0001628280-25-048785 | 10-Q | XBRL Viewer | Biocryst Pharmaceuticals INC

Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 9,324	$ 10,006
Work-in-process	14,982	16,152
Finished goods	5,977	7,765
Total inventory	30,283	33,923
Reserves	(1,661)	(2,649)
Total inventory, net	$ 28,622	$ 31,274

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Shares Reserved for Future Issuance of Common Stock

The Company had reserved shares of common stock for issuance as follows (in thousands):


	September 30, 2025	December 31, 2024
Shares reserved for exercises of outstanding stock options	41,522	44,240
Shares reserved for vesting of restricted stock units	9,744	10,112
Shares reserved for future issuance under the Stock Incentive Plan	13,721	1,065
Shares reserved for future issuance under the Inducement Equity Incentive Plan	1,508	1,699
Shares reserved for future issuance under the Employee Stock Purchase Plan	4,674	5,042
Total shares reserved for future issuance	71,169	62,158

- Definition

The entire disclosure for equity.

+ References

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 84,078	$ 104,713
Restricted cash	579	210
Short-term investments	128,795	216,137
Trade receivables	91,325	79,069
Inventory, net	5,232	8,087
Prepaid expenses and other current assets	16,502	13,752
Total current assets	355,684	421,968
Long-term inventory, net	23,390	23,187
Property and equipment, net	8,396	7,777
Long-term investments	39,669	20,323
Right of use assets	10,840	12,008
Other assets	4,387	5,157
Total assets	446,424	490,420
Current liabilities:
Accounts payable	5,567	11,644
Accrued expenses	118,778	113,292
Operating lease liabilities	348	937
Finance lease liabilities	1,435	1,835
Royalty financing obligations	37,686	32,676
Total current liabilities	190,237	160,384
Operating lease liabilities	8,425	7,924
Finance lease liabilities	1,742	2,124
Royalty financing obligations	439,107	481,053
Secured term loan	194,366	314,869
Total liabilities	834,313	966,354
Stockholders’ deficit:
Preferred stock, $0.01 par value; shares authorized - 5,000; no shares issued and outstanding at September 30, 2025 and December 31, 2024	0	0
Common stock, $0.01 par value; shares authorized - 450,000; shares issued and outstanding – 210,522 at September 30, 2025 and 208,543 at December 31, 2024	2,105	2,085
Additional paid-in capital	1,360,890	1,291,100
Accumulated other comprehensive income	1,140	921
Accumulated deficit	(1,752,024)	(1,770,040)
Total stockholders’ deficit	(387,889)	(475,934)
Total liabilities and stockholders’ deficit	446,424	490,420
Disposal Group, Held-for-Sale, Not Discontinued Operations
Current assets:
Current assets held for sale	29,173	0
Non-current assets held for sale	4,058	0
Current liabilities:
Current liabilities held for sale	26,423	0
Non-current liabilities held for sale	$ 436	$ 0

Lease Obligations (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset, accumulated amortization	$ 2,314	$ 6,065
Finance lease, right-of-use asset, accumulated amortization	$ 4,519	$ 4,059
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	3 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	5 years

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares, issued (in shares)	210,522,000	208,543,000
Common stock, shares, outstanding (in shares)	210,522,000	208,543,000

Stock-based Compensation - Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs	$ 18,644	$ 17,249	$ 61,316	$ 44,074
Capitalized stock-based compensation costs	(43)	0	(43)	0
Total stock-based compensation costs included in operating expenses	18,601	17,249	61,273	44,074
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs	16,232	14,794	54,841	37,294
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs	2,179	2,234	5,852	6,241
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs	$ 233	$ 221	$ 623	$ 539

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets measured at fair value on a recurring basis were as follows (in thousands):


	September 30, 2025
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	168,464	$	—	$	168,464
Total assets	$	—	$	168,464	$	—	$	168,464


	December 31, 2024
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	236,460	$	—	$	236,460
Total assets	$	—	$	236,460	$	—	$	236,460

Fair Value of the Company's Investments by Type

The following tables summarize the fair value of the Company’s investments by type (in thousands):


	September 30, 2025
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	167,149	$	1,203	$	138	$	(26)	$	168,464
Total investments	$	167,149	$	1,203	$	138	$	(26)	$	168,464


	December 31, 2024
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	234,902	$	1,121	$	451	$	(14)	$	236,460
Total investments	$	234,902	$	1,121	$	451	$	(14)	$	236,460

Schedule of the Maturity of Investments

The following table summarizes the scheduled maturity for the Company’s investments at September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025		December 31, 2024
Maturing in one year or less	$	128,795	$	216,137
Maturing after one year through two years	39,669		20,323
Total investments	$	168,464	$	236,460

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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+ Details

Stock-based Compensation - Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2025
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning balance (in shares)	39,082
Options, grants in period, gross (in shares)	538
Options exercised (in shares)	(897)
Options cancelled or forfeited (in shares)	(1,924)
Options outstanding, ending balance (in shares)	36,799
Options exercisable (in shares)	23,314
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, beginning balance (in usd per share)	$ 7.96
Weighted average exercise price of stock option awards granted (in usd per share)	9.31
Weighted average exercise price of stock option awards exercised (in usd per share)	5.36
Weighted average exercise price of stock option awards cancelled (in usd per share)	9.99
Weighted average exercise price, ending balance (in usd per share)	7.94
Weighted average exercise price, stock option awards, exercisable (in dollars per share)	$ 7.92
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual life	$ 3,290
Options, exercises in period, intrinsic value	6 years 1 month 6 days
Options outstanding, aggregate intrinsic value	$ 28,966
Options, exercisable, weighted average remaining contractual term (year)	4 years 8 months 26 days
Stock option awards vested and exercisable, aggregate intrinsic value	$ 23,388
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning balance (in shares)	5,158
Options, grants in period, gross (in shares)	96
Options exercised (in shares)	(252)
Options cancelled or forfeited (in shares)	(279)
Options outstanding, ending balance (in shares)	4,723
Options exercisable (in shares)	3,519
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, beginning balance (in usd per share)	$ 8.44
Weighted average exercise price of stock option awards granted (in usd per share)	8.07
Weighted average exercise price of stock option awards exercised (in usd per share)	5.65
Weighted average exercise price of stock option awards cancelled (in usd per share)	11.31
Weighted average exercise price, ending balance (in usd per share)	8.41
Weighted average exercise price, stock option awards, exercisable (in dollars per share)	$ 8.18
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual life	$ 994
Options, exercises in period, intrinsic value	6 years 2 months 12 days
Options outstanding, aggregate intrinsic value	$ 6,940
Options, exercisable, weighted average remaining contractual term (year)	5 years 7 months 6 days
Stock option awards vested and exercisable, aggregate intrinsic value	$ 6,324

Segment Information (Details) $ in Thousands	9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Cash, cash equivalents, and investments \| $	$ 267,382	$ 341,173
Disposal Group, Held-for-Sale, Not Discontinued Operations \| BioCryst Ireland
Segment Reporting Information [Line Items]
Cash and cash equivalents \| $	$ 14,840

Significant Accounting Policies and Concentrations of Risk (Details) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024	Sep. 30, 2025 USD ($) segment shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2024 USD ($)
Significant Accounting Policies and Concentration of Risk [Line Items]
Number of reportable segments \| segment			1
Number of operating segments \| segment			1
Birmingham lease restricted cash	$ 1,979,000		$ 1,979,000		$ 1,610,000
Long-term investment maturity, minimum (in years)			12 months
Antidilutive securities excluded from computation of earnings per share, amount (in shares) \| shares			22,191	44,441
Reclassification from accumulated other comprehensive income, current period, before tax			$ 0	$ 0
Revenue Benchmark \| Product Concentration Risk \| ORLADEYO
Significant Accounting Policies and Concentration of Risk [Line Items]
Revenue percentage	88.00%	88.00%	86.00%	88.00%
Computer Equipment
Significant Accounting Policies and Concentration of Risk [Line Items]
Property, plant and equipment, useful life (in years)	3 years		3 years
Laboratory Equipment, Office Equipment and Software
Significant Accounting Policies and Concentration of Risk [Line Items]
Property, plant and equipment, useful life (in years)	5 years		5 years
Furniture and Fixtures
Significant Accounting Policies and Concentration of Risk [Line Items]
Property, plant and equipment, useful life (in years)	5 years		5 years
Maximum
Significant Accounting Policies and Concentration of Risk [Line Items]
Maturity period of high quality marketable securities (in years)			2 years
Average maturity period of high quality marketable securities (in months)			12 months
Maturity period of short term investment (in months)			12 months
Collateral for Credit
Significant Accounting Policies and Concentration of Risk [Line Items]
Birmingham lease restricted cash	$ 1,400,000		$ 1,400,000		$ 1,400,000

Lease Obligations - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025 (remaining)	$ 119
2026	1,153
2027	1,462
2028	1,506
2029	1,538
Thereafter	9,024
Total lease payments	14,802
Less imputed interest	(6,029)
Total	8,773	$ 8,861
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025 (remaining)	496
2026	1,520
2027	1,050
2028	486
2029	26
Thereafter	0
Total lease payments	3,578
Less imputed interest	(401)
Total	$ 3,177	$ 3,959

Investments- Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Amortized Cost	$ 167,149	$ 234,902
Accrued Interest	1,203	1,121
Gross Unrealized Gains	138	451
Gross Unrealized Losses	(26)	(14)
Estimated Fair Value	$ 168,464	$ 236,460
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Short-term investments	Short-term investments
Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Amortized Cost	$ 167,149	$ 234,902
Accrued Interest	1,203	1,121
Gross Unrealized Gains	138	451
Gross Unrealized Losses	(26)	(14)
Estimated Fair Value	$ 168,464	$ 236,460

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Topic 820
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Investments

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Investments

Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is determined based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. As a basis for considering such assumptions, U.S. GAAP establishes a three-tier value hierarchy, which prioritizes the inputs used to develop the assumptions and for measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

The Company’s financial instruments that are measured at fair value on a recurring basis consist of fixed income investments. These valuations are based on observable direct and indirect inputs, primarily quoted prices of similar, but not identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. These fair values are obtained from independent pricing services.

Assets measured at fair value on a recurring basis were as follows (in thousands):


	September 30, 2025
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	168,464	$	—	$	168,464
Total assets	$	—	$	168,464	$	—	$	168,464


	December 31, 2024
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	236,460	$	—	$	236,460
Total assets	$	—	$	236,460	$	—	$	236,460

As of September 30, 2025, the Company had seven securities with a total estimated fair value of $69,245 in an unrealized loss position. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. The Company does not have an intent to sell these investments, and it is more likely than not that the investments will be held until recovery of their amortized cost basis. As such, no allowance was recognized.

The following tables summarize the fair value of the Company’s investments by type (in thousands):


	September 30, 2025
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	167,149	$	1,203	$	138	$	(26)	$	168,464
Total investments	$	167,149	$	1,203	$	138	$	(26)	$	168,464


	December 31, 2024
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	234,902	$	1,121	$	451	$	(14)	$	236,460
Total investments	$	234,902	$	1,121	$	451	$	(14)	$	236,460

The following table summarizes the scheduled maturity for the Company’s investments at September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025		December 31, 2024
Maturing in one year or less	$	128,795	$	216,137
Maturing after one year through two years	39,669		20,323
Total investments	$	168,464	$	236,460

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The Company recorded the following stock-based compensation expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Incentive Plan	$	16,232	$	14,794	$	54,841	$	37,294
Inducement Plan	2,179		2,234		5,852		6,241
ESPP	233		221		623		539
Total stock-based compensation costs	18,644		17,249		61,316		44,074
Capitalized stock-based compensation costs	(43)		—		(43)		—
Total stock-based compensation costs included in operating expenses	$	18,601	$	17,249	$	61,273	$	44,074

The following table summarizes stock option activity under the Incentive Plan:


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	39,082	$	7.96
Granted	538	9.31
Exercised	(897)	5.36			$	3,290
Cancelled or Forfeited	(1,924)	9.99
Outstanding at September 30, 2025	36,799	$	7.94	6.10	$	28,966
Exercisable at September 30, 2025	23,314	$	7.92	4.74	$	23,388

The following table summarizes stock option activity under the Inducement Plan:


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	5,158	$	8.44
Granted	96	8.07
Exercised	(252)	5.65			$	994
Cancelled or Forfeited	(279)	11.31
Outstanding at September 30, 2025	4,723	$	8.41	6.20	$	6,940
Exercisable at September 30, 2025	3,519	$	8.18	5.60	$	6,324

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes restricted stock unit activity under the Incentive Plan:


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	9,289	$	7.73
Granted	393	9.17
Vested	(270)	8.25
Forfeited	(667)	7.64
Unvested at September 30, 2025	8,745	$	7.60

The following table summarizes restricted stock unit activity under the Inducement Plan:


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	823	$	8.53
Granted	472	8.47
Vested	(197)	9.16
Forfeited	(99)	8.33
Unvested at September 30, 2025	999	$	8.39

Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans

Stock Incentive Plan

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the nine months ended September 30, 2025 and 2024.


	Nine Months Ended September 30,
	2025			2024
Expected Life in Years	6.2			5.8
Expected Volatility	79.0		%	83.7		%
Expected Dividend Yield	0.0		%	0.0		%
Risk-Free Interest Rate	4.1		%	4.3		%
Weighted average grant date fair value per share	$	6.64		$	4.56

Inducement Equity Incentive Plan

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the nine months ended September 30, 2025 and 2024.


	Nine Months Ended September 30,
	2025			2024
Expected Life in Years	6.4			5.8
Expected Volatility	80.9		%	83.4		%
Expected Dividend Yield	0.0		%	0.0		%
Risk-Free Interest Rate	4.0		%	4.2		%
Weighted average grant date fair value per share	$	5.89		$	4.43

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

The Company operates as one reportable and operating segment, centered around its commercialized product, ORLADEYO, and its pipeline with the goal of developing first-in-class or best-in-class oral small-molecule and injectable protein therapeutics to target difficult-to-treat rare diseases. The determination of a single segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Chief Executive Officer, as the CODM, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss). This measure is used to monitor budget versus actual results to evaluate the performance of the segment. The CODM uses consolidated cash, cash equivalents and investments as the measure of segment assets. As of September 30, 2025 the Company’s cash, cash equivalents, and investments were $267,382, of which $14,840 was considered held for sale (see

Note 2 - Assets Held for Sale”). As of December 31, 2024 the Company’s cash, cash equivalents, and investments were $341,173.

The following table illustrates information about segment revenues, significant segment expenses, and segment net income (loss) for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	159,395	$	117,085	$	468,282	$	319,178

Less1:
Cost of product sales	2,187		3,211		9,553		6,175
Research and development
Berotralstat	2,575		2,954		9,214		10,504
BCX17725	7,574		1,154		13,346		6,591
Avoralstat	1,800		2,104		7,584		4,960
Factor D Program	35		1,193		454		7,299
Research, discovery and preclinical programs	5,457		3,309		11,641		8,325
Compensation and related personnel costs	13,313		14,257		38,025		42,630
Stock-based compensation	6,520		8,530		24,374		20,923
Other non-program specific and indirect costs	7,329		7,580		20,621		23,965
Selling, general and administrative	83,014		65,101		252,866		185,841
Interest income	(2,238)		(3,591)		(7,778)		(11,176)
Interest expense	19,661		24,828		64,737		74,067
Foreign currency (gains) losses, net	(35)		(98)		27		37
Loss on extinguishment of debt	2,740		—		6,911		—
Other income	(2,667)		—		(2,667)		—
Income tax (benefit) expense	(769)		586		1,358		1,123
Segment net income (loss)	12,899		(14,033)		18,016		(62,086)

Reconciliation of segment profit or loss:
Adjustments and reconciling items	—		—		—		—
Consolidated net income (loss)	$	12,899	$	(14,033)	$	18,016	$	(62,086)
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenues, see “Note 3—Revenue”.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Stock-based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Stock-Based Compensation

As of September 30, 2025, the Company had three stock-based employee compensation plans: the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Amended and Restated Inducement Equity Incentive Plan (“Inducement Plan”) and the Amended and Restated Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was most recently amended and restated on April 21, 2025 and approved by the Company’s stockholders on June 12, 2025. The Inducement Plan was most recently amended and restated by the Company’s Board of Directors on October 26, 2023. The ESPP was most recently amended and restated by the Company’s Board of Directors on July 7, 2023.

The Company recorded the following stock-based compensation expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Incentive Plan	$	16,232	$	14,794	$	54,841	$	37,294
Inducement Plan	2,179		2,234		5,852		6,241
ESPP	233		221		623		539
Total stock-based compensation costs	18,644		17,249		61,316		44,074
Capitalized stock-based compensation costs	(43)		—		(43)		—
Total stock-based compensation costs included in operating expenses	$	18,601	$	17,249	$	61,273	$	44,074

Stock Incentive Plan

The following table summarizes stock option activity under the Incentive Plan:


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	39,082	$	7.96
Granted	538	9.31
Exercised	(897)	5.36			$	3,290
Cancelled or Forfeited	(1,924)	9.99
Outstanding at September 30, 2025	36,799	$	7.94	6.10	$	28,966
Exercisable at September 30, 2025	23,314	$	7.92	4.74	$	23,388

The following table summarizes restricted stock unit activity under the Incentive Plan:


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	9,289	$	7.73
Granted	393	9.17
Vested	(270)	8.25
Forfeited	(667)	7.64
Unvested at September 30, 2025	8,745	$	7.60

For restricted stock unit awards granted under the Incentive Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the first nine months of 2025 and 2024 was $9.17 and $5.80, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.

Inducement Equity Incentive Plan

The following table summarizes stock option activity under the Inducement Plan:


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	5,158	$	8.44
Granted	96	8.07
Exercised	(252)	5.65			$	994
Cancelled or Forfeited	(279)	11.31
Outstanding at September 30, 2025	4,723	$	8.41	6.20	$	6,940
Exercisable at September 30, 2025	3,519	$	8.18	5.60	$	6,324

The following table summarizes restricted stock unit activity under the Inducement Plan:


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	823	$	8.53
Granted	472	8.47
Vested	(197)	9.16
Forfeited	(99)	8.33
Unvested at September 30, 2025	999	$	8.39

For restricted stock unit awards granted under the Inducement Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the first nine months of 2025 and 2024 was $8.47 and $6.25, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.

Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive and Inducement Plans

For stock option awards granted under the Incentive Plan and the Inducement Plan, the fair value is estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted below. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method.

Stock Incentive Plan

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the nine months ended September 30, 2025 and 2024.


	Nine Months Ended September 30,
	2025			2024
Expected Life in Years	6.2			5.8
Expected Volatility	79.0		%	83.7		%
Expected Dividend Yield	0.0		%	0.0		%
Risk-Free Interest Rate	4.1		%	4.3		%
Weighted average grant date fair value per share	$	6.64		$	4.56

Inducement Equity Incentive Plan

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the nine months ended September 30, 2025 and 2024.


	Nine Months Ended September 30,
	2025			2024
Expected Life in Years	6.4			5.8
Expected Volatility	80.9		%	83.4		%
Expected Dividend Yield	0.0		%	0.0		%
Risk-Free Interest Rate	4.0		%	4.2		%
Weighted average grant date fair value per share	$	5.89		$	4.43

Lease Obligations - Balance Sheets of the Company's Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use assets	Right of use assets
Operating lease assets, net	$ 7,725	$ 8,061
Operating Lease, Liability [Abstract]
Operating lease liabilities	348	937
Operating lease liabilities	8,425	7,924
Total	$ 8,773	$ 8,861

Debt (Details) $ in Thousands				3 Months Ended				6 Months Ended	9 Months Ended
Debt (Details) $ in Thousands	Jul. 24, 2025 USD ($)	Apr. 18, 2025 USD ($)	Apr. 17, 2023 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Prepayment premium and fees on Pharmakon term loan									$ 3,802	$ 0
Loss on extinguishment of debt				$ 2,740	$ 0				6,911	$ 0
Pharmakon Advisors, LP
Debt Instrument [Line Items]
Debt instrument capitalized interest rate			0.50
Debt Instrument, SOFR floor			0.0175
Debt instrument, basis spread on variable rate			7.00%
Pharmakon Advisors, LP \| PIK Interest Payment is Made
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			7.25%
Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, periodic payment									$ 25,000
Debt instrument, prepayment fee, percentage of principal voluntary payments									3.00%
Prepayment premium and fees on Pharmakon term loan	$ 50,000	$ 75,000
Prepayment premium	1,500	2,250
Interest expense	376	424
Unamortized deferred financing costs	1,188	$ 1,921
Loss on extinguishment of debt									$ 4,171
Debt fees	52
Prepayment and debt issuance costs writeoff	$ 2,740
Pharmakon Advisors, LP \| Line of Credit \| Between the Second and Third Anniversaries
Debt Instrument [Line Items]
Debt instrument, prepayment fee, percentage of principal voluntary payments									3.00%
Pharmakon Advisors, LP \| Line of Credit \| After Fourth Anniversary
Debt Instrument [Line Items]
Debt instrument, prepayment fee, percentage of principal voluntary payments									1.00%
Pharmakon Advisors, LP \| Line of Credit \| After Third Anniversary
Debt Instrument [Line Items]
Debt instrument, prepayment fee, percentage of principal voluntary payments									2.00%
Athyrium \| Senior Credit Facility
Debt Instrument [Line Items]
Repayments of lines of credit			$ 241,787
Term Loan Tranche A \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt									$ 300,000
Debt instrument, term			18 months
Effective interest rate				12.28%	13.34%				12.28%	13.34%
Interest expense, debt, total				$ 6,110	$ 10,201				$ 22,789	$ 30,283
Periodic payment, interest								$ 10,041		20,242
Fair value				198,704	323,704				198,704	323,704
Debt instrument, unamortized discount (premium) and debt issuance costs, net, total				11,147					11,147
Amortization of debt issuance costs				$ 384	$ 511				$ 1,387	$ 1,061
Term Loan Tranche A \| Pharmakon Advisors, LP \| Line of Credit \| PIK Interest Payment is Made
Debt Instrument [Line Items]
Percent of interest payment						0.50	0.50
Loan Agreement \| Pharmakon Advisors, LP
Debt Instrument [Line Items]
Debt instrument, face amount			$ 450,000
Proceeds from issuance of long-term debt			25,805
Term Loan Tranche B \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount			50,000
Term Loan Tranche C \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount			50,000
Term Loan Tranche D \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount			$ 50,000

Subsequent Event (Details) $ / shares in Units, $ in Thousands					9 Months Ended
	Oct. 14, 2025 USD ($) $ / shares	Oct. 08, 2025 USD ($)	Jul. 24, 2025 USD ($)	Apr. 18, 2025 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Oct. 01, 2025 USD ($)
Subsequent Event [Line Items]
Prepayment premium and fees on Pharmakon term loan					$ 3,802	$ 0
Pharmakon Advisors, LP \| Line of Credit
Subsequent Event [Line Items]
Prepayment premium and fees on Pharmakon term loan			$ 50,000	$ 75,000
Prepayment premium			1,500	2,250
Interest expense			$ 376	$ 424
Disposal Group, Held-for-Sale, Not Discontinued Operations \| BioCryst Ireland \| Forecast
Subsequent Event [Line Items]
Upfront consideration to be received							$ 250,000
Contingent consideration to be received							14,000
Royalty release fee							$ 15,000
Subsequent Event \| Astria
Subsequent Event [Line Items]
Conversion ratio	0.59
Price per share (in usd per share) \| $ / shares	$ 8.55
Subsequent Event \| Pharmakon Advisors, LP \| Line of Credit
Subsequent Event [Line Items]
Prepayment premium and fees on Pharmakon term loan		$ 198,704
Prepayment premium		5,961
Interest expense		$ 485
Subsequent Event \| Blackstone \| Line of Credit \| Secured Debt
Subsequent Event [Line Items]
Debt instrument, face amount	$ 550
Proceeds from issuance of long-term debt	350
Maximum aggregate principal amount	50
Subsequent Event \| Blackstone \| Line of Credit \| Unsecured Debt
Subsequent Event [Line Items]
Maximum aggregate principal amount	$ 150

Assets and Liabilities Held For Sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - BioCryst Ireland - Forecast $ in Thousands	Oct. 01, 2025 USD ($)
Property, Plant and Equipment [Line Items]
Upfront consideration to be received	$ 250,000
Contingent consideration to be received	14,000
Royalty release fee	$ 15,000

Investments - Schedule of Maturity of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investments [Abstract]
Maturing in one year or less	$ 128,795	$ 216,137
Maturing after one year through two years	39,669	20,323
Estimated Fair Value	$ 168,464	$ 236,460
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Short-term investments	Short-term investments

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Significant Accounting Policies and Concentrations of Risk - Summary of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Significant Accounting Policies and Concentration of Risk [Line Items]
Revenues	$ 159,395	$ 117,085	$ 468,282	$ 319,178
Product sales, net
Significant Accounting Policies and Concentration of Risk [Line Items]
Revenues	157,735	116,066	463,952	313,325
Collaborative and other revenues
Significant Accounting Policies and Concentration of Risk [Line Items]
Revenues	$ 1,660	$ 1,019	$ 4,330	$ 5,853

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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-Topic 280
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-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Lease Obligations (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Aggregate Lease Expense Under Operating Leases

Lease expense under operating and finance leases was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease expense	$	526	$	569	$	1,596	$	1,741
Finance lease expense:
Amortization of right-of-use assets	$	547	$	455	$	1,639	$	1,278
Interest on lease liabilities	84		81		268		231
Total finance lease expense	$	631	$	536	$	1,907	$	1,509

Supplemental cash flow information related to leases was as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	268	$	231
Operating cash flows for operating leases	$	1,347	$	1,731

Operating lease assets obtained in exchange for operating lease liabilities	$	366	$	261
Finance lease assets obtained in exchange for finance lease liabilities	$	870	$	828
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities	$	786	$	365

Other Supplemental Information Related to Leases

Other supplemental information related to leases was as follows:


	September 30, 2025		December 31, 2024
Weighted average remaining lease term:
Operating leases	9.7 years		9.0 years
Finance leases	2.5 years		2.6 years
Weighted average discount rate:
Operating leases	10.71	%	10.91	%
Finance leases	9.63	%	8.66	%

Balance Sheets of the Company's Operating Leases

The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s operating leases (in thousands):


	Balance Sheet Location	September 30, 2025		December 31, 2024
Operating lease assets:
Operating lease assets, net	Right of use assets	$	7,725	$	8,061
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	348	$	937
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	8,425		7,924
Total operating lease liabilities		$	8,773	$	8,861

The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s finance leases (in thousands):


	Balance Sheet Location	September 30, 2025		December 31, 2024
Finance lease assets:
Finance lease assets, net	Right of use assets	$	3,115	$	3,947
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,435	$	1,835
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	1,742		2,124
Total finance lease liabilities		$	3,177	$	3,959

Maturities of Operating Lease Liabilities

Maturities of lease liabilities as of September 30, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2025 (remaining)	$	119	$	496
2026	1,153		1,520
2027	1,462		1,050
2028	1,506		486
2029	1,538		26
Thereafter	9,024		—
Total lease payments	14,802		3,578
Less imputed interest	(6,029)		(401)
Total	$	8,773	$	3,177

Lease Obligations - Aggregate Lease Expense Under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease expense	$ 526	$ 569	$ 1,596	$ 1,741
Amortization of right-of-use assets	547	455	1,639	1,278
Interest on lease liabilities	84	81	268	231
Total finance lease expense	$ 631	$ 536	$ 1,907	$ 1,509

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023		205,771
Beginning balance at Dec. 31, 2023	$ (455,528)	$ 2,058	$ 1,222,236	$ 1,337	$ (1,681,159)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(35,379)				(35,379)
Other comprehensive income (loss)	(566)			(566)
Exercise of stock options, net (in shares)		176
Exercise of stock options	552	$ 2	550
Vesting of restricted stock units (in shares)		155
Vesting of restricted stock units	0	$ 1	(1)
Shares withheld for taxes for vesting of restricted stock units (in shares)		(8)
Shares withheld for taxes for vesting of restricted stock units	(38)		(38)
Employee stock purchase plan sales, net (in shares)		251
Employee stock purchase plan sales	1,129	$ 2	1,127
Issuance of shares to directors in lieu of cash retainer (in shares)		2
Issuance of shares to directors in lieu of cash retainer	11		11
Stock-based compensation expense	13,652		13,652
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024		206,347
Ending balance at Mar. 31, 2024	(476,167)	$ 2,063	1,237,537	771	(1,716,538)
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023		205,771
Beginning balance at Dec. 31, 2023	(455,528)	$ 2,058	1,222,236	1,337	(1,681,159)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(62,086)
Other comprehensive income (loss)	956
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024		207,119
Ending balance at Sep. 30, 2024	(468,563)	$ 2,071	1,270,318	2,293	(1,743,245)
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024		206,347
Beginning balance at Mar. 31, 2024	(476,167)	$ 2,063	1,237,537	771	(1,716,538)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(12,674)				(12,674)
Other comprehensive income (loss)	(214)			(214)
Exercise of stock options, net (in shares)		80
Exercise of stock options	264	$ 1	263
Vesting of restricted stock units (in shares)		200
Vesting of restricted stock units	0	$ 2	(2)
Issuance of shares to directors in lieu of cash retainer (in shares)		2
Issuance of shares to directors in lieu of cash retainer	12		12
Stock-based compensation expense	13,173		13,173
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024		206,629
Ending balance at Jun. 30, 2024	(475,606)	$ 2,066	1,250,983	557	(1,729,212)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(14,033)				(14,033)
Other comprehensive income (loss)	1,736			1,736
Exercise of stock options, net (in shares)		262
Exercise of stock options	1,362	$ 3	1,359
Vesting of restricted stock units (in shares)		66
Vesting of restricted stock units	0	$ 1	(1)
Employee stock purchase plan sales, net (in shares)		161
Employee stock purchase plan sales	723	$ 1	722
Issuance of shares to directors in lieu of cash retainer (in shares)		1
Issuance of shares to directors in lieu of cash retainer	6		6
Stock-based compensation expense	17,249		17,249
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024		207,119
Ending balance at Sep. 30, 2024	$ (468,563)	$ 2,071	1,270,318	2,293	(1,743,245)
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024	208,543	208,543
Beginning balance at Dec. 31, 2024	$ (475,934)	$ 2,085	1,291,100	921	(1,770,040)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	32				32
Other comprehensive income (loss)	211			211
Exercise of stock options, net (in shares)		286
Exercise of stock options	1,229	$ 3	1,226
Vesting of restricted stock units (in shares)		184
Vesting of restricted stock units	0	$ 2	(2)
Shares withheld for taxes for vesting of restricted stock units (in shares)		(8)
Shares withheld for taxes for vesting of restricted stock units	(56)		(56)
Employee stock purchase plan sales, net (in shares)		202
Employee stock purchase plan sales	1,217	$ 2	1,215
Issuance of shares to directors in lieu of cash retainer (in shares)		1
Issuance of shares to directors in lieu of cash retainer	6		6
Stock-based compensation expense	21,368		21,368
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025		209,208
Ending balance at Mar. 31, 2025	$ (451,927)	$ 2,092	1,314,857	1,132	(1,770,008)
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024	208,543	208,543
Beginning balance at Dec. 31, 2024	$ (475,934)	$ 2,085	1,291,100	921	(1,770,040)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,016
Other comprehensive income (loss)	$ 219
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025	210,522	210,522
Ending balance at Sep. 30, 2025	$ (387,889)	$ 2,105	1,360,890	1,140	(1,752,024)
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025		209,208
Beginning balance at Mar. 31, 2025	(451,927)	$ 2,092	1,314,857	1,132	(1,770,008)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,085				5,085
Other comprehensive income (loss)	514			514
Exercise of stock options, net (in shares)		560
Exercise of stock options	3,421	$ 6	3,415
Vesting of restricted stock units (in shares)		136
Vesting of restricted stock units	0	$ 1	(1)
Issuance of shares to directors in lieu of cash retainer (in shares)		1
Issuance of shares to directors in lieu of cash retainer	9		9
Stock-based compensation expense	21,304		21,304
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025		209,905
Ending balance at Jun. 30, 2025	(421,594)	$ 2,099	1,339,584	1,646	(1,764,923)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,899				12,899
Other comprehensive income (loss)	(506)			(506)
Exercise of stock options, net (in shares)		300
Exercise of stock options	1,566	$ 3	1,563
Vesting of restricted stock units (in shares)		147
Vesting of restricted stock units	0	$ 1	(1)
Employee stock purchase plan sales, net (in shares)		167
Employee stock purchase plan sales	1,081	$ 2	1,079
Issuance of shares to directors in lieu of cash retainer (in shares)		3
Issuance of shares to directors in lieu of cash retainer	21		21
Stock-based compensation expense	$ 18,644		18,644
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025	210,522	210,522
Ending balance at Sep. 30, 2025	$ (387,889)	$ 2,105	$ 1,360,890	$ 1,140	$ (1,752,024)

Assets and Liabilities Held For Sale

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held For Sale

Assets and Liabilities Held for Sale

On June 27, 2025, the Company entered into a definitive agreement (the “Stock Purchase Agreement”) with BioCryst Ireland Limited (“BioCryst Ireland”), a wholly owned subsidiary that operates the European ORLADEYO business, and Neopharmed Gentili S.p.A. (“Neopharmed”). On October 1, 2025 (the “Closing”), under the terms of the Stock Purchase Agreement, the Company sold to Neopharmed all of its equity interests in BioCryst Ireland, which, together with its subsidiaries, holds certain assets, rights, and employees related to our European ORLADEYO business (the “European ORLADEYO Business”). At the Closing, the Company received cash proceeds of $250,000, plus customary purchase price adjustments as set forth in the Stock Purchase Agreement. In addition, Neopharmed has agreed to pay the Company up to $14,000 if certain revenue milestones are achieved prior to December 31, 2032. Concurrent with the Closing, Neopharmed also paid a $15,000 royalty release fee to RPI 2019 Intermediate Finance Trust. In connection

with the sale, the Company entered into several agreements with Neopharmed, including an Amended and Restated IP Licence Agreement, a Supply Agreement, a Global Brand and Support Agreement, a Transition Services Agreement, and a Trademark License Agreement (each as defined in“Note 16—Subsequent Events”).

On October 8, 2025, the Company used a portion of the proceeds from the sale of the European ORLADEYO business to pay off in full the outstanding principal balance and terminate the Pharmakon Loan Agreement (as defined in “Note 8—Debt”). See “Note 16—Subsequent Events” for additional information.

As of September 30, 2025, the Company concluded that the criteria under ASC 360-10-45-9 for classification as held for sale were met for BioCryst Ireland. Accordingly, the assets and liabilities of BioCryst Ireland are classified as a disposal group held for sale in the Company’s Condensed Consolidated Balance Sheet. The disposal group is not considered a discontinued operation under ASC 205-20, as it does not represent a strategic shift that will have a major effect on the Company’s operations or financial results. Therefore, the results of operations for BioCryst Ireland are included in income from continuing operations for all periods presented.

No impairment loss was recognized in connection with the classification of the disposal group as held for sale, as the estimated fair value less costs to sell exceeded its carrying value.

The following table summarizes the assets and liabilities of BioCryst Ireland that are classified as held for sale on the unaudited Condensed Consolidated Balance Sheet as of September 30, 2025 (in thousands):


	September 30, 2025
Assets
Current assets:
Cash and cash equivalents	$	14,840
Trade receivables	10,285
Inventory, net	2,146
Prepaid expenses and other current assets	1,902
Current assets held for sale	29,173
Non-current assets held for sale	4,058
Total assets held for sale	$	33,231

Liabilities
Current liabilities:
Accounts payable	$	1,714
Accrued expenses	24,371
Other current liabilities	338
Current liabilities held for sale	26,423
Non-current liabilities held for sale	436
Total liabilities held for sale	$	26,859

Inventory (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Summary of Inventories

The Company’s inventories consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	9,324	$	10,006
Work-in-process	14,982		16,152
Finished goods	5,977		7,765
Total inventory	30,283		33,923
Reserves	(1,661)		(2,649)
Total inventory, net	$	28,622	$	31,274

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	159,395	$	117,085	$	468,282	$	319,178

Less1:
Cost of product sales	2,187		3,211		9,553		6,175
Research and development
Berotralstat	2,575		2,954		9,214		10,504
BCX17725	7,574		1,154		13,346		6,591
Avoralstat	1,800		2,104		7,584		4,960
Factor D Program	35		1,193		454		7,299
Research, discovery and preclinical programs	5,457		3,309		11,641		8,325
Compensation and related personnel costs	13,313		14,257		38,025		42,630
Stock-based compensation	6,520		8,530		24,374		20,923
Other non-program specific and indirect costs	7,329		7,580		20,621		23,965
Selling, general and administrative	83,014		65,101		252,866		185,841
Interest income	(2,238)		(3,591)		(7,778)		(11,176)
Interest expense	19,661		24,828		64,737		74,067
Foreign currency (gains) losses, net	(35)		(98)		27		37
Loss on extinguishment of debt	2,740		—		6,911		—
Other income	(2,667)		—		(2,667)		—
Income tax (benefit) expense	(769)		586		1,358		1,123
Segment net income (loss)	12,899		(14,033)		18,016		(62,086)

Reconciliation of segment profit or loss:
Adjustments and reconciling items	—		—		—		—
Consolidated net income (loss)	$	12,899	$	(14,033)	$	18,016	$	(62,086)
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Basic and diluted net income (loss) per share for the three and nine months ended September 30, 2025 and 2024 were calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	12,899	$	(14,033)	$	18,016	$	(62,086)
Denominator:
Weighted average shares of common stock outstanding: basic	210,176		206,905		209,531		206,466
Net income (loss) per common share: basic	$	0.06	$	(0.07)	$	0.09	$	(0.30)
Effect of dilutive securities:
Stock options to purchase common stock	5,023		—		5,261		—
Unvested restricted stock unit awards	4,663		—		3,532		—
Shares issuable under the employee stock purchase plan	23		—		25		—
Dilutive potential common shares	9,709		—		8,818		—
Weighted average shares of common stock outstanding: diluted	219,885		206,905		218,349		206,466
Net income (loss) per common share: diluted	$	0.06	$	(0.07)	$	0.08	$	(0.30)

The Company’s potentially dilutive securities include outstanding stock options, unvested restricted stock units and shares issuable under the employee stock purchase plan for the three and nine months ended September 30, 2025 and 2024.

For the three and nine months ended September 30, 2025, the dilutive effect of outstanding stock options, restricted stock unit awards, and shares issuable under the employee stock purchase plan was calculated using the treasury method, whereby all such awards are assumed to be exercised at the beginning of the period. The hypothetical proceeds from such exercises, including the average unrecognized stock compensation expense for outstanding stock options, restricted stock units and shares issuable under the employee stock purchase plan, were assumed to be used to purchase outstanding common stock at the average price during the period. The net share impact of dilutive securities was added to the weighted average basic common shares outstanding to calculate weighted average diluted shares outstanding.

For the three and nine months ended September 30, 2024, during which the Company recorded a net loss, all potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” For this period, the weighted average number

of shares of common stock outstanding used to calculate both basic and diluted net loss per share of common stock is the same.

The following table summarizes potential shares of common stock that were excluded from the computation of diluted net income (loss) per share attributable to common stockholders as they were anti-dilutive:


	As of September 30, 2025	As of September 30, 2024
Outstanding stock options	21,818	38,559
Unvested restricted stock unit awards	373	5,882
Total	22,191	44,441

Stockholders' Equity - Shares Reserved for Future Issuance (Details) - shares shares in Thousands	Sep. 30, 2025	Dec. 31, 2024
Equity Disclosure [Line Items]
Total shares reserved for future issuance	71,169	62,158
Employee Stock Option
Equity Disclosure [Line Items]
Total shares reserved for future issuance	41,522	44,240
Unvested restricted stock unit awards
Equity Disclosure [Line Items]
Total shares reserved for future issuance	9,744	10,112
Incentive Plan
Equity Disclosure [Line Items]
Total shares reserved for future issuance	13,721	1,065
Inducement Plan
Equity Disclosure [Line Items]
Total shares reserved for future issuance	1,508	1,699
ESPP
Equity Disclosure [Line Items]
Total shares reserved for future issuance	4,674	5,042

Collaborative and Other Relationships (Details) $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 03, 2023 USD ($) payment	Nov. 05, 2019 USD ($)	Sep. 30, 2024 USD ($) dose period	Sep. 30, 2025 USD ($) dose	Sep. 30, 2024 USD ($) dose	Sep. 30, 2025 USD ($) dose	Sep. 30, 2024 USD ($) dose	Nov. 30, 2023
Collaborative and Other Relationships [Line Items]
Revenues				$ 159,395	$ 117,085	$ 468,282	$ 319,178
Torii Pharmaceutical Co.
Collaborative and Other Relationships [Line Items]
Revenues		$ 22,000
Potential milestone payments receivable if regulatory approval before specified date		$ 15,000
Maximum customary reduction on royalty rate		50.00%
Torii Pharmaceutical Co. \| Minimum
Collaborative and Other Relationships [Line Items]
Royalty rate if maintains sakigake designation		20.00%
Royalty rate								20.00%
Torii Pharmaceutical Co. \| Maximum
Collaborative and Other Relationships [Line Items]
Royalty rate if maintains sakigake designation		40.00%
Royalty rate								80.00%
Clearside Biomedical, Inc.
Collaborative and Other Relationships [Line Items]
Upfront payment	$ 5,000
Number of milestone payments \| payment	3
Number of royalties tiers \| payment	3
Clearside Biomedical, Inc. \| Annual Net Sales Of $2 Million
Collaborative and Other Relationships [Line Items]
Annual global net sales	$ 2,000,000
Clearside Biomedical, Inc. \| Annual Net Sales Greater Than $1.5 Million
Collaborative and Other Relationships [Line Items]
Annual global net sales	1,500,000
Clearside Biomedical, Inc. \| Maximum
Collaborative and Other Relationships [Line Items]
Potential milestone payment	30,000
Potential payment if milestone reached	$ 47,500
HHS Office of the Administration for Strategic Preparedness and Response
Collaborative and Other Relationships [Line Items]
Contract value			$ 69,388
Contract term			5 years
HHS Office of the Administration for Strategic Preparedness and Response \| RAPIVAB
Collaborative and Other Relationships [Line Items]
Revenues						$ 12,206
Number of doses permitted to be procured \| dose			95,600
Contract term			12 months
Number of optional ordering periods \| period			4
Proceeds from collaborators			$ 13,878
Doses delivered \| dose				0	0	16,800	0

Lease Obligations

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Lease Obligations

The Company leases certain assets under operating leases, which primarily consist of real estate leases, and finance leases, which generally consist of laboratory equipment leases and office equipment leases, as of September 30, 2025. The Company’s real estate agreements expire at various times between 2026 through 2033 and include renewal options that range from three to five years in length.

Lease expense under operating and finance leases was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease expense	$	526	$	569	$	1,596	$	1,741
Finance lease expense:
Amortization of right-of-use assets	$	547	$	455	$	1,639	$	1,278
Interest on lease liabilities	84		81		268		231
Total finance lease expense	$	631	$	536	$	1,907	$	1,509

Other supplemental information related to leases was as follows:


	September 30, 2025		December 31, 2024
Weighted average remaining lease term:
Operating leases	9.7 years		9.0 years
Finance leases	2.5 years		2.6 years
Weighted average discount rate:
Operating leases	10.71	%	10.91	%
Finance leases	9.63	%	8.66	%

The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s operating leases (in thousands):


	Balance Sheet Location	September 30, 2025		December 31, 2024
Operating lease assets:
Operating lease assets, net	Right of use assets	$	7,725	$	8,061
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	348	$	937
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	8,425		7,924
Total operating lease liabilities		$	8,773	$	8,861

The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s finance leases (in thousands):


	Balance Sheet Location	September 30, 2025		December 31, 2024
Finance lease assets:
Finance lease assets, net	Right of use assets	$	3,115	$	3,947
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,435	$	1,835
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	1,742		2,124
Total finance lease liabilities		$	3,177	$	3,959

Operating lease assets are recorded net of accumulated amortization of $2,314 and $6,065 as of September 30, 2025 and December 31, 2024, respectively. Finance lease assets are recorded net of accumulated amortization of $4,519 and $4,059 as of September 30, 2025 and December 31, 2024, respectively.

Maturities of lease liabilities as of September 30, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2025 (remaining)	$	119	$	496
2026	1,153		1,520
2027	1,462		1,050
2028	1,506		486
2029	1,538		26
Thereafter	9,024		—
Total lease payments	14,802		3,578
Less imputed interest	(6,029)		(401)
Total	$	8,773	$	3,177

Supplemental cash flow information related to leases was as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	268	$	231
Operating cash flows for operating leases	$	1,347	$	1,731

Operating lease assets obtained in exchange for operating lease liabilities	$	366	$	261
Finance lease assets obtained in exchange for finance lease liabilities	$	870	$	828
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities	$	786	$	365

Significant Accounting Policies and Concentrations of Risk (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Revenues

The Company recorded the following revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Product sales, net	$	157,735	$	116,066	$	463,952	$	313,325
Collaborative and other revenues	1,660		1,019		4,330		5,853
Total revenues	$	159,395	$	117,085	$	468,282	$	319,178

The Company recorded the following revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
ORLADEYO:
U.S.	$	141,557	$	103,112	$	402,054	$	278,987
Outside of U.S.	17,520		13,207		48,103		34,487
Total ORLADEYO	159,077		116,319		450,157		313,474
Other revenues	318		766		18,125		5,704
Total revenues	$	159,395	$	117,085	$	468,282	$	319,178

Investments - Narrative (Details) $ in Thousands	Sep. 30, 2025 USD ($) security
Investments, All Other Investments [Abstract]
Number of securities \| security	7
Fair value of securities \| $	$ 69,245

Assets and Liabilities Held For Sale (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations


	September 30, 2025
Assets
Current assets:
Cash and cash equivalents	$	14,840
Trade receivables	10,285
Inventory, net	2,146
Prepaid expenses and other current assets	1,902
Current assets held for sale	29,173
Non-current assets held for sale	4,058
Total assets held for sale	$	33,231

Liabilities
Current liabilities:
Accounts payable	$	1,714
Accrued expenses	24,371
Other current liabilities	338
Current liabilities held for sale	26,423
Non-current liabilities held for sale	436
Total liabilities held for sale	$	26,859

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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-SubTopic 10
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Segment Information - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenues	$ 159,395			$ 117,085			$ 468,282	$ 319,178
Segment Reconciliation [Abstract]
Cost of product sales	2,187			3,211			9,553	6,175
Research and development	44,603			41,081			125,259	125,197
Selling, general and administrative	83,014			65,101			252,866	185,841
Interest expense	19,661			24,828			64,737	74,067
Loss on extinguishment of debt	2,740			0			6,911	0
Other income	2,667			0			2,667	0
Income Tax Expense (Benefit)	(769)			586			1,358	1,123
Net income (loss)	12,899	$ 5,085	$ 32	(14,033)	$ (12,674)	$ (35,379)	18,016	(62,086)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	159,395			117,085			468,282	319,178
Segment Reconciliation [Abstract]
Cost of product sales	2,187			3,211			9,553	6,175
Selling, general and administrative	83,014			65,101			252,866	185,841
Interest income	(2,238)			(3,591)			(7,778)	(11,176)
Interest expense	19,661			24,828			64,737	74,067
Foreign currency (gains) losses, net	(35)			(98)			27	37
Loss on extinguishment of debt	2,740			0			6,911	0
Other income	2,667			0			2,667	0
Income Tax Expense (Benefit)	(769)			586			1,358	1,123
Net income (loss)	12,899			(14,033)			18,016	(62,086)
Adjustments and reconciling items	0			0			0	0
Reportable Segment \| Berotralstat
Segment Reconciliation [Abstract]
Research and development	2,575			2,954			9,214	10,504
Reportable Segment \| BCX17725
Segment Reconciliation [Abstract]
Research and development	7,574			1,154			13,346	6,591
Reportable Segment \| Avoralstat
Segment Reconciliation [Abstract]
Research and development	1,800			2,104			7,584	4,960
Reportable Segment \| Factor D Program
Segment Reconciliation [Abstract]
Research and development	35			1,193			454	7,299
Reportable Segment \| Research, discovery and preclinical programs
Segment Reconciliation [Abstract]
Research and development	5,457			3,309			11,641	8,325
Reportable Segment \| Compensation and related personnel costs
Segment Reconciliation [Abstract]
Research and development	13,313			14,257			38,025	42,630
Reportable Segment \| Stock-based compensation
Segment Reconciliation [Abstract]
Research and development	6,520			8,530			24,374	20,923
Reportable Segment \| Other non-program specific and indirect costs
Segment Reconciliation [Abstract]
Research and development	$ 7,329			$ 7,580			$ 20,621	$ 23,965

Inventory (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - BioCryst Ireland $ in Thousands	Sep. 30, 2025 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory, net	$ 2,146
Inventory, net, noncurrent	$ 705

Royalty Financing Obligations (Tables)

9 Months Ended

Sep. 30, 2025

Advance Royalties [Abstract]

Schedule of Royalty Financing Obligations

The following table shows the royalty financing obligations activity for the three and nine months ended September 30, 2025 (in thousands) as well as the effective interest rate as of September 30, 2025:


	2020 RPI Royalty Agreement			2021 RPI Royalty Agreement			OMERS Royalty Agreement			Total
Balance as of December 31, 2024	$	180,413		$	181,140		$	152,176		$	513,729
Non-cash interest expense on royalty financing obligations	9,756			—			3,758			13,514
Royalty revenues payable	(11,818)			(1,021)			(13,486)			(26,325)
Balance as of March 31, 2025	$	178,351		$	180,119		$	142,448		$	500,918
Non-cash interest expense on royalty financing obligations	9,804			—			3,598			13,402
Royalty revenues payable	(13,798)			(1,193)			(15,746)			(30,737)
Balance as of June 30, 2025	$	174,357		$	178,926		$	130,300		$	483,583
Non-cash interest expense on royalty financing obligations	9,610			—			3,313			12,923
Royalty revenues payable	(8,258)			(2,195)			(9,260)			(19,713)
Balance as of September 30, 2025	$	175,709		$	176,731		$	124,353		$	476,793

Effective interest rate	21.6		%	—		%	10.1		%

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events Neopharmed Gentili S.p.A. Stock Purchase Agreement On October 1, 2025, under the terms of the Stock Purchase Agreement, the Company sold to Neopharmed all of its equity interests in BioCryst Ireland, which, together with its subsidiaries, holds certain assets, rights, and employees related to the Company’s European ORLADEYO Business. At the Closing, the Company received cash proceeds of $250,000, plus customary purchase price adjustments as set forth in the Stock Purchase Agreement. In addition, Neopharmed has agreed to pay the Company up to $14,000 if certain revenue milestones are achieved prior to December 31, 2032. In connection with the Closing, Neopharmed also paid a $15,000 royalty release fee to RPI 2019 Intermediate Finance Trust. Concurrent with the Closing of the transactions contemplated by the Stock Purchase Agreement, on October 1, 2025, the Company and BioCryst Ireland amended and restated their existing intellectual property licence agreement pursuant to which the Company will continue to grant to BioCryst Ireland certain rights with respect to ORLADEYO in the territory (the “Amended and Restated IP Licence Agreement”). The terms of the Amended and Restated IP Licence Agreement may also extend to the pediatric line extension of ORLADEYO, subject to certain regulatory approvals. In connection with the Closing, on October 1, 2025, the Company entered into a supply agreement with BioCryst Ireland, pursuant to which the Company will be the exclusive supplier of ORLADEYO products to BioCryst Ireland for commercialization in the territory (the “Supply Agreement”). Additionally, in connection with the Closing, on October 1, 2025, the Company entered into a global brand and support agreement with BioCryst Ireland, which provides for coordination of brand and regulatory activities between the Company and BioCryst Ireland regarding ORLADEYO products (the “Global Brand and Support Agreement”). In connection with the Closing, on October 1, 2025, the Company entered into a mutual transition services agreement with BioCryst Ireland, pursuant to which the Company and BioCryst Ireland will provide each other with certain transition services for the periods of time and for the compensation set forth under the agreement, on customary commercial terms (the “Transition Services Agreement”). Lastly, in connection with the Closing, on October 1, 2025, the Company entered into a trademark license agreement with BioCryst Ireland, pursuant to which the Company granted to BioCryst Ireland a non-exclusive transitionary license to use the “BioCryst” name, solely to develop, manufacture and commercialize ORLADEYO products in the territory for a limited period of time, and an exclusive license to use the ORLADEYO product name to commercialize ORLADEYO products for such uses for the term of the Amended and Restated IP Licence Agreement, in each case subject to the terms and conditions set forth therein (the “Trademark License Agreement”). Pharmakon Loan Agreement On October 8, 2025, the Company used a portion of the proceeds from the sale of the European ORLADEYO Business to pay off in full the outstanding principal balance of $198,704 and terminate the Pharmakon Loan Agreement. In conjunction with the repayment the Company incurred a $5,961 prepayment premium and paid $485 of interest accrued through the payment date. Astria Therapeutics, Inc. Agreement and Plan of Merger On October 14, 2025, the Company, Axel Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”), and Astria Therapeutics, Inc., a Delaware corporation (“Astria”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, at the Effective Time (as defined below), Merger Sub will merge with and into Astria, with Astria surviving as a wholly owned subsidiary of the Company (the “Merger”). Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of Astria common stock, par value $0.001 per share, issued and outstanding immediately prior to the Effective Time will be, subject to certain exceptions, converted into the right to receive (i) 0.59 of a share of the Company’s common stock (and, if applicable, cash in lieu of fractional shares), and (ii) $8.55 in cash, without interest, subject to certain adjustments and applicable withholding taxes. Holders of Astria’s Series X Convertible Preferred Stock, warrants, and certain options will also be entitled to certain consideration, as further set forth in the Merger Agreement. The Merger is subject to the approval of Astria’s stockholders, as well as customary regulatory approvals. In connection with entering into the Merger Agreement, certain stockholders of Astria entered into voting and support agreements with the Company, pursuant to which each such stockholder has agreed, among other things, to vote its, his or her shares of Astria common stock in favor of the adoption of the Merger Agreement and approval of the transactions contemplated thereby and, subject to certain exceptions, not to transfer such shares of Astria common stock prior to the earlier of the Effective Time and the termination of the Merger Agreement, without the prior written consent of the Company. Financing Commitments In connection with the transactions contemplated by the Merger Agreement, on October 14, 2025, the Company entered into a debt commitment letter (the “Commitment Letter”) with certain affiliates of Blackstone, Inc. (“Blackstone”), pursuant to which Blackstone agreed to provide a $550,000 senior secured credit facility consisting of (i) a committed initial term loan in an aggregate principal amount of $350,000 (the “Initial Term Loan”), (ii) a committed delayed draw term loan facility in an aggregate principal amount not exceeding $50,000 (the loans thereunder, the “Committed Delayed Draw Term Loans”), and (iii) an uncommitted delayed draw term loan facility in an aggregate principal amount not exceeding $150,000. The Initial Term Loan and any Committed Delayed Draw Term Loans funded on the closing date of the Merger will be used for the purpose of, among other things, funding the consideration for the transactions contemplated by the Merger Agreement and paying for related fees and expenses. The commitments with respect to the Initial Term Loan and any Committed Delayed Draw Term Loans funded on the closing date of the Merger are subject to customary conditions for acquisition financings, including the execution and delivery of definitive documentation with respect to the senior secured credit facility in accordance with the terms set forth in the Commitment Letter and the consummation of the Merger.

Lease Obligations - Other Supplemental Information Related to Leases (Details)	Sep. 30, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Weighted average remaining lease term (in years)	9 years 8 months 12 days	9 years
Operating leases	10.71%	10.91%
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Weighted average remaining lease term (in years)	2 years 6 months	2 years 7 months 6 days
Finance leases	9.63%	8.66%

Trade Receivables	9 Months Ended
Trade Receivables	Sep. 30, 2025
Receivables [Abstract]
Trade Receivables	Trade Receivables Product Sales Receivables from product sales are recorded for amounts due to the Company related to sales of ORLADEYO and peramivir. At September 30, 2025 and December 31, 2024, receivables, net of reserves, related to sales of ORLADEYO were $88,034 and $76,282, respectively. At September 30, 2025 and December 31, 2024, receivables related to sales of peramivir were $153 and $564, respectively. At September 30, 2025, there was $10,285 of accounts receivable, net of reserves, included in current assets held for sale. See “Note 2—Assets and Liabilities Held for Sale” for further details. Collaborative and Other Revenue At September 30, 2025 and December 31, 2024 receivables from the Company’s royalty partners were $3,138 and $2,223, respectively.

Lease Obligations - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating cash flows for finance leases	$ 268	$ 231
Operating cash flows for operating leases	1,347	1,731
Operating lease assets obtained in exchange for operating lease liabilities	366	261
Finance lease assets obtained in exchange for finance lease liabilities	870	828
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities	$ 786	$ 365

Stock-based Compensation - Restricted Stock Unit Activity (Details) - Unvested restricted stock unit awards - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested RSU beginning balance (in shares)	9,289
Issued RSU (in shares)	393
Vested RSU (in shares)	(270)
Forfeited RSU (in shares)	(667)
Unvested RSU ending balance (in shares)	8,745
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested RSU weighted average grant date fair value beginning balance (in dollars per share)	$ 7.73
Restricted stock units, grants in period, weighted average grant date fair value (in dollars per share)	9.17	$ 5.80
Restricted stock units, vested in period, weighted average grant date fair value (in dollars per share)	8.25
Restricted stock units, forfeited in period, weighted average grant date fair value (in dollars per share)	7.64
Nonvested RSU weighted average grant date fair value ending balance (in dollars per share)	$ 7.60
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested RSU beginning balance (in shares)	823
Issued RSU (in shares)	472
Vested RSU (in shares)	(197)
Forfeited RSU (in shares)	(99)
Unvested RSU ending balance (in shares)	999
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested RSU weighted average grant date fair value beginning balance (in dollars per share)	$ 8.53
Restricted stock units, grants in period, weighted average grant date fair value (in dollars per share)	8.47	$ 6.25
Restricted stock units, vested in period, weighted average grant date fair value (in dollars per share)	9.16
Restricted stock units, forfeited in period, weighted average grant date fair value (in dollars per share)	8.33
Nonvested RSU weighted average grant date fair value ending balance (in dollars per share)	$ 8.39

Significant Accounting Policies and Concentrations of Risk (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

The Company

BioCryst Pharmaceuticals, Inc. (the “Company”) is a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (“HAE”) and other rare diseases, driven by the Company’s deep commitment to improving the lives of people living with these conditions. The Company has built a robust commercial infrastructure to support the launch and continued success of ORLADEYO®, an oral, once-daily therapy discovered and developed internally for the prevention of HAE attacks. The Company’s business strategy includes leveraging this established commercial platform to successfully commercialize a pipeline of potential first-in-class or best-in-class oral small-molecule and injectable protein therapeutics targeting a range of rare diseases. These programs are being pursued through both internal discovery efforts and strategic business development. By utilizing its existing commercial capabilities and focusing on rare disease markets, the Company believes that it can more effectively optimize its costs and strategically allocate resources to support long-term, sustainable growth. The Company was founded in 1986 and incorporated in Delaware in 1991, and its headquarters is located in Durham, North Carolina.

The Company’s marketed products include oral, once-daily ORLADEYO® for the prevention of HAE attacks and RAPIVAB® (peramivir injection) for the treatment of acute uncomplicated influenza in the United States. ORLADEYO has received regulatory approval in the United States and other global markets. The Company is commercializing ORLADEYO in each of these territories directly or through other parties. In addition to its approval in the United States, peramivir injection has received regulatory approvals in Canada (RAPIVAB), Australia (RAPIVAB), Japan (RAPIACTA), Taiwan (RAPIACTA) and Korea (PERAMIFLU).

Based on the Company’s expectations for revenue and operating expenses, the Company believes its financial resources available at September 30, 2025 will be sufficient to fund its operations for at least the next 12 months. The Company may, in the future, issue securities, including common stock, preferred stock, depositary shares, purchase contracts, warrants, debt securities and units, through private placement transactions or registered public offerings. The Company’s future liquidity needs, and ability to address those needs, will largely be determined by the success of its products and product candidates; the timing, scope and magnitude of its research and development and commercial expenses; and key developments and regulatory events and its decisions in the future.

Basis of Presentation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances among the consolidated entities have been eliminated from the condensed consolidated financial statements. The Company operates and manages its business as one reportable and operating segment (see “Note 13—Segment Information”).

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Such financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s condensed consolidated financial position, results of operations, and cash flows. There were no adjustments other than normal recurring adjustments. Certain prior year amounts have been reclassified to conform to the current year presentation.

These financial statements should be read in conjunction with the financial statements for the fiscal year ended December 31, 2024 and the notes thereto included in the Company’s 2024 Annual Report on Form 10-K as filed with the SEC on February 25, 2025. Interim operating results are not necessarily indicative of operating results for the full fiscal year. The condensed consolidated balance sheet as of December 31, 2024 was derived from the audited consolidated financial statements included in the Company’s most recent Annual Report on Form 10-K.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Significant estimates in the Company’s condensed consolidated financial statements have been made relative to the calculation of net product sales, royalty financing obligations, inventory reserves, certain accruals, primarily related to the Company’s research and development expenses, the valuation of stock options and the valuation allowance for deferred tax assets resulting from net operating losses. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Assets Held For Sale

Assets Held for Sale

The Company classifies its long-lived assets to be sold as held for sale when the six criteria in ASC 360, Property, Plant and Equipment are met. This generally occurs when an agreement to sell exists, or when management has committed to a plan to sell the assets within one year. Assets and liabilities to be disposed of together as a group in a single transaction (“disposal groups”) are classified as held for sale if their carrying amounts are principally expected to be recovered through a sale transaction rather than through continuing use.

The long-lived assets included in a disposal group are reported at the lower of their carrying value or fair value less cost to sell, beginning in the period the held for sale criteria are met. Prior to disposal, losses are recognized for any initial or subsequent write-down to fair value less cost to sell. Any gains or losses not previously recognized that result from the sale of a disposal group shall be recognized at the date of sale. Upon designation as an asset held for sale, the Company stops recording depreciation and amortization expense on long-lived assets. The Company assesses the fair value of a long-lived asset less any costs to sell at each reporting period and until the asset is no longer classified as held for sale.

Revenue Recognition

The Company recorded the following revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Product sales, net	$	157,735	$	116,066	$	463,952	$	313,325
Collaborative and other revenues	1,660		1,019		4,330		5,853
Total revenues	$	159,395	$	117,085	$	468,282	$	319,178

Pursuant to Accounting Standards Codification (“ASC”) Topic 606, the Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, Topic 606 includes provisions within a five-step model that includes (i) identifying the contract with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations, and (v) recognizing revenue when, or as, an entity satisfies a performance obligation.

At contract inception, the Company identifies the goods or services promised within each contract, assesses whether each promised good or service is distinct and determines those that are performance obligations. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied.

Product Sales, Net

The Company’s principal sources of product sales are sales of ORLADEYO, which the Company began shipping to patients in December 2020, and sales of peramivir (RAPIVAB/RAPIACTA/PERAMIFLU) to the Company’s licensing partners and to the U.S. Department of Health and Human Services (“HHS”). In the United States, the Company generally ships ORLADEYO directly to patients through a single specialty pharmacy, which is considered its customer. Outside the United States, the Company sells ORLADEYO to specialty distributors and to hospitals and pharmacies, which collectively are considered its customers.

The Company recognizes revenue for sales when the customer obtains control of the product, which generally occurs upon delivery.

Net revenue from sales of ORLADEYO is recorded at net selling price (transaction price), which includes reserves for variable consideration such as (i) estimated government rebates, such as Medicaid and Medicare Part D reimbursements, and estimated managed care rebates, (ii) estimated chargebacks, (iii) estimated costs of co-payment assistance programs and (iv) product returns. These reserves, representing the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the applicable contracts and statutory requirements, are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable if no payments are required of the Company or a current liability if a payment is required of the Company. Actual amounts of consideration may differ from the Company’s estimates. If actual results vary from estimates, these estimates are adjusted, which would affect net product revenue and earnings in the period such variances become known.

Government and Managed Care Rebates. The Company contracts with government agencies and managed care organizations or, collectively, third-party payors, so that ORLADEYO will be eligible for purchase by, or partial or full reimbursement from, such third-party payors. The Company estimates the rebates it will provide to third-party payors and deducts these estimated amounts from total gross product revenues at the time the revenues are recognized, resulting in a reduction of product revenue and the establishment of a current liability. The Company estimates the rebates that it will provide to third-party payors based upon (i) the Company’s contracts with these third-party payors, (ii) the government mandated discounts applicable to government-funded programs, and (iii) product distribution information obtained from the Company’s specialty pharmacy regarding payor mix.

Chargebacks. Chargebacks are discounts that occur when certain contracted customers, pharmacy benefit managers, insurance companies, and government programs purchase directly from the Company’s specialty pharmacy. These customers purchase the Company’s product under contracts negotiated between them and the Company’s specialty pharmacy. The specialty pharmacy, in turn, charges back to the Company the difference between the price that the specialty pharmacy paid and the negotiated price paid by the contracted customers, which may be higher or lower than the specialty pharmacy’s purchase price with the Company. The Company estimates chargebacks and adjusts gross product revenues and establishes a current liability at the time revenues are recognized.

Co-payment assistance and patient assistance programs. Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. Based upon the terms of the program and co-payment assistance utilization reports received from the specialty pharmacy, the Company estimates the co-payment assistance amounts, which are recorded in the same period in which the related revenue is recognized, resulting in a reduction of product revenue and establishment of a current liability. The Company also offers a patient assistance program that provides free drug product, for a limited period of time, to allow a patient’s insurance coverage to be established. Based on patient assistance program utilization reports provided by the specialty pharmacy, the Company records gross revenue of the product provided and a full reduction of the revenue amount for the free drug discount.

Product returns. The Company does not provide contractual return rights to its customers, except in instances where the product is damaged or defective. Non-acceptance by the patient of shipped drug product by the specialty pharmacy is reflected as a reversal of sales in the period in which the sales were originally recorded. Reserves for estimated non-acceptances by patients are recorded as a reduction of revenue in the period that the related revenue is recognized, as well as a reduction to accounts receivable. Estimates of non-acceptance are based on quantitative information provided by the specialty pharmacy.

Collaborative and Other Revenues

The Company has collaboration and license agreements with a number of third parties. The Company’s primary sources of revenue from these collaborative and other research and development arrangements are license, service and royalty revenues.

Revenue from license fees, royalty payments, milestone payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has no further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement.

Arrangements that involve the delivery of more than one performance obligation are initially evaluated as to whether the intellectual property licenses granted by the Company represent distinct performance obligations. If they are determined to be distinct, the value of the intellectual property licenses would be recognized up front while the research and development service fees would be recognized as the performance obligations are satisfied. For performance obligations

based on services performed, the Company measures progress using an input method based on the effort it expends or costs it incurs toward the satisfaction of the performance obligation in relation to the total estimated effort or costs. Variable consideration is assessed at each reporting period as to whether it is not subject to significant future reversal and, therefore, should be included in the transaction price at the inception of the contract. If a contract includes a fixed or minimum amount of research and development support, this also would be included in the transaction price. Changes to collaborations, such as the extensions of the research term or increasing the number of targets or technology covered under an existing agreement, are assessed for whether they represent a modification or should be accounted for as a new contract. For contracts with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price using either an adjusted market assessment approach or an expected cost plus margin approach, representing the amount that the Company believes the market is willing to pay for the product or service. Analyzing the arrangement to identify performance obligations requires the use of judgment, and each may be an obligation to deliver services, a right or license to use an asset, or another performance obligation.

Under certain of the Company’s license agreements, the Company receives royalty payments based upon its licensees’ net sales of covered products. Royalties are recognized at the later of when (i) the subsequent sale or usage occurs, or (ii) the performance obligation to which some or all of the sales-based or usage-based royalty has been satisfied.

Cash and Cash Equivalents

The Company generally considers cash equivalents to be all cash held in commercial checking accounts, money market accounts, or investments in debt instruments and certificates of deposit with maturities of three months or less at the time of purchase. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these items.

Restricted Cash

Total restricted cash was $1,979 and $1,610 as of September 30, 2025 and December 31, 2024, respectively, and primarily consisted of $1,400 as of September 30, 2025 and December 31, 2024, for a letter of credit the Company is required to maintain associated with its Birmingham lease. The letter of credit associated with the Birmingham lease of $1,400 is reflected within other assets on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024.

Investments

The Company invests in high credit quality investments in accordance with its investment policy. The objectives of the Company’s investment policy are to eliminate or greatly minimize the probability of a loss of principal value, maintain sufficient liquidity to meet cash flow requirements, and earn a competitive level of return. The Company places its excess cash with high credit quality financial institutions to limit the amount of its credit exposure. In accordance with its policy, the Company is able to invest in marketable debt securities that may consist of U.S. Treasury obligations, U.S government agency securities, money market funds, certificates of deposits and corporate notes and bonds. The Company’s investment policy requires it to purchase high-quality marketable securities with a maximum individual maturity of two years and requires an average portfolio maturity of no more than 12 months. Some of the securities in which the Company invests may have market risk. This means that a change in prevailing interest rates may cause the principal amount of the investment to fluctuate. To minimize this risk, the Company schedules its investments with maturities that coincide with expected cash flow needs, thus avoiding the need to redeem an investment prior to its maturity date. Accordingly, the Company does not believe it has a material exposure to interest rate risk arising from its investments. The Company has not realized any significant losses from its investments.

The Company classifies all of its investments as available-for-sale. Available-for-sale investments are reported at fair value at each balance sheet date, and include any unrealized holding gains and losses in accumulated other comprehensive income, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company reviews its investments for other than temporary declines in fair value below cost basis at the end of each reporting period and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors considered to determine whether an unrealized loss is temporary include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the Company, and the Company’s intent and ability to hold the investment to allow for an anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not credit-related is recognized in

other comprehensive income, net of applicable taxes unless deemed other than temporary. Realized gains and losses are reflected in interest and other income in the Condensed Consolidated Statements of Comprehensive Income (Loss) and are determined using the specific identification method with transactions recorded on a settlement date basis. Investments with original maturities at date of purchase beyond three months and which mature at or less than 12 months from the balance sheet date are classified as current. Investments with a maturity beyond 12 months from the balance sheet date are classified as long-term.

Fair Value Measurements

Assets and liabilities recorded at fair value on a recurring basis on the Condensed Consolidated Balance Sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

Assets measured at fair value on a recurring basis include investments (See “Note 4—Investments”). There were no liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024. The carrying amounts reflected in the Condensed Consolidated Balance Sheets for cash and cash equivalents, trade receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

Trade Receivables

The majority of the Company’s trade receivables arise from product sales and primarily represent amounts due from its specialty pharmacy customer in the United States and other third-party distributors, hospitals and pharmacies globally and have standard payment terms that generally require payment within 30 to 90 days.

Receivables from collaborations are recorded for amounts due to the Company related to royalty receivables from the Company’s partners, including Shionogi & Co., Ltd., Green Cross, and Torii (See “Note 12—Collaborative and Other Relationships”).

The Company provides reserves against trade receivables for estimated losses that may result from a customer’s inability to pay. Receivables are evaluated to determine if any reserve or allowance should be recorded based on consideration of the current economic environment, expectations of future economic conditions, specific circumstances and the Company’s own historical collection experience. Amounts determined to be uncollectible are charged or written-off against the reserve.

Inventory

The Company’s inventory primarily relates to ORLADEYO and also includes peramivir.

The Company values its inventory at the lower of cost or estimated net realizable value. The Company determines the cost of its inventory on a first-in, first-out (FIFO) basis. Raw materials and work-in-process include all inventory costs prior to packaging and labeling, including raw material, active product ingredient, and the drug product. Finished goods include packaged and labeled products. The Company classifies inventory as long-term when consumption or sale of the inventory is not expected to occur within 12 months from the balance sheet date.

The Company’s inventory is subject to expiration dating. At each reporting date, the Company evaluates the carrying value of its inventory and provides valuation reserves for any estimated excess, obsolete, short-dated or unmarketable inventory. In addition, the Company may experience spoilage of its raw materials and supplies. The Company’s determination that a valuation reserve might be required, in addition to the quantification of such reserve, requires it to utilize significant judgment. Additionally, the Company’s inventory is subject to strict quality control and monitoring that is performed throughout the manufacturing process, including release of work-in-process to finished goods. In the event that certain batches or units of product do not meet quality specifications, the Company will record a write-down of any potential unmarketable inventory to its estimated net realizable value and record the expense as cost of product in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Prior to obtaining initial regulatory approval for an investigational product candidate, the Company expenses costs relating to production of pre-launch inventory as research and development expense in its Condensed Consolidated

Statements of Comprehensive Income (Loss) in the period incurred. After regulatory approval has been received, the Company capitalizes inventory costs.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment and office equipment are depreciated over a life of three years. Laboratory equipment, software, and furniture and fixtures are depreciated over a life of five years. Leasehold improvements are amortized over their estimated useful lives or the expected lease term, whichever is less. Construction in progress reflects amounts incurred for construction or improvements of property and equipment that have not been placed in service.

The Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written down to their estimated fair values. Property and equipment to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Accrued Expenses

The Company enters into contractual agreements with third-party vendors who provide research and development, manufacturing, distribution, and other services in the ordinary course of business. Some of these contracts are subject to milestone-based invoicing, and services are completed over an extended period of time. The Company records liabilities under these contractual commitments when it determines an obligation has been incurred, regardless of the timing of the invoice. This process involves reviewing open contracts and purchase orders, communicating with applicable Company personnel to identify services that have been performed on its behalf and estimating the actual work completed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of actual cost. The majority of service providers invoice the Company monthly in arrears for services performed. The Company makes estimates of accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances, which can include assumptions such as expected patient enrollment, site activation and estimated project duration. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Examples of estimated accrued expenses include (i) fees paid to clinical research organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials; (ii) fees paid to investigative sites in connection with clinical trials; (iii) fees paid to contract manufacturers in connection with the production of the Company’s raw materials, drug substance, drug products, and product candidates; and (iv) professional fees.

The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. The Company accrues costs for clinical trial activities based upon estimates of the actual work completed in accordance with agreements established with third-party vendors. If the Company underestimates or overestimates the level of these costs, actual expenses could differ from such estimates. As of September 30, 2025 and December 31, 2024, the carrying value of accrued expenses approximates their fair value due to their short-term settlement.

Cost of Product Sales

Cost of product sales includes the cost of producing inventory that is related to product revenue during the respective period, including freight. Cost of product sales may also include costs related to excess or obsolete inventory adjustment charges.

Research and Development Expenses

Research and development expenses consist of costs associated with research activities as well as those with the Company’s product development efforts, conducting preclinical trials, clinical trials and manufacturing activities. Research and development expenses are expensed as incurred. Most of the Company’s clinical and preclinical studies are performed by third-party CROs. Costs for studies performed by CROs are accrued based upon estimates of the actual work completed in accordance with the third-party agreements. Advance payments for goods or services that will be used or rendered for

future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed.

Research and development expenses consist of costs associated with research activities as well as those associated with product development efforts, conducting pre-clinical trials, clinical trials and manufacturing activities. Direct expenses consist of compensation for research and development personnel and costs of outside parties to conduct laboratory studies, develop manufacturing processes and manufacture the product candidate, conduct and manage clinical trials, as well as other costs related to the Company’s clinical and preclinical studies. Additionally, direct expenses consist of those costs necessary to discontinue and close out a development program, including termination fees and other commitments. Indirect expenses consist of lab supplies and services, facility expenses, depreciation of development equipment and an allocation of its general and administrative overhead costs that support the Company’s research and development efforts.

Selling, General and Administrative Expenses

Selling, general and administrative expenses are comprised of compensation and benefits and related costs associated with sales and marketing, finance, human resources, legal, information technology, quality, safety and regulatory activities related to marketed products, and other general and administrative personnel. Additionally, selling, general and administrative expenses are comprised of market research, marketing, advertising and legal expenses, including patent costs, licenses and other administrative costs.

All patent related costs are expensed to selling, general and administrative expenses when incurred as recoverability of such expenditures is uncertain.

Leases

The Company leases certain assets under operating and finance leases, which consist of real estate leases, laboratory equipment leases and office equipment leases as of September 30, 2025. The Company determines whether a contract is, or contains, a lease at inception. The Company accounts for lease obligations in accordance with ASU 2016-02: Leases (Topic 842), which requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for most leases. The Company elected the practical expedient that exempts leases with an initial lease term of twelve months or less, as well as the practical expedient that allows companies to select, by class of underlying asset, not to separate lease and non-lease components.

Certain of the Company’s operating leases provide for renewal options, which can vary by lease. The right-of-use asset and lease liabilities on the Company’s Condensed Consolidated Balance Sheets represent payments over the lease term, which include renewal options for certain real estate leases that the Company is likely to exercise. Certain operating leases include rent escalation provisions, which the Company recognizes as expense on a straight-line basis. Lease expense for leases with an initial term of twelve months or less was not material.

The discount rate used to determine the Company’s right-of-use asset and lease liability is the Company’s incremental borrowing rate on a collateralized basis over a similar term and amount in a similar economic environment, as generally an implicit rate in the lease is not readily determinable.

The Company has not made any residual value guarantees related to its leases; therefore, the Company has no corresponding liability recorded on its Condensed Consolidated Balance Sheets.

Stock-Based Compensation

All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) based on their fair values. Stock-based compensation cost is estimated at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period of the award. Determining the appropriate fair value model and the related assumptions for the model requires judgment, including estimating the stock price volatility and the expected term. The Company utilizes the Black-Scholes option-pricing model to value its stock option awards and recognize compensation expense on a straight-line basis over the requisite service period. The Company reduces stock-based compensation expense for estimated forfeitures. The estimation of share-based payment awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. Actual results, and future changes in estimates, may differ substantially from the Company’s current estimates.

Interest Expense, Deferred Financing Costs and Royalty Financing Obligations

Interest expense primarily relates to the royalty financing obligations (see “Note 7—Royalty Financing Obligations”) and the term loan borrowings under the Pharmakon Loan Agreement (see “Note 8—Debt”) during the nine months ended September 30, 2025 and 2024.

Costs directly associated with the borrowings were capitalized and netted against the corresponding debt liabilities on the Condensed Consolidated Balance Sheets. These costs are amortized to interest expense over the terms of the corresponding borrowings using the effective interest rate method. When utilizing the effective interest method, in periods in which payment-in-kind (“PIK”) interest was designated and added to the outstanding principal balance of the borrowing, the amortization of the deferred debt fees and issuance costs was accretive.

The royalty financing obligations are eligible to be repaid based on royalties from net sales of ORLADEYO. Interest expense is accrued using the effective interest rate method over the estimated period each of the related liabilities will be paid. This requires the Company to estimate the total amount of future royalty payments to be generated from product sales over the life of the agreement. The Company imputes interest on the carrying value of each of the royalty financing obligations and records interest expense using an imputed effective interest rate. The Company reassesses the expected royalty payments each reporting period and accounts for any changes through an adjustment to the effective interest rate on a prospective basis. The assumptions used in determining the expected repayment term of the debt and amortization period of the issuance costs require that the Company make estimates that could impact the carrying value of each of the liabilities, as well as the periods over which associated issuance costs will be amortized. A significant increase or decrease in forecasted net sales could materially impact each of the liability balances, interest expense and the time periods for repayment.

Income Taxes

The liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse.

Significant management judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. The Company has recorded a valuation allowance against substantially all potential tax assets, due to uncertainties in its ability to utilize deferred tax assets, primarily consisting of certain net operating losses carried forward, before they expire. The valuation allowance is based on estimates of future earnings in each of the jurisdictions in which the Company operates and the period over which its deferred tax assets will be recoverable.

The Company accounts for uncertain tax positions in accordance with U.S. GAAP. Uncertain tax positions are recorded based upon certain recognition and measurement criteria. The Company re-evaluates uncertain tax positions and considers various factors, including, but not limited to, changes in tax law and the measurement of tax positions taken or expected to be taken in tax returns. The Company adjusts the amount of the liability to reflect any subsequent changes in the relevant facts and circumstances surrounding the uncertain tax positions. The Company recognizes interest and penalties related to income tax matters in income tax expense.

Beginning in fiscal year 2021, the Company began accruing for U.S. state taxes and foreign income taxes as a result of increased nexus in both U.S. state and foreign jurisdictions where historically the Company had no presence and where no net operating losses had historically been established.

In addition, starting in 2022, amendments to Section 174 of the Internal Revenue Code of 1986, as amended (“IRC”), no longer permit an immediate deduction for research and development expenditures conducted on foreign soil in the tax year that such costs are incurred. Instead, these IRC Section 174 development costs must now be capitalized and amortized over a 15-year period. The new amortization period begins with the midpoint of any taxable year that IRC Section 174 costs are first incurred, regardless of whether the expenditures were made prior to or after July 1, and runs until the midpoint of year sixteen.

Certain countries in which the Company has operations have adopted legislation influenced by the Organization for Economic Cooperation and Development (“OECD”) Pillar Two rules, including a minimum tax rate of 15%. It is uncertain whether the U.S. will enact legislation to adopt the Pillar Two framework. While the Company is currently not within the scope of the rules, it is continuing to review and evaluate additional guidance released by the OECD, along with the pending legislative adoption by additional individual countries where the Company operates.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, making permanent certain provisions of the Tax Cuts and Jobs Act, including permanent 100% bonus depreciation, expensing of domestic research costs, and amendments to the business interest expense limitation. In accordance with ASC Topic 740, Income Taxes, the Company has recognized the effects of the new tax law in the period of enactment. As the Company maintains a full valuation allowance on its U.S. federal deferred tax assets, the legislation does not have a material impact on its condensed consolidated financial statements for the three months ended September 30, 2025.

Foreign Currency

The functional currency of each of the Company’s foreign subsidiaries is primarily the local currency of the country in which the subsidiary operates. The Company’s asset and liability accounts are translated at the current exchange rate as of the balance sheet date. Revenue and expense accounts are translated at the average exchange rate over the period. Adjustments resulting from the translation of the financial statements of the Company’s foreign subsidiaries into U.S. dollars are accumulated as a separate component of stockholders’ equity within accumulated other comprehensive income. Gains or losses resulting from transactions denominated in foreign currencies are included in foreign currency losses, net, within the Condensed Consolidated Statement of Comprehensive Income (Loss).

Net Income (Loss) Per Share

Basic net income (loss) per share is based upon the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is based upon the weighted average number of common shares outstanding and potentially dilutive common shares during the period as determined by using the treasury stock method. Potential common equivalent shares are excluded if their effect is anti-dilutive.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income is comprised of cumulative foreign currency translation adjustments and unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders’ equity. Realized gain and loss amounts on available-for-sale investments are reclassified from accumulated other comprehensive income and recorded as interest and other income on the Condensed Consolidated Statements of Comprehensive Income (Loss). There were no realized gains or losses reclassified out of accumulated other comprehensive income for the three and nine months ended September 30, 2025 and 2024.

Significant Customers and Other Risks

Significant Customers

The Company’s primary sources of revenue and cash flow are the sales of ORLADEYO in the United States.

ORLADEYO is generally distributed through an arrangement with a single specialty pharmacy in the United States. The specialty pharmacy subsequently sells ORLADEYO to its customers (pharmacy benefit managers, insurance companies, government programs and group purchasing organizations) and dispenses product to patients. RAPIVAB is also generally distributed through the same specialty pharmacy in the United States. The specialty pharmacy’s inability or unwillingness to continue these distribution activities could adversely impact the Company’s business, results of operations and financial condition. Revenue where the specialty pharmacy is considered the customer was approximately 88% and 86% of total net revenues for the three and nine months ended September 30, 2025, respectively. Revenue where the specialty pharmacy is considered the customer was approximately 88% of total net revenues for both the three and nine months ended September 30, 2024.

The Company is distributing ORLADEYO in other global markets directly or through other parties.

Risks from Third-Party Manufacturing and Distribution Concentration

The Company relies on a single source manufacturer for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development and on a single specialty pharmacy for distribution of approved drug product in the United States. Delays or disruption in the manufacture or distribution of any product could adversely impact the future procurement stockpiling of the Company’s commercial product, commercial revenue and product candidates.

Further, the Company’s drug development activities are performed by a limited group of third-party vendors. If any of these vendors were unable to perform its services, this could significantly impact the Company’s ability to complete its drug development activities.

Credit Risk

Cash equivalents and investments are financial instruments that potentially subject the Company to concentration of risk to the extent recorded on the Condensed Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may exceed the amount of insurance provided on such deposits. The Company believes it has established guidelines for investment of its excess cash relative to diversification and maturities that maintain safety and liquidity. To minimize the exposure due to adverse shifts in interest rates, the Company maintains a portfolio of investments with an average maturity of approximately 12 months or less.

The Company’s receivables from sales of ORLADEYO are primarily due from one customer, resulting in a concentration of credit risk.

Recently Adopted Accounting Pronouncements And New Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

There have been no new accounting pronouncements adopted by the Company during the nine months ended September 30, 2025.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects adoption of this ASU will result in additional disclosures but does not expect it will have a material effect on the Company’s consolidated balance sheet, statement of comprehensive income (loss), or statement of cash flows.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities, on an annual and interim basis, to provide disaggregated disclosure of certain income statement expenses into specified categories within the footnotes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of adopting ASU 2024-03.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software, eliminating references to project stages and clarifying the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the impact of adopting ASU 2025-06 but does not expect it will have a material effect on its consolidated balance sheet, statement of comprehensive income (loss), or statement of cash flows.

The Company does not expect any other recently issued accounting standards to have a material impact to its financial statements or disclosures.

Investments - Fair Value, Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Estimated Fair Value	$ 168,464	$ 236,460
Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Estimated Fair Value	168,464	236,460
Quoted Price in Active Markets (Level 1)
Marketable Securities [Line Items]
Estimated Fair Value	0	0
Quoted Price in Active Markets (Level 1) \| Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Estimated Fair Value	0	0
Significant Other Observable Inputs (Level 2)
Marketable Securities [Line Items]
Estimated Fair Value	168,464	236,460
Significant Other Observable Inputs (Level 2) \| Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Estimated Fair Value	168,464	236,460
Significant Unobservable Inputs (Level 3)
Marketable Securities [Line Items]
Estimated Fair Value	0	0
Significant Unobservable Inputs (Level 3) \| Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Estimated Fair Value	$ 0	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Royalty Financing Obligations

9 Months Ended

Sep. 30, 2025

Advance Royalties [Abstract]

Royalty Financing Obligations

On December 7, 2020, the Company and RPI 2019 Intermediate Finance Trust (“RPI”) entered into a Purchase and Sale Agreement (the “2020 RPI Royalty Purchase Agreement”), pursuant to which the Company sold to RPI the right to receive certain royalty payments from the Company for a purchase price of $125,000 in cash (the “2020 RPI Royalty Sale”). Under the 2020 RPI Royalty Purchase Agreement, RPI is entitled to receive tiered, sales-based royalties on net product sales of ORLADEYO in the United States and certain key European markets (collectively, the “Key Territories”), and other markets where the Company sells ORLADEYO directly or through distributors (collectively, the “Direct Sales”) in an amount equal to: (i) 8.75% of aggregate annual net sales of ORLADEYO for annual net sales up to $350,000 and (ii) 2.75% of annual net sales for annual net sales between $350,000 and $550,000. No royalty payments are payable on annual Direct Sales over $550,000.

Under the 2020 RPI Royalty Purchase Agreement, RPI is also entitled to receive a tiered revenue share on ORLADEYO sublicense revenue or net sales by licensees outside of the Key Territories (the “Other Markets”) equal to: (i) 20% of the proceeds received by the Company for upfront license fees and development milestones for ORLADEYO in the Other Markets, (ii) 20% of proceeds received on annual net sales of up to $150,000 in the Other Markets, and (iii) 10% of proceeds received by the Company on annual net sales between $150,000 and $230,000 in the Other Markets. No royalty payments are payable on annual net sales above $230,000 in the Other Markets.

On November 19, 2021, the Company and RPI entered into (i) a Purchase and Sale Agreement (the “2021 RPI Royalty Purchase Agreement” and together with the 2020 RPI Royalty Purchase Agreement, the “RPI Royalty Purchase Agreements”), pursuant to which the Company sold to RPI the right to receive certain royalty payments from the Company for a purchase price of $150,000 in cash, and (ii) a Purchase and Sale Agreement with OCM IP Healthcare Holdings Limited, an affiliate of OMERS Capital Markets (“OMERS”) (the “OMERS Royalty Purchase Agreement” and collectively with the RPI Royalty Purchase Agreements, the “Royalty Purchase Agreements”), pursuant to which the Company sold to OMERS the right to receive certain royalty payments from the Company for a purchase price of an additional $150,000 in cash.

Under the 2021 RPI Royalty Purchase Agreement, RPI is entitled to receive tiered, sales-based royalties on Direct Sales in an amount equal to: (i) 0.75% of aggregate annual net sales of ORLADEYO for annual net sales up to $350,000 and (ii) 1.75% of annual net sales of ORLADEYO for annual net sales between $350,000 and $550,000. No royalty payments are payable on Direct Sales over $550,000. RPI is also entitled to receive a tiered revenue share on ORLADEYO sublicense revenue or net sales by licensees in the Other Markets in an amount equal to (i) 3.0% of proceeds received by the Company on annual net sales of up to $150,000 in the Other Markets and (ii) 2.0% of proceeds received by the Company on annual net sales between $150,000 and $230,000 in the Other Markets. No royalty payments are payable on annual net sales above $230,000 in the Other Markets.

The royalties payable under the 2021 RPI Royalty Purchase Agreement are in addition to the royalties payable to RPI under the 2020 RPI Royalty Purchase Agreement.

Under the OMERS Royalty Purchase Agreement, for the calendar quarter beginning October 1, 2023, OMERS was entitled to receive tiered, sales-based royalties on Direct Sales in an amount equal to: (i) 7.5% of aggregate annual net sales of ORLADEYO for annual net sales up to $350,000 and (ii) 6.0% of annual net sales of ORLADEYO for annual net sales between $350,000 and $550,000 (with no royalty payments payable on annual Direct Sales over $550,000). Commencing with the calendar quarter beginning January 1, 2024, OMERS is entitled to receive tiered, sales-based royalties on Direct Sales in an amount equal to: (i) 10.0% of aggregate annual net sales of ORLADEYO for annual net sales up to $350,000 and (ii) 3.0% of annual net sales of ORLADEYO for annual net sales between $350,000 and $550,000 (with no royalty payments payable on annual Direct Sales over $550,000).

Under the OMERS Royalty Purchase Agreement, OMERS is also entitled to receive a tiered revenue share on ORLADEYO sublicense revenue or net sales by licensees in the Other Markets in an amount equal to: (i) 20.0% of the proceeds received by the Company for upfront license fees and development milestones for ORLADEYO in the Other Markets, (ii) 20.0% of proceeds received by the Company on annual net sales of up to $150,000 in the Other Markets, and (iii) 10.0% of proceeds received by the Company on annual net sales between $150,000 and $230,000 in the Other Markets. No royalty payments are payable on annual net sales above $230,000 in the Other Markets. OMERS is also entitled to receive profit share amounts of up to 10% from certain other permitted sales in certain other markets.

Under the 2020 RPI Royalty Purchase Agreement, the Company is required to make royalty payments of amounts owed to RPI each calendar quarter following the first commercial sale of ORLADEYO in any country. Under the 2021 RPI Royalty Purchase Agreement, the Company is required to make payments to RPI in respect of net sales or sublicense revenue in each calendar quarter from and after October 1, 2021. Under the OMERS Royalty Purchase Agreement, the Company is required to make payments to OMERS in respect of net sales or sublicense revenue in each calendar quarter from and after October 1, 2023. OMERS will no longer be entitled to receive any payments on the date in which aggregate payments actually received by OMERS equals 155.0% of the $150,000 purchase price.

The transactions contemplated by each of the Royalty Purchase Agreements are referred to herein as the “Royalty Sales”.

Under the Royalty Purchase Agreements, the Company has agreed to specified affirmative and negative covenants, including covenants regarding periodic reporting of information by the Company to RPI and OMERS, third-party audits of royalties paid under the Royalty Purchase Agreements, and restrictions on the ability of the Company or any of its subsidiaries to incur indebtedness other than certain royalty sales and as was permitted to be incurred under the terms of the Athyrium Credit Agreement (as defined in Note 8 herein) through its payoff and termination on April 17, 2023 or, subsequent to that date, the Pharmakon Loan Agreement (as defined in Note 8 herein), as applicable. See “Note 8—Debt” for further details on the Athyrium Credit Agreement and the Pharmakon Loan Agreement. The restrictions under the Royalty Purchase Agreements on the ability of the Company or any of its subsidiaries to incur indebtedness are eliminated after the achievement of certain specified milestones in the Royalty Purchase Agreements. In addition, in connection with the Stock Purchase Agreement (as defined in Note 2—Assets and Liabilities Held for Sale”), RPI and OMERS provided their written consent of the consummation of the sale of the Company’s European ORLADEYO Business. See “Note 16—Subsequent Events” for additional information on the sale of the Company’s European ORLADEYO Business.

The cash consideration obtained pursuant to the Royalty Purchase Agreements is recorded in “Royalty financing obligations” on the Company’s Condensed Consolidated Balance Sheets. The fair value for the royalty financing obligations at the time of the transactions was based on the Company’s estimates of future royalties expected to be paid to the counterparty over the life of the arrangement. The Company subsequently records the obligations at their carrying value using the effective interest method. As of September 30, 2025 and December 31, 2024, the carrying value of the royalty financing obligations under the Royalty Purchase Agreements approximated fair value and was measured based on the Company’s current estimates of future payments to RPI and OMERS over the lives of the agreements, which are considered Level 3 inputs. The Company utilizes the prospective method to account for subsequent changes in the estimated future royalties to be paid by the Company to the counterparty over the life of the arrangement. Under the prospective method, a new effective interest rate is determined based on the revised estimate of remaining cash flows. The new rate is the discount rate that equates the present value of the revised estimate of remaining cash flows with the carrying amount of the debt, and it will be used to recognize interest expense for the remaining periods. The Company periodically assesses the amount and timing of expected royalty payments using internal projections of future net product sales, which are based on key assumptions, including paid patients and price. To the extent such payments are greater or less than the Company’s initial estimates or the timing of such payments is materially different than its original estimates, the Company

will prospectively adjust the amortization of the royalty financing obligations and the effective interest rate. On a quarterly basis, the Company assesses the projected royalty payments relative to the projected interest accretion for the next twelve months to determine if the royalty liability balance is reduced relative to the current outstanding liability. In such case of excess payments relative to interest accretion for the next twelve months, the excess payments are considered to be a short-term liability and classified within current liabilities on the Company’s Condensed Consolidated Balance Sheets.

During the three months ended September 30, 2025, there were no significant changes to the amount and timing of expected royalties under the Royalty Purchase Agreements based on the Company’s latest forecasts related to ORLADEYO sales.


	2020 RPI Royalty Agreement			2021 RPI Royalty Agreement			OMERS Royalty Agreement			Total
Balance as of December 31, 2024	$	180,413		$	181,140		$	152,176		$	513,729
Non-cash interest expense on royalty financing obligations	9,756			—			3,758			13,514
Royalty revenues payable	(11,818)			(1,021)			(13,486)			(26,325)
Balance as of March 31, 2025	$	178,351		$	180,119		$	142,448		$	500,918
Non-cash interest expense on royalty financing obligations	9,804			—			3,598			13,402
Royalty revenues payable	(13,798)			(1,193)			(15,746)			(30,737)
Balance as of June 30, 2025	$	174,357		$	178,926		$	130,300		$	483,583
Non-cash interest expense on royalty financing obligations	9,610			—			3,313			12,923
Royalty revenues payable	(8,258)			(2,195)			(9,260)			(19,713)
Balance as of September 30, 2025	$	175,709		$	176,731		$	124,353		$	476,793

Effective interest rate	21.6		%	—		%	10.1		%

Cash paid for interest on the royalty financing obligations was $18,319 and $55,240 for the three and nine months ended September 30, 2025, respectively. Cash paid for interest on the royalty financing obligations was $21,239 and $54,308 for the three and nine months ended September 30, 2024, respectively.

Concurrent with entering into the 2021 RPI Royalty Purchase Agreement, the Company and RPI entered into a Common Stock Purchase Agreement pursuant to which the Company sold common stock to RPI for a premium of $4,269. This premium has been deferred and is being amortized through interest expense using the effective interest method over the term of the applicable arrangement.

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenues	$ 159,395	$ 117,085	$ 468,282	$ 319,178
Product sales, net
Disaggregation of Revenue [Line Items]
Revenues	157,735	116,066	463,952	313,325
Product sales, net \| U.S.
Disaggregation of Revenue [Line Items]
Revenues	141,557	103,112	402,054	278,987
Product sales, net \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Revenues	17,520	13,207	48,103	34,487
ORLADEYO
Disaggregation of Revenue [Line Items]
Revenues	159,077	116,319	450,157	313,474
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 318	$ 766	$ 18,125	$ 5,704

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Royalty Financing Obligations - Schedule of Royalty Financing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2025	Sep. 30, 2024
Royalty Montizations [Roll Forward]
Balance	$ 483,583	$ 500,918	$ 513,729	$ 513,729
Non-cash interest expense on royalty financing obligations	12,923	13,402	13,514	39,839	$ 42,469
Royalty revenues payable	(19,713)	(30,737)	(26,325)
Balance	476,793	483,583	500,918	476,793
2020 RPI Royalty Agreement
Royalty Montizations [Roll Forward]
Balance	174,357	178,351	180,413	180,413
Non-cash interest expense on royalty financing obligations	9,610	9,804	9,756
Royalty revenues payable	(8,258)	(13,798)	(11,818)
Balance	$ 175,709	174,357	178,351	$ 175,709
Effective interest rate	21.60%			21.60%
2021 RPI Royalty Agreement
Royalty Montizations [Roll Forward]
Balance	$ 178,926	180,119	181,140	$ 181,140
Non-cash interest expense on royalty financing obligations	0	0	0
Royalty revenues payable	(2,195)	(1,193)	(1,021)
Balance	$ 176,731	178,926	180,119	$ 176,731
Effective interest rate	0.00%			0.00%
OMERS Royalty Agreement
Royalty Montizations [Roll Forward]
Balance	$ 130,300	142,448	152,176	$ 152,176
Non-cash interest expense on royalty financing obligations	3,313	3,598	3,758
Royalty revenues payable	(9,260)	(15,746)	(13,486)
Balance	$ 124,353	$ 130,300	$ 142,448	$ 124,353
Effective interest rate	10.10%			10.10%

Net Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	22,191	44,441
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	21,818	38,559
Unvested restricted stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	373	5,882

Assets and Liabilities Held For Sale - Schedule of Assets Held For Sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Current assets held for sale	$ 29,173	$ 0
Non-current assets held for sale	4,058	0
Current liabilities:
Current liabilities held for sale	26,423	0
Non-current liabilities held for sale	436	$ 0
BioCryst Ireland
Current assets:
Cash and cash equivalents	14,840
Trade receivables	10,285
Inventory, net	2,146
Prepaid expenses and other current assets	1,902
Current assets held for sale	29,173
Non-current assets held for sale	4,058
Total assets held for sale	33,231
Current liabilities:
Accounts payable	1,714
Accrued expenses	24,371
Other current liabilities	338
Current liabilities held for sale	26,423
Non-current liabilities held for sale	436
Total liabilities held for sale	$ 26,859

Trade Receivables (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Disposal Group, Held-for-Sale, Not Discontinued Operations \| BioCryst Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 10,285
Royalty Receivables from Partners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	3,138	$ 2,223
ORLADEYO \| Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, after allowance for credit loss, total	88,034	76,282
Peramivir \| Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, after allowance for credit loss, total	$ 153	$ 564

Lease Obligations - Balance Sheets of the Company's Finance Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use assets	Right of use assets
Finance lease assets, net	$ 3,115	$ 3,947
Finance lease liabilities	1,435	1,835
Finance lease liabilities	1,742	2,124
Total	$ 3,177	$ 3,959

Stock-based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans (Details) - $ / shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life in years	6 years 2 months 12 days	5 years 9 months 18 days
Expected Life in Years	79.00%	83.70%
Expected Volatility	0.00%	0.00%
Expected Dividend Yield	4.10%	4.30%
Weighted average grant date fair value stock option awards (in dollars per share)	$ 6.64	$ 4.56
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life in years	6 years 4 months 24 days	5 years 9 months 18 days
Expected Life in Years	80.90%	83.40%
Expected Volatility	0.00%	0.00%
Expected Dividend Yield	4.00%	4.20%
Weighted average grant date fair value stock option awards (in dollars per share)	$ 5.89	$ 4.43

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Royalty Financing Obligations (Details Textual) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Nov. 19, 2021	Dec. 07, 2020	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Royalty Monetizations [Line Items]
Interest paid, royalty financing obligations			$ 18,319	$ 21,239	$ 55,240	$ 54,308
RPI 2019 Intermediate Finance Trust
Royalty Monetizations [Line Items]
Shares issued, common stock, premium	$ 4,269
RPI 2019 Intermediate Finance Trust \| ORLADEYO
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets		20.00%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Under $350,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories		8.75%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Between $350,000 and $550,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories		2.75%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Over $550,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories		0.00%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Under $150,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets		20.00%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Between $150,000 and $230,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets		10.00%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Over $230,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets		0.00%
RPI 2019 Intermediate Finance Trust \| Future Royalties Payable
Royalty Monetizations [Line Items]
Proceeds from issuance of debt		$ 125,000
RPI 2021 and 2020 Intermediate Finance Trust \| Future Royalties Payable
Royalty Monetizations [Line Items]
Proceeds from issuance of debt	$ 150,000
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Under $350,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories	0.75%
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Between $350,000 and $550,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories	1.75%
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Over $550,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets	0.00%
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Under $150,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	3.00%
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Between $150,000 and $230,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	2.00%
OMERS Capital Markets \| ORLADEYO
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	20.00%
Royalty purchase agreement, royalties, percentage of annual net sales in other markets	10.00%
Royalty purchase agreement, royalties, percentage of purchase price	155.00%
Royalty purchase agreement, royalties, purchase price, amount	$ 150,000
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Under $350,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales	7.50%
Royalty purchase agreement, royalties, percentage of annual net sales, based on reduction in sales	10.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Between $350,000 and $550,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales	6.00%
Royalty purchase agreement, royalties, percentage of annual net sales, based on reduction in sales	3.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Over $550,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales	0.00%
Royalty purchase agreement, royalties, percentage of annual net sales, based on reduction in sales	0.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Under $150,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	20.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Between $150,000 and $230,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	10.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Over $230,000
Royalty Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	0.00%

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Abbreviated New Drug Application In January 2025, the Company received a Paragraph IV notice of certification (the “Notice Letter”) from Annora Pharma Private Limited (“Annora”) advising that Annora has submitted an Abbreviated New Drug Application (“ANDA”) to the FDA seeking approval to manufacture, use or sell a generic version of ORLADEYO in the United States prior to the expiration of three patents listed in the FDA’s Orange Book: U.S. Patent Nos. 10,662,160; 11,117,867; and 11,618,733 (the “Challenged Patents”). The Notice Letter alleges that the Challenged Patents, which expire in 2039, are invalid, unenforceable and/or will not be infringed by the commercial manufacture, use or sale of the generic product described in Annora’s ANDA. The Notice Letter does not challenge the following six ORLADEYO Orange Book patents that expire in 2035: U.S. Patent Nos. 10,125,102; 10,329,260; 10,689,346; 11,230,530; 11,708,333; and 12,116,346. On March 10, 2025, the Company ﬁled a patent infringement lawsuit in the United States District Court for the District of Delaware against Annora, Hetero Labs Limited, Hetero USA, Inc., and Camber Pharmaceuticals, Inc. (collectively, the “Defendants”), asserting infringement of the Challenged Patents arising from Annora’s ANDA filing with the FDA. The Company is seeking, among other remedies, equitable relief enjoining the Defendants from infringing the Challenged Patents, as well as an order that the eﬀective date of any FDA approval of the ANDA would be a date no earlier than the expiration of the Challenged Patents (including any regulatory extensions). While the Company intends to vigorously defend its intellectual property rights protecting ORLADEYO, this matter is in the early stages of litigation and no assessment can be made as to the likely outcome of this matter or whether it will be material to the Company. Accordingly, an estimate of the potential loss, or range of loss, if any, to the Company relating to this matter is not possible at this time.

Condensed Consolidated Statements of Cash Flows $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cash flows from operating activities:
Net income (loss)	$ 18,016	$ (62,086)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	995	937
Inventory obsolescence	1,056	1,361
Stock-based compensation expense	61,273	44,074
Payment of Pharmakon PIK Interest	(9,153)	0
Non-cash interest expense on royalty financing obligations	39,839	42,469
Non-cash interest expense on secured term loan and amortization of debt issuance costs	1,387	11,102
Amortization of discount on investments, net	(3,240)	(8,713)
Loss on extinguishment of debt	6,911	0
Gain on sale of non-financial asset	(550)	0
Changes in operating assets and liabilities:
Increase in receivables	(21,312)	(15,402)
Increase in inventory	(1,124)	(2,001)
(Increase) decrease in prepaid expenses and other assets	(5,890)	1,385
Decrease in royalty financing obligations	(55,240)	(54,308)
Increase (decrease) in accounts payable and accrued expenses	22,441	(5,625)
Net cash provided by (used in) operating activities	55,409	(46,807)
Cash flows from investing activities:
Acquisitions of property and equipment	(1,666)	(449)
Purchases of investments	(136,737)	(227,235)
Sales and maturities of investments	207,647	262,480
Sale of non-financial asset	550	0
Net cash provided by investing activities	69,794	34,796
Cash flows from financing activities:
Net proceeds from common stock issued under stock-based compensation plans	8,458	4,030
Common stock issued to directors in lieu of cash retainer	36	29
Repayment of Pharmakon term loan principal	(115,847)	0
Prepayment premium and fees on Pharmakon term loan	(3,802)	0
Principal payments on royalty financing obligations	(16,406)	0
Withholding taxes paid on stock-based awards	(2,845)	(4,451)
Principal payments on finance lease liabilities	(1,565)	(1,348)
Net cash used in financing activities	(131,971)	(1,740)
Effect of exchange rates on cash, cash equivalents and restricted cash	1,342	368
Net decrease in cash, and cash equivalents, and restricted cash	(5,426)	(13,383)
Less: cash and cash equivalents classified within current assets held for sale	(14,840)	0
Net decrease in cash, and cash equivalents, and restricted cash	(20,266)	(13,383)
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation			$ 112,447
Cash, cash equivalents and restricted cash at end of period	86,057	99,064
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Cash and cash equivalents	84,078	96,841
Restricted cash	579	813
Restricted cash in other assets	1,400	1,410
Total cash, cash equivalents and restricted cash	86,057	99,064
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	22,789	20,242
Cash paid for taxes	2,220	1,225
Taxes withheld on stock-based awards included in accrued expenses	$ 151	$ 245

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule of Stock by Class

The Company had reserved shares of common stock for issuance as follows (in thousands):


	September 30, 2025	December 31, 2024
Shares reserved for exercises of outstanding stock options	41,522	44,240
Shares reserved for vesting of restricted stock units	9,744	10,112
Shares reserved for future issuance under the Stock Incentive Plan	13,721	1,065
Shares reserved for future issuance under the Inducement Equity Incentive Plan	1,508	1,699
Shares reserved for future issuance under the Employee Stock Purchase Plan	4,674	5,042
Total shares reserved for future issuance	71,169	62,158

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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+ Details

Significant Accounting Policies and Concentrations of Risk

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Significant Accounting Policies and Concentrations of Risk

The Company

Basis of Presentation

Use of Estimates

Assets Held for Sale

Revenue Recognition

The Company recorded the following revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Product sales, net	$	157,735	$	116,066	$	463,952	$	313,325
Collaborative and other revenues	1,660		1,019		4,330		5,853
Total revenues	$	159,395	$	117,085	$	468,282	$	319,178

Product Sales, Net

The Company recognizes revenue for sales when the customer obtains control of the product, which generally occurs upon delivery.

Collaborative and Other Revenues

Cash and Cash Equivalents

Restricted Cash

Investments

Fair Value Measurements

Trade Receivables

Inventory

The Company’s inventory primarily relates to ORLADEYO and also includes peramivir.

Statements of Comprehensive Income (Loss) in the period incurred. After regulatory approval has been received, the Company capitalizes inventory costs.

Property and Equipment

Accrued Expenses

Cost of Product Sales

Research and Development Expenses

future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed.

Selling, General and Administrative Expenses

All patent related costs are expensed to selling, general and administrative expenses when incurred as recoverability of such expenditures is uncertain.

Leases

The Company has not made any residual value guarantees related to its leases; therefore, the Company has no corresponding liability recorded on its Condensed Consolidated Balance Sheets.

Stock-Based Compensation

Interest Expense, Deferred Financing Costs and Royalty Financing Obligations

Income Taxes

Foreign Currency

Net Income (Loss) Per Share

Accumulated Other Comprehensive Income

Significant Customers and Other Risks

Significant Customers

The Company’s primary sources of revenue and cash flow are the sales of ORLADEYO in the United States.

The Company is distributing ORLADEYO in other global markets directly or through other parties.

Risks from Third-Party Manufacturing and Distribution Concentration

Credit Risk

The Company’s receivables from sales of ORLADEYO are primarily due from one customer, resulting in a concentration of credit risk.

Recently Adopted Accounting Pronouncements

There have been no new accounting pronouncements adopted by the Company during the nine months ended September 30, 2025.

New Accounting Pronouncements Not Yet Adopted

The Company does not expect any other recently issued accounting standards to have a material impact to its financial statements or disclosures.

Collaborative and Other Relationships	9 Months Ended
Collaborative and Other Relationships	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative and Other Relationships	Collaborative and Other Relationships ORLADEYO Torii Pharmaceutical Co., Ltd. (“Torii”) On November 5, 2019, the Company entered into a Commercialization and License Agreement with Torii (the “Original Torii Agreement”), granting Torii the exclusive right to commercialize ORLADEYO for the prevention of HAE attacks in Japan. Under the Original Torii Agreement, the Company received an upfront, non-refundable payment of $22,000. The Company received an additional milestone payment of $15,000 in the second quarter of 2021 upon receipt from the Japanese National Health Insurance System of a reimbursement price approval for ORLADEYO. In addition, the Company was entitled to receive tiered royalty payments, ranging from 20% to 40% of annual net sales of ORLADEYO in Japan during each calendar year. Torii’s royalty payment obligations were subject to customary reductions in certain circumstances, but could not be reduced by more than 50% of the amount that otherwise would have been payable to the Company in the applicable calendar quarter. The Company identified performance obligations under the Original Torii Agreement related to (i) the license to develop and commercialize ORLADEYO, (ii) regulatory approval support, and (iii) reimbursement pricing approval support. These were each determined to be distinct from the other performance obligations. The Company allocated the $22,000 upfront consideration to the identified performance obligations using estimation approaches to determine the standalone selling prices under ASC Topic 606. Specifically, in determining the value related to the license, a valuation approach utilizing risk adjusted discounted cash flow projections was used, and an expected cost plus margin approach was utilized for the other performance obligations. On November 30, 2023, the Company entered into an Amended and Restated Commercialization and License Agreement with Torii (as amended, the “Torii Agreement”). Under the Torii Agreement, the Company is entitled to receive tiered royalty payments, ranging from 20% to 80% of annual net sales of ORLADEYO in Japan during each calendar year. The Company is now responsible for all commercial promotion activities to support ORLADEYO sales in Japan, and Torii is responsible for HAE disease awareness activities in Japan. The Company will receive a 20% royalty on annual Japanese sales below a prespecified threshold and an 80% royalty on annual Japanese sales above the prespecified threshold. Torii’s updated royalty payment obligations commenced on November 30, 2023 and expire upon the later of (i) the tenth anniversary of the date of first commercial sale of ORLADEYO in Japan, (ii) the expiration of the Company’s patents covering ORLADEYO, and (iii) the expiration of regulatory exclusivity for ORLADEYO in Japan. The Company determined that the Torii Agreement represented a contract modification to be accounted for as if it were part of the Original Torii Agreement under ASC Topic 606. As the performance obligations under the Original Torii Agreement had been fully satisfied, the Company was not required to adjust revenue previously recognized. Peramivir Injection (RAPIVAB, RAPIACTA, PERAMIFLU) U.S. Department of Health and Human Services (“HHS”) In September 2024, the HHS awarded the Company up to a $69,388 contract for the procurement of up to 95.6 thousand doses over a five-year period of RAPIVAB (peramivir injection) for the treatment of influenza. The contract, awarded by the HHS Office of the Administration for Strategic Preparedness and Response (“ASPR”), supplied the Center for the Strategic National Stockpile, the nation’s largest supply of life-saving pharmaceuticals and medical supplies for use in a public health emergency. The contract was structured with a 12-month base ordering period and four optional 12-month ordering periods, which the government could exercise on an annual basis. ASPR executed the first ordering period for $13,878. The Company delivered no doses of peramivir under this contract and recorded no revenue for the three months ended September 30, 2025. The Company delivered 16.8 thousand doses of peramivir under this contract and recorded revenue of $12,206 for the nine months ended September 30, 2025. There were no doses delivered and no revenue recorded for the three and nine months ended September 30, 2024. On May 15, 2025, ASPR notified the Company of its intent to not exercise any additional optional ordering periods available under the agreement. Shionogi & Co., Ltd. (“Shionogi”) In February 2007, the Company entered into an exclusive license agreement with Shionogi to develop and commercialize peramivir in Japan for the treatment of seasonal and potentially life-threatening human influenza. Under the terms of the agreement, Shionogi obtained rights to injectable formulations of peramivir in Japan. In October 2008, the Company and Shionogi amended the license agreement to expand the territory covered by the agreement to include Taiwan. Shionogi has commercially launched peramivir under the commercial name RAPIACTA in Japan and Taiwan. The Company developed peramivir under a license from UAB and owes sublicense payments to UAB on any future milestone payments and/or royalties received by the Company from Shionogi. Green Cross Corporation (“Green Cross”) In June 2006, the Company entered into an agreement with Green Cross to develop and commercialize peramivir in Korea. Under the terms of the agreement, Green Cross is responsible for all development, regulatory, and commercialization costs in Korea and the Company is entitled to share in profits resulting from the sale of peramivir in Korea, including the sale of peramivir to the Korean government for stockpiling purposes. Furthermore, Green Cross will pay the Company a premium over its cost to supply peramivir for development and any future marketing of peramivir products in Korea. Other Collaborations and Relationships Clearside Biomedical, Inc. (“Clearside”) On November 3, 2023, the Company announced that it entered into a license agreement (the “Clearside Agreement”) with Clearside, enabling the Company to develop its investigational plasma kallikrein inhibitor, avoralstat, with Clearside’s SCS Microinjector® to deliver avoralstat to the back of the eye through the suprachoroidal space to treat patients with diabetic macular edema. Under the Clearside Agreement, Clearside received a $5,000 upfront license fee from the Company, which was recognized in research and development expenses during the year ended December 31, 2023. Clearside is eligible to receive up to an additional $30,000 in clinical and regulatory milestone payments, and up to a total of $47,500 in three post-approval sales-based milestone payments as annual global net sales progress to $2,000,000. The Company will pay Clearside tiered mid-single digit royalties on annual global net product sales, at three tiers, including a top tier of >$1,500,000.

Stock-based Compensation (Details Textual)	9 Months Ended
Stock-based Compensation (Details Textual)	Sep. 30, 2025 plan $ / shares	Sep. 30, 2024 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of plans \| plan	3
Incentive Plan \| Unvested restricted stock unit awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units, grants in period, weighted average grant date fair value (in dollars per share)	$ 9.17	$ 5.80
Inducement Plan \| Unvested restricted stock unit awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units, grants in period, weighted average grant date fair value (in dollars per share)	$ 8.47	$ 6.25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

The Company recorded the following revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
ORLADEYO:
U.S.	$	141,557	$	103,112	$	402,054	$	278,987
Outside of U.S.	17,520		13,207		48,103		34,487
Total ORLADEYO	159,077		116,319		450,157		313,474
Other revenues	318		766		18,125		5,704
Total revenues	$	159,395	$	117,085	$	468,282	$	319,178

ORLADEYO revenues represent total revenues from product sales, collaborative revenues, and royalties. Other revenues primarily relate to the Company’s product sales and royalties for peramivir.

No individual country outside of the U.S. exceeded 10% of total revenues for the three and nine months ended September 30, 2025 and 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Net Income (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income (loss)	$ 12,899	$ 5,085	$ 32	$ (14,033)	$ (12,674)	$ (35,379)	$ 18,016	$ (62,086)
Denominator:
Weighted average shares outstanding, basic (in shares)	210,176			206,905			209,531	206,466
Net income (loss) per common share, basic (in usd per share)	$ 0.06			$ (0.07)			$ 0.09	$ (0.30)
Effect of dilutive securities:
Stock options to purchase common stock (in shares)	5,023			0			5,261	0
Unvested restricted stock unit awards (in shares)	4,663			0			3,532	0
Shares issuable under the employee stock purchase plan	23			0			25	0
Dilutive potential common shares (in shares)	9,709			0			8,818	0
Weighted average shares outstanding, diluted (in shares)	219,885			206,905			218,349	206,466
Net income (loss) per common share, diluted (in usd per share)	$ 0.06			$ (0.07)			$ 0.08	$ (0.30)

Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method

Basic and diluted net income (loss) per share for the three and nine months ended September 30, 2025 and 2024 were calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	12,899	$	(14,033)	$	18,016	$	(62,086)
Denominator:
Weighted average shares of common stock outstanding: basic	210,176		206,905		209,531		206,466
Net income (loss) per common share: basic	$	0.06	$	(0.07)	$	0.09	$	(0.30)
Effect of dilutive securities:
Stock options to purchase common stock	5,023		—		5,261		—
Unvested restricted stock unit awards	4,663		—		3,532		—
Shares issuable under the employee stock purchase plan	23		—		25		—
Dilutive potential common shares	9,709		—		8,818		—
Weighted average shares of common stock outstanding: diluted	219,885		206,905		218,349		206,466
Net income (loss) per common share: diluted	$	0.06	$	(0.07)	$	0.08	$	(0.30)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	As of September 30, 2025	As of September 30, 2024
Outstanding stock options	21,818	38,559
Unvested restricted stock unit awards	373	5,882
Total	22,191	44,441

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Revenues	$ 159,395	$ 117,085	$ 468,282	$ 319,178
Expenses:
Cost of product sales	2,187	3,211	9,553	6,175
Research and development	44,603	41,081	125,259	125,197
Selling, general and administrative	83,014	65,101	252,866	185,841
Total operating expenses	129,804	109,393	387,678	317,213
Total other comprehensive (loss) income	(506)	1,736	219	956
Net comprehensive income (loss)	12,393	(12,297)	18,235	(61,130)
Other income (expense):
Income from operations	29,591	7,692	80,604	1,965
Interest income	2,238	3,591	7,778	11,176
Interest expense	(19,661)	(24,828)	(64,737)	(74,067)
Foreign currency gains (losses), net	35	98	(27)	(37)
Loss on extinguishment of debt	(2,740)	0	(6,911)	0
Other income	2,667	0	2,667	0
Total other expense, net	(17,461)	(21,139)	(61,230)	(62,928)
Income (loss) before income taxes	12,130	(13,447)	19,374	(60,963)
Income Tax Expense (Benefit)	(769)	586	1,358	1,123
Net income (loss)	$ 12,899	$ (14,033)	$ 18,016	$ (62,086)
Basic net loss per common share (in usd per share)	$ 0.06	$ (0.07)	$ 0.09	$ (0.30)
Weighted average shares outstanding, basic (in shares)	210,176	206,905	209,531	206,466
Diluted net loss per common share (in usd per share)	$ 0.06	$ (0.07)	$ 0.08	$ (0.30)
Weighted average shares outstanding, diluted (in shares)	219,885	206,905	218,349	206,466
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustment	$ (523)	$ 563	$ 545	$ 170
Unrealized gain (loss) on available for sale investments	$ 17	$ 1,173	$ (326)	$ 786

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended September 30, 2025, two of the directors and officers of the Company adopted, modified or terminated the “Rule 10b5-1 trading arrangements” (as such term is defined in Item 408(a) of Regulation S-K) as set forth in the table below.

Name (Title)

Action

Date of Action

Duration of Trading Arrangement

Aggregate Number of Securities

Alane P. Barnes,

Chief Legal Officer and Secretary

Modification

August 13, 2025

Until December 20, 2027, or such earlier date upon which all transactions are completed or the plan is terminated

(1)

A. Machelle Sanders,

Member of the Board of Directors

Adoption

August 14, 2025

Until December 31, 2025, or such earlier date upon which all transactions are completed or the plan is terminated

(2)

(1) This trading plan was originally adopted on December 1, 2022 (the “2022 Barnes Plan”) and provided for the sale of up to (i) 24,710 shares of common stock and (ii) 137,897 shares of common stock underlying stock options through December 29, 2025. The 2022 Barnes Plan was amended on May 15, 2024 to cancel all open orders under the 2022 Barnes Plan and to provide for the sale of up to 119,897 shares of common stock underlying stock options expiring in 2024 and 2025 (the “2024 Barnes Plan”). The 2024 Barnes Plan was amended on August 13, 2025 (the “2025 Barnes Plan”) to cancel all open orders under the 2024 Barnes Plan and to provide for the sale of up to (i) 123,100 shares of common stock underlying restricted stock units, net of shares withheld to cover taxes, (ii) 19,770 shares of common stock, and (iii) 347,501 shares of common stock underlying stock options expiring in 2025 through 2027, pursuant to the terms of the 2025 Barnes Plan.

(2) This trading plan (the “Sanders Plan”) provides for the sale of up to 9,600 shares of common stock, pursuant to the terms of the Sanders Plan.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

A. Machelle Sanders [Member]

Trading Arrangements, by Individual

Name

A. Machelle Sanders

Title

Member of the Board of Directors

Rule 10b5-1 Arrangement Adopted

true

August 14, 2025

December 31, 2025

139 days

9,600

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	000-23186
Entity Registrant Name	BIOCRYST PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1413174
Entity Address, Address Line One	4505 Emperor Blvd., Suite 200
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	859-1302
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	BCRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		210,543,224
Entity Central Index Key	0000882796
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Inventory

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventory

At September 30, 2025 and December 31, 2024, the Company’s inventory primarily related to ORLADEYO. The Company’s inventories consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	9,324	$	10,006
Work-in-process	14,982		16,152
Finished goods	5,977		7,765
Total inventory	30,283		33,923
Reserves	(1,661)		(2,649)
Total inventory, net	$	28,622	$	31,274

As of September 30, 2025, there was $2,146 of inventory, net in current assets held for sale and $705 of inventory, net in non-current assets held for sale. See “Note 2—Assets and Liabilities Held for Sale” for further details.

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Summary of Revenues

The Company recorded the following revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Product sales, net	$	157,735	$	116,066	$	463,952	$	313,325
Collaborative and other revenues	1,660		1,019		4,330		5,853
Total revenues	$	159,395	$	117,085	$	468,282	$	319,178

The Company recorded the following revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
ORLADEYO:
U.S.	$	141,557	$	103,112	$	402,054	$	278,987
Outside of U.S.	17,520		13,207		48,103		34,487
Total ORLADEYO	159,077		116,319		450,157		313,474
Other revenues	318		766		18,125		5,704
Total revenues	$	159,395	$	117,085	$	468,282	$	319,178

Debt	9 Months Ended
Debt	Sep. 30, 2025
Debt Disclosure [Abstract]
Debt	Debt Pharmakon Loan Agreement On April 17, 2023, the Company entered into a $450,000 Loan Agreement (the “Pharmakon Loan Agreement”) with BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership, as lenders, and BioPharma Credit PLC, as collateral agent for the lenders. Certain of the Company’s wholly-owned subsidiaries were guarantors to the Pharmakon Loan Agreement. The Pharmakon Loan Agreement provided for an initial term loan in the principal amount of $300,000 (the “Tranche A Loan”) funded on April 17, 2023 (the “Tranche A Closing Date”). The Company used a portion of the proceeds from the Tranche A Loan to repay the $241,787 of outstanding indebtedness (principal and interest due as of April 17, 2023) under the then-existing credit facility with Athyrium Opportunities III Co-Invest 1 LP (the “Athyrium Credit Agreement”) and to pay associated transaction costs and fees, and used the remaining net proceeds of $25,805 for other general corporate purposes. The Pharmakon Loan Agreement also provided for three additional term loan tranches, at the Company’s option, in principal amounts of $50,000 each (each a “Subsequent Tranche Loan” and, collectively with the Tranche A Loan, the “Pharmakon Term Loans” and each, a “Pharmakon Term Loan”), which could have been requested on or prior to September 30, 2024. The Company chose not to request any Subsequent Tranche Loans and the options have since expired. The maturity date of the Pharmakon Loan Agreement was April 17, 2028 (the “Maturity Date”), the fifth anniversary of the Tranche A Closing Date. The Pharmakon Loan Agreement provided for quarterly interest-only payments until the Maturity Date, with the unpaid principal amount of the outstanding Pharmakon Term Loans due and payable on the Maturity Date. During the first 18 months following the Tranche A Closing Date, the Company had the option to make a portion of the applicable interest payment on the Tranche A Loan in-kind (a “Pharmakon PIK Interest Payment”) by capitalizing as principal up to 50% of the amount of interest accrued on the Tranche A Loan during the applicable interest period. The Pharmakon Term Loans bore interest at a rate equal to the three-month Secured Overnight Financing Rate (“SOFR”), which could be no less than 1.75%, plus 7.00%, per annum or, for each interest period in which a Pharmakon PIK Interest Payment was made, with respect to the Tranche A Loan, SOFR plus 7.25%, per annum. The Tranche A Loan accrued interest at an effective interest rate of 12.28% and 13.34% for the three months ended September 30, 2025 and 2024, respectively. The Company was required to make a mandatory prepayment of the Pharmakon Term Loans (i) upon the occurrence of a change of control and (ii) prior to any repayment of any convertible debt that the Company may have issued in the future, subject to certain exceptions. The Company could make voluntary prepayments in whole or in part, in minimum $25,000 increments. Prepayments were subject to a prepayment premium equal to, (i) with respect to any prepayment made prior to the second anniversary of the applicable Pharmakon Term Loan borrowing date, the sum of (1) 3.00% of the principal amount of the Pharmakon Term Loan being prepaid plus (2) the aggregate amount of all interest that would have accrued on the principal amount of the Pharmakon Term Loan being prepaid from the date of prepayment through and including the second anniversary of the date of the borrowing of such Pharmakon Term Loan; (ii) with respect to any prepayment made on or after the second anniversary and prior to the third anniversary of the applicable Pharmakon Term Loan borrowing date, 3.00% of the principal amount of the Pharmakon Term Loan being prepaid; (iii) with respect to any prepayment made on or after the third anniversary and prior to the fourth anniversary of the applicable Pharmakon Term Loan, 2.00% of the principal amount of the Pharmakon Term Loan being prepaid; and (iv) with respect to any prepayment made on or after the fourth anniversary of the applicable Pharmakon Term Loan borrowing date and before the Maturity Date, 1.00% of the principal amount of the Pharmakon Term Loan being prepaid. In addition, if the Company had requested any Subsequent Tranche Loans, certain funding fees would have been required to be paid. The Pharmakon Loan Agreement also contained representations and warranties and affirmative and negative covenants customary for financings of this type, as well as customary events of default. Certain of the customary negative covenants limited the ability of the Company and certain of its subsidiaries to, among other things, dispose of assets, engage in mergers, acquisitions, and similar transactions, incur additional indebtedness, grant liens, make investments, pay dividends or make distributions or certain other restricted payments in respect of equity, prepay other indebtedness, enter into restrictive agreements, undertake fundamental changes or amend certain material contracts, among other customary covenants, in each case subject to certain exceptions. A failure to comply with the covenants in the Pharmakon Loan Agreement, or an occurrence of any other event of default, could have permitted the lenders under the Pharmakon Loan Agreement to declare the borrowings thereunder, together with accrued interest and fees, and any applicable prepayment premium, to be immediately due and payable. The Company’s obligations under the Pharmakon Loan Agreement were secured by a security interest in, subject to certain exceptions, substantially all of the Company’s assets. On April 18, 2025, as allowable under the Pharmakon Loan Agreement, the Company made a $75,000 partial prepayment on the outstanding principal amount under the Pharmakon Term Loan. In conjunction with the partial prepayment, the Company incurred a $2,250 prepayment premium and paid $424 of interest accrued through the payment date. Additionally, unamortized deferred financing costs of $1,921 associated with the Pharmakon Term Loan were written-off at the time of repayment. Collectively, the prepayment and unamortized deferred financing costs totaled $4,171 and are reflected as a one-time loss on extinguishment of debt on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the nine months ended September 30, 2025. On July 24, 2025, as allowable under the Pharmakon Loan Agreement, the Company made a $50,000 partial prepayment on the outstanding principal amount under the Pharmakon Term Loan. In conjunction with the partial prepayment, the Company incurred a $1,500 prepayment premium and fees of $52 and paid $376 of interest accrued through the payment date. Additionally, unamortized deferred financing costs of $1,188 associated with the Pharmakon Term Loan were written-off at the time of repayment. Collectively, the prepayment and unamortized deferred financing costs totaled $2,740 and are reflected as a one-time loss on extinguishment of debt on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025. As of September 30, 2025, borrowings, including Pharmakon PIK Interest Payments, totaled $198,704 under the Pharmakon Loan Agreement. Interest expense on the Tranche A Loan for the three and nine months ended September 30, 2025 was $6,110 and $22,789, respectively, all of which was paid at the end of the quarterly period. As of September 30, 2024, borrowings, including the Pharmakon PIK Interest Payments, totaled $323,704 under the Pharmakon Loan Agreement. Interest expense on the Tranche A Loan for the three and nine months ended September 30, 2024 was $10,201 and $30,283, respectively. As allowable under the Pharmakon Loan Agreement, the Company designated and accounted for 50% of the quarterly interest payments for each of the three months ended March 31, 2024 and June 30, 2024 as a Pharmakon PIK Interest Payment and the total amount of $10,041 was added to the outstanding principal balance of the borrowing. The remaining 50% of the total quarterly interest payments for the three months ended March 31, 2024 and June 30, 2024 and the full quarterly interest payment for the three months ended September 30, 2024 totaling $20,242 was paid at the end of each quarterly period. The fair value of the debt approximated its carrying value based on prevailing interest rates as of the balance sheet date and was considered as Level 2 in the fair value hierarchy. Debt fees and issuance costs incurred with the Tranche A Loan under the Pharmakon Loan Agreement totaled $11,147 and were deferred and amortized as interest expense on an effective interest rate method over the term of the Tranche A Loan. Deferred financing amortization of $384 and $1,387 was recognized for the three and nine months ended September 30, 2025, respectively. Deferred financing amortization of $511 and $1,061 was recognized for the three and nine months ended September 30, 2024, respectively. In connection with the Stock Purchase Agreement (as defined in Note 2—Assets and Liabilities Held for Sale”), Pharmakon provided its written consent of the consummation of the sale of the Company’s European ORLADEYO Business. On October 8, 2025, the Company used a portion of the proceeds from the sale of the European ORLADEYO Business to pay off in full the outstanding principal balance and terminate the Pharmakon Loan Agreement. See “Note 16—Subsequent Events” for additional information.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details