BioCryst Pharmaceuticals(US:BCRX)2025-02-25 21:02Financial Performance - Revenues for 2024 reached $450.7 million, a 36% increase from $331.4 million in 2023[459]. - Total operating expenses for 2024 were $453.3 million, compared to $435.1 million in 2023, reflecting a slight increase of 4%[459]. - The net loss for 2024 was $88.9 million, significantly improved from a net loss of $226.5 million in 2023[459]. - The balance of accumulated deficit as of December 31, 2024, was $1.77 billion, an increase from $1.68 billion in 2023[474]. - The company reported a loss before provision for income taxes of $86,954,000 in 2024, a decrease from $226,229,000 in 2023 and $244,383,000 in 2022[620]. - The company's effective tax rate for 2024 resulted in an income tax expense of $1,927,000, significantly lower than $310,000 in 2023 and $2,733,000 in 2022[620]. Cash and Assets - Cash and cash equivalents decreased to $104.7 million in 2024 from $110.6 million in 2023, a decline of approximately 5%[462]. - Total assets decreased to $490.4 million in 2024 from $517.0 million in 2023, a reduction of about 5%[457]. - The total investments maturing in one year or less decreased to $216,137,000 in 2024 from $278,344,000 in 2023, a decline of approximately 22%[545]. - As of December 31, 2024, the total assets measured at fair value were $236,460,000, a decrease from $278,344,000 in 2023, representing a decline of approximately 15%[543]. Expenses - Research and development expenses for 2024 were $174.6 million, down from $216.6 million in 2023, a decrease of 19%[459]. - Selling, general and administrative expenses increased to $266.1 million in 2024, up from $213.9 million in 2023, an increase of 24%[459]. - The Company recorded a depreciation expense of $1,246,000 for the year ended December 31, 2024, compared to $1,655,000 in 2023[551]. - Operating lease expense for the year ended December 31, 2024 was $2,301, an increase from $2,018 in 2023 and $1,578 in 2022[591]. Revenue Sources - Product sales, net for 2024 reached $442.7 million, up from $324.7 million in 2023, reflecting a 36% growth[473]. - ORLADEYO revenues in the U.S. reached $386.0 million in 2024, up 34% from $288.4 million in 2023[539]. - The company recorded total ORLADEYO revenues of $437.7 million in 2024, compared to $326.0 million in 2023, reflecting a 34% year-over-year growth[539]. - Collaborative and other revenues for 2024 were $8.0 million, an increase from $6.7 million in 2023[473]. Debt and Financing - The company reported an effective interest rate of 13.14% on the $300.0 million borrowing under the Pharmakon Loan Agreement for the year ended December 31, 2024[448]. - As of December 31, 2024, total borrowings under the Pharmakon Loan Agreement amounted to $323.7 million, including $10.041 million capitalized as Pharmakon PIK Interest Payments[578]. - The Company had total borrowings of $300 million under the Pharmakon Loan Agreement as of December 31, 2023, with interest expense of $27.326 million for that year[579]. - The effective interest rate on the Athyrium Term Loans was 13.71% for the year ended December 31, 2023, compared to 12.87% for the previous year[586]. Strategic Focus - The company is focused on the commercialization of ORLADEYO® (berotralstat) and anticipates potential government stockpiling orders for its products[14]. - The company is implementing strategic plans for its business and product candidates, focusing on best-in-class and first-in-class medicines[14]. - The company continues to evaluate opportunities for funding future operations, including out-licensing and government funding[469]. Risks and Compliance - The company relies heavily on third parties for product development and commercialization, which could materially impact its financial condition if these relationships fail[20]. - The company faces intense competition, which could reduce demand for its products if it fails to compete effectively[22]. - The company is subject to various laws and regulations, and non-compliance could result in substantial penalties and harm to its reputation[22]. - The company has recorded a valuation allowance against substantially all potential tax assets due to uncertainties in utilizing deferred tax assets[520]. Stock and Compensation - The Company’s stock-based compensation expense for 2024 was $65.4 million, compared to $55.6 million in 2023[474]. - The weighted average grant date fair value of restricted stock unit awards granted during 2024 was $7.32, up from $6.71 in 2023[607]. - Total stock-based compensation expense for the year ended December 31, 2024 was $65,413, up from $55,615 in 2023 and $44,701 in 2022[601]. - The total intrinsic value of stock option awards exercised under the Incentive Plan was $3,601 for the year ended December 31, 2023, compared to $21,150 in 2022[606].