BioCryst Pharmaceuticals (BCRX) Q1 2026 earnings summary

Executive summary

• Q1 2026 ORLADEYO net revenue reached $148.3M, up from $123M in Q1 2025, with strong new patient prescriptions and robust demand, especially in the U.S.

• Completed the acquisition of Astria Therapeutics, adding navenibart and STAR-0310 to the pipeline, funded by a $400M term loan, and recorded a $697.8M non-cash R&D charge.

• Secured a European licensing agreement for navenibart with Neopharmed Gentili: $70M upfront, up to $275M in milestones, and tiered royalties.

• Pipeline progress includes rapid enrollment in the pivotal ALPHA-ORBIT trial for navenibart and advancement of BCX17725 for Netherton syndrome.

• Ended development of avoralstat to focus on rare diseases.

Financial highlights

• Q1 2026 total revenue was $156.4M, with ORLADEYO contributing $148.3M, up 21% year-over-year on a comparable basis.

• Non-GAAP operating profit for Q1 2026 was $54.2M, a 25% increase year-over-year.

• Net loss for Q1 2026 was $721.8M, or $(2.98) per share, mainly due to the non-cash R&D charge from the Astria acquisition.

• Cash and investments at March 31, 2026, totaled $260.8M, increasing to $330.8M pro-forma after licensing proceeds.

• R&D expenses increased due to Astria integration and navenibart development.

Outlook and guidance

• Full year 2026 ORLADEYO revenue guidance maintained at $625–$645M; total revenue guidance at $635–$660M.

• Non-GAAP operating expenses for 2026 expected at $450–$470M.

• Continued confidence in ORLADEYO's path to $1B in peak sales, with pediatric launch and pipeline expected to drive long-term growth.