BioCryst Shifts Pipeline Strategy, Reaffirms Sales Outlook Of $635.00M-$660.00M Vs 670.47M

BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX ) ("BioCryst" or the "Company") today announced that, as part of the Company’s ongoing strategic evolution to strengthen its rare disease pipeline, it will discontinue its internal discovery programs and close its Discovery Center of Excellence facility in Birmingham, Alabama by the end of 2026.

Following a comprehensive strategic review and scientific diligence of its research capabilities, programs and priorities, BioCryst determined that prioritizing external innovation will be the most nimble and capital efficient path to building a sustainable rare disease pipeline beyond its current clinical stage programs.

As a part of this strategic shift, the Company will discontinue its internal discovery programs and focus on identifying and advancing high-value opportunities through external innovation, rigorous scientific evaluation and disciplined capital allocation. "Over the last six months, one of my top priorities has been evaluating how we can best leverage our strong financial foundation to continue building a sustainable rare disease pipeline beyond ORLADEYO, navenibart and BCX17725," said Charlie Gayer, President and Chief Executive Officer of BioCryst. "While our internal discovery programs have played a foundational role in building the business we are today, we believe that our next phase of growth and value creation will come from a more agile, targeted approach to research.

By leveraging external capabilities and partnerships, as well as our powerful rare disease commercialization engine, we can expand our opportunity set and bring new rare disease therapies to patients faster and in a more capital-efficient manner." "While this decision marks the end of internal discovery efforts in Birmingham, we are deeply grateful to the Birmingham team for their meaningful contributions to BioCryst’s science, and we are committed to supporting everyone affected through this transition," continued Gayer.

Dr.

Sandeep Menon, Chief Research and Development Officer of BioCryst, added, "Our diligence confirmed that BioCryst is well positioned to build a differentiated pipeline by combining scientific rigor with a broader opportunity set than was previously available to us.

This approach strengthens our ability to evaluate emerging opportunities, prioritize the most compelling science, and accelerate the translation of promising discoveries into meaningful clinical programs.

By broadening the universe of opportunities available to us, we believe we can build a stronger and more sustainable pipeline while maintaining focus on advancing our current clinical programs." Pipeline Priorities BioCryst’s focus is on advancing two clinical-stage programs toward commercialization: Navenibart: Navenibart is an investigational, long-acting plasma kallikrein inhibitor being studied for the prophylaxis of hereditary angioedema (HAE).

Phase 3 ALPHA-ORBIT enrollment was completed in June, putting navenibart on track to potentially be the first HAE therapy to have both 3- and 6-month dosing with efficacy evaluated through 12 months.

Top-line data on both 6- and 12-month efficacy endpoints are expected in Q3 2027.

BCX17725: BCX17725 is an investigational KLK5 inhibitor for Netherton syndrome, a severe rare skin condition with no approved targeted therapies.

Dosing is ongoing in the Phase 1 Part 4 study in up to 12 patients, with proof-of-concept data expected by year-end 2026.

Additionally, BioCryst has resolved the previously disclosed manufacturing delay of ORLADEYO oral pellets for patients aged 2 to <12 years.

The Company expects the product to be available in early August of 2026.

Updated 2026 Financial Outlook As a result of these actions, BioCryst now expects full year 2026 non-GAAP operating expenses of $420–$440 million, compared to its prior guidance of $450–$470 million.

With the transition to a new and more efficient operating model — including the wind down of Birmingham, Alabama discovery operations during 2026 — BioCryst expects that it will continue to lower its cost structure beyond 2026.

BioCryst is reaffirming its full year 2026 ORLADEYO and total company revenue guidance provided on January 12, 2026.

Item As of June 29, 2026 As of May 6, 2026 ORLADEYO revenue Unchanged $625 million to $645 million Total revenue Unchanged $635 million to $660 million Non-GAAP operating expense $420 million to $440 million $450 million to $470 million