BioCryst Pharmaceuticals, Inc. Q4 FY2025 earnings call

• Charlie Geyer starts as CEO, reports 2025 full-year Orlodeo revenue of $601.8M, up 38% with 43% ex-Europe sale. • Expanded HAE portfolio via acquisition of Astrea Therapeutics. • Orlodeo has different formulations for ages 12+ and younger kids, with strong patient retention. • NovenaBart is a late-stage asset for HAE prophylaxis, expected to set new standard. • BCX17725 early-stage program in Netherton Syndrome on track for clinical data by end 2025. • Bill Sheridan covers HAE programs: Neventabart Pivotal Phase III trial recruiting well, Alpha Solar trial results excellent. • Oladeo oral pellets for children 2-11 approved by FDA, marketing authorizations ongoing. • KLK5 inhibitor BC-725 in Netherton Syndrome moved to patient-focused research with positive results.

Full-year Orlodeo revenue was $601.8 million, up 38% for the year and 43% excluding the sold Europe business. Non-GAAP 2025 total revenue increased 45% year-on-year, with non-GAAP Orlodeo revenues up approximately $169 million or 43% year-on-year. R&D costs came down slightly in 2025 but expected to increase in 2026 for certain activities. Sales and marketing expenses were $144 million non-GAAP, with strong ROI on Orlodeo net sales.

• Maintains full-year 2026 OLEDEO revenues between $625M and $645M, midpoint 13% growth over 2025 adjusted for Europe. • Expect full-year 2026 non-GAAP OPEX between $450M and $470M, including Astra expenses. • Committed to staying profitable and driving cash flow generation.

• Q: Talk about Novena Bart's regulatory submission timing and Quad AI data.

A: On track for filing by end 2027, with 12 months safety data needed by mid-2027. Quad AI data shows excellent efficacy with high attack rate reductions. • Q: Predictability of Orlodeo super responders and Nevena Bart positioning.

A: No way to predict super responders other than trying; NovenaBart for 5,000 patients on injectables, simple injection regimen, no ADA impact on efficacy. • Q: Netherton Syndrome trial data release and patient severity.

A: Plan to release Part 3 and 4 data together, patients have obvious illness, investigators not worried about recruiting. • Q: Nevada Band program updates and FDA acceleration.

A: Update when pivotal study fully enrolled, focus on writing BLA elements early. • Q: Impact of new entrants on Orladeo.

A: No impact on oral adeo from new prophy entrants, oral on-demand not affecting it negatively. • Q: Orlodeo price increase and 2026 levers.

A: Took 9% price increase, key KPI is net patient growth, pellets launch in guidance but small contribution. • Q: Q1 Orlodeo reauthorization and US/ex-US guidance split.

A: Q1 revenue likely down due to reauthorization process, majority 2026 guidance from US business