0001628280-26-012240 | 10-K | XBRL Viewer | Biocryst Pharmaceuticals INC

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Collaborative and Other Relationships (Details) $ in Thousands			1 Months Ended	12 Months Ended
	Nov. 03, 2023 USD ($) payment	Nov. 05, 2019 USD ($)	Sep. 30, 2024 USD ($) dose period	Dec. 31, 2025 USD ($) dose	Dec. 31, 2024 USD ($) dose	Dec. 31, 2023 USD ($)	Nov. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total revenues				$ 874,837	$ 450,712	$ 331,412
Torii Pharmaceutical Co
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total 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
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Royalty rate if maintains sakigake designation		20.00%
Royalty rate if maintains sakigake designation							20.00%
Torii Pharmaceutical Co \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Royalty rate if maintains sakigake designation		40.00%
Royalty rate if maintains sakigake designation							80.00%
HHS Office of the Administration for Strategic Preparedness and Response
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Collaborative agreement contract value			$ 69,388
Contract term (in years/months)			5 years
HHS Office of the Administration for Strategic Preparedness and Response \| RAPIVAB
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total revenues				$ 12,206	$ 1,672
Maximum number of products, doses \| dose			95,600
Contract term (in years/months)			12 months
Number of optional ordering periods \| period			4
Proceeds from collaborators			$ 13,878
Number of product delivered, doses \| dose				16,800	2,300
Clearside Biomedical, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
License agreement, upfront payment	$ 5,000
Number of milestone payments \| payment	3
Royalty payment, number of tiers \| payment	3
Clearside Biomedical, Inc. \| Annual Net Sales Of $2 Million
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual global net sales	$ 2,000,000
Clearside Biomedical, Inc. \| Annual Net Sales Greater Than $1.5 Million
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual global net sales	1,500,000
Clearside Biomedical, Inc. \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Potential milestone payments payable	30,000
Potential milestone payments payable if regulatory approval before milestone	$ 47,500

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Roll Forward]
Beginning balance	$ 14,715	$ 14,362
Additions to current period tax positions	386	353
Reductions to prior period tax positions	(603)	0
Ending balance	$ 14,498	$ 14,715

Significant Accounting Policies and Concentrations of Risk - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Significant Accounting Policies and Concentrations of Risk [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Total restricted cash	$ 1,601,000	$ 1,610,000
Long-term investment maturity, minimum (in months)	12 months
Advertising costs	$ 13,824,000	13,566,000	$ 14,404,000
Realized gains or losses reclassified out of accumulated other comprehensive income	$ 0	$ 0	$ 0
Revenue \| Product \| Product sales, net
Significant Accounting Policies and Concentrations of Risk [Line Items]
Revenue, percentage	88.00%	87.00%	89.00%
Computer Equipment
Significant Accounting Policies and Concentrations of Risk [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Furniture and fixtures
Significant Accounting Policies and Concentrations of Risk [Line Items]
Property, plant and equipment, useful life (in years)	5 years
Laboratory Equipment, Office Equipment and Software
Significant Accounting Policies and Concentrations of Risk [Line Items]
Property, plant and equipment, useful life (in years)	5 years
Maximum
Significant Accounting Policies and Concentrations 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 Concentrations of Risk [Line Items]
Total restricted cash	$ 1,400,000	$ 1,400,000

Subsequent Events (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Oct. 14, 2025 USD ($) $ / shares shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares
Subsequent Event [Line Items]
Common stock, par or stated value (in usd per share) \| $ / shares		$ 0.01	$ 0.01
Astria
Subsequent Event [Line Items]
Common stock, par or stated value (in usd per share) \| $ / shares	$ 0.001
Blackstone \| Loan Agreement
Subsequent Event [Line Items]
Debt instrument, face amount	$ 400,000
Aggregate principal amount not exceeding	$ 150,000
Portion of interest that may be capitalized as principal	2.00%
Variable rate floor	0.0175
Interest rate, stated percentage	4.50%
Interest rate, increase	0.50%
Astria
Subsequent Event [Line Items]
Conversion ratio	0.59
Price per share (in usd per share) \| $ / shares	$ 8.55
Cash consideration	$ 636,809
Stock issued during period, shares, acquisitions (in shares) \| shares	37,282
Total equity consideration	$ 251,656

Significant Accounting Policies and Concentrations of Risk

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies and Concentrations of Risk

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 successful commercialization 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 December 31, 2025 will be sufficient to fund its operations for at least the next 12 months. The Company’s liquidity needs will be largely determined by the success of operations in regard to the successful commercialization of its products and the future progression of its product candidates. From time to time, the Company evaluates other opportunities to fund future operations, including: (1) out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestone payments; (2) obtaining additional product candidate regulatory approvals, which would generate revenue, milestone payments and cash flow; (3) reducing spending on one or more research and development programs, including by discontinuing development; (4) restructuring operations to change its overhead structure; and/or (5) securing U.S. Government funding of its programs, including obtaining procurement contracts. 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 success of its business development efforts; 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 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 consolidated financial statements. The Company operates and manages its business as one reportable and operating segment (see “Note 18—Segment Information”).

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Such consolidated financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s 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.

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. Actual results could differ from those estimates.

Revenue Recognition

The Company recorded the following revenues for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Years Ended December 31,
	2025		2024		2023
Product sales, net	$	623,151	$	442,668	$	324,696
License revenue	243,980		—		—
Collaborative and other revenues	7,706		8,044		6,716
Total revenues	$	874,837	$	450,712	$	331,412

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 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 generally sells ORLADEYO to specialty distributors which are considered its customers.

The Company recognizes revenue 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 group purchasing organizations associated with managed care organizations and participates in certain government programs, 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 contractually mandated discounts applicable to the 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 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.

Patient assistance programs. The Company 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.

License and Collaborative and Other Revenues

The Company has collaboration and license agreements with a number of third parties. The terms of the agreements typically include one or more of the following: upfront license fees; development, regulatory and sales-based milestone payments; and royalties on net sales of licensed products. For agreements with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. The Company uses judgment to identify performance obligations and determine whether variable consideration should be included in the transaction price.

Upfront license fees. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company determines whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue.

Development, regulatory or commercial milestone payments. At the inception of each arrangement that includes payments based on the achievement of certain development, regulatory and commercial events, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the customer’s control are not considered probable until the milestone is achieved. At the end of each subsequent reporting period, the Company re-evaluates the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjusts the Company’s estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis and recognized as revenue during the period of adjustment.

Sales-based milestone payments and royalties. For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, the Company determines whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, the Company recognizes

revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Cash and Cash Equivalents

The Company considers cash equivalents to be highly liquid investments with maturities of three months or less from the date of purchase.

Restricted Cash

Total restricted cash was $1,601 and $1,610 as of December 31, 2025 and 2024, respectively, and primarily consisted of $1,400 as of December 31, 2025 and 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 in the Consolidated Balance Sheets as of December 31, 2025 and 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 in 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 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 in the 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 cash equivalents and investments (See “Note 4—Investments”). The carrying amounts reflected in the 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 Company’s trade receivables represent amounts due from its customers and partners for product sales and royalties. Trade receivables are generally stated at the invoiced amount with standard payment terms that require payment within 30 to 90 days and do not bear interest.

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 values its inventory at the lower of cost or estimated net realizable value and classifies inventory based on when consumption or sale of the inventory is expected to occur, either within 12 months from the balance sheet date (short-term) or beyond (long-term). The Company uses an actual cost method and determines the cost of its inventory on a first-in, first-out 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’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 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 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 estimates accrued expenses as of each balance sheet date based on the facts and circumstances known at that time, which can include assumptions such as expected patient enrollment, site activation and estimated project duration. The Company accrues expenses for clinical trial activities based on the estimates of services received pursuant to contracts with multiple research institutions and clinical research organizations (“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 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 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. If the Company underestimates or overestimates the level of these costs, actual expenses could differ from such estimates.

Cost of Product Sales

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

Research and Development Expenses

Research and development expenses include all direct and indirect expenses relating to research and development activities, including costs associated with product development efforts, 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 expensed when the related goods are delivered or the related services are performed.

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 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 sales and marketing expenses and general and administrative expenses. Sales and marketing expenses include compensation, benefits, and related costs associated with sales and marketing personnel, safety, regulatory, manufacturing, and distribution activities related to marketed products, market research, marketing, medical affairs, market access, and advertising costs. Advertising costs related to

ORLADEYO of $13,824, $13,566 and $14,404 were expensed as incurred for the years ended December 31, 2025, 2024 and 2023, respectively.

General and administrative expenses include compensation, benefits, and related costs associated with general and administrative personnel, quality activities related to marketed products, finance, human resources, information technology, and legal expenses, licenses and other administrative costs, including transaction-related costs. All patent related costs are expensed to 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 December 31, 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 in 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 in the Company’s Consolidated Balance Sheets represent payments over the lease term, which include renewal options for certain real estate leases that the Company is reasonably certain 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 in its 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 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 or binomial lattice model to value its stock option awards. 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.

Debt

Costs directly associated with term loan borrowings were capitalized and netted against the corresponding debt liabilities in the Consolidated Balance Sheets. These costs were 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.

Royalty Financing Obligations

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 agreements. 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 adjustments to the effective interest rates on a prospective basis. The assumptions used in determining the expected repayment terms of the debt and amortization periods of the issuance costs require that the Company make estimates that could impact the carrying values 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.

The Company accrues for U.S. state taxes and foreign income taxes for jurisdictions where the Company has presence and nexus has been established.

Research and development costs are capitalized and amortized over a 15-year period in accordance with Section 174 of the Internal Revenue Code of 1986, as amended (“IRC”). The 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 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 did not have a material impact on its consolidated financial statements for the year ended December 31, 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 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 in the Consolidated Statements of Comprehensive Income (Loss). There were no realized gains or losses reclassified out of accumulated other comprehensive income for the years ended December 31, 2025, 2024 and 2023.

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 and license revenue related to the sale of the Company’s European ORLADEYO business to Neopharmed Gentili S.p.A. (see “Note 2—Divestiture of BioCryst Ireland Limited ”) for the year ended December 31, 2025.

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. Peramivir 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. Product revenue where the specialty pharmacy is considered the customer was approximately 88%, 87%, and 89% of total product sales for the years ended December 31, 2025, 2024, and 2023, respectively. 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

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, investments, and accounts receivable. The Company maintains its cash and cash equivalents with high-credit quality financial institutions in the United States. Such amounts may exceed federally-insured limits. 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

In December 2023, the Financial Accounting Standards Board (“FASB”) issued 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 adopted ASU 2023-09 as of January 1, 2025. The adoption of this standard resulted in additional disclosures but did not have a material effect on the Company’s consolidated balance sheet, statement of comprehensive income (loss), or statement of cash flows (see “Note 14—Income Taxes”).

New Accounting Pronouncements Not Yet Adopted

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 currently evaluating the impact that the adoption of ASU 2024-03 will have on its disclosures. The Company does not expect the adoption of this ASU to have a material effect on its consolidated balance sheet, statement of comprehensive income (loss), or statement of cash flows.

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 plans to early adopt ASU 2025-06 as of January 1, 2026. The Company does not expect the adoption of this ASU to 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.

Lease Obligations - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 1,153
2027	1,462
2028	1,506
2029	1,538
2030	1,590
Thereafter	7,433
Total lease payments	14,682
Less imputed interest	(5,794)
Total	8,888	$ 8,861
Finance Leases
2026	1,520
2027	1,050
2028	486
2029	26
2030	0
Thereafter	0
Total lease payments	3,082
Less imputed interest	(329)
Total	$ 2,753	$ 3,959

Stock-Based Compensation - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) plan installment $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of plans \| plan	3
Total stock-based compensation costs included in operating expenses	$ 85,066	$ 65,413	$ 55,615
Remeasurement of share-based liability	$ 2,050
Employee stock purchase plan sales (in shares) \| shares	369	412	338
Share-based Payment Arrangement, Option \| Non-employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	1 year
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of annual installments, vesting \| installment	3
Retirement Policy
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs included in operating expenses		$ 7,569
Incremental stock-based compensation expense	$ 11,267
Incentive Plan and Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incremental fair value	17,548
Gain on award modification	4,313
Remeasurement of share-based liability	2,050
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercised		$ 863	$ 3,601
Total unrecognized compensation cost	$ 47,444
Weighted average period for recognition (in years)	2 years 7 months 6 days
Weighted average grant date fair value per share (in usd per share) \| $ / shares	$ 5.14	$ 5.28	$ 4.75
Expected dividend yield	0.00%	0.00%	0.00%
Options, vested in period, fair value	$ 31,005	$ 35,151	$ 33,731
Incentive Plan \| Share-based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercisable (in years)	4 years 4 months 20 days
Exercised	$ 4,139
Incentive Plan \| Share-based Payment Arrangement, Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercisable (in years)	10 years
Incentive Plan \| Share-based Payment Arrangement, Option \| Vest 25% Each Year Until Fully Vested
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Award vesting period (in years)	4 years
Incentive Plan \| Share-based Payment Arrangement, Option \| Thirty-six Equal Monthly Installments \| Non-employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	3 years
Incentive Plan \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in usd per share) \| $ / shares	$ 7.26	$ 7.32	$ 6.71
Total unrecognized compensation cost	$ 63,984
Weighted average period for recognition (in years)	3 years 1 month 6 days
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	4 years
Exercised		$ 495	$ 1,803
Total unrecognized compensation cost	$ 3,953
Weighted average period for recognition (in years)	2 years 3 months 18 days
Expiration period (in years)	10 years
Weighted average grant date fair value per share (in usd per share) \| $ / shares	$ 5.47	$ 4.61	$ 5.79
Expected dividend yield	0.00%	0.00%	0.00%
Options, vested in period, fair value	$ 5,354	$ 7,225	$ 7,698
Inducement Plan \| Vest 25% Each Year Until Fully Vested
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Inducement Plan \| Share-based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercisable (in years)	3 years 8 months 12 days
Exercised	$ 1,018
Expected dividend yield	0.00%
Inducement Plan \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in usd per share) \| $ / shares	$ 8.14
Total unrecognized compensation cost	$ 5,972
Weighted average period for recognition (in years)	3 years
Weighted average grant date fair value per share (in usd per share) \| $ / shares	$ 8.14	$ 6.51	$ 7.81
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in usd per share) \| $ / shares	$ 2.35	1.99	3.82
Number of shares authorized (in shares) \| shares	7,975
Number of shares available for grant (in shares) \| shares	4,674
Percentage of salary to purchase common stock, maximum	15.00%
Percentage of common stock shares, beginning	85.00%
Percentage of common stock shares, ending	85.00%
Maximum number of shares per employee (in shares) \| shares	3
Maximum number of shares per employee, amount	$ 25
Weighted average purchase price of shares purchased (in usd per share) \| $ / shares	$ 6.24	$ 4.50	$ 7.68

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

At December 31, 2025 and 2024, the Company’s inventory related to ORLADEYO and peramivir.

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


	December 31,
	2025		2024
Raw materials	$	9,997	$	10,006
Work-in-process	12,891		16,152
Finished goods	7,275		7,765
Total inventory	30,163		33,923
Reserves	(775)		(2,649)
Total inventory, net	$	29,388	$	31,274

Royalty Financing Obligations - Schedule of Royalty Financing Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Royalties Monetizations [Line Items]
Beginning balance	$ 513,729	$ 531,599	$ 501,655
Non-cash interest expense on royalty financing obligations	53,163	55,969	70,356
Royalty revenues paid and payable	(85,704)	(73,839)	(40,412)
Payment of royalty release fees	(15,500)	0	0
Ending balance	465,688	513,729	531,599
2020 RPI Royalty Agreement
Royalties Monetizations [Line Items]
Beginning balance	180,413	174,480	164,981
Non-cash interest expense on royalty financing obligations	39,240	39,585	38,267
Royalty revenues paid and payable	(37,267)	(33,652)	(28,768)
Payment of royalty release fees	(12,827)
Ending balance	$ 169,559	180,413	174,480
Effective interest rate	23.40%
2021 RPI Royalty Agreement
Royalties Monetizations [Line Items]
Beginning balance	$ 181,140	185,345	173,651
Non-cash interest expense on royalty financing obligations	0	0	14,188
Royalty revenues paid and payable	(6,296)	(4,205)	(2,494)
Payment of royalty release fees	(2,173)
Ending balance	$ 172,671	181,140	185,345
Effective interest rate	0.00%
OMERS Royalty Agreement
Royalties Monetizations [Line Items]
Beginning balance	$ 152,176	171,774	163,023
Non-cash interest expense on royalty financing obligations	13,923	16,384	17,901
Royalty revenues paid and payable	(42,141)	(35,982)	(9,150)
Payment of royalty release fees	(500)
Ending balance	$ 123,458	$ 152,176	$ 171,774
Effective interest rate	10.30%

Employee 401(k) Plan	12 Months Ended
Employee 401(k) Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee 401(k) Plan	Employee 401(k) Plan In January 1991, the Company adopted an employee retirement plan (“401(k) Plan”) under Section 401(k) of the IRC covering all employees. Employee contributions may be made to the 401(k) Plan up to limits established by the Internal Revenue Service. Company matching contributions may be made at the discretion of the Board of Directors. The Company made matching contributions of $5,761, $6,030, and $5,716 in 2025, 2024, and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Net Income (Loss) Per Share - Schedule of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss)	$ 263,861	$ (88,881)	$ (226,539)
Denominator:
Weighted average shares of common stock outstanding: basic (in shares)	209,893	206,696	192,198
Net income (loss) per common share, basic (in usd per share)	$ 1.26	$ (0.43)	$ (1.18)
Effect of dilutive securities:
Stock options to purchase common stock (in shares)	4,854	0	0
Unvested restricted stock unit awards (in shares)	3,815	0	0
Shares issuable under the employee stock purchase plan (in shares)	19	0	0
Dilutive potential common shares (in shares)	8,688	0	0
Weighted average shares of common stock outstanding: diluted (in shares)	218,581	206,696	192,198
Net income (loss) per common share, diluted (in usd per share)	$ 1.21	$ (0.43)	$ (1.18)

Lease Obligations - Schedule of Other Supplemental Information Related to Leases (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted average remaining lease term:
Operating leases	9 years 4 months 24 days	9 years
Finance leases	2 years 3 months 18 days	2 years 7 months 6 days
Weighted average discount rate:
Operating leases	10.70%	10.91%
Finance leases	9.77%	8.66%

Royalty Financing Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Advance Royalties [Abstract]

Schedule of Royalty Financing Obligations

The following table shows the royalty financing obligations activity for the years ended December 31, 2025, 2024, and 2023 (in thousands) as well as the effective interest rate as of December 31, 2025:


	2020 RPI Royalty Agreement			2021 RPI Royalty Agreement			OMERS Royalty Agreement			Total
Balance as of December 31, 2022	$	164,981		$	173,651		$	163,023		$	501,655
Non-cash interest expense on royalty financing obligations	38,267			14,188			17,901			70,356
Royalty revenues paid and payable	(28,768)			(2,494)			(9,150)			(40,412)
Balance as of December 31, 2023	$	174,480		$	185,345		$	171,774		$	531,599
Non-cash interest expense on royalty financing obligations	39,585			—			16,384			55,969
Royalty revenues paid and payable	(33,652)			(4,205)			(35,982)			(73,839)
Balance as of December 31, 2024	$	180,413		$	181,140		$	152,176		$	513,729
Non-cash interest expense on royalty financing obligations	39,240			—			13,923			53,163
Royalty revenues paid and payable	(37,267)			(6,296)			(42,141)			(85,704)
Payment of royalty release fees	(12,827)			(2,173)			(500)			(15,500)
Balance as of December 31, 2025	$	169,559		$	172,671		$	123,458		$	465,688

Effective interest rate	23.4		%	—		%	10.3		%

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table illustrates information about segment revenues, significant segment expenses, and segment net income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Years Ended December 31,
	2025		2024		2023
Revenues	$	874,837	$	450,712	$	331,412

Less1:
Cost of product sales	19,075		12,269		4,481
Research and development (excluding stock-based compensation)
Berotralstat	12,148		10,950		13,780
BCX17725	17,304		12,389		10,218
Avoralstat	9,497		7,547		6,314
Factor D Program	456		8,534		40,111
Research, discovery and preclinical programs	17,677		12,733		12,286
Compensation and related personnel costs	51,576		59,010		64,377
Other non-program specific and indirect costs	27,958		32,190		40,103
Sales and marketing (excluding stock-based compensation)	177,085		152,166		134,262
General and administrative (excluding stock-based compensation)	116,006		80,054		53,574
Stock-based compensation	85,066		65,413		55,615
Interest income	(10,668)		(14,746)		(15,777)
Interest expense	78,872		98,516		108,239
Foreign currency losses, net	152		641		1,039
Loss on extinguishment of debt	17,332		—		29,019
Other income	(12,090)		—		—
Income tax expense	3,530		1,927		310
Segment net income (loss)	263,861		(88,881)		(226,539)

Reconciliation of segment profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net income (loss)	$	263,861	$	(88,881)	$	(226,539)

1 The significant segment expenses align with the segment-level information that is regularly provided to the CODM.

Fair Value Measurements and Investments - Schedule of Investments By Type (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Amortized Cost	$ 244,455	$ 234,902
Accrued Interest	$ 1,491	$ 1,121
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Short-term investments	Short-term investments
Gross Unrealized Gains	$ 234	$ 451
Gross Unrealized Losses	(5)	(14)
Estimated Fair Value	246,175	236,460
Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Amortized Cost	244,455	234,902
Accrued Interest	1,491	1,121
Gross Unrealized Gains	234	451
Gross Unrealized Losses	(5)	(14)
Estimated Fair Value	$ 246,175	$ 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Net Income (Loss) Per Share - Schedule of Potential Shares Excluded from Computation of Diluted Net Income (Loss) Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	32,074,000	54,352,000	47,539,000
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	29,204,000	44,240,000	41,032,000
Unvested restricted stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	2,870,000	10,112,000	6,507,000

Fair Value Measurements and Investments

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Fair Value Measurements and Investments

Fair Value Measurements

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.

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


	December 31, 2025
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Money market funds	$	35,800	$	—	$	—	$	35,800
Obligations of U.S. Government and its agencies	—		246,175		—		246,175
Total assets measured at fair value	$	35,800	$	246,175	$	—	$	281,975


	December 31, 2024
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Money market funds	$	40,893	$	—	$	—	$	40,893
Obligations of U.S. Government and its agencies	—		236,460		—		236,460
Total assets measured at fair value	$	40,893	$	236,460	$	—	$	277,353

The Company’s investments consist of fixed income securities whose 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.

Investments

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


	December 31, 2025
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	244,455	$	1,491	$	234	$	(5)	$	246,175
Total investments	$	244,455	$	1,491	$	234	$	(5)	$	246,175


	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

As of December 31, 2025, the Company had one security with a total estimated fair value of $20,303 in an unrealized loss position. The Company believes the unrealized loss represents a temporary decline primarily resulting from

interest rate changes. The Company does not have an intent to sell this investment, and it is more likely than not that the investment will be held until recovery of its amortized cost basis. As such, no allowance was recognized.

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


	December 31,
	2025		2024
Maturing in one year or less	$	185,011	$	216,137
Maturing after one year through two years	61,164		20,323
Total investments	$	246,175	$	236,460

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue Recognition [Abstract]

Schedule of Revenues

The Company recorded the following revenues for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Years Ended December 31,
	2025		2024		2023
Product sales, net	$	623,151	$	442,668	$	324,696
License revenue	243,980		—		—
Collaborative and other revenues	7,706		8,044		6,716
Total revenues	$	874,837	$	450,712	$	331,412

The Company recorded the following revenues for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Years Ended December 31,
	2025		2024		2023
ORLADEYO:
U.S.	$	548,779	$	385,961	$	288,361
Outside of U.S.	53,060		51,699		37,629
Total ORLADEYO	601,839		437,660		325,990
License revenue	243,980		—		—
Other revenues	29,018		13,052		5,422
Total revenues	$	874,837	$	450,712	$	331,412

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Shares Reserved for Future Issuance of Common Stock

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


	December 31,
	2025	2024
Shares reserved for exercises of outstanding stock options	43,344	44,240
Shares reserved for vesting of restricted stock units	12,166	10,112
Shares reserved for future issuance under the Stock Incentive Plan	6,852	1,065
Shares reserved for future issuance under the Inducement Equity Incentive Plan	1,460	1,699
Shares reserved for future issuance under the Employee Stock Purchase Plan	4,674	5,042
Total shares reserved for future issuance	68,496	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.

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+ Details

Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1
Cash, cash equivalents, and investments \| $	$ 335,911	$ 341,173

Divestiture of BioCryst Ireland Limited (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Major Classes of Assets and Liabilities Sold

The following table summarizes the carrying value of the major classes of assets and liabilities sold (in thousands):


	October 1,
	2025
Cash and cash equivalents	$	14,840
Trade receivables	10,285
Inventory, net	1,965
Prepaid expenses and other current assets	1,902
Non-current assets	4,058
Accounts payable	(1,714)
Accrued expenses	(24,371)
Other current liabilities	(338)
Non-current liabilities	(436)
Net assets sold	$	6,191

- 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.

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+ Details

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Incentive Plan
Shares (in thousands)
Unvested, beginning balance (in shares)	9,289
Granted (in shares)	5,804
Vested (in shares)	(2,548)
Forfeited (in shares)	(1,404)
Unvested, ending balance (in shares)	11,141	9,289
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in usd per share)	$ 7.73
Granted (in usd per share)	7.26	$ 7.32	$ 6.71
Vested (in usd per share)	8.34
Forfeited (in usd per share)	6.13
Unvested, ending balance (in usd per share)	$ 7.40	$ 7.73
Inducement Plan
Shares (in thousands)
Unvested, beginning balance (in shares)	823
Granted (in shares)	641
Vested (in shares)	(248)
Forfeited (in shares)	(191)
Unvested, ending balance (in shares)	1,025	823
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in usd per share)	$ 8.53
Granted (in usd per share)	8.14
Vested (in usd per share)	9.25
Forfeited (in usd per share)	8.16
Unvested, ending balance (in usd per share)	$ 8.17	$ 8.53

Trade Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ORLADEYO \| Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, after allowance for credit loss, total	$ 92,351	$ 76,282
Peramivir \| Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, after allowance for credit loss, total	10,491	564
License and other revenues
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 3,976	$ 2,223

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		187,906,000
Beginning balance at Dec. 31, 2022	$ (294,597)	$ 1,879	$ 1,158,118	$ 26	$ (1,454,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(226,539)				(226,539)
Other comprehensive income (loss)	1,311			1,311
Exercise of stock options, net (in shares)		1,276,000
Exercise of stock options, net	6,114	$ 13	6,101
Vesting of restricted stock units (in shares)		1,276,000
Vesting of restricted stock units	0	$ 13	(13)
Shares withheld for taxes for vesting of restricted stock units (in shares)		(59,000)
Shares withheld for taxes for vesting of restricted stock units	$ (370)	$ (1)	(369)
Employee stock purchase plan sales (in shares)	338,000	338,000
Employee stock purchase plan sales	$ 2,596	$ 4	2,592
Exercise of warrants (in shares)		14,997,000
Exercise of warrants	0	$ 150	(150)
Issuance of shares to directors in lieu of cash retainer (in shares)		37,000
Issuance of shares to directors in lieu of cash retainer	342		342
Stock-based compensation expense	55,615		55,615
Ending balance (in shares) at Dec. 31, 2023		205,771,000
Ending 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)	(88,881)				(88,881)
Other comprehensive income (loss)	(416)			(416)
Exercise of stock options, net (in shares)		548,000
Exercise of stock options, net	2,280	$ 5	2,275
Vesting of restricted stock units (in shares)		1,902,000
Vesting of restricted stock units	0	$ 19	(19)
Shares withheld for taxes for vesting of restricted stock units (in shares)		(94,000)
Shares withheld for taxes for vesting of restricted stock units	$ (689)	$ (1)	(688)
Employee stock purchase plan sales (in shares)	412,000	412,000
Employee stock purchase plan sales	$ 1,853	$ 4	1,849
Issuance of shares to directors in lieu of cash retainer (in shares)		4,000
Issuance of shares to directors in lieu of cash retainer	34		34
Stock-based compensation expense	$ 65,413		65,413
Ending balance (in shares) at Dec. 31, 2024	208,543,000	208,543,000
Ending 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)	263,861				263,861
Other comprehensive income (loss)	(883)			(883)
Exercise of stock options, net (in shares)		1,487,000
Exercise of stock options, net	7,879	$ 15	7,864
Vesting of restricted stock units (in shares)		2,796,000
Vesting of restricted stock units	0	$ 28	(28)
Shares withheld for taxes for vesting of restricted stock units (in shares)		(142,000)
Shares withheld for taxes for vesting of restricted stock units	$ (1,062)	$ (1)	(1,061)
Employee stock purchase plan sales (in shares)	369,000	369,000
Employee stock purchase plan sales	$ 2,298	$ 4	2,294
Issuance of shares to directors in lieu of cash retainer (in shares)		7,000
Issuance of shares to directors in lieu of cash retainer	59		59
Stock-based compensation expense	85,137		85,137
Reclassification of equity awards to share-based liability	(2,558)		(2,558)
Remeasurement of share-based liability	$ 2,050		2,050
Ending balance (in shares) at Dec. 31, 2025	213,060,000	213,060,000
Ending balance at Dec. 31, 2025	$ (119,153)	$ 2,131	$ 1,384,857	$ 38	$ (1,506,179)

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Program The Company’s cybersecurity program leverages the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) for governance and program management and refers to the Center for Internet Security (CIS) guidelines when reviewing the Company’s security controls posture. The Company uses certain advanced security measures, regular system audits, third party monitoring tools, and ongoing intelligence gathering on the latest developments in cybersecurity to identify, assess, and manage potential vulnerabilities and risks. In addition, the Company engages third parties to assist with assessing, identifying and managing material risks from cybersecurity threats. Once the relevant material risks have been identified, the Company implements controls and processes to help manage these risks, including conducting tabletop exercises to simulate response to a cybersecurity incident, regular testing (e.g., penetration tests, vulnerability scanning) and control gap analyses and assessments designed to confirm appropriate security controls are in place and are maintaining functionality in accordance with the established policies. We also employ systems and processes designed to oversee, identify, and reduce the potential impact of cybersecurity threats associated with any third-party vendor, service provider or customer or otherwise implicating the third-party technology and systems we use. Our cybersecurity program is integrated into the Company’s overall risk management framework to help identify, assess, educate, and manage the Company’s cybersecurity risk. Our Board of Directors and the Audit Committee, in its role assisting the Board of Directors in its oversight of the Company’s risk management function, consider cybersecurity threat risks alongside other Company risks as part of our overall risk assessment. Incident Response The Company has adopted a technology incident response plan (IRP) applicable to all Company employees and contractors, which sets forth the process for responding to and documenting data and information technology-related incidents such as security breaches, system failures, data loss, and service interruption. The IRP provides a standardized framework for investigating, containing, documenting and mitigating cybersecurity incidents, including reporting findings and keeping senior management and other key stakeholders informed and involved as appropriate. The Company’s employees are required to review the IRP and undergo additional cybersecurity training on a regular basis.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity program is integrated into the Company’s overall risk management framework to help identify, assess, educate, and manage the Company’s cybersecurity risk. Our Board of Directors and the Audit Committee, in its role assisting the Board of Directors in its oversight of the Company’s risk management function, consider cybersecurity threat risks alongside other Company risks as part of our overall risk assessment.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors, directly and through its committees, oversees the Company’s risk management function. The Board of Directors has delegated the primary responsibility to oversee cybersecurity matters to the Audit Committee. The Audit Committee reviews the measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. As part of such reviews, the Audit Committee regularly receives reports and presentations from members of our Cybersecurity Steering Committee as appropriate, with a minimum frequency of once per year. These reports and presentations address a wide range of topics including recent developments, status of ongoing and planned cybersecurity initiatives and strategies, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, security spend, technological trends and information security considerations arising with respect to the Company’s peers and third parties. The Audit Committee reports to the Board of Directors on data protection and cybersecurity matters. We have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported to the Audit Committee, as well as ongoing updates regarding any such incident until it has been addressed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company has implemented a broad spectrum cross-functional approach to assessing, identifying, and managing risks from cybersecurity threats. Our Cybersecurity Steering Committee has broad oversight of the Company’s cybersecurity risk management processes. The Cybersecurity Steering Committee is composed of the Company’s Chief Financial Officer, Chief Legal Officer, Chief Data Innovation Officer, Senior Vice President, Information Technology, senior cybersecurity professionals, members of the finance and legal departments, and other individuals invited as appropriate on an ad hoc basis. On at least a quarterly basis, the Cybersecurity Steering Committee meets to discuss recent cybersecurity events or threats, status of ongoing and planned cybersecurity initiatives and strategies, external cybersecurity trends, and risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks, among other topics. In addition to the scheduled meetings, the Cybersecurity Steering Committee is informed of potentially material cybersecurity events as they arise.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company has implemented a broad spectrum cross-functional approach to assessing, identifying, and managing risks from cybersecurity threats. Our Cybersecurity Steering Committee has broad oversight of the Company’s cybersecurity risk management processes. The Cybersecurity Steering Committee is composed of the Company’s Chief Financial Officer, Chief Legal Officer, Chief Data Innovation Officer, Senior Vice President, Information Technology, senior cybersecurity professionals, members of the finance and legal departments, and other individuals invited as appropriate on an ad hoc basis. On at least a quarterly basis, the Cybersecurity Steering Committee meets to discuss recent cybersecurity events or threats, status of ongoing and planned cybersecurity initiatives and strategies, external cybersecurity trends, and risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks, among other topics. In addition to the scheduled meetings, the Cybersecurity Steering Committee is informed of potentially material cybersecurity events as they arise. Within the Cybersecurity Steering Committee, our Executive Director, IT Risk Management and Strategy and our Senior Manager, Security Engineering are primarily responsible for assessing, monitoring, and managing our cybersecurity risks. Our Executive Director, IT Risk Management and Strategy has over a decade of relevant cybersecurity experience and reports to the Senior Vice President, Information Technology, who is managed by the Chief Data Innovation Officer. He served as a Senior Manager cybersecurity consultant for one of the Big Four accounting firms for several years and as the Information Security Officer of a financial services company. He holds an M.S. degree in cybersecurity, is a graduate instructional assistant in information security, and a Certified Information Systems Security Professional (“CISSP”). He leads the Company’s information security program and sets the strategic direction for, and establishes and governs the structure of, the program. Our Senior Manager, Security Engineering is managed by the Company’s Executive Director, IT Risk Management and Strategy. He is the former Cloud Security Officer for IBM and has over 40 years of experience in information security and data privacy and has CISSP and Cisco Certified Network Associate (CCNA) certifications. He implements and oversees processes for the regular monitoring of our information systems and detection of cybersecurity vulnerabilities. The Cybersecurity Steering Committee also works closely with members of the legal department to oversee compliance with legal and regulatory security requirements. In addition, the Cybersecurity Steering Committee has implemented controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.
Cybersecurity Risk Role of Management [Text Block]	At the management level, the Chief Financial Officer, Chief Legal Officer and the Chief Data Innovation Officer attend meetings of the Company’s Cybersecurity Steering Committee (discussed further below) to receive reports on ongoing cybersecurity matters. This ensures that management is involved in an ongoing dialogue regarding the Company’s material risks from cybersecurity threats. In addition, members of the Cybersecurity Steering Committee provide updates on the Company’s cybersecurity control and risk posture and the status of ongoing and planned cybersecurity initiatives and strategies to the Company’s senior management team on an annual basis. Cybersecurity Steering Committee The Company has implemented a broad spectrum cross-functional approach to assessing, identifying, and managing risks from cybersecurity threats. Our Cybersecurity Steering Committee has broad oversight of the Company’s cybersecurity risk management processes. The Cybersecurity Steering Committee is composed of the Company’s Chief Financial Officer, Chief Legal Officer, Chief Data Innovation Officer, Senior Vice President, Information Technology, senior cybersecurity professionals, members of the finance and legal departments, and other individuals invited as appropriate on an ad hoc basis. On at least a quarterly basis, the Cybersecurity Steering Committee meets to discuss recent cybersecurity events or threats, status of ongoing and planned cybersecurity initiatives and strategies, external cybersecurity trends, and risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks, among other topics. In addition to the scheduled meetings, the Cybersecurity Steering Committee is informed of potentially material cybersecurity events as they arise. Within the Cybersecurity Steering Committee, our Executive Director, IT Risk Management and Strategy and our Senior Manager, Security Engineering are primarily responsible for assessing, monitoring, and managing our cybersecurity risks. Our Executive Director, IT Risk Management and Strategy has over a decade of relevant cybersecurity experience and reports to the Senior Vice President, Information Technology, who is managed by the Chief Data Innovation Officer. He served as a Senior Manager cybersecurity consultant for one of the Big Four accounting firms for several years and as the Information Security Officer of a financial services company. He holds an M.S. degree in cybersecurity, is a graduate instructional assistant in information security, and a Certified Information Systems Security Professional (“CISSP”). He leads the Company’s information security program and sets the strategic direction for, and establishes and governs the structure of, the program. Our Senior Manager, Security Engineering is managed by the Company’s Executive Director, IT Risk Management and Strategy. He is the former Cloud Security Officer for IBM and has over 40 years of experience in information security and data privacy and has CISSP and Cisco Certified Network Associate (CCNA) certifications. He implements and oversees processes for the regular monitoring of our information systems and detection of cybersecurity vulnerabilities. The Cybersecurity Steering Committee also works closely with members of the legal department to oversee compliance with legal and regulatory security requirements. In addition, the Cybersecurity Steering Committee has implemented controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company has implemented a broad spectrum cross-functional approach to assessing, identifying, and managing risks from cybersecurity threats. Our Cybersecurity Steering Committee has broad oversight of the Company’s cybersecurity risk management processes. The Cybersecurity Steering Committee is composed of the Company’s Chief Financial Officer, Chief Legal Officer, Chief Data Innovation Officer, Senior Vice President, Information Technology, senior cybersecurity professionals, members of the finance and legal departments, and other individuals invited as appropriate on an ad hoc basis. On at least a quarterly basis, the Cybersecurity Steering Committee meets to discuss recent cybersecurity events or threats, status of ongoing and planned cybersecurity initiatives and strategies, external cybersecurity trends, and risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks, among other topics. In addition to the scheduled meetings, the Cybersecurity Steering Committee is informed of potentially material cybersecurity events as they arise.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Executive Director, IT Risk Management and Strategy has over a decade of relevant cybersecurity experience and reports to the Senior Vice President, Information Technology, who is managed by the Chief Data Innovation Officer. He served as a Senior Manager cybersecurity consultant for one of the Big Four accounting firms for several years and as the Information Security Officer of a financial services company. He holds an M.S. degree in cybersecurity, is a graduate instructional assistant in information security, and a Certified Information Systems Security Professional (“CISSP”).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company has implemented a broad spectrum cross-functional approach to assessing, identifying, and managing risks from cybersecurity threats. Our Cybersecurity Steering Committee has broad oversight of the Company’s cybersecurity risk management processes. The Cybersecurity Steering Committee is composed of the Company’s Chief Financial Officer, Chief Legal Officer, Chief Data Innovation Officer, Senior Vice President, Information Technology, senior cybersecurity professionals, members of the finance and legal departments, and other individuals invited as appropriate on an ad hoc basis. On at least a quarterly basis, the Cybersecurity Steering Committee meets to discuss recent cybersecurity events or threats, status of ongoing and planned cybersecurity initiatives and strategies, external cybersecurity trends, and risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks, among other topics. In addition to the scheduled meetings, the Cybersecurity Steering Committee is informed of potentially material cybersecurity events as they arise. Within the Cybersecurity Steering Committee, our Executive Director, IT Risk Management and Strategy and our Senior Manager, Security Engineering are primarily responsible for assessing, monitoring, and managing our cybersecurity risks. Our Executive Director, IT Risk Management and Strategy has over a decade of relevant cybersecurity experience and reports to the Senior Vice President, Information Technology, who is managed by the Chief Data Innovation Officer. He served as a Senior Manager cybersecurity consultant for one of the Big Four accounting firms for several years and as the Information Security Officer of a financial services company. He holds an M.S. degree in cybersecurity, is a graduate instructional assistant in information security, and a Certified Information Systems Security Professional (“CISSP”). He leads the Company’s information security program and sets the strategic direction for, and establishes and governs the structure of, the program. Our Senior Manager, Security Engineering is managed by the Company’s Executive Director, IT Risk Management and Strategy. He is the former Cloud Security Officer for IBM and has over 40 years of experience in information security and data privacy and has CISSP and Cisco Certified Network Associate (CCNA) certifications. He implements and oversees processes for the regular monitoring of our information systems and detection of cybersecurity vulnerabilities. The Cybersecurity Steering Committee also works closely with members of the legal department to oversee compliance with legal and regulatory security requirements. In addition, the Cybersecurity Steering Committee has implemented controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fair Value Measurements and Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

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


	December 31, 2025
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Money market funds	$	35,800	$	—	$	—	$	35,800
Obligations of U.S. Government and its agencies	—		246,175		—		246,175
Total assets measured at fair value	$	35,800	$	246,175	$	—	$	281,975


	December 31, 2024
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Money market funds	$	40,893	$	—	$	—	$	40,893
Obligations of U.S. Government and its agencies	—		236,460		—		236,460
Total assets measured at fair value	$	40,893	$	236,460	$	—	$	277,353

Schedule of Investments By Type

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


	December 31, 2025
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	244,455	$	1,491	$	234	$	(5)	$	246,175
Total investments	$	244,455	$	1,491	$	234	$	(5)	$	246,175


	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 December 31, 2025 and 2024 (in thousands):


	December 31,
	2025		2024
Maturing in one year or less	$	185,011	$	216,137
Maturing after one year through two years	61,164		20,323
Total investments	$	246,175	$	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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Income Taxes - Schedule of Components of Expense (Benefit) For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current expense (benefit) provision:
U.S. Federal	$ 0	$ 0	$ 0
State	3,502	1,118	(45)
Foreign	1,240	1,163	1,037
Total current expense provision	4,742	2,281	992
Deferred expense (benefit) provision:
U.S. Federal	0	0	0
State	(184)	79	(120)
Foreign	(1,028)	(433)	(562)
Total deferred expense provision	(1,212)	(354)	(682)
Total expense provision	$ 3,530	$ 1,927	$ 310

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 874,837	$ 450,712	$ 331,412
Expenses:
Cost of product sales	19,075	12,269	4,481
Research and development	166,126	174,638	216,566
Selling, general and administrative	348,647	266,348	214,074
Total operating expenses	533,848	453,255	435,121
Income (loss) from operations	340,989	(2,543)	(103,709)
Other income (expense):
Interest income	10,668	14,746	15,777
Interest expense	(78,872)	(98,516)	(108,239)
Foreign currency losses, net	(152)	(641)	(1,039)
Loss on extinguishment of debt	(17,332)	0	(29,019)
Other income	12,090	0	0
Total other expense, net	(73,598)	(84,411)	(122,520)
Income (loss) before income taxes	267,391	(86,954)	(226,229)
Income tax expense	3,530	1,927	310
Net income (loss)	263,861	(88,881)	(226,539)
Other comprehensive income (loss):
Foreign currency translation adjustment	(674)	(776)	180
Unrealized (loss) gain on available for sale investments	(209)	360	1,131
Total other comprehensive (loss) income	(883)	(416)	1,311
Net comprehensive income (loss)	$ 262,978	$ (89,297)	$ (225,228)
Net income (loss) per common share: basic (in usd per share)	$ 1.26	$ (0.43)	$ (1.18)
Weighted average shares of common stock outstanding: basic (in shares)	209,893	206,696	192,198
Net income (loss) per common share: diluted (in usd per share)	$ 1.21	$ (0.43)	$ (1.18)
Weighted average shares of common stock outstanding: diluted (in shares)	218,581	206,696	192,198
Product sales, net
Revenues:
Total revenues	$ 623,151	$ 442,668	$ 324,696
License and other revenues
Revenues:
Total revenues	$ 251,686	$ 8,044	$ 6,716

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Schedule of Differences Between Effective Tax Rate and Statutory Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income tax expense (benefit) at federal statutory rate	$ 56,152	$ (18,260)	$ (47,508)
State and local income taxes, net of federal income tax effect	2,569	955	(351)
Sale of European ORLADEYO business	3,867	0	0
Changes in valuation allowances	(52,454)	8,695	42,139
Other	4,927	(107)	505
Tax credits
Research and development tax credits	(1,323)	(1,764)	(3,725)
Expiration of research and development tax credits	3,574	2,514	831
Nontaxable or nondeductible items
Share-based payment awards	4,837	2,780	2,625
Other	1,285	899	388
Changes in unrecognized tax benefits	(217)	353	825
Total expense provision	$ 3,530	$ 1,927	$ 310
Percent
Income tax expense (benefit) at federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	1.00%	(1.00%)	0.00%
Sale of European ORLADEYO business	1.00%	0.00%	0.00%
Changes in valuation allowances	(20.00%)	(10.00%)	(19.00%)
Other	2.00%	0.00%	0.00%
Tax credits
Research and development tax credits	0.00%	2.00%	1.00%
Expiration of research and development tax credits	1.00%	(3.00%)	0.00%
Nontaxable or nondeductible items
Share-based payment awards	2.00%	(3.00%)	(1.00%)
Other	0.00%	(1.00%)	0.00%
Changes in unrecognized tax benefits	0.00%	0.00%	0.00%
Income tax expense at effective income tax rate	1.00%	(2.00%)	0.00%
Ireland
Amount
Statutory tax rate difference between Ireland and the United States	$ (8,262)	$ 2,457	$ 1,648
Sale of European ORLADEYO business	(12,960)	0	0
Changes in valuation allowances	1,711	3,603	2,423
Other	$ (880)	$ 30	$ 46
Percent
Statutory tax rate difference between Ireland and the United States	(3.00%)	(3.00%)	(1.00%)
Sale of European ORLADEYO business	(5.00%)	0.00%	0.00%
Changes in valuation allowances	1.00%	(4.00%)	(1.00%)
Other	0.00%	0.00%	0.00%
Other foreign jurisdictions
Amount
Statutory tax rate difference between Ireland and the United States	$ 704	$ (228)	$ 464
Percent
Statutory tax rate difference between Ireland and the United States	0.00%	0.00%	0.00%

Debt	12 Months Ended
Debt	Dec. 31, 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 Athyrium Credit Agreement (defined below) 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”). 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 12.27% during the period in which the debt was outstanding for the year ended December 31, 2025, compared to 13.14% and 13.30% for the years ended December 31, 2024 and 2023, respectively. 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. In 2025, the Company paid off in full the outstanding principal balance on the Pharmakon Term Loan in three separate prepayments totaling $323,704. In accordance with the Pharmakon Loan Agreement, the voluntary prepayments were subject to a prepayment premium equal to 3.00% of the principal amount of the Pharmakon Term Loan being prepaid. As a result, the Company incurred $9,711 and $173 in prepayment premiums and fees, respectively. Additionally, unamortized deferred financing costs of $7,448 associated with the Pharmakon Term Loan were written-off at the time of the repayments. Collectively, the prepayment premiums, fees, and unamortized deferred financing costs totaled $17,332 and are reflected as a one-time loss on extinguishment of debt in the Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2025. Interest expense and on the Tranche A Loan for the year ended December 31, 2025 was $23,274 and quarterly interest payments were paid at the end of each quarterly period. As of December 31, 2024, the Company had total borrowings of $300,000 under the Pharmakon Loan Agreement. Interest expense on the Tranche A Loan for the year ended December 31, 2024 was $39,874. 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 payments for the three months ended September 30, 2024 and December 31, 2024 totaling $29,833 in aggregate was paid at the end of each quarterly period. As of December 31, 2024, borrowings, including the Pharmakon PIK Interest Payments, totaled $323,704. As of December 31, 2023, the Company had total borrowings of $300,000 under the Pharmakon Loan Agreement. Interest expense on the Tranche A Loan for the year ended December 31, 2023 was $27,326. As allowable under the Pharmakon Loan Agreement, the Company designated and accounted for 50% of the quarterly interest payments for the year ended December 31, 2023 as a Pharmakon PIK Interest Payment and the total amount of $13,663 was added to the outstanding principal balance of the borrowing. The remaining 50% of the total quarterly interest payments of $13,663 was paid at the end of each quarterly period. As of December 31, 2023, borrowings, including the Pharmakon PIK Interest Payments, totaled $313,663. 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 $1,387, $1,597, and $715 was recognized for the years ended December 31, 2025, 2024, and 2023, respectively. Athyrium Credit Agreement On December 7, 2020, the Company entered into a $200,000 Credit Agreement (the “Athyrium Credit Agreement”) with Athyrium Opportunities III Co-Invest 1 LP (“Athyrium”), as lender and as administrative agent for the lenders. Certain of the Company’s direct and indirect subsidiaries were guarantors to the Athyrium Credit Agreement. The Athyrium Credit Agreement provided for an initial term loan in the principal amount of $125,000 (the “Term A Loan”), which was received by the Company on December 7, 2020. The Athyrium Credit Agreement also provided for two additional term loans, at the Company’s option, in the respective principal amounts of $25,000 (the “Term B Loan”) and $50,000 (the “Term C Loan” and, collectively with the Term A Loan and the Term B Loan, the “Athyrium Term Loans”). Having achieved all required revenue-based milestones, the Company exercised its option to draw upon the additional funding available under the Athyrium Credit Agreement, borrowing the principal amounts of $25,000 under the Term B Loan and $50,000 under the Term C Loan. Both the Term B Loan and the Term C Loan were funded on July 29, 2022 in the aggregate principal amount of $75,000. The Company incurred deferred debt fees and issuance costs associated with the Term B and Term C Loans of $3,428. The Term B Loan and the Term C Loan were subject to all the provisions under the Athyrium Credit Agreement. The Athyrium Term Loans accrued interest at an effective interest rate of 13.71% during the period in which the debt was outstanding for the year ended December 31, 2023. Quarterly interest payments under the Athyrium Credit Agreement for the year ended December 31, 2023 totaled $8,476. Deferred financing amortization of $1,069 was recognized for the year ended December 31, 2023. On April 17, 2023, the outstanding principal of the Athyrium Term Loans, including the Athyrium PIK Interest Payments of $240,452 along with interest accrued of $1,335 for the first 17 days of the quarterly interest period ended June 30, 2023, was repaid with the funding received through the Pharmakon Loan Agreement. In accordance with the Athyrium Credit Agreement, upon the prepayment or repayment of all or any of the Athyrium Term Loans, the Company was obligated to pay an exit fee in an amount equal to 2.00% of the principal amount of the Athyrium Term Loans prepaid or repaid. In addition, each Athyrium Term Loan was subject to a 1.00% commitment fee at its respective borrowing date. As a result, the Company incurred prepayment and final payment fees of $17,261 upon repayment of the Athyrium Term Loans. Additionally, unamortized deferred financing costs of $11,758 associated with the Athyrium Term Loans were written off at the time of repayment. Collectively, the prepayment and final payment fees and unamortized deferred financing costs totaled $29,019 and are reflected as a one-time loss on extinguishment of debt in the Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2023.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Lease Obligations - Schedule of Operating Lease and Finance Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating lease assets:
Operating lease assets, net	$ 7,548	$ 8,061
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use assets	Right of use assets
Operating lease liabilities:
Current operating lease liabilities	$ 317	$ 937
Non-current operating lease liabilities	8,571	7,924
Total operating lease liabilities	8,888	8,861
Finance lease assets:
Finance lease assets, net	$ 2,655	$ 3,947
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use assets	Right of use assets
Finance lease liabilities:
Current finance lease liabilities	$ 1,312	$ 1,835
Non-current finance lease liabilities	1,441	2,124
Total finance lease liabilities	$ 2,753	$ 3,959

Significant Accounting Policies and Concentrations of Risk - Schedule of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies and Concentrations of Risk [Line Items]
Total revenues	$ 874,837	$ 450,712	$ 331,412
Product sales, net
Significant Accounting Policies and Concentrations of Risk [Line Items]
Total revenues	623,151	442,668	324,696
License revenue
Significant Accounting Policies and Concentrations of Risk [Line Items]
Total revenues	243,980	0	0
Collaborative and other revenues
Significant Accounting Policies and Concentrations of Risk [Line Items]
Total revenues	$ 7,706	$ 8,044	$ 6,716

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income (Loss) Per Share

Basic and diluted net income (loss) per share for the years ended December 31, 2025, 2024, and 2023 were calculated as follows (in thousands, except per share amounts):


	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss)	$	263,861	$	(88,881)	$	(226,539)
Denominator:
Weighted average shares of common stock outstanding: basic	209,893		206,696		192,198
Net income (loss) per common share: basic	$	1.26	$	(0.43)	$	(1.18)
Effect of dilutive securities:
Stock options to purchase common stock	4,854		—		—
Unvested restricted stock unit awards	3,815		—		—
Shares issuable under the employee stock purchase plan	19		—		—
Dilutive potential common shares	8,688		—		—
Weighted average shares of common stock outstanding: diluted	218,581		206,696		192,198
Net income (loss) per common share: diluted	$	1.21	$	(0.43)	$	(1.18)

Schedule of Potential Shares Excluded from Computation of Diluted Net Income (Loss) Per Share

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 December 31,
	2025	2024	2023
Outstanding stock options	29,204	44,240	41,032
Unvested restricted stock unit awards	2,870	10,112	6,507
Total	32,074	54,352	47,539

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 89,736	$ 104,713
Restricted cash	201	210
Short-term investments	185,011	216,137
Trade receivables	106,818	79,069
Inventory, net	5,398	8,087
Prepaid expenses and other current assets	17,182	13,752
Total current assets	404,346	421,968
Long-term inventory, net	23,990	23,187
Property and equipment, net	8,783	7,777
Long-term investments	61,164	20,323
Right of use assets	10,203	12,008
Other assets	5,672	5,157
Total assets	514,158	490,420
Current liabilities:
Accounts payable	15,826	11,644
Accrued expenses	126,413	113,292
Share-based liability	13,743	0
Operating lease liabilities	317	937
Finance lease liabilities	1,312	1,835
Royalty financing obligations	38,455	32,676
Total current liabilities	196,066	160,384
Operating lease liabilities	8,571	7,924
Finance lease liabilities	1,441	2,124
Royalty financing obligations	427,233	481,053
Secured term loan	0	314,869
Total liabilities	633,311	966,354
Stockholders’ deficit:
Preferred stock, $0.01 par value; shares authorized - 5,000; no shares issued and outstanding at December 31, 2025 and 2024	0	0
Common stock, $0.01 par value; shares authorized - 450,000; shares issued and outstanding – 213,060 and 208,543 at December 31, 2025 and 2024, respectively	2,131	2,085
Additional paid-in capital	1,384,857	1,291,100
Accumulated other comprehensive income	38	921
Accumulated deficit	(1,506,179)	(1,770,040)
Total stockholders’ deficit	(119,153)	(475,934)
Total liabilities and stockholders’ deficit	$ 514,158	$ 490,420

Lease Obligations

12 Months Ended

Dec. 31, 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. 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):


	Years Ended December 31,
	2025		2024		2023
Operating lease expense	$	2,007	$	2,301	$	2,018
Finance lease expense:
Amortization of right-of-use assets	2,099		1,766		1,212
Interest on lease liabilities	340		316		201
Total finance lease expense	$	2,439	$	2,082	$	1,413

Other supplemental information related to leases was as follows:


	As of December 31,
	2025		2024
Weighted average remaining lease term:
Operating leases	9.4 years		9.0 years
Finance leases	2.3 years		2.6 years
Weighted average discount rate:
Operating leases	10.70	%	10.91	%
Finance leases	9.77	%	8.66	%

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


		As of December 31,
	Balance Sheet Location	2025		2024
Operating lease assets:
Operating lease assets, net	Right of use assets	$	7,548	$	8,061
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	317	$	937
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	8,571		7,924
Total operating lease liabilities		$	8,888	$	8,861

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


		As of December 31,
	Balance Sheet Location	2025		2024
Finance lease assets:
Finance lease assets, net	Right of use assets	$	2,655	$	3,947
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,312	$	1,835
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	1,441		2,124
Total finance lease liabilities		$	2,753	$	3,959

Operating lease assets are recorded net of accumulated amortization of $2,305 and $6,065 as of December 31, 2025 and 2024, respectively. Finance lease assets are recorded net of accumulated amortization of $3,798 and $4,059 as of December 31, 2025 and 2024, respectively.

Maturities of lease liabilities as of December 31, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2026	$	1,153	$	1,520
2027	1,462		1,050
2028	1,506		486
2029	1,538		26
2030	1,590		—
Thereafter	7,433		—
Total lease payments	14,682		3,082
Less imputed interest	(5,794)		(329)
Total	$	8,888	$	2,753

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


	Years Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	340	$	316	$	201
Operating cash flows for operating leases	$	1,466	$	2,156	$	1,920

Operating lease assets obtained in exchange for operating lease liabilities	$	366	$	438	$	4,695
Finance lease assets obtained in exchange for finance lease liabilities	$	870	$	1,391	$	2,971
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities	$	786	$	254	$	924

Lease Obligations

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


	Years Ended December 31,
	2025		2024		2023
Operating lease expense	$	2,007	$	2,301	$	2,018
Finance lease expense:
Amortization of right-of-use assets	2,099		1,766		1,212
Interest on lease liabilities	340		316		201
Total finance lease expense	$	2,439	$	2,082	$	1,413

Other supplemental information related to leases was as follows:


	As of December 31,
	2025		2024
Weighted average remaining lease term:
Operating leases	9.4 years		9.0 years
Finance leases	2.3 years		2.6 years
Weighted average discount rate:
Operating leases	10.70	%	10.91	%
Finance leases	9.77	%	8.66	%

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


		As of December 31,
	Balance Sheet Location	2025		2024
Operating lease assets:
Operating lease assets, net	Right of use assets	$	7,548	$	8,061
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	317	$	937
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	8,571		7,924
Total operating lease liabilities		$	8,888	$	8,861

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


		As of December 31,
	Balance Sheet Location	2025		2024
Finance lease assets:
Finance lease assets, net	Right of use assets	$	2,655	$	3,947
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,312	$	1,835
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	1,441		2,124
Total finance lease liabilities		$	2,753	$	3,959

Maturities of lease liabilities as of December 31, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2026	$	1,153	$	1,520
2027	1,462		1,050
2028	1,506		486
2029	1,538		26
2030	1,590		—
Thereafter	7,433		—
Total lease payments	14,682		3,082
Less imputed interest	(5,794)		(329)
Total	$	8,888	$	2,753

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


	Years Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	340	$	316	$	201
Operating cash flows for operating leases	$	1,466	$	2,156	$	1,920

Operating lease assets obtained in exchange for operating lease liabilities	$	366	$	438	$	4,695
Finance lease assets obtained in exchange for finance lease liabilities	$	870	$	1,391	$	2,971
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities	$	786	$	254	$	924

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Basic and diluted net income (loss) per share for the years ended December 31, 2025, 2024, and 2023 were calculated as follows (in thousands, except per share amounts):


	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss)	$	263,861	$	(88,881)	$	(226,539)
Denominator:
Weighted average shares of common stock outstanding: basic	209,893		206,696		192,198
Net income (loss) per common share: basic	$	1.26	$	(0.43)	$	(1.18)
Effect of dilutive securities:
Stock options to purchase common stock	4,854		—		—
Unvested restricted stock unit awards	3,815		—		—
Shares issuable under the employee stock purchase plan	19		—		—
Dilutive potential common shares	8,688		—		—
Weighted average shares of common stock outstanding: diluted	218,581		206,696		192,198
Net income (loss) per common share: diluted	$	1.21	$	(0.43)	$	(1.18)

For the year ended December 31, 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 years ended December 31, 2024 and 2023, 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 these periods, 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.


	As of December 31,
	2025	2024	2023
Outstanding stock options	29,204	44,240	41,032
Unvested restricted stock unit awards	2,870	10,112	6,507
Total	32,074	54,352	47,539

Trade Receivables	12 Months Ended
Trade Receivables	Dec. 31, 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 December 31, 2025 and 2024, receivables, net of reserves, related to sales of ORLADEYO were $92,351 and $76,282, respectively. At December 31, 2025 and 2024, receivables related to sales of peramivir were $10,491 and $564, respectively. License and other revenue At December 31, 2025 and 2024, receivables related to license and other revenue were $3,976 and $2,223, respectively.

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Increase (decrease) in valuation allowance	$ (68,221)	$ 11,642	$ 47,490
Provisions and accruals for interest and penalties	0	$ 0	$ 0
Research Tax Credit Carryforward
Income Tax Disclosure [Line Items]
Tax credit carryforward, amount	99,751
Domestic Tax Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards, total	351,348
State
Income Tax Disclosure [Line Items]
Operating loss carryforwards, total	154,550
Foreign
Income Tax Disclosure [Line Items]
Operating loss carryforwards, total	$ 0

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income (loss) before provision for income taxes were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Domestic	$	172,638	$	(62,515)	$	(206,674)
Foreign	94,753		(24,439)		(19,555)
Income (loss) before provision for income taxes	$	267,391	$	(86,954)	$	(226,229)

The components of the expense (benefit) for income taxes were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Current expense (benefit) provision:
U.S. Federal	$	—	$	—	$	—
State	3,502		1,118		(45)
Foreign	1,240		1,163		1,037
Total current expense provision	4,742		2,281		992
Deferred expense (benefit) provision:
U.S. Federal	—		—		—
State	(184)		79		(120)
Foreign	(1,028)		(433)		(562)
Total deferred expense provision	(1,212)		(354)		(682)
Total expense provision	$	3,530	$	1,927	$	310

Income taxes paid, net of refunds received, were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Federal	$	—	$	—	$	—
State
California	901		(239)		—
Other	38		623		1,176
Foreign
Germany	329		105		114
United Kingdom	855		646		81
Other	680		468		63
Total income taxes paid, net of refunds received	$	2,803	$	1,603	$	1,434

The differences between the Company’s effective tax rate and the statutory tax rate in 2025, 2024, and 2023 were as follows (in thousands):


	Years Ended December 31,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
Income tax expense (benefit) at federal statutory rate	$	56,152	21	%	$	(18,260)	21	%	$	(47,508)	21	%
State and local income taxes, net of federal income tax effect (a)	2,569		1	%	955		(1)	%	(351)		—	%
Foreign tax effects
Ireland
Statutory tax rate difference between Ireland and the United States	(8,262)		(3)	%	2,457		(3)	%	1,648		(1)	%
Sale of European ORLADEYO business	(12,960)		(5)	%	—		—	%	—		—	%
Changes in valuation allowances	1,711		1	%	3,603		(4)	%	2,423		(1)	%
Other	(880)		—	%	30		—	%	46		—	%
Other foreign jurisdictions	704		—	%	(228)		—	%	464		—	%
Tax credits
Research and development tax credits	(1,323)		—	%	(1,764)		2	%	(3,725)		1	%
Expiration of research and development tax credits	3,574		1	%	2,514		(3)	%	831		—	%
Changes in valuation allowances	(52,454)		(20)	%	8,695		(10)	%	42,139		(19)	%
Nontaxable or nondeductible items
Share-based payment awards	4,837		2	%	2,780		(3)	%	2,625		(1)	%
Sale of European ORLADEYO business	3,867		1	%	—		—	%	—		—	%
Other	1,285		—	%	899		(1)	%	388		—	%
Changes in unrecognized tax benefits	(217)		—	%	353		—	%	825		—	%
Other adjustments	4,927		2	%	(107)		—	%	505		—	%
Income tax expense at effective income tax rate	$	3,530	1	%	$	1,927	(2)	%	$	310	—	%
(a) For the year ended December 31, 2025, state taxes in California, Michigan, Minnesota, Kentucky, and New Jersey made up the majority (greater than 50 percent) of the tax eﬀect in this category. For the year ended December 31, 2024, state taxes in Colorado, Illinois, Maine, Massachusetts, New Jersey, and Texas made up the majority of the tax eﬀect in this category. For the year ended December 31, 2023, state taxes in Colorado, Illinois, Michigan, New Jersey, and Texas made up the majority of the tax eﬀect in this category.

The Company recognizes the impact of a tax position in its financial statements if it is more likely than not that the position will be sustained on audit based on the technical merits of the position. The Company has concluded that it has an uncertain tax position pertaining to its research and development and orphan drug credit carryforwards. The Company has established these credits based on information and calculations it believes are appropriate and the best estimate of the underlying credit. Any changes to the Company’s unrecognized tax benefits are offset by an adjustment to the valuation allowance and there would be no impact on the Company’s financial statements. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. If recognized, none of these tax benefits would affect the effective tax rate due to the valuation allowance.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	2025		2024
Balance at January 1,	$	14,715	$	14,362
Additions to current period tax positions	386		353
Reductions to prior period tax positions	(603)		—
Balance at December 31,	$	14,498	$	14,715

The Company’s ability to utilize the net operating loss and tax credit carryforwards in the future may be subject to substantial restrictions in the event of past or future ownership changes as defined in Section 382 of the IRC and similar state tax law.

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net federal and state operating losses	$	82,049	$	105,865
Research and development credits	85,254		87,287
Royalty income	106,695		117,570
Stock-based compensation	40,070		34,486
Capitalized R&D	40,875		82,476
Leasing obligations	2,666		2,806
Other	26,744		22,693
Total deferred tax assets	384,353		453,183
Deferred tax liabilities:
Fixed assets	(1,245)		(797)
Right of use asset	(2,337)		(2,620)
Total deferred tax liabilities	(3,582)		(3,417)
Valuation allowance	(380,519)		(448,740)
Net deferred tax assets	$	252	$	1,026

The majority of the Company’s deferred tax assets relate to net operating loss and research and development carryforwards that can only be realized if the Company is profitable in future periods. It is uncertain whether the Company will realize any tax benefit related to these carryforwards. Accordingly, the Company has provided a valuation allowance against substantially all the net deferred tax assets due to uncertainties as to their ultimate realization. The valuation allowance will remain at the full amount of the deferred tax assets until it is more likely than not that the related tax benefits will be realized. The Company’s valuation allowance decreased by $68,221 in 2025, and increased by $11,642, and $47,490 in 2024 and 2023, respectively.

As of December 31, 2025, the Company had U.S. federal operating loss carryforwards of $351,348, state operating loss carryforwards of $154,550, and U.S. research and development and orphan drug credit carryforwards of $99,751, which will expire at various dates from 2026 through 2045. Federal losses, state losses, and research and development credit carryforwards began expiring in 2021. As of December 31, 2025 the Company had no foreign net operating loss carryforwards.

Tax years 2022-2025 remain open to examination by the major taxing jurisdictions to which the Company is subject. Additionally, years prior to 2022 are also open to examination for loss and credit carryforwards from those years. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of its income tax provision. However, there were no provisions or accruals for interest and penalties in 2025, 2024, and 2023.

As of December 31, 2025, the Company has minimal accumulated undistributed earnings generated by its foreign subsidiaries which have already been subject to local and U.S. tax as part of the global intangible low-taxed income provisions. The Company intends to indefinitely reinvest these earnings, as well as future earnings from its foreign subsidiaries, to fund its international operations. In addition, the Company expects future U.S. cash generation will be sufficient to meet future U.S. cash needs.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements and Investments - Schedule of Maturity of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Maturing in one year or less	$ 185,011	$ 216,137
Maturing after one year through two years	61,164	20,323
Total investments	$ 246,175	$ 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

+ Details

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Accounts Payable and Accrued Liabilities [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2025		2024
Compensation and benefits	$	50,857	$	48,631
Revenue-related reserves for discounts and allowances	26,632		32,116
Professional fees	11,899		6,637
Research and development costs	10,163		9,198
Inventory	10,002		836
Royalties payable	8,960		14,590
Transaction-related costs	5,480		—
Other	2,420		1,284
Total accrued expenses	$	126,413	$	113,292

Stockholders' Equity - Narrative (Details) - Common Stock - shares	Nov. 20, 2025	Oct. 23, 2023
Subsidiary, Sale of Stock [Line Items]
Sale of stock, maximum offering (in shares)	45,000,000
Stock issued during period (in shares)		14,997,000

Fair Value Measurements and Investments - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Obligations of U.S. Government and its agencies	$ 246,175	$ 236,460
Total assets measured at fair value	281,975	277,353
Money market funds
Assets
Money market funds	35,800	40,893
Obligations of U.S. Government and its agencies
Assets
Obligations of U.S. Government and its agencies	246,175	236,460
Quoted Price in Active Markets (Level 1)
Assets
Total assets measured at fair value	35,800	40,893
Quoted Price in Active Markets (Level 1) \| Money market funds
Assets
Money market funds	35,800	40,893
Quoted Price in Active Markets (Level 1) \| Obligations of U.S. Government and its agencies
Assets
Obligations of U.S. Government and its agencies	0	0
Significant Other Observable Inputs (Level 2)
Assets
Total assets measured at fair value	246,175	236,460
Significant Other Observable Inputs (Level 2) \| Money market funds
Assets
Money market funds	0	0
Significant Other Observable Inputs (Level 2) \| Obligations of U.S. Government and its agencies
Assets
Obligations of U.S. Government and its agencies	246,175	236,460
Significant Unobservable Inputs (Level 3)
Assets
Total assets measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Money market funds
Assets
Money market funds	0	0
Significant Unobservable Inputs (Level 3) \| Obligations of U.S. Government and its agencies
Assets
Obligations of U.S. Government and its agencies	$ 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

12 Months Ended

Dec. 31, 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. 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.

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. The premium was deferred and is being amortized through interest expense using the effective interest method over the term of the applicable arrangement.

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 10 herein) through its payoff and termination on April 17, 2023 or, subsequent to that date, the Pharmakon Loan Agreement (as defined in Note 10 herein), as applicable. See “Note 10—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 connection with the Stock Purchase Agreement, RPI and OMERS provided their written consent of the consummation of the sale of the Company’s European ORLADEYO business. Concurrent with the Closing, Neopharmed paid a $15,000 royalty release fee to RPI on behalf of the Company, which is included in “License and other revenues” in the Consolidated Statements of Comprehensive Income (Loss), and the Company paid a $500 royalty release fee to OMERS. The payments were accounted for as a debt modification and the royalty release fees, totaling $15,500, were capitalized as a reduction to “Royalty financing obligations” in the Consolidated Balance Sheets and are being amortized as interest expense using the effective interest rate method. In accordance with the Stock Purchase Agreement, the Company will receive quarterly royalty payments from BioCryst Ireland equal to amounts owed under its Royalty Purchase Agreements with RPI and OMERS for the sale of ORLADEYO products in the Territory, which are recognized as “License and other revenues” in the Consolidated Statements of Comprehensive Income (Loss). See “Note 2—Divestiture of BioCryst Ireland Limited” 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” in the Company’s Consolidated Balance Sheets. Deferred financing costs, which consisted primarily of advisory and legal fees, were capitalized as a reduction to “Royalty financing obligations” and are being amortized using the effective interest method over the terms of the arrangements. The fair values of the royalty financing obligations at the time of the transactions were based on the Company’s estimates of future royalties expected to be paid to the counterparties over the terms of the arrangements. The Company subsequently records the obligations at their carrying values using the effective interest method. As of December 31, 2025 and 2024, the carrying values of the royalty financing obligations under the Royalty Purchase Agreements approximated their fair values and were 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 counterparties over the lives of the arrangements. Under the prospective method, new effective interest rates are determined based on the revised estimates of future cash flows. The new effective interest rates are the discount rates that equate the present value of the revised estimates of remaining cash flows with the carrying amounts of the royalty financing obligations and 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 rates. 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 balances are reduced relative to the current outstanding liabilities. 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 in the Company’s Consolidated Balance Sheets.

During the year ended December 31, 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, 2022	$	164,981		$	173,651		$	163,023		$	501,655
Non-cash interest expense on royalty financing obligations	38,267			14,188			17,901			70,356
Royalty revenues paid and payable	(28,768)			(2,494)			(9,150)			(40,412)
Balance as of December 31, 2023	$	174,480		$	185,345		$	171,774		$	531,599
Non-cash interest expense on royalty financing obligations	39,585			—			16,384			55,969
Royalty revenues paid and payable	(33,652)			(4,205)			(35,982)			(73,839)
Balance as of December 31, 2024	$	180,413		$	181,140		$	152,176		$	513,729
Non-cash interest expense on royalty financing obligations	39,240			—			13,923			53,163
Royalty revenues paid and payable	(37,267)			(6,296)			(42,141)			(85,704)
Payment of royalty release fees	(12,827)			(2,173)			(500)			(15,500)
Balance as of December 31, 2025	$	169,559		$	172,671		$	123,458		$	465,688

Effective interest rate	23.4		%	—		%	10.3		%

Cash paid for interest on the royalty financing obligations was $68,428, $77,155, and $29,337 for the years ended December 31, 2025, 2024, and 2023, respectively.

Workforce Reduction - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 6,314	$ 1,264
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs		6,314	3,380
Employee Severance \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring costs		2,040	3,026
Employee Severance \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 4,274	$ 354
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,264
One-time Termination Benefits \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,201
One-time Termination Benefits \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 63

- 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

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense and Stock Option Activity

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


	Years Ended December 31,
	2025		2024		2023
Incentive Plan	$	77,203	$	56,207	$	44,581
Inducement Plan	7,113		8,414		9,958
ESPP	821		792		1,076
Total stock-based compensation costs	85,137		65,413		55,615
Capitalized stock-based compensation costs	(71)		—		—
Total stock-based compensation costs included in operating expenses	$	85,066	$	65,413	$	55,615

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	4,714	7.38
Exercised	(1,224)	5.23			$	4,139
Cancelled or Forfeited	(3,908)	9.34
Outstanding at December 31, 2025	38,664	$	7.83	5.67	$	34,248
Exercisable at December 31, 2025	26,503	$	7.98	4.39	$	26,715
Vested and expected to vest at December 31, 2025	37,372	$	7.84	5.57	$	33,360

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	268	7.57
Exercised	(266)	5.66			$	1,018
Cancelled or Forfeited	(480)	10.54
Outstanding at December 31, 2025	4,680	$	8.33	4.41	$	7,454
Exercisable at December 31, 2025	3,607	$	8.24	3.70	$	6,758
Vested and expected to vest at December 31, 2025	4,432	$	8.33	4.46	$	7,247

Schedule of Stock-Based Compensation Expense

The following table summarizes the presentation of stock-based compensation expense in the Consolidated Statement of Comprehensive Income (Loss):


	Years Ended December 31,
	2025		2024		2023
Research and development	$	29,510	$	31,285	$	29,377
Selling, general and administrative	55,556		34,128		26,238
Total stock-based compensation costs included in operating expenses	$	85,066	$	65,413	$	55,615

Schedule of 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	5,804	7.26
Vested	(2,548)	8.34
Forfeited	(1,404)	6.13
Unvested at December 31, 2025	11,141	$	7.40

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	641	8.14
Vested	(248)	9.25
Forfeited	(191)	8.16
Unvested at December 31, 2025	1,025	$	8.17

Schedule of Stock Option Awards Granted

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
	2025			2024			2023
Expected Term in Years	6.4			5.7			5.7
Expected Volatility	74.8		%	83.5		%	82.5		%
Expected Dividend Yield	0.0		%	0.0		%	0.0		%
Risk-Free Interest Rate	3.9		%	4.5		%	3.9		%
Weighted average grant date fair value per share	$	5.14		$	5.28		$	4.75

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
	2025			2024			2023
Expected Term in Years	6.4			5.8			5.6
Expected Volatility	79.3		%	83.3		%	83.5		%
Expected Dividend Yield	0.0		%	0.0		%	0.0		%
Risk-Free Interest Rate	3.9		%	4.2		%	4.0		%
Weighted average grant date fair value per share	$	5.47		$	4.61		$	5.79

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs	$ 85,137	$ 65,413	$ 55,615
Capitalized stock-based compensation costs	(71)	0	0
Total stock-based compensation costs included in operating expenses	85,066	65,413	55,615
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs	77,203	56,207	44,581
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs	7,113	8,414	9,958
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs	$ 821	$ 792	$ 1,076

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Sales of Common Stock

On November 20, 2025, the Company filed with the Securities and Exchange Commission (the “SEC”), and amended on December 15, 2025, a registration statement on Form S-4. This registration statement was declared effective by the SEC on December 18, 2025 and registered the Company’s offer of up to 45,000 shares of the Company’s common stock in connection with the Merger (as defined in “Note 21— Subsequent Events” herein).

On February 27, 2024, the Company filed an automatic shelf registration statement on Form S-3 with the SEC. This shelf registration statement became effective automatically upon filing and allows the Company to sell an indeterminate number of securities, including common stock, preferred stock, depositary shares, purchase contracts, warrants, debt securities, and units, from time to time at prices and on terms to be determined at the time of sale.

On October 23, 2023, certain entities affiliated with Baker Bros. Advisors LP (the “Baker Entities”) net exercised the remaining balance of the pre-funded warrants held by such Baker Entities that were issued on November 21, 2019. Additionally, certain of the Baker Entities net exercised all of the pre-funded warrants that were issued on June 1, 2020. The exercises resulted in the issuance of 14,997 common shares.

Shares Reserved for Future Issuance of Common Stock

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


	December 31,
	2025	2024
Shares reserved for exercises of outstanding stock options	43,344	44,240
Shares reserved for vesting of restricted stock units	12,166	10,112
Shares reserved for future issuance under the Stock Incentive Plan	6,852	1,065
Shares reserved for future issuance under the Inducement Equity Incentive Plan	1,460	1,699
Shares reserved for future issuance under the Employee Stock Purchase Plan	4,674	5,042
Total shares reserved for future issuance	68,496	62,158

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Workforce Reduction

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Workforce Reduction

2025 Workforce Reduction

In December 2025, the Company had a workforce reduction. The majority of the impacted employees had termination dates in December 2025, with certain employees exiting in the first quarter of 2026. The Company notified all impacted employees in December 2025.

In accordance with ASC Topic 712, Nonretirement Postemployment Benefits (“ASC 712”), and ASC Topic 420, Exit or Disposal Costs (“ASC 420”), the Company recognized $6,314 of costs related to the workforce reduction during the year ended December 31, 2025, of which $2,040 was recognized in research and development expenses and $4,274 was recognized in selling, general and administrative expenses in the Consolidated Statement of Comprehensive Income (Loss). The following table summarizes the accrued liability activity recorded in connection with the workforce reduction for the year ended December 31, 2025 (in thousands):


Workforce reduction expense recorded during the year ended December 31, 2025	$	6,314
Amounts paid during the year ended December 31, 2025	(836)
Balance at December 31, 2025	$	5,478

The Company does not expect to incur any additional significant costs related to this workforce reduction. The remaining unpaid costs are expected to be disbursed during the period of January 1, 2026 through December 31, 2026.

2024 Workforce Reduction

In January 2024, the Company announced a reduction of workforce. The majority of the impacted employees had a termination date in January 2024, with certain employees exiting later in 2024. The Company notified the impacted employees in January 2024.

The Company incurred costs related to employee severance, benefits, and related costs which were accounted for as ongoing terminations benefits under ASC 712. As of December 31, 2023, it was considered probable that payment would be owed and the amount of payment was considered to be reasonably estimable, which resulted in the recognition of $3,380 of costs related to the workforce reduction during the year ended December 31, 2023, of which $3,026 was recognized in research and development expenses and $354 was recognized in selling, general and administrative expenses in the Consolidated Statement of Comprehensive Income (Loss). All of these costs were paid during the year ended December 31, 2024.

In addition, the employees impacted by the workforce reduction received an amount equal to the bonus amount the employee would have received through continued employment with the Company, which was considered a one-time termination benefit pursuant to ASC 420. As a result, $1,264 was recognized during the three months ended March 31, 2024, the period in which the communication occurred, of which $1,201 was recognized in research and development expenses, and $63 was recognized in selling, general and administrative expenses in the Consolidated Statement of Comprehensive Income (Loss). All of these costs were paid during the three months ended March 31, 2024.

The following table summarizes the accrued liability activity recorded in connection with the workforce reduction for the year ended December 31, 2024 (in thousands):


Balance at December 31, 2023	$	3,380
Workforce reduction expense recorded during the year ended December 31, 2024	1,264
Amounts paid during the year ended December 31, 2024	(4,644)
Balance at December 31, 2024	$	—

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 “First Notice Letter”) from Annora Pharma Private Limited (“Annora”) regarding U.S. Patent Nos. 10,662,160; 11,117,867; and 11,618,733. In January 2026, the Company received an additional Paragraph IV notice of certification (the “Second Notice Letter” and, together with the First Notice Letter, the “Notice Letters”) from Annora regarding U.S. Patent No. 12,344,585. The Notice Letters advise 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 four patents listed in the FDA’s Orange Book: U.S. Patent Nos. 10,662,160; 11,117,867; 11,618,733; and 12,344,585 (the “Challenged Patents”). The Notice Letters allege 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 Letters do 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 (as supplemented by the First Amended Complaint filed in December 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.

Divestiture of BioCryst Ireland Limited - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 01, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues			$ 874,837	$ 450,712	$ 331,412
License and other revenues
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues			243,980	$ 0	$ 0
License and other revenues \| Neopharmed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		$ 708
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| BioCryst Ireland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total cash proceeds	$ 254,477
Upfront consideration to be received	250,000
Customary purchase price adjustments	4,477
Contingent consideration to be received	14,000
Royalty release fee	15,000
Gain on sale	$ 3,566
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income
Cumulative translation adjustments upon deconsolidation	$ 1,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| BioCryst Ireland \| License and other revenues
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues			$ 243,271

Lease Obligations - Schedule of Lease Expense Under Operating and Finance Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 2,007	$ 2,301	$ 2,018
Amortization of right-of-use assets	2,099	1,766	1,212
Interest on lease liabilities	340	316	201
Total finance lease expense	$ 2,439	$ 2,082	$ 1,413

Debt (Details) $ in Thousands			3 Months Ended				6 Months Ended	12 Months Ended
Debt (Details) $ in Thousands	Apr. 17, 2023 USD ($)	Dec. 07, 2020 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024 USD ($)	Dec. 31, 2025 USD ($) prepayment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 29, 2022 USD ($)
Debt Instrument [Line Items]
Net proceeds from term loans								$ 0	$ 0	$ 300,000
Prepayment outstanding principal								9,886	0	21,261
Loss on extinguishment of debt								$ 17,332	0	29,019
Pharmakon Advisors, LP
Debt Instrument [Line Items]
Capitalized interest rate	0.50
Variable rate 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]
Number of separate prepayments \| prepayment								3
Prepayment outstanding principal								$ 323,704
Prepayment premiums								9,711
Fees								173
Unamortized deferred financing costs								7,448
Loss on extinguishment of debt								$ 17,332
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%
Athyrium \| Senior Credit Facility
Debt Instrument [Line Items]
Repayments of lines of credit	$ 241,787
Loan Agreement \| Pharmakon Advisors, LP
Debt Instrument [Line Items]
Debt instrument, face amount	450,000
Net proceeds from term loans	25,805
Term Loan Tranche A \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Net proceeds from term loans	$ 300,000								$ 300,000	$ 300,000
Debt instrument, term (in months)	18 months
Effective interest rate			13.14%					12.27%	13.14%	13.30%
Interest expense, debt, total								$ 23,274	$ 39,874	$ 27,326
Periodic payment, interest			$ 29,833	$ 29,833			$ 10,041			13,663
Fair value disclosure			$ 323,704						323,704	313,663
Debt instrument, unamortized discount (premium) and debt issuance costs, net, total								11,147
Amortization of debt issuance costs								$ 1,387	$ 1,597	$ 715
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				0.50
Term Loan Tranche B \| 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
Term Loan Tranche C \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 50,000
Credit Agreement \| Athyrium
Debt Instrument [Line Items]
Debt instrument, face amount		$ 200,000
Debt instrument, term (in months)	17 days
Fees	$ 17,261
Accrued interest paid	1,335
Loss on extinguishment of debt	29,019
Paid-in-kind interest										$ 8,476
Long-term debt, total	$ 240,452
Debt instrument, exit fee, percentage of principal	2.00%
Debt instrument, commitment fee percentage	1.00%
Debt issuance costs, net, total	$ 11,758
Credit Agreement \| Athyrium \| Term A Loan
Debt Instrument [Line Items]
Net proceeds from term loans		$ 125,000
Amortization of debt issuance costs										$ 1,069
Credit Agreement \| Athyrium \| Term B Loan
Debt Instrument [Line Items]
Debt instrument, face amount											$ 25,000
Credit Agreement \| Athyrium \| Term C Loan
Debt Instrument [Line Items]
Debt instrument, face amount											50,000
Credit Agreement \| Athyrium \| Term B And C Loan
Debt Instrument [Line Items]
Debt instrument, face amount											75,000
Deferred debt fees and issuance costs											$ 3,428
Credit Agreement \| Athyrium \| Term Loans
Debt Instrument [Line Items]
Effective interest rate										13.71%

Lease Obligations - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows for finance leases	$ 340	$ 316	$ 201
Operating cash flows for operating leases	1,466	2,156	1,920
Operating lease assets obtained in exchange for operating lease liabilities	366	438	4,695
Finance lease assets obtained in exchange for finance lease liabilities	870	1,391	2,971
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities	$ 786	$ 254	$ 924

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 18,177	$ 20,126
Less accumulated depreciation and amortization	(9,394)	(12,349)
Property and equipment, net	8,783	7,777
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	1,201	1,463
Office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	620	729
Software
Property, Plant and Equipment [Line Items]
Total property and equipment	326	1,252
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	5,593	6,222
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	10,437	10,363
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 0	$ 97

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Payable and Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consisted of the following (in thousands):


	December 31,
	2025		2024
Compensation and benefits	$	50,857	$	48,631
Revenue-related reserves for discounts and allowances	26,632		32,116
Professional fees	11,899		6,637
Research and development costs	10,163		9,198
Inventory	10,002		836
Royalties payable	8,960		14,590
Transaction-related costs	5,480		—
Other	2,420		1,284
Total accrued expenses	$	126,413	$	113,292

Lease Obligations - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Accumulated amortization	$ 2,305	$ 6,065
Accumulated amortization	$ 3,798	$ 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

Income Taxes - Schedule of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net federal and state operating losses	$ 82,049	$ 105,865
Research and development credits	85,254	87,287
Royalty income	106,695	117,570
Stock-based compensation	40,070	34,486
Capitalized R&D	40,875	82,476
Leasing obligations	2,666	2,806
Other	26,744	22,693
Total deferred tax assets	384,353	453,183
Deferred tax liabilities:
Fixed assets	(1,245)	(797)
Right of use asset	(2,337)	(2,620)
Total deferred tax liabilities	(3,582)	(3,417)
Valuation allowance	(380,519)	(448,740)
Net deferred tax assets	$ 252	$ 1,026

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Raleigh, North Carolina
Auditor Firm ID	42

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue

12 Months Ended

Dec. 31, 2025

Revenue Recognition [Abstract]

Revenue

The Company recorded the following revenues for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Years Ended December 31,
	2025		2024		2023
ORLADEYO:
U.S.	$	548,779	$	385,961	$	288,361
Outside of U.S.	53,060		51,699		37,629
Total ORLADEYO	601,839		437,660		325,990
License revenue	243,980		—		—
Other revenues	29,018		13,052		5,422
Total revenues	$	874,837	$	450,712	$	331,412

ORLADEYO revenues represent total revenues from product sales and royalties. License revenue represents revenue related to the license of intellectual property to Neopharmed (see “Note 2— Divestiture of BioCryst Ireland Limited”) and quarterly royalty payments from BioCryst Ireland (see “Note 9— Royalty Financing Obligations”). 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 years ended December 31, 2025, 2024, and 2023.

- 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Incentive Plan
Weighted Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Exercised		$ 863	$ 3,601
Inducement Plan
Weighted Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Exercised		$ 495	$ 1,803
Share-based Payment Arrangement, Option \| Incentive Plan
Shares (in thousands)
Outstanding, beginning balance (in shares)	39,082
Granted (in shares)	4,714
Exercised (in shares)	(1,224)
Cancelled or Forfeited (in shares)	(3,908)
Outstanding, ending balance (in shares)	38,664	39,082
Exercisable (in shares)	26,503
Vested and expected to vest (in shares)	37,372
Weighted Average Exercise Price per Share
Outstanding, beginning balance (in usd per share)	$ 7.96
Granted (in usd per share)	7.38
Exercised (in usd per share)	5.23
Cancelled or Forfeited (in usd per share)	9.34
Outstanding, ending balance (in usd per share)	7.83	$ 7.96
Exercisable (in usd per share)	7.98
Vested and expected to vest (in usd per share)	$ 7.84
Weighted Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Outstanding (in years)	5 years 8 months 1 day
Exercisable (in years)	4 years 4 months 20 days
Vested and expected to vest (in years)	5 years 6 months 25 days
Exercised	$ 4,139
Outstanding at December 31, 2025	34,248
Exercisable at December 31, 2025	26,715
Vested and expected to vest at December 31, 2025	$ 33,360
Share-based Payment Arrangement, Option \| Inducement Plan
Shares (in thousands)
Outstanding, beginning balance (in shares)	5,158
Granted (in shares)	268
Exercised (in shares)	(266)
Cancelled or Forfeited (in shares)	(480)
Outstanding, ending balance (in shares)	4,680	5,158
Exercisable (in shares)	3,607
Vested and expected to vest (in shares)	4,432
Weighted Average Exercise Price per Share
Outstanding, beginning balance (in usd per share)	$ 8.44
Granted (in usd per share)	7.57
Exercised (in usd per share)	5.66
Cancelled or Forfeited (in usd per share)	10.54
Outstanding, ending balance (in usd per share)	8.33	$ 8.44
Exercisable (in usd per share)	8.24
Vested and expected to vest (in usd per share)	$ 8.33
Weighted Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Outstanding (in years)	4 years 4 months 28 days
Exercisable (in years)	3 years 8 months 12 days
Vested and expected to vest (in years)	4 years 5 months 15 days
Exercised	$ 1,018
Outstanding at December 31, 2025	7,454
Exercisable at December 31, 2025	6,758
Vested and expected to vest at December 31, 2025	$ 7,247

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

As of December 31, 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):


	Years Ended December 31,
	2025		2024		2023
Incentive Plan	$	77,203	$	56,207	$	44,581
Inducement Plan	7,113		8,414		9,958
ESPP	821		792		1,076
Total stock-based compensation costs	85,137		65,413		55,615
Capitalized stock-based compensation costs	(71)		—		—
Total stock-based compensation costs included in operating expenses	$	85,066	$	65,413	$	55,615

The following table summarizes the presentation of stock-based compensation expense in the Consolidated Statement of Comprehensive Income (Loss):


	Years Ended December 31,
	2025		2024		2023
Research and development	$	29,510	$	31,285	$	29,377
Selling, general and administrative	55,556		34,128		26,238
Total stock-based compensation costs included in operating expenses	$	85,066	$	65,413	$	55,615

Retirement Policy

In July 2024, the Company adopted the BioCryst Pharmaceuticals, Inc. Equity Award Retirement Policy (the “Retirement Policy”). The Retirement Policy provides for the continued vesting of certain unvested awards granted more than one year prior to the date of retirement according to the original vesting schedule of the award. Employees are eligible for the Retirement Policy upon meeting age, service, and notice period requirements and receipt of notice of their eligibility from the Company. The Company considered the adoption of the Retirement Policy to be a modification of existing awards under ASC Topic 718, Compensation - Stock Compensation (“ASC 718”). The modification did not result in any incremental compensation cost. However, the adoption of the Retirement Policy resulted in a new estimate of the requisite service period for certain awards. In connection with the modification as a result of the adoption of the Retirement Policy, the Company accelerated the recognition of stock-based compensation expense of $7,569 during the year ended December 31, 2024.

Extension of Exercise Period

In December 2025, the Company extended the post-termination exercise period of certain vested stock option awards at the time of retirement for certain individuals to the original expiration date of the option awards. The Company considered this to be a modification of existing awards under ASC 718 and determined the incremental fair value associated with the modification using a binomial lattice model. In connection with the modification, the Company recognized incremental stock-based compensation expense of $11,267 during the year ended December 31, 2025.

Sale of the European ORLADEYO Business

In connection with the sale of the European ORLADEYO business, the Company modified certain outstanding stock option awards and restricted stock unit awards held by employees who transferred to Neopharmed. Under the original terms of the Company’s Incentive Plan and Inducement Plan, unvested awards would have been forfeited upon the employees’ termination with the Company at Closing. As part of the negotiated transaction, the Company approved modifications that (i) allowed previously unvested awards to continue to vest based on continued service to Neopharmed after Closing and (ii) extended the post-termination exercise period for certain vested stock option awards.

The modified terms provide for continued vesting and extended exercisability only if the employees remain employed by Neopharmed for specified periods following the Closing. As the vesting of the modified awards depends on service to Neopharmed, the awards are considered to contain an “other” condition under ASC 718 and are therefore classified as liability awards until the service to Neopharmed is provided.

The Company considered the continued vesting of unvested awards to be a Type III modification under ASC 718 and measured the awards at their modification-date fair value. The Company considered the extension of the post-termination exercise period for certain vested stock option awards to be a Type I modification under ASC 718 and calculated the incremental fair value provided in the modification on the modification date. As the post-close services benefit Neopharmed and the fair value conveyed through the modified awards represents consideration payable to Neopharmed, the total fair value of $17,548 resulting from the modifications was recognized as contra-revenue when the revenue related to the license of intellectual property was recognized at Closing pursuant to ASC 606 (see “Note 2— Divestiture of BioCryst Ireland Limited”). The liability for the modified awards is remeasured to fair value each reporting period. The options are valued using a Black-Scholes option pricing model which incorporates significant unobservable inputs. This remeasurement resulted in the recognition of a $4,313 gain in Other income in the Consolidated Statement of Comprehensive Income (Loss) and a $2,050 increase to additional paid-in capital for the year ended December 31, 2025.

Stock Incentive Plan

The Company grants stock option awards and restricted stock unit awards to its employees, directors, and consultants under the Incentive Plan. Under the Incentive Plan, stock option awards are granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. Stock option awards and restricted stock unit awards granted to employees generally vest 25% each year until fully vested after four years.

Stock option awards and restricted stock unit awards granted to non-employee directors of the Company generally vest over one year. Stock option awards granted to new non-employee directors when they first join the Company’s Board of Directors generally vest, subject to the terms of the Incentive Plan, in 36 equal monthly installments over a three-year period measured from the grant date. All stock option awards have contractual terms of 10 years. Restricted stock unit awards granted to new non-employee directors when they first join the Company’s Board of Directors generally vest, subject to the terms of the Incentive Plan, in three equal annual installments beginning on the first anniversary of the grant date.

The vesting and exercise provisions of all awards granted under the Incentive Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the 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	4,714	7.38
Exercised	(1,224)	5.23			$	4,139
Cancelled or Forfeited	(3,908)	9.34
Outstanding at December 31, 2025	38,664	$	7.83	5.67	$	34,248
Exercisable at December 31, 2025	26,503	$	7.98	4.39	$	26,715
Vested and expected to vest at December 31, 2025	37,372	$	7.84	5.57	$	33,360

The total intrinsic value of stock option awards exercised under the Incentive Plan was $863 and $3,601 during the years ended December 31, 2024 and 2023, respectively. The aggregate intrinsic value represents the total proceeds (calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the

Company’s common stock on the date of exercise for those stock options) received by all individuals who exercised stock option awards during the period.

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	5,804	7.26
Vested	(2,548)	8.34
Forfeited	(1,404)	6.13
Unvested at December 31, 2025	11,141	$	7.40

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 2025, 2024, and 2023 was $7.26, $7.32, and $6.71, 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.

As of December 31, 2025, total unrecognized compensation cost related to unvested restricted stock unit awards granted under the Incentive Plan was $63,984, which is expected to be recognized over a weighted average period of 3.1 years.

Inducement Equity Incentive Plan

The Company has the ability to grant stock option and restricted stock unit awards to newly-hired employees as inducements material to each employee entering employment with the Company. Awards granted to newly-hired employees generally vest 25% each year until fully vested after four years and are subject to the terms and conditions of the Inducement Plan. All stock option awards have contractual terms of 10 years. The vesting and exercise provisions of all awards granted under the Inducement Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the Inducement 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	268	7.57
Exercised	(266)	5.66			$	1,018
Cancelled or Forfeited	(480)	10.54
Outstanding at December 31, 2025	4,680	$	8.33	4.41	$	7,454
Exercisable at December 31, 2025	3,607	$	8.24	3.70	$	6,758
Vested and expected to vest at December 31, 2025	4,432	$	8.33	4.46	$	7,247

The total intrinsic value of stock option awards exercised under the Inducement Plan was $495 and $1,803 during the years ended December 31, 2024 and 2023, respectively. The aggregate intrinsic value represents the total proceeds (calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the

Company’s common stock on the date of exercise for those stock options) received by all individuals who exercised stock option awards during the period.

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	641	8.14
Vested	(248)	9.25
Forfeited	(191)	8.16
Unvested at December 31, 2025	1,025	$	8.17

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 2025, 2024, and 2023 was $8.14, $6.51, and $7.81, 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.

As of December 31, 2025, total unrecognized compensation cost related to unvested restricted stock unit awards granted under the Inducement Plan was $5,972, which is expected to be recognized over a weighted average period of 3.0 years.

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.

Historically, the expected term was based on the average of the assumption that all outstanding stock option awards will be exercised at full vesting and the assumption that all outstanding stock option awards will be exercised at the midpoint of the current date (if already vested) or at full vesting (if not yet vested) and the full contractual term. Effective July 1, 2023, the expected term is based on the historical settlement of options by taking into account exercises and post-vesting terminations and weighing them based on the number of options settled. This change in approach did not have a significant impact on the value of the stock option awards granted. The expected volatility represents the historical volatility on the Company’s publicly-traded common stock. The Company has assumed no expected dividend yield, as dividends have never been paid to stock or option holders and will not be paid for the foreseeable future. The weighted average risk-free interest rate is the implied yield currently available on zero-coupon government issues with a remaining term equal to the expected term.

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 years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
	2025			2024			2023
Expected Term in Years	6.4			5.7			5.7
Expected Volatility	74.8		%	83.5		%	82.5		%
Expected Dividend Yield	0.0		%	0.0		%	0.0		%
Risk-Free Interest Rate	3.9		%	4.5		%	3.9		%
Weighted average grant date fair value per share	$	5.14		$	5.28		$	4.75

The total fair value of the stock option awards vested under the Incentive Plan was $31,005, $35,151, and $33,731 during the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025, total unrecognized compensation cost related to unvested stock option awards granted under the Incentive Plan was $47,444, which is expected to be recognized over a weighted average period of 2.6 years.

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 years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
	2025			2024			2023
Expected Term in Years	6.4			5.8			5.6
Expected Volatility	79.3		%	83.3		%	83.5		%
Expected Dividend Yield	0.0		%	0.0		%	0.0		%
Risk-Free Interest Rate	3.9		%	4.2		%	4.0		%
Weighted average grant date fair value per share	$	5.47		$	4.61		$	5.79

The total fair value of the stock option awards vested under the Inducement Plan was $5,354, $7,225, and $7,698 during the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025, total unrecognized compensation cost related to unvested stock option awards granted under the Inducement Plan was $3,953, which is expected to be recognized over a weighted average period of 2.3 years.

Employee Stock Purchase Plan

The Company has reserved a total of 7,975 shares of common stock to be purchased under the ESPP, of which 4,674 shares remain available for purchase at December 31, 2025. Eligible employees may authorize up to 15% of their salary to purchase common stock at the lower of 85% of the beginning or 85% of the ending price during six-month purchase intervals. No more than three thousand shares may be purchased by any one employee at each purchase date, and no employee may purchase stock having a fair market value at the commencement date of $25 or more in any one calendar year.

During the years ended December 31, 2025, 2024, and 2023, the Company issued 369, 412, and 338 shares of common stock under the ESPP, respectively, at a weighted average price per share of $6.24, $4.50, and $7.68, respectively. Compensation expense for shares purchased under the ESPP related to the purchase discount and the “look-back” option were determined using a Black-Scholes option pricing model. The weighted average grant date fair values of shares granted under the ESPP during the years ended December 31, 2025, 2024, and 2023, were $2.35, $1.99, and $3.82, respectively.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following (in thousands):


	December 31,
	2025		2024
Furniture and fixtures	$	1,201	$	1,463
Office equipment	620		729
Software	326		1,252
Laboratory equipment	5,593		6,222
Leasehold improvements	10,437		10,363
Construction in progress	—		97
Total property and equipment	18,177		20,126
Less accumulated depreciation and amortization	(9,394)		(12,349)
Property and equipment, net	$	8,783	$	7,777

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 874,837	$ 450,712	$ 331,412
Product sales, net
Disaggregation of Revenue [Line Items]
Total revenues	623,151	442,668	324,696
Product sales, net \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	548,779	385,961	288,361
Product sales, net \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Total revenues	53,060	51,699	37,629
Total ORLADEYO
Disaggregation of Revenue [Line Items]
Total revenues	601,839	437,660	325,990
License revenue
Disaggregation of Revenue [Line Items]
Total revenues	243,980	0	0
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 29,018	$ 13,052	$ 5,422

- 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

Significant Accounting Policies and Concentrations of Risk (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Revenues

The Company recorded the following revenues for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Years Ended December 31,
	2025		2024		2023
Product sales, net	$	623,151	$	442,668	$	324,696
License revenue	243,980		—		—
Collaborative and other revenues	7,706		8,044		6,716
Total revenues	$	874,837	$	450,712	$	331,412

The Company recorded the following revenues for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Years Ended December 31,
	2025		2024		2023
ORLADEYO:
U.S.	$	548,779	$	385,961	$	288,361
Outside of U.S.	53,060		51,699		37,629
Total ORLADEYO	601,839		437,660		325,990
License revenue	243,980		—		—
Other revenues	29,018		13,052		5,422
Total revenues	$	874,837	$	450,712	$	331,412

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following (in thousands):


	December 31,
	2025		2024
Furniture and fixtures	$	1,201	$	1,463
Office equipment	620		729
Software	326		1,252
Laboratory equipment	5,593		6,222
Leasehold improvements	10,437		10,363
Construction in progress	—		97
Total property and equipment	18,177		20,126
Less accumulated depreciation and amortization	(9,394)		(12,349)
Property and equipment, net	$	8,783	$	7,777

Depreciation expense for the years ended December 31, 2025, 2024, and 2023 was $1,389, $1,246, and $1,655, respectively.

During the year ended December 31, 2023, the Company recorded an impairment loss of $1,548 and contract termination fees of $440 related to the discontinuation of the Birmingham research facilities expansion, which was recognized in research and development expenses during the year ended December 31, 2023. The Company did not record any impairment losses during the years ended December 31, 2025 and 2024.

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 1,389	$ 1,246	$ 1,655
Loss on impairment	$ 0	$ 0	1,548
Contract termination			$ 440

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Workforce Reduction (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Accrued Liability Activity

The following table summarizes the accrued liability activity recorded in connection with the workforce reduction for the year ended December 31, 2025 (in thousands):


Workforce reduction expense recorded during the year ended December 31, 2025	$	6,314
Amounts paid during the year ended December 31, 2025	(836)
Balance at December 31, 2025	$	5,478

The following table summarizes the accrued liability activity recorded in connection with the workforce reduction for the year ended December 31, 2024 (in thousands):


Balance at December 31, 2023	$	3,380
Workforce reduction expense recorded during the year ended December 31, 2024	1,264
Amounts paid during the year ended December 31, 2024	(4,644)
Balance at December 31, 2024	$	—

Stockholders' Equity - Schedule of Shares Reserved for Future Issuance of Common Stock (Details) - shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Total shares reserved for future issuance (in shares)	68,496	62,158
Shares reserved for future issuance under the Stock Incentive Plan
Subsidiary, Sale of Stock [Line Items]
Total shares reserved for future issuance (in shares)	6,852	1,065
Shares reserved for future issuance under the Inducement Equity Incentive Plan
Subsidiary, Sale of Stock [Line Items]
Total shares reserved for future issuance (in shares)	1,460	1,699
Shares reserved for future issuance under the Employee Stock Purchase Plan
Subsidiary, Sale of Stock [Line Items]
Total shares reserved for future issuance (in shares)	4,674	5,042
Shares reserved for exercises of outstanding stock options
Subsidiary, Sale of Stock [Line Items]
Total shares reserved for future issuance (in shares)	43,344	44,240
Shares reserved for vesting of restricted stock units
Subsidiary, Sale of Stock [Line Items]
Total shares reserved for future issuance (in shares)	12,166	10,112

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par or stated 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 or stated 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)	213,060,000	208,543,000
Common stock, shares, outstanding (in shares)	213,060,000	208,543,000

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 874,837	$ 450,712	$ 331,412
Less:
Cost of product sales	19,075	12,269	4,481
Research and development (excluding stock-based compensation)	166,126	174,638	216,566
Stock-based compensation	85,066	65,413	55,615
Interest expense	78,872	98,516	108,239
Loss on extinguishment of debt	17,332	0	29,019
Other income	(12,090)	0	0
Income tax expense	3,530	1,927	310
Net income (loss)	263,861	(88,881)	(226,539)
Consolidated net income (loss)	263,861	(88,881)	(226,539)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	874,837	450,712	331,412
Less:
Cost of product sales	19,075	12,269	4,481
Sales and marketing (excluding stock-based compensation)	177,085	152,166	134,262
General and administrative (excluding stock-based compensation)	116,006	80,054	53,574
Stock-based compensation	85,066	65,413	55,615
Interest income	(10,668)	(14,746)	(15,777)
Interest expense	78,872	98,516	108,239
Foreign currency losses, net	152	641	1,039
Loss on extinguishment of debt	17,332	0	29,019
Other income	(12,090)	0	0
Income tax expense	3,530	1,927	310
Net income (loss)	263,861	(88,881)	(226,539)
Adjustments and reconciling items	0	0	0
Consolidated net income (loss)	263,861	(88,881)	(226,539)
Reportable Segment \| Berotralstat
Less:
Research and development (excluding stock-based compensation)	12,148	10,950	13,780
Reportable Segment \| BCX17725
Less:
Research and development (excluding stock-based compensation)	17,304	12,389	10,218
Reportable Segment \| Avoralstat
Less:
Research and development (excluding stock-based compensation)	9,497	7,547	6,314
Reportable Segment \| Factor D Program
Less:
Research and development (excluding stock-based compensation)	456	8,534	40,111
Reportable Segment \| Research, discovery and preclinical programs
Less:
Research and development (excluding stock-based compensation)	17,677	12,733	12,286
Reportable Segment \| Compensation and related personnel costs
Less:
Research and development (excluding stock-based compensation)	51,576	59,010	64,377
Reportable Segment \| Other non-program specific and indirect costs
Less:
Research and development (excluding stock-based compensation)	$ 27,958	$ 32,190	$ 40,103

Income Taxes - Schedule of Income Taxes Paid, Net of Refunds Received (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal	$ 0	$ 0	$ 0
Total income taxes paid, net of refunds received	2,803	1,603	1,434
California
Effective Income Tax Rate Reconciliation [Line Items]
State	901	(239)	0
Other
Effective Income Tax Rate Reconciliation [Line Items]
State	38	623	1,176
Germany
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	329	105	114
United Kingdom
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	855	646	81
Other
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	$ 680	$ 468	$ 63

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Compensation and benefits	$ 50,857	$ 48,631
Revenue-related reserves for discounts and allowances	26,632	32,116
Professional fees	11,899	6,637
Research and development costs	10,163	9,198
Inventory	10,002	836
Royalties payable	8,960	14,590
Transaction-related costs	5,480	0
Other	2,420	1,284
Total accrued expenses	$ 126,413	$ 113,292

Stock-Based Compensation - Schedule of Stock Option Awards Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected Term in Years	6 years 4 months 24 days	5 years 8 months 12 days	5 years 8 months 12 days
Expected Volatility	74.80%	83.50%	82.50%
Expected Dividend Yield	0.00%	0.00%	0.00%
Risk-Free Interest Rate	3.90%	4.50%	3.90%
Weighted average grant date fair value per share (in usd per share)	$ 5.14	$ 5.28	$ 4.75
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected Term in Years	6 years 4 months 24 days	5 years 9 months 18 days	5 years 7 months 6 days
Expected Volatility	79.30%	83.30%	83.50%
Expected Dividend Yield	0.00%	0.00%	0.00%
Risk-Free Interest Rate	3.90%	4.20%	4.00%
Weighted average grant date fair value per share (in usd per share)	$ 5.47	$ 4.61	$ 5.79

- 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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision For Income Taxes

The components of income (loss) before provision for income taxes were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Domestic	$	172,638	$	(62,515)	$	(206,674)
Foreign	94,753		(24,439)		(19,555)
Income (loss) before provision for income taxes	$	267,391	$	(86,954)	$	(226,229)

Schedule of Components of Expense (Benefit) For Income Taxes

The components of the expense (benefit) for income taxes were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Current expense (benefit) provision:
U.S. Federal	$	—	$	—	$	—
State	3,502		1,118		(45)
Foreign	1,240		1,163		1,037
Total current expense provision	4,742		2,281		992
Deferred expense (benefit) provision:
U.S. Federal	—		—		—
State	(184)		79		(120)
Foreign	(1,028)		(433)		(562)
Total deferred expense provision	(1,212)		(354)		(682)
Total expense provision	$	3,530	$	1,927	$	310

Schedule of Income Taxes Paid, Net of Refunds Received

Income taxes paid, net of refunds received, were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Federal	$	—	$	—	$	—
State
California	901		(239)		—
Other	38		623		1,176
Foreign
Germany	329		105		114
United Kingdom	855		646		81
Other	680		468		63
Total income taxes paid, net of refunds received	$	2,803	$	1,603	$	1,434

Schedule of Differences Between Effective Tax Rate and Statutory Tax Rate

The differences between the Company’s effective tax rate and the statutory tax rate in 2025, 2024, and 2023 were as follows (in thousands):


	Years Ended December 31,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
Income tax expense (benefit) at federal statutory rate	$	56,152	21	%	$	(18,260)	21	%	$	(47,508)	21	%
State and local income taxes, net of federal income tax effect (a)	2,569		1	%	955		(1)	%	(351)		—	%
Foreign tax effects
Ireland
Statutory tax rate difference between Ireland and the United States	(8,262)		(3)	%	2,457		(3)	%	1,648		(1)	%
Sale of European ORLADEYO business	(12,960)		(5)	%	—		—	%	—		—	%
Changes in valuation allowances	1,711		1	%	3,603		(4)	%	2,423		(1)	%
Other	(880)		—	%	30		—	%	46		—	%
Other foreign jurisdictions	704		—	%	(228)		—	%	464		—	%
Tax credits
Research and development tax credits	(1,323)		—	%	(1,764)		2	%	(3,725)		1	%
Expiration of research and development tax credits	3,574		1	%	2,514		(3)	%	831		—	%
Changes in valuation allowances	(52,454)		(20)	%	8,695		(10)	%	42,139		(19)	%
Nontaxable or nondeductible items
Share-based payment awards	4,837		2	%	2,780		(3)	%	2,625		(1)	%
Sale of European ORLADEYO business	3,867		1	%	—		—	%	—		—	%
Other	1,285		—	%	899		(1)	%	388		—	%
Changes in unrecognized tax benefits	(217)		—	%	353		—	%	825		—	%
Other adjustments	4,927		2	%	(107)		—	%	505		—	%
Income tax expense at effective income tax rate	$	3,530	1	%	$	1,927	(2)	%	$	310	—	%
(a) For the year ended December 31, 2025, state taxes in California, Michigan, Minnesota, Kentucky, and New Jersey made up the majority (greater than 50 percent) of the tax eﬀect in this category. For the year ended December 31, 2024, state taxes in Colorado, Illinois, Maine, Massachusetts, New Jersey, and Texas made up the majority of the tax eﬀect in this category. For the year ended December 31, 2023, state taxes in Colorado, Illinois, Michigan, New Jersey, and Texas made up the majority of the tax eﬀect in this category.

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	2025		2024
Balance at January 1,	$	14,715	$	14,362
Additions to current period tax positions	386		353
Reductions to prior period tax positions	(603)		—
Balance at December 31,	$	14,498	$	14,715

Schedule of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net federal and state operating losses	$	82,049	$	105,865
Research and development credits	85,254		87,287
Royalty income	106,695		117,570
Stock-based compensation	40,070		34,486
Capitalized R&D	40,875		82,476
Leasing obligations	2,666		2,806
Other	26,744		22,693
Total deferred tax assets	384,353		453,183
Deferred tax liabilities:
Fixed assets	(1,245)		(797)
Right of use asset	(2,337)		(2,620)
Total deferred tax liabilities	(3,582)		(3,417)
Valuation allowance	(380,519)		(448,740)
Net deferred tax assets	$	252	$	1,026

Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Expense Under Operating and Finance Leases and Supplemental Cash Flow Information

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


	Years Ended December 31,
	2025		2024		2023
Operating lease expense	$	2,007	$	2,301	$	2,018
Finance lease expense:
Amortization of right-of-use assets	2,099		1,766		1,212
Interest on lease liabilities	340		316		201
Total finance lease expense	$	2,439	$	2,082	$	1,413

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


	Years Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	340	$	316	$	201
Operating cash flows for operating leases	$	1,466	$	2,156	$	1,920

Operating lease assets obtained in exchange for operating lease liabilities	$	366	$	438	$	4,695
Finance lease assets obtained in exchange for finance lease liabilities	$	870	$	1,391	$	2,971
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities	$	786	$	254	$	924

Schedule of Other Supplemental Information Related to Leases

Other supplemental information related to leases was as follows:


	As of December 31,
	2025		2024
Weighted average remaining lease term:
Operating leases	9.4 years		9.0 years
Finance leases	2.3 years		2.6 years
Weighted average discount rate:
Operating leases	10.70	%	10.91	%
Finance leases	9.77	%	8.66	%

Schedule of Operating Lease Assets and Liabilities

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


		As of December 31,
	Balance Sheet Location	2025		2024
Operating lease assets:
Operating lease assets, net	Right of use assets	$	7,548	$	8,061
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	317	$	937
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	8,571		7,924
Total operating lease liabilities		$	8,888	$	8,861

Schedule of Finance Lease Assets and Liabilities

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


		As of December 31,
	Balance Sheet Location	2025		2024
Finance lease assets:
Finance lease assets, net	Right of use assets	$	2,655	$	3,947
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,312	$	1,835
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	1,441		2,124
Total finance lease liabilities		$	2,753	$	3,959

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities as of December 31, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2026	$	1,153	$	1,520
2027	1,462		1,050
2028	1,506		486
2029	1,538		26
2030	1,590		—
Thereafter	7,433		—
Total lease payments	14,682		3,082
Less imputed interest	(5,794)		(329)
Total	$	8,888	$	2,753

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities as of December 31, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2026	$	1,153	$	1,520
2027	1,462		1,050
2028	1,506		486
2029	1,538		26
2030	1,590		—
Thereafter	7,433		—
Total lease payments	14,682		3,082
Less imputed interest	(5,794)		(329)
Total	$	8,888	$	2,753

Divestiture of BioCryst Ireland Limited - Schedule of Major Classes of Assets and Liabilities Sold (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - BioCryst Ireland $ in Thousands	Oct. 01, 2025 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 14,840
Trade receivables	10,285
Inventory, net	1,965
Prepaid expenses and other current assets	1,902
Non-current assets	4,058
Accounts payable	(1,714)
Accrued expenses	(24,371)
Other current liabilities	(338)
Non-current liabilities	(436)
Net assets sold	$ 6,191

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	December 31,
	2025		2024
Raw materials	$	9,997	$	10,006
Work-in-process	12,891		16,152
Finished goods	7,275		7,765
Total inventory	30,163		33,923
Reserves	(775)		(2,649)
Total inventory, net	$	29,388	$	31,274

Employee 401(k) Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Employee 401(k) Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Matching contributions	$ 5,761	$ 6,030	$ 5,716

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Astria Therapeutics, Inc. 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, on January 23, 2026 (the “Closing Date”), Merger Sub merged with and into Astria, with Astria surviving as a wholly owned subsidiary of the Company (the “Merger”). Under the terms 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 (excluding shares held by BioCryst, Astria or their wholly owned subsidiaries or dissenting stockholders) was 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 were treated as set forth in the Merger Agreement. On the Closing Date, the Company completed the Merger for cash consideration of $636,809 and issued 37,282 shares of common stock to Astria’s equity holders for total equity consideration of $251,656. The Merger will be accounted for using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Accordingly, the acquired assets (including separately identifiable intangible assets) and assumed liabilities of Astria will be recorded at their respective fair values and added to those of BioCryst. The excess of the total consideration paid in connection with the Merger over the net fair values will be recorded as goodwill. Due to the limited amount of time between the acquisition date and the date that these financial statements are issued, the purchase price allocation is not yet complete, and the Company is unable to quantify the impact of the Merger on the financial statements. Blackstone Loan Agreement On the Closing Date, the Company entered into a Loan Agreement (the “Blackstone Loan Agreement”) with Blackstone Alternative Credit Advisors LP and Blackstone Life Sciences Advisors L.L.C., (together, “Blackstone”), as the Blackstone representatives thereunder, the guarantors from time to time party thereto, the lenders from time to time party thereto, and Wilmington Trust, National Association, as agent, pursuant to which the lenders funded initial term loans in the aggregate principal amount of $400.0 million (the “Term Loans”). Subject to the mutual agreement between the Company, Blackstone and the lenders, the Company may request additional term loans up to an aggregate principal amount not exceeding $150.0 million. The maturity date of the Term Loans under the Blackstone Loan Agreement is January 23, 2031 (the “Maturity Date”), the fifth anniversary of the Closing Date. The Blackstone Loan Agreement provides for quarterly interest-only payments until the Maturity Date, with the unpaid principal amount of the outstanding Term Loans due and payable on the Maturity Date. Until the second anniversary of the Closing Date, the Company has the option to make a portion of the applicable interest payment on the Term Loans in kind (a “PIK Interest Payment”) by capitalizing as principal on the Term Loans up to 200 basis points of interest that is payable for such interest period. The Term Loans will bear interest at a rate equal to the three-month SOFR rate, which shall be no less than 1.75%, plus 4.50%, per annum and, for any interest period in which a PIK Interest Payment is made, the interest margin for such borrowing will be increased by 0.50% per annum on all Term Loans for which the Company has made a PIK Interest Payment for the applicable interest period. The Company’s obligations under the Blackstone Loan Agreement are secured by a security interest in, subject to certain exceptions, substantially all of the assets of BioCryst and its subsidiaries. The Blackstone Loan Agreement also contains representations and warranties and affirmative and negative covenants customary for financings of this type, as well as customary events of default.

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs included in operating expenses	$ 85,066	$ 65,413	$ 55,615
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs included in operating expenses	29,510	31,285	29,377
Selling, general and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation costs included in operating expenses	$ 55,556	$ 34,128	$ 26,238

- 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

Income Taxes - Schedule of Income (Loss) Before Provision For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 172,638	$ (62,515)	$ (206,674)
Foreign	94,753	(24,439)	(19,555)
Income (loss) before income taxes	$ 267,391	$ (86,954)	$ (226,229)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Royalty Financing Obligations - Narrative (Details) - USD ($) $ in Thousands				12 Months Ended
	Oct. 01, 2025	Nov. 19, 2021	Dec. 07, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Royalties Monetizations [Line Items]
Reduction to royalty financing obligation				$ (68,428)	$ (77,155)	$ (29,337)
Cash paid for interest on royalty financing obligations				$ 68,428	$ 77,155	$ 29,337
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| BioCryst Ireland
Royalties Monetizations [Line Items]
Royalty release fee	$ 15,000
Reduction to royalty financing obligation	15,500
RPI 2019 Intermediate Finance Trust \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets			20.00%
RPI 2019 Intermediate Finance Trust \| Annual Net Sales Under $350,000 \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories			8.75%
RPI 2019 Intermediate Finance Trust \| Annual Net Sales Between $350,000 and $550,000 \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories			2.75%
RPI 2019 Intermediate Finance Trust \| Annual Net Sales Over $550,000 \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories			0.00%
RPI 2019 Intermediate Finance Trust \| Annual Net Sales Under $150,000 \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets			20.00%
RPI 2019 Intermediate Finance Trust \| Annual Net Sales Between $150,000 and $230,000 \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets			10.00%
RPI 2019 Intermediate Finance Trust \| Annual Net Sales Over $230,000 \| ORLADEYO
Royalties 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
Royalties Monetizations [Line Items]
Proceeds from issuance of debt			$ 125,000
RPI 2021 and 2020 Intermediate Finance Trust \| Future Royalties Payable
Royalties Monetizations [Line Items]
Proceeds from issuance of debt		$ 150,000
OMERS Capital Markets \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| BioCryst Ireland
Royalties Monetizations [Line Items]
Royalty release fee	$ 500
OMERS Capital Markets \| ORLADEYO
Royalties 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, purchase price, amount		$ 150,000
Royalty purchase agreement, royalties, percentage of purchase price		155.00%
OMERS Capital Markets \| Annual Net Sales Under $350,000 \| ORLADEYO
Royalties 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 \| Annual Net Sales Between $350,000 and $550,000 \| ORLADEYO
Royalties 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 \| Annual Net Sales Over $550,000 \| ORLADEYO
Royalties 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 \| Annual Net Sales Under $150,000 \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets		20.00%
OMERS Capital Markets \| Annual Net Sales Between $150,000 and $230,000 \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets		10.00%
OMERS Capital Markets \| Annual Net Sales Over $230,000 \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets		0.00%
The 2021 RPI Royalty Purchase Agreement
Royalties Monetizations [Line Items]
Shares issued, common stock, premium		$ 4,269
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Under $350,000
Royalties 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
Royalties 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
Royalties 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
Royalties 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
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets		2.00%
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Over $230,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets		0.00%

Segment Information

12 Months Ended

Dec. 31, 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 a range of 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 December 31, 2025 and 2024, the Company’s cash, cash equivalents, and investments were $335,911 and $341,173, respectively.

The following table illustrates information about segment revenues, significant segment expenses, and segment net income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Years Ended December 31,
	2025		2024		2023
Revenues	$	874,837	$	450,712	$	331,412

Less1:
Cost of product sales	19,075		12,269		4,481
Research and development (excluding stock-based compensation)
Berotralstat	12,148		10,950		13,780
BCX17725	17,304		12,389		10,218
Avoralstat	9,497		7,547		6,314
Factor D Program	456		8,534		40,111
Research, discovery and preclinical programs	17,677		12,733		12,286
Compensation and related personnel costs	51,576		59,010		64,377
Other non-program specific and indirect costs	27,958		32,190		40,103
Sales and marketing (excluding stock-based compensation)	177,085		152,166		134,262
General and administrative (excluding stock-based compensation)	116,006		80,054		53,574
Stock-based compensation	85,066		65,413		55,615
Interest income	(10,668)		(14,746)		(15,777)
Interest expense	78,872		98,516		108,239
Foreign currency losses, net	152		641		1,039
Loss on extinguishment of debt	17,332		—		29,019
Other income	(12,090)		—		—
Income tax expense	3,530		1,927		310
Segment net income (loss)	263,861		(88,881)		(226,539)

Reconciliation of segment profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net income (loss)	$	263,861	$	(88,881)	$	(226,539)

1 The significant segment expenses 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 263,861	$ (88,881)	$ (226,539)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,389	1,246	1,655
Inventory obsolescence	985	1,350	422
Stock-based compensation expense	85,066	65,413	55,615
Equity modification associated with sale of BioCryst Ireland	17,548	0	0
Mark-to-market adjustment on share-based liability	(4,313)	0	0
Payment of Pharmakon PIK Interest	(23,704)	0	0
Non-cash interest expense on royalty financing obligations	53,163	55,969	70,356
Non-cash interest expense on secured term loan and amortization of debt issuance costs	1,387	11,638	15,447
Amortization of discount on investments, net	(4,331)	(11,473)	(10,263)
Loss on extinguishment of debt	17,332	0	29,019
Loss on impairment	0	0	1,548
Gain on sale of non-financial asset	(550)	0	0
Gain on sale of BioCryst Ireland	(3,566)	0	0
Changes in operating assets and liabilities:
Increase in receivables	(36,806)	(22,698)	(6,095)
Increase in inventory	(1,639)	(4,164)	(1,450)
(Increase) decrease in prepaid expenses and other assets	(7,827)	1,959	(6,820)
Decrease in royalty financing obligations	(68,428)	(77,155)	(29,337)
Increase in accounts payable and accrued expenses	57,802	14,776	12,531
Decrease in deferred revenue	0	0	(1,230)
Net cash provided by (used in) operating activities	347,369	(52,020)	(95,141)
Cash flows from investing activities:
Acquisitions of property and equipment	(2,468)	(1,124)	(2,168)
Purchases of investments	(262,240)	(266,763)	(514,407)
Sales and maturities of investments	256,647	320,480	385,077
Sale of non-financial asset	550	0	0
Proceeds from sale of BioCryst Ireland, net of cash divested	(6,183)	0	0
Net cash (used in) provided by investing activities	(13,694)	52,593	(131,498)
Cash flows from financing activities:
Net proceeds from common stock issued under stock-based compensation plans	9,115	3,444	8,340
Withholding taxes paid on stock-based awards	(8,847)	(7,535)	(2,172)
Common stock issued to directors in lieu of cash retainer	59	34	342
Net proceeds from term loans	0	0	300,000
Repayment of principal on term loans	(300,000)	0	(240,452)
Prepayment premium and fees on term loans	(9,886)	0	(21,261)
Payment of debt issuance costs on Pharmakon Tranche A term loan	0	0	(11,147)
Principal payments on royalty financing obligations	(22,883)	0	0
Payment of royalty release fees	(15,500)	0	0
Principal payments on finance lease liabilities	(1,989)	(1,704)	(1,165)
Net cash (used in) provided by financing activities	(349,931)	(5,761)	32,485
Effect of exchange rates on cash, cash equivalents and restricted cash	1,270	(936)	362
Decrease in cash, cash equivalents and restricted cash	(14,986)	(6,124)	(193,792)
Beginning of year	106,323	112,447	306,239
End of year	91,337	106,323	112,447
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	89,736	104,713	110,643
Restricted cash	201	210	1,804
Restricted cash in other assets	1,400	1,400	0
Total cash, cash equivalents and restricted cash	91,337	106,323	112,447
Supplemental cash flow disclosure:
Cash paid for interest	23,735	30,383	22,139
Taxes withheld on stock-based awards included in accrued expenses	132	758	4,199
Capitalized software costs included in accrued expenses	$ 608	$ 0	$ 0

Workforce Reduction - Schedule of Accrued Liability Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0	$ 3,380
Workforce reduction expense recorded during the year ended December 31, 2025	6,314	1,264
Amounts paid during the year ended December 31, 2025	(836)	(4,644)
Ending balance	$ 5,478	$ 0

Fair Value Measurements and Investments - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) security
Investments, All Other Investments [Abstract]
Securities \| security	1
Estimated fair market value \| $	$ 20,303

Significant Accounting Policies and Concentrations of Risk (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

The Company

Basis of Presentation

Use of Estimates

Revenue Recognition

The Company recorded the following revenues for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Years Ended December 31,
	2025		2024		2023
Product sales, net	$	623,151	$	442,668	$	324,696
License revenue	243,980		—		—
Collaborative and other revenues	7,706		8,044		6,716
Total revenues	$	874,837	$	450,712	$	331,412

Product Sales, Net

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

License and Collaborative and Other Revenues

revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Cash and Cash Equivalents

The Company considers cash equivalents to be highly liquid investments with maturities of three months or less from the date of purchase.

Restricted Cash

Investments

Fair Value Measurements

date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

Trade Receivables

Inventory

Property and Equipment

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

Cost of Product Sales

Research and Development Expenses

Selling, General and Administrative Expenses

ORLADEYO of $13,824, $13,566 and $14,404 were expensed as incurred for the years ended December 31, 2025, 2024 and 2023, respectively.

Leases

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

Stock-Based Compensation

Debt

Royalty Financing Obligations

Income Taxes

The Company accrues for U.S. state taxes and foreign income taxes for jurisdictions where the Company has presence and nexus has been established.

Foreign Currency

Net Income (Loss) Per Share

Accumulated Other Comprehensive Income

Significant Customers and Other Risks

Significant Customers

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 and New Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

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.

Retirement Policy

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 9,997	$ 10,006
Work-in-process	12,891	16,152
Finished goods	7,275	7,765
Total inventory	30,163	33,923
Reserves	(775)	(2,649)
Total inventory, net	$ 29,388	$ 31,274

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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, $0.01 par value
Trading Symbol	BCRX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,863,392,680
Entity Common Stock, Shares Outstanding		250,800,620
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement to be filed in connection with the solicitation of proxies for its 2025 annual meeting of stockholders are incorporated by reference into Items 10, 11, 12, 13, and 14 under Part III hereof.
Entity Central Index Key	0000882796
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Divestiture of BioCryst Ireland Limited

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Divestiture of BioCryst Ireland Limited

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, held certain assets, rights, and employees related to the Company’s European ORLADEYO business.

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 commercialization, manufacturing, and development rights with respect to ORLADEYO in the Territory, as defined in the Stock Purchase Agreement (the “Amended and Restated IP Licence Agreement”). The Company retains ownership and control of the underlying intellectual property. The terms of the Amended and Restated IP Licence Agreement also extend to the pediatric line extension of ORLADEYO, subject to certain regulatory approvals.

At the Closing, the Company received total cash proceeds of $254,477, comprised of the purchase price of $250,000 and customary purchase price adjustments of $4,477 as set forth in the Stock Purchase Agreement. In addition, Neopharmed will 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 on the Company’s behalf. Pursuant to the Amended and Restated IP Licence Agreement, the Company is entitled to receive quarterly royalty payments from BioCryst Ireland equal to amounts owed under its Royalty Purchase Agreements with RPI and OMERS for the sale of ORLADEYO products in the Territory (See “Note 9— Royalty Financing Obligations”).

In connection with the Closing, on October 1, 2025, the Company entered into the following additional agreements with BioCryst Ireland:

•a supply agreement, pursuant to which the Company will be the exclusive supplier of ORLADEYO products to BioCryst Ireland for commercialization in the Territory (the “Supply Agreement”);

•a global brand and support agreement, which provides for coordination of brand and regulatory activities between the Company and BioCryst Ireland regarding ORLADEYO products (the “Global Brand and Support Agreement”);

•a mutual transition services agreement, 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”); and

•a trademark license agreement, 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”).

The following table summarizes the carrying value of the major classes of assets and liabilities sold (in thousands):


	October 1,
	2025
Cash and cash equivalents	$	14,840
Trade receivables	10,285
Inventory, net	1,965
Prepaid expenses and other current assets	1,902
Non-current assets	4,058
Accounts payable	(1,714)
Accrued expenses	(24,371)
Other current liabilities	(338)
Non-current liabilities	(436)
Net assets sold	$	6,191

The Company accounted for the transaction as (i) a license of intellectual property and (ii) the sale of BioCryst Ireland. The Company recognized $243,271 as “License and other revenues” in the Consolidated Statements of Comprehensive Income (Loss) at Closing related to the license which represents functional intellectual property. The Company will recognize quarterly royalty payments and milestone revenue from the license as the ORLADEYO product sales in the Territory occur. During the three months ended December 31, 2025, the Company recognized $708 related to the first quarterly royalty payment in “License and other revenues” in the Consolidated Statements of Comprehensive Income (Loss).

The Company recognized a gain on sale of $3,566, which is recorded in “Other income” in the Consolidated Statements of Comprehensive Income (Loss). The gain reflects the excess of consideration allocated to BioCryst Ireland over the carrying value of its net assets, together with the release of $1,100 of cumulative translation adjustments upon deconsolidation.

In connection with the transaction, the Company modified certain stock option awards and restricted stock unit awards held by employees who transferred to Neopharmed. The modifications allowed previously unvested awards to continue to vest and extended the post-termination exercise periods for certain vested stock option awards, subject to the employees’ continued service to Neopharmed. These post-close services benefit Neopharmed and the incremental fair value conveyed through the modified awards represents consideration payable to Neopharmed and was recognized as contra-revenue when the revenue related to the license of intellectual property was recognized at Closing (see “Note 13— Stock-Based Compensation”).

The European ORLADEYO business was not considered a discontinued operation under ASC 205-20, as it did not represent a strategic shift that would have a major effect on the Company’s operations or financial results. Therefore, the results of operations for the European ORLADEYO business are included in income from continuing operations for all periods presented. BioCryst Ireland and its subsidiaries were classified as held for sale beginning in the second quarter of 2025. The Company no longer maintains any foreign operations or foreign presence in the territories formerly served by BioCryst Ireland following completion of the transaction.

Collaborative and Other Relationships	12 Months Ended
Collaborative and Other Relationships	Dec. 31, 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. Neopharmed On October 1, 2025, the Company sold its European ORLADEYO business to Neopharmed. Under the terms of the Stock Purchase Agreement, the Company is entitled to receive certain royalty and milestone payments from the license based on ORLADEYO product sales in the Territory. See “Note 2— Divestiture of BioCryst Ireland Limited” for further information. 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 16.8 thousand doses of peramivir under this contract and recorded revenue of $12,206 for the year ended December 31, 2025. The Company delivered 2.3 thousand doses of peramivir under this contract and recorded revenue of $1,672 for the year ended December 31, 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 University of Alabama Birmingham “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.