BIOCRYST PHARMACEUTICALS INC 8-K

What Happened
BioCryst Pharmaceuticals (BCRX) filed an 8-K on January 12, 2026 announcing preliminary, unaudited ORLADEYO® (berotralstat) net revenue for Q4 and full-year 2025 and providing 2026 guidance. The company reported preliminary full-year 2025 ORLADEYO net revenue of $601 million and Q4 2025 ORLADEYO net revenue of $151 million. The filing includes a press release (Exhibit 99.1) and referenced a webcast presentation at the J.P. Morgan Healthcare Conference on January 12, 2026.

Key Details

• Preliminary Q4 2025 ORLADEYO net revenue: $151 million (+22% year-over-year; +36% y/y on a comparable basis excluding European ORLADEYO revenue for Q4 2024).
• Preliminary FY 2025 ORLADEYO net revenue: $601 million (+37% year-over-year). Excluding European ORLADEYO revenue for FY 2025, preliminary net revenue was $563 million (+43% y/y on a comparable basis).
• Preliminary, unaudited cash and investments as of December 31, 2025: $338 million.
• The company provided guidance for full-year 2026 ORLADEYO net revenue, total revenue, and operating expenses (specific guidance figures are in the press release).

Why It Matters
These preliminary revenue figures show continued growth for BioCryst’s lead product ORLADEYO, with notable year-over-year gains on both a reported and adjusted (comparable) basis. Cash and investments of $338M give investors a snapshot of near-term financial liquidity. The filing uses non-GAAP adjustments (excluding certain European revenue amounts from prior periods) to present comparable growth rates; investors should review the attached press release and company filings for the full audited figures, guidance details, and the company’s cautionary statements about preliminary and forward-looking information.