form 10-Q for the third quarter
ending September 30, 1994 dated November 10,
1994.
12
10.17 Registration Rights Agreement dated September
21, 1994 between Registrant and Bernard B.
Levine. Incorporated by reference Exhibit
10.3 to the Company's Form 10-Q for the third
quarter ending September 30, 1994 dated
November 10, 1994.
10.18 Employee Stock Purchase Plan. Incorporated by
reference to Exhibit 99.4 to the Company's
Form S-8 Registration Statement (Registration
No. 33-95062).
10.19 First Amendment to Lease Agreement between
Registrant and Principal Mutual Life
Insurance Company, Inc. for office/warehouse
space. Incorporated by reference to Exhibit
10.21 to the Company's Form 10-K for the year
ending December 31, 1994 dated March 28,
1995.
10.20 Form of Stock Purchase Agreement dated May
1995 between Registrant and various parties
to purchase 1,570,000 shares of common stock.
Incorporated by reference to Exhibit 10.22 to
the Company's Form 10-Q for the second
quarter ending June 30, 1995 dated August 11,
1995.
10.21 Form of Registration Rights Agreement dated
May 1995 between Registrant and various
parties. Incorporated by reference to Exhibit
10.23 to the Company's Form 10-Q for the
second quarter ending June 30, 1995 dated
August 11, 1995.
10.22 Form of Stock Purchase Agreement dated March
22, 1996 among the Registrant and certain
investors to purchase 1,000,000 shares of
common stock. Incorporated by reference to
Exhibit 10.1 to the Company's Form 8-K dated
March 22, 1996.
10.23 Form of Registration Rights Agreement dated
March 22, 1996 among the Registrant and
certain investors. Incorporated by reference
to Exhibit 10.2 to the Company's Form 8-K
dated March 22, 1996.
10.24* License Agreement dated May 31, 1996 between
the Registrant and Torii Pharmaceuticals Co.,
Ltd. Incorporated by reference to Exhibit
10.1 to the Company's Form 8-K dated May 3,
1996, as amended.
10.25* Stock Purchase Agreement dated May 31, 1996
between the Registrant and Torii
Pharmaceuticals Co., Ltd. Incorporated by
reference to Exhibit 10.2 to the Company's
Form 8-K dated May 3, 1996, as amended.
27 Financial Data Schedule
- ----------
# Confidential treatment granted.
* Confidential treatment requested.
b. Reports on Form 8-K:
A Form 8-K dated May 3, 1996 was voluntarily filed on June 25, 1996 and
subsequently amended on August 2, 1996 for Item 5, Other Events,
concerning two press releases: BioCryst Reports Encouraging Preliminary
Results from a Phase II Trial of its Lead Compound, BCX-34,
13
for Topical Treatment of Psoriasis and BioCryst Enters License
Agreement with Japanese Pharmaceutical Company for Lead Drug Program.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
BIOCRYST PHARMACEUTICALS, INC.
Date: August 13, 1996 /s/ Charles E. Bugg
----------------------------
Charles E. Bugg
Chairman, President and
Chief Executive Officer
Date: August 13, 1996 /s/ Ronald E. Gray
----------------------------
Ronald E. Gray
Chief Financial Officer and
Chief Accounting Officer
14
5
6-MOS
DEC-31-1996
JAN-01-1996
JUN-30-1996
6,272,730
11,540,354
0
0
0
18,438,773
3,195,983
1,967,437
19,667,319
1,416,022
0
0
0
106,234
17,696,951
19,667,319
0
1,521,279
0
0
0
0
55,629
(3,123,518)
0
0
0
0
0
(3,123,518)
(0.31)
(0.31)
