BioCryst Pharmaceuticals FY Conference Summary Company Overview - **Company**: BioCryst Pharmaceuticals (NasdaqGS: BCRX) - **Event**: FY Conference held on January 12, 2026 - **Key Speakers**: Charlie Gayer (CEO), Babar Ghias (CFO), Dr. Bill Sheridan (Chief Development Officer) Core Industry and Company Insights Industry: Rare Disease Pharmaceuticals - BioCryst focuses on developing treatments for rare diseases, particularly hereditary angioedema (HAE) Key Developments in 2025 - **ORLADEYO Growth**: Achieved the highest number of new patient prescriptions in the U.S. since its launch, with a paid rate improvement ending Q1 at 84% and the year at 81% compared to a long-term goal of 85% [3][4] - **European Business Sale**: Sold the European business for $250 million to streamline operations and focus on U.S. growth [3][4] - **Profitability**: Achieved profitability for the first time in company history, with expectations to maintain profitability moving forward [4] - **New Approval**: Received approval for ORLADEYO for children as young as two years old, expanding the market potential [4] Financial Performance - **2025 Preliminary Results**: - ORLADEYO revenue: $601 million, exceeding guidance of $590-$600 million - Ongoing business revenue (excluding European business): $563 million - Cash position: Nearly $340 million [5] - **2026 Revenue Guidance**: Anticipating ORLADEYO revenue of $625-$645 million and total revenue (including RAPIVAB) of $635-$660 million [5] Growth Strategy - **Three Pillars for Growth**: 1. **ORLADEYO**: Expected to reach $1 billion in peak sales by 2029 with a contribution margin over 80% [6] 2. **Novanavart**: Acquired through Astria Therapeutics, expected to enhance the portfolio with a differentiated injectable product [4][12] 3. **Netherton Syndrome Program**: Aiming to develop a transformative therapy for a high-need rare disease with no current treatments [20][21] Market Dynamics - **HAE Market**: Competitive landscape with 10-11 approved products, but ORLADEYO remains the only oral prophylaxis option, which is a significant differentiator [28][29] - **Patient Retention**: Approximately 50% of patients remain on ORLADEYO after five years, indicating strong efficacy and satisfaction [9] Future Outlook - **Revenue Growth**: Projected 15% year-over-year CAGR for ORLADEYO through 2029, with additional contributions from Novanavart and international markets [11][30] - **Acquisition of Astria**: Expected to close soon, enhancing BioCryst's capabilities in the HAE space [12][26] - **Netherton Syndrome**: Initial proof of concept trial expected to provide data by the end of 2026, with potential for pivotal study thereafter [26][43] R&D and Pipeline - **BCX 17725 for Netherton Syndrome**: Entering initial proof of concept trials, with a focus on safety and efficacy in patients [20][24] - **Avoralstat for Diabetic Macular Edema**: Currently in phase 1 study, with plans to out-license post-study completion [31][48] Conclusion - BioCryst Pharmaceuticals is positioned for significant growth in the rare disease market, with a strong focus on innovative therapies and strategic acquisitions. The company aims to leverage its successful commercialization strategies and maintain profitability while expanding its product offerings.

Financial Performance and Outlook - BioCryst achieved its first full year of profitability in 2025[13] - Preliminary ORLADEYO revenue for 2025 reached $601 million, with $563 million excluding European revenue[14] - The company anticipates ORLADEYO revenue between $625 million and $645 million in 2026[14] - Total revenue for 2026 is projected to be in the range of $635 million to $660 million[14] - Non-GAAP operating expenses for 2026 are expected to be between $380 million and $390 million, and $450 million to $470 million including the Astria acquisition[14] - BioCryst expects to have a cash balance of over $1 billion by 2029[37,52] Strategic Initiatives and Pipeline - BioCryst is acquiring Astria Therapeutics for approximately $700 million TEV to strengthen its HAE portfolio with navenibart[35] - ORLADEYO has a sustainable peak revenue opportunity of $1 billion, with IP protection extending into 2040[20] - The company received FDA approval for ORLADEYO pellet formulation for pediatric patients aged 2 to under 12 with HAE[13] - BCX17725 is being developed as a targeted KLK5 inhibitor for Netherton syndrome, with Phase 1 data from Part 4 expected by the end of 2026[54,69]

Core Insights - BioCryst Pharmaceuticals reported a transformative year in 2025, driven by strong demand for ORLADEYO and successful business maneuvers, including the sale of its European ORLADEYO business and the proposed acquisition of Astria Therapeutics [2] Financial Performance - Preliminary, unaudited ORLADEYO net revenue for full year 2025 was $601 million, reflecting a 37% year-over-year increase, surpassing prior guidance of $590 million to $600 million [4] - Excluding European ORLADEYO revenue, the net revenue for 2025 was $563 million, marking a 43% year-over-year growth on a comparable basis [4] - For the fourth quarter of 2025, ORLADEYO net revenue was $151 million, representing a 22% year-over-year increase, and a 36% increase on a comparable basis [3] Revenue Guidance - The company anticipates full year 2026 global net ORLADEYO revenue to be between $625 million and $645 million [5] - Total revenue for 2026, including RAPIVAB®, is expected to range from $635 million to $660 million [5] Operating Expenses - BioCryst expects full year 2026 non-GAAP operating expenses to be between $380 million and $390 million, excluding stock-based compensation and other costs [6] - After the expected acquisition of Astria, additional non-GAAP operating expenses in 2026 are projected to be between $70 million and $80 million [7] Cash Position - As of December 31, 2025, the company reported preliminary cash, cash equivalents, restricted cash, and investments totaling $338 million [5]

Core Viewpoint - The proposed sale of Astria Therapeutics, Inc. to BioCryst Pharmaceuticals, Inc. is under investigation to assess whether the offered consideration adequately values Astria [1] Group 1: Transaction Details - Shareholders of Astria will receive $8.55 in cash and 0.59 shares of BioCryst common stock for each share of Astria they own [1] - The law firm Kahn Swick & Foti, LLC is investigating the adequacy of this consideration and the process leading to the proposed sale [1] Group 2: Legal Rights and Contact Information - Individuals who believe the transaction undervalues Astria can contact KSF Managing Partner Lewis S. Kahn for discussions regarding their legal rights [2] - KSF offers a no-obligation consultation for those interested in the proposed sale [2]

Core Viewpoint - The article emphasizes the focus on non-consensus long-short investment ideas within the biotechnology sector, particularly targeting small to mid-cap companies in the US and EU markets, with an interest in clinical catalysts and new drug launches [1]. Group 1: Investment Focus - The company specializes in identifying investment opportunities in small to mid-cap biotechnology firms that are publicly traded [1]. - There is a particular emphasis on clinical catalysts and earnings related to new drug launches as key areas of interest for investment [1]. Group 2: Analyst's Position - The analyst holds a beneficial long position in the shares of PHVS, indicating a personal investment interest in this specific company [2]. - The article is authored by the analyst without external compensation, reflecting personal opinions rather than institutional views [2]. Group 3: Content Disclaimer - The content provided is for informational and educational purposes only and should not be interpreted as financial or investment advice [3][4]. - The article acknowledges the potential for errors and inaccuracies, emphasizing the importance of conducting due diligence before making investment decisions [3].

Merger and Licensing Agreements - The company entered into a Merger Agreement with BioCryst Pharmaceuticals, anticipating the merger to close in Q1 2026, with shareholders receiving 0.59 shares of BioCryst and $8.55 in cash per share of common stock[112][113]. - The Merger Agreement includes a termination fee of $32.25 million if the agreement is terminated under specified circumstances[116]. - The Kaken License Agreement grants Kaken exclusive rights to develop and commercialize navenibart in Japan, with an upfront payment of $16 million and potential additional milestone payments[129]. - The license agreement with Ichnos for STAR-0310 includes potential milestone payments and tiered royalties contingent upon achieving development and regulatory approval milestones[182]. Product Development and Clinical Trials - Navenibart, the lead product candidate, is in clinical development for hereditary angioedema (HAE) and has received Fast Track and Orphan Drug designations from the FDA[119]. - The Phase 3 trial ALPHA-ORBIT for navenibart is evaluating up to 135 adults and 10 adolescents, with top-line results expected in early 2027[120]. - Initial results from the Phase 1b/2 trial ALPHA-STAR showed a 91-95% reduction in monthly attack rates for HAE patients, with 25-67% of patients being attack-free after six months[121][124]. - STAR-0310, a monoclonal antibody OX40 antagonist, is in Phase 1a trials, with early proof-of-concept results expected in Q3 2025[130]. - The company reported a favorable safety profile for navenibart, with no serious treatment-emergent adverse events in the ALPHA-STAR and ALPHA-SOLAR trials[128]. - STAR-0310 demonstrated a longest-in-class half-life of 68 days and broad cytokine suppression lasting at least 20 weeks after a single 300 mg SC injection[132]. Financial Performance - For the nine months ended September 30, 2025, the company reported net losses of $98.4 million compared to $68.6 million for the same period in 2024, reflecting a 43% increase in losses[134]. - As of September 30, 2025, the company had an accumulated deficit of $773.2 million and had not generated any product revenues[134]. - The company had $227.7 million in cash, cash equivalents, and short-term investments as of September 30, 2025, expected to fund operations into 2028[135]. - Research and development expenses for the nine months ended September 30, 2025, totaled $77.9 million, up from $56.9 million in 2024, representing a 37% increase[142]. - Total operating expenses for the three months ended September 30, 2025, were $34.8 million, an increase of 20% from $29.0 million in 2024[152]. - General and administrative expenses increased by 25% to $10.7 million for the three months ended September 30, 2025, primarily due to increased legal fees and employee expenses[154]. - Other income, net decreased by 45% to $2.5 million for the three months ended September 30, 2025, due to lower yields on interest-earning assets[155]. - Net loss for the nine months ended September 30, 2025, was $98.4 million, compared to a net loss of $68.6 million for the same period in 2024, representing an increase of $29.8 million[157]. - Net cash used in operating activities was $102.4 million for the nine months ended September 30, 2025, compared to $63.9 million in 2024[166][167]. - Net cash provided by investing activities was $138.8 million for the nine months ended September 30, 2025, contrasting with a net cash used of $188.1 million in 2024[168][169]. Future Outlook and Funding - The company anticipates significant increases in research and development expenses in future periods related to the development of navenibart and STAR-0310[142]. - Future funding requirements will depend on various factors, including the success of clinical trials and the ability to generate commercial revenues from product candidates[174][175]. - The company raised an aggregate of $839.2 million through equity financings since inception, including private placements and registered offerings[161]. - The accumulated deficit as of September 30, 2025, was $773.2 million, indicating ongoing operating losses since inception[172]. - As of September 30, 2025, the company has a material contractual obligation for a sublease requiring monthly payments of $0.1 million starting September 1, 2024, until November 30, 2028[180]. Risks and Considerations - The company may face costs related to commercialization activities for product candidates that receive marketing approval, including establishing sales, marketing, and distribution capabilities[176]. - Future milestone and royalty payments to Ichnos under the license agreement are dependent on the development of products and achievement of milestones[182]. - The company may need to relinquish rights to technologies or revenue streams if it raises funds through collaborations or licensing arrangements[179]. - The costs of preparing and maintaining patent applications and defending intellectual property rights are significant considerations for the company[176]. - The company’s headcount growth will incur associated costs that need to be managed[176]. - The outcome and costs of seeking regulatory approvals for product candidates are uncertain and could impact future commercialization efforts[176]. - The company’s ability to compete against other approved products in the market is critical for the success of its product candidates[176].

Core Insights - Astria Therapeutics reported a quarterly loss of $0.55 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.41, marking an earnings surprise of -34.15% [1] - The company generated revenues of $0.71 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 95.59%, compared to zero revenues a year ago [2] - The stock has increased approximately 39.9% year-to-date, outperforming the S&P 500's gain of 16.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.59 on $2 million in revenues, and for the current fiscal year, it is -$2.09 on $17 million in revenues [7] - The estimate revisions trend for Astria Therapeutics was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Astria Therapeutics belongs, is currently in the top 34% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Aytu BioPharma Inc., another company in the same industry, is expected to report a quarterly loss of $0.06 per share, reflecting a year-over-year change of +70% [9]

[Agreement and Plan of Merger Preamble](index=5&type=section&id=Agreement%20and%20Plan%20of%20Merger%20Preamble) This section introduces the Agreement and Plan of Merger, detailing Astria Therapeutics' acquisition by BioCryst Pharmaceuticals, approved by the Company's board - The Agreement and Plan of Merger is dated **October 14, 2025**[2](index=2&type=chunk)[8](index=8&type=chunk) - The merger involves BioCryst Pharmaceuticals, Inc. (Parent), Axel Merger Sub, Inc. (Merger Sub), and Astria Therapeutics, Inc. (Company)[8](index=8&type=chunk) - The Company's Board of Directors unanimously approved the merger and resolved to recommend stockholder approval[10](index=10&type=chunk) - Certain Company stockholders have entered into Voting and Support Agreements to vote their shares in favor of the merger[10](index=10&type=chunk) [ARTICLE 1 DEFINITIONS](index=5&type=section&id=ARTICLE%201%20DEFINITIONS) This article establishes foundational terminology for the Merger Agreement, providing precise definitions and interpretative provisions for clarity [Section 1.01. Definitions](index=5&type=section&id=Section%201.01.%20Definitions) This section lists key defined terms like 'Acquisition Proposal' and 'Company Material Adverse Effect,' crucial for accurate agreement interpretation - An 'Acquisition Proposal' is defined as any inquiry, offer, or proposal from a third party relating to transactions involving **20% or more** of the Company's voting/equity securities or assets, or any significant corporate reorganization[12](index=12&type=chunk)[13](index=13&type=chunk) - A 'Company Material Adverse Effect' excludes general economic, market, industry, or political changes, acts of war, changes in laws/GAAP, stock price fluctuations, or failure to meet forecasts, unless such effects disproportionately impact the Company[27](index=27&type=chunk)[28](index=28&type=chunk) - A 'Superior Proposal' is a bona fide, unsolicited written Acquisition Proposal that the Board of Directors determines, after financial and legal advice, is financially more favorable to stockholders than the current merger, considering all relevant factors[105](index=105&type=chunk) [Section 1.02. Other Definitional and Interpretative Provisions](index=23&type=section&id=Section%201.02.%20Other%20Definitional%20and%20Interpretative%20Provisions) This section establishes general interpretative rules for the agreement, covering terms like 'including' and references to amended laws and contracts - The terms 'include,' 'includes,' or 'including' are to be followed by 'without limitation'[121](index=121&type=chunk) - References to any applicable Law refer to such Law as amended from time to time, including rules, regulations, or interpretations[121](index=121&type=chunk) - Documents 'made available to Parent' include those posted to ShareFile data room or Astria Regulatory Documents SharePoint by **October 11, 2025**, provided in response to diligence, or included as exhibits to Company SEC Documents filed after **December 31, 2024**[121](index=121&type=chunk) [ARTICLE 2 THE MERGER](index=24&type=section&id=ARTICLE%202%20THE%20MERGER) This article outlines the procedural and financial aspects of the merger, detailing share conversion, corporate structure, and handling of dissenting shares [Section 2.01. The Merger](index=24&type=section&id=Section%202.01.%20The%20Merger) This section describes the merger of Merger Sub into the Company, with the Company continuing as the Surviving Corporation, and specifies closing procedures - Merger Sub will merge into the Company, and the Company will be the Surviving Corporation[123](index=123&type=chunk) - The closing of the Merger will occur no later than **three Business Days** after conditions in Article 8 are satisfied or waived[125](index=125&type=chunk) - The Merger becomes effective upon filing the certificate of merger with the Delaware Secretary of State[125](index=125&type=chunk) [Section 2.02. Certificate of Incorporation and Bylaws](index=25&type=section&id=Section%202.02.%20Certificate%20of%20Incorporation%20and%20Bylaws) This section mandates that the Surviving Corporation's certificate of incorporation will be as specified in Exhibit A, and its bylaws will be those of Merger Sub - The certificate of incorporation of the Surviving Corporation will be as set forth in Exhibit A[127](index=127&type=chunk) - The bylaws of Merger Sub will become the bylaws of the Surviving Corporation, incorporating the Company's indemnification and exculpation provisions for acts prior to the Effective Time[128](index=128&type=chunk) [Section 2.03. Directors and Officers](index=25&type=section&id=Section%202.03.%20Directors%20and%20Officers) This section states that the individuals serving as directors and officers of Merger Sub immediately prior to the Effective Time will become the directors and officers of the Surviving Corporation - Directors of Merger Sub immediately prior to the Effective Time will become directors of the Surviving Corporation[129](index=129&type=chunk) - Officers of Merger Sub immediately prior to the Effective Time will become officers of the Surviving Corporation[129](index=129&type=chunk) [Section 2.04. Conversion of Shares](index=26&type=section&id=Section%202.04.%20Conversion%20of%20Shares) This section details the conversion of Company shares into Parent Common Stock and cash, specifying exchange ratios, cash amounts, and adjustments Share Conversion Details | Item | Value/Description | | :--- | :--- | | **Exchange Ratio (Parent Common Stock per Share)** | 0.590 | | **Per Share Cash Amount** | $8.55 | | **Fractional Share Cash Value** | $7.54 per share (multiplied by fraction) | | **Maximum Share Number Threshold** | 19.9% of Parent Common Stock outstanding prior to Effective Time | | **Series X Preferred Shares Conversion** | Convert to Merger Consideration based on aggregate Shares convertible immediately prior to Effective Time | | **Treasury/Parent-held Shares** | Canceled without payment | - If the aggregate number of Parent Common Stock shares to be issued exceeds **19.9%** of Parent's outstanding shares, the Exchange Ratio will be reduced, and the Per Share Cash Amount will be increased proportionally[137](index=137&type=chunk) [Section 2.05. Surrender and Payment](index=27&type=section&id=Section%202.05.%20Surrender%20and%20Payment) This section outlines the process for holders of Company securities to surrender them and receive Merger Consideration, detailing the Exchange Agent's role and handling of funds - Parent will appoint an Exchange Agent to facilitate the exchange of Company securities for Merger Consideration[139](index=139&type=chunk) - The Exchange Fund, comprising Parent Common Stock and cash, will be deposited with the Exchange Agent to cover Merger Consideration[139](index=139&type=chunk) - Unclaimed portions of the Exchange Fund remaining **six months** after the Effective Time will be returned to Parent, and holders will then look to Parent as a general creditor[149](index=149&type=chunk)[150](index=150&type=chunk) - No interest will be paid on the cash component of the Merger Consideration[147](index=147&type=chunk) [Section 2.06. Dissenting Shares](index=30&type=section&id=Section%202.06.%20Dissenting%20Shares) This section addresses shares held by stockholders who properly demand appraisal rights, specifying that such shares will not receive Merger Consideration unless appraisal rights are lost - Shares for which appraisal rights are properly demanded under DGCL Section 262 will not receive Merger Consideration[154](index=154&type=chunk) - If appraisal rights are lost, such shares will be treated as converted into the right to receive Merger Consideration[155](index=155&type=chunk) - The Company must notify Parent of any appraisal demands and cannot settle them without Parent's written consent[155](index=155&type=chunk) [Section 2.07. Company Stock Options](index=31&type=section&id=Section%202.07.%20Company%20Stock%20Options) This section details the treatment of Company Stock Options, specifying that in-the-money options will be cashed out at **$13.00** per share, while out-of-the-money options will be canceled - Holders of Company Stock Options will have an opportunity to exercise them prior to the Effective Time[156](index=156&type=chunk) - In-the-Money Options will fully vest, become exercisable, and be canceled for a cash payment equal to (total shares subject to option) * (**$13.00** - exercise price)[157](index=157&type=chunk) - Out-of-the-Money Options will be canceled without payment[158](index=158&type=chunk) - Option Payments will be delivered as soon as reasonably practicable after closing, typically via payroll[160](index=160&type=chunk) [Section 2.08. Treatment of Company Pre-Funded Warrants](index=32&type=section&id=Section%202.08.%20Treatment%20of%20Company%20Pre-Funded%20Warrants) This section specifies that each outstanding and unexercised Company Pre-Funded Warrant will automatically convert into the right to receive the Merger Consideration - Company Pre-Funded Warrants will convert into the right to receive Merger Consideration[162](index=162&type=chunk) - Conversion is based on the aggregate number of Shares exercisable immediately prior to the Effective Time, considering cashless exercise provisions[162](index=162&type=chunk) [Section 2.09. Treatment of Company Common Warrants](index=32&type=section&id=Section%202.09.%20Treatment%20of%20Company%20Common%20Warrants) This section states that Company Common Warrants will remain outstanding after the merger but will become exercisable solely for the Merger Consideration - Company Common Warrants will remain outstanding post-merger[163](index=163&type=chunk) - These warrants will become exercisable solely for the Merger Consideration, based on the aggregate number of shares they were exercisable for[163](index=163&type=chunk) - Holders retain the right to elect a cash purchase of warrants based on their Black Scholes Value[163](index=163&type=chunk) [Section 2.10. Adjustments](index=33&type=section&id=Section%202.10.%20Adjustments) This section provides for adjustments to the Exchange Ratio and Per Share Cash Amount if outstanding shares of the Company or Parent change due to certain transactions - The Exchange Ratio and Per Share Cash Amount will be adjusted for changes in Company shares (e.g., stock splits, dividends) to maintain economic effect[165](index=165&type=chunk) - The Exchange Ratio (but not Per Share Cash Amount) will be adjusted for changes in Parent Common Stock[165](index=165&type=chunk) [Section 2.11. Withholding Rights](index=33&type=section&id=Section%202.11.%20Withholding%20Rights) This section grants the Exchange Agent, Merger Sub, Surviving Corporation, Parent, and their agents the right to deduct and withhold any amounts required by applicable tax law from payments - The Exchange Agent, Merger Sub, Surviving Corporation, Parent, and their agents are authorized to deduct and withhold taxes from payments[166](index=166&type=chunk) - Any withheld amount will be treated as paid to the person from whom it was withheld[166](index=166&type=chunk) [Section 2.12. Further Assurances](index=33&type=section&id=Section%202.12.%20Further%20Assurances) This section authorizes officers and directors of the Surviving Corporation to execute documents and take actions to vest and confirm all rights and assets acquired by the Surviving Corporation - Officers and directors of the Surviving Corporation are authorized to execute documents and take actions to vest acquired rights and assets[167](index=167&type=chunk) [ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY](index=34&type=section&id=ARTICLE%203%20REPRESENTATIONS%20AND%20WARRANTIES%20OF%20THE%20COMPANY) This article contains comprehensive representations and warranties by Astria Therapeutics to BioCryst Pharmaceuticals regarding its business, legal standing, and financial condition [Section 3.01. Corporate Existence and Power](index=34&type=section&id=Section%203.01.%20Corporate%20Existence%20and%20Power) This section represents that the Company is a duly organized, validly existing, and in good standing Delaware corporation with the corporate power to conduct its business - The Company is a duly organized, validly existing, and in good standing Delaware corporation[171](index=171&type=chunk) - The Company and its Subsidiaries possess the corporate power and authority to carry on their businesses[171](index=171&type=chunk) - True and correct copies of the Company's and its Subsidiaries' organizational documents have been provided to Parent[171](index=171&type=chunk)[172](index=172&type=chunk) [Section 3.02. Corporate Authorization](index=34&type=section&id=Section%203.02.%20Corporate%20Authorization) This section affirms the Company's corporate power to execute the Merger Agreement, noting unanimous board approval and the requirement for stockholder approval - The Company has the corporate power and authority to execute and perform its obligations under the Agreement[173](index=173&type=chunk) - The Company's Board of Directors unanimously approved the Agreement and recommended stockholder approval[175](index=175&type=chunk) - The only corporate proceeding necessary for the Merger is the adoption of the Agreement by a majority vote of outstanding Shares (Required Stockholder Approval) and filing a certificate of merger[173](index=173&type=chunk) [Section 3.03. Governmental Authorization](index=35&type=section&id=Section%203.03.%20Governmental%20Authorization) This section specifies the governmental authorizations required for the Company to execute and perform the Merger Agreement, including SEC filings and antitrust compliance - Required governmental authorizations include filing a certificate of merger, compliance with Antitrust Law, and SEC filings (Form S-4 and Proxy Statement/Prospectus)[176](index=176&type=chunk) - Compliance with Securities Act, Exchange Act, and Nasdaq rules is also necessary[176](index=176&type=chunk) [Section 3.04. Non-contravention](index=35&type=section&id=Section%203.04.%20Non-contravention) This section represents that the merger will not violate the Company's organizational documents, applicable laws, or material contracts, nor create any liens, unless such effects are not materially adverse - The merger will not contravene the Company's organizational documents or applicable laws[177](index=177&type=chunk) - The merger will not breach or default under material contracts or permits, or result in the creation of any liens, except where such effects would not reasonably be expected to have a Company Material Adverse Effect[177](index=177&type=chunk)[178](index=178&type=chunk) [Section 3.05. Capitalization](index=36&type=section&id=Section%203.05.%20Capitalization) This section provides a detailed overview of the Company's capitalization as of **October 10, 2025**, including authorized and outstanding shares, options, and warrants Company Capitalization as of October 10, 2025 | Security Type | Authorized | Outstanding | Subject to Issuance | | :--- | :--- | :--- | :--- | | **Shares (Common Stock)** | 150,000,000 | 56,434,894 | - | | **Preferred Shares** | 5,000,000 | - | - | | **Series X Preferred Shares** | (part of Preferred) | 31,107 | - | | **Company Stock Options** | - | - | 11,704,468 | | **Company Pre-Funded Warrants** | - | - | 1,571,093 | | **Company Common Warrants** | - | - | 6,796,280 | | **Reserved for Company Equity Incentive Plans** | - | - | 9,491,421 | | **Reserved for Company ESPP** | - | - | 55,216 | - All outstanding and issuable shares are, or will be, duly authorized, validly issued, fully paid, non-assessable, and free of preemptive rights[179](index=179&type=chunk) - The exercise price of each Company Stock Option was less than the fair market value on the grant date, and all such options are exempt from Section 409A of the Code[180](index=180&type=chunk) - There are no other outstanding obligations of the Company or its Subsidiaries to repurchase, redeem, or acquire any Company Securities[184](index=184&type=chunk) [Section 3.06. Subsidiaries](index=38&type=section&id=Section%203.06.%20Subsidiaries) This section represents that each Subsidiary of the Company is duly organized, validly existing, and in good standing, with the Company solely owning all their capital stock - Each Subsidiary is duly organized, validly existing, and in good standing in its jurisdiction[190](index=190&type=chunk) - The Company solely owns all outstanding capital stock or ownership interests in its Subsidiaries, free of liens and restrictions (other than securities laws)[191](index=191&type=chunk) - There are no other outstanding Company Subsidiary Securities or obligations to acquire them[192](index=192&type=chunk) [Section 3.07. SEC Filings and the Sarbanes-Oxley Act](index=39&type=section&id=Section%203.07.%20SEC%20Filings%20and%20the%20Sarbanes-Oxley%20Act) This section asserts that the Company has timely filed all required SEC documents since **January 1, 2023**, complying materially with regulations and maintaining effective controls - The Company has timely filed all required SEC documents since **January 1, 2023**[194](index=194&type=chunk) - All Company SEC Documents comply materially with applicable requirements and do not contain material misstatements or omissions[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) - The Company maintains effective disclosure controls and internal controls over financial reporting, with no significant deficiencies or material weaknesses disclosed[199](index=199&type=chunk)[200](index=200&type=chunk) - The Company has complied materially with Nasdaq listing and corporate governance rules and Sarbanes-Oxley Act requirements[203](index=203&type=chunk) [Section 3.08. Financial Statements](index=41&type=section&id=Section%203.08.%20Financial%20Statements) This section represents that the Company's financial statements in SEC documents comply materially with SEC rules and fairly present its financial position in accordance with GAAP - Company financial statements in SEC documents comply materially with SEC rules[206](index=206&type=chunk) - Financial statements fairly present the Company's consolidated financial position, results of operations, and cash flows in all material respects, in accordance with GAAP[206](index=206&type=chunk) [Section 3.09. Information Supplied](index=41&type=section&id=Section%203.09.%20Information%20Supplied) This section warrants that information supplied by the Company for inclusion in the Form S-4 and Proxy Statement/Prospectus will not contain any material misstatements or omissions - Information supplied by the Company for Form S-4 will not contain material misstatements or omissions[207](index=207&type=chunk) - Information supplied by the Company for Proxy Statement/Prospectus will not contain material misstatements or omissions[208](index=208&type=chunk) [Section 3.10. Absence of Certain Changes](index=42&type=section&id=Section%203.10.%20Absence%20of%20Certain%20Changes) This section states that since **December 31, 2024**, the Company's business has been conducted in the ordinary course, with no Company Material Adverse Effect - Since **December 31, 2024**, the Company's business has been conducted in the ordinary course[209](index=209&type=chunk) - No Company Material Adverse Effect has occurred since **December 31, 2024**[209](index=209&type=chunk) [Section 3.11. No Undisclosed Material Liabilities](index=42&type=section&id=Section%203.11.%20No%20Undisclosed%20Material%20Liabilities) This section represents that there are no undisclosed material liabilities or obligations of the Company or its Subsidiaries, beyond those disclosed or incurred in the ordinary course - No undisclosed material liabilities or obligations exist for the Company or its Subsidiaries[211](index=211&type=chunk) - Exceptions include liabilities disclosed in the Balance Sheet, those from the merger agreement, or those incurred in the ordinary course since the Balance Sheet Date[211](index=211&type=chunk) [Section 3.12. Compliance with Laws, Permits and Court Orders](index=42&type=section&id=Section%203.12.%20Compliance%20with%20Laws,%20Permits%20and%20Court%20Orders) This section asserts that the Company and its Subsidiaries are in material compliance with all applicable laws and hold all necessary material permits for their businesses - The Company and its Subsidiaries are in material compliance with all applicable Laws, including Health Laws, since **January 1, 2023**[212](index=212&type=chunk) - No written or oral notice of violation or investigation from a Governmental Authority has been received since **January 1, 2023**[212](index=212&type=chunk) - The Company and its Subsidiaries hold all material Permits necessary for their businesses, and these permits are valid and in full force[214](index=214&type=chunk) [Section 3.13. Anti-Corruption and Trade Controls](index=43&type=section&id=Section%203.13.%20Anti-Corruption%20and%20Trade%20Controls) This section represents that the Company and its representatives have materially complied with anti-corruption and trade control laws for the past **five years**, and are not subject to sanctions - The Company, its Subsidiaries, directors, officers, and agents have complied materially with anti-corruption and anti-bribery laws for the past **five years**[215](index=215&type=chunk) - No bribes, unlawful rebates, or improper payments have been made, authorized, solicited, or received[215](index=215&type=chunk) - The Company and its Subsidiaries are in material compliance with U.S. and non-U.S. economic and trade sanctions, export/import controls, customs, and antiboycott laws[217](index=217&type=chunk) - None of the Company, its Subsidiaries, or their key personnel are subject to sanctions or located in comprehensively sanctioned countries[218](index=218&type=chunk) [Section 3.14. Litigation](index=44&type=section&id=Section%203.14.%20Litigation) This section states that there is no material litigation pending or threatened against the Company, its Subsidiaries, or their officers, directors, or employees - No material litigation is pending or threatened against the Company or its Subsidiaries[220](index=220&type=chunk) - No material litigation is pending or threatened against any present or former officer, director, or employee in their capacities as such[220](index=220&type=chunk) [Section 3.15. Properties](index=44&type=section&id=Section%203.15.%20Properties) This section represents that the Company and its Subsidiaries have good title or valid leasehold interests in all material properties, free of liens, and do not own real property - The Company and its Subsidiaries have good title or valid leasehold interests in all material properties and assets, free of Liens (other than Permitted Liens)[222](index=222&type=chunk) - Neither the Company nor its Subsidiaries own fee title to any real property[224](index=224&type=chunk) - All Leases for real property are valid, binding, and in full force and effect, and the Leased Real Property is sufficient for current business operations[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk) [Section 3.16. Intellectual Property](index=46&type=section&id=Section%203.16.%20Intellectual%20Property) This section details the Company's Intellectual Property Rights, asserting sole ownership of Company Owned IP and valid licenses for Company Licensed IP, and the absence of material IP litigation - The Company and its Subsidiaries are the sole owners of Company Owned Intellectual Property Rights and have valid licenses for Company Licensed Intellectual Property Rights[229](index=229&type=chunk)[230](index=230&type=chunk) - The Company Intellectual Property Rights are material and necessary for the conduct of the Company's business as currently and proposed to be conducted[229](index=229&type=chunk) - The merger will not alter, encumber, impair, or extinguish any Company IP rights or result in increased royalties or diminished payments[230](index=230&type=chunk) - No material litigation is pending or threatened against the Company regarding IP infringement or challenging the validity/enforceability of Company IP[235](index=235&type=chunk)[236](index=236&type=chunk) - The Company has taken commercially reasonable actions to maintain the confidentiality of all material Trade Secrets[243](index=243&type=chunk) [Section 3.17. Privacy and Information Security](index=51&type=section&id=Section%203.17.%20Privacy%20and%20Information%20Security) This section represents that the Company and its service providers have materially complied with privacy and information security requirements since **January 1, 2023**, and have experienced no material security incidents - The Company, its Subsidiaries, and Third Party Service Providers have been in material compliance with Privacy and Information Security Requirements since **January 1, 2023**[249](index=249&type=chunk) - Commercially reasonable administrative, technical, and physical measures are maintained to protect Personal Information and Business Data[250](index=250&type=chunk) - No material Security Incidents have been experienced or are currently occurring since **January 1, 2023**[251](index=251&type=chunk) [Section 3.18. Taxes](index=51&type=section&id=Section%203.18.%20Taxes) This section provides representations regarding the Company Tax Group's compliance with tax laws, including timely filing of returns, full payment of taxes, and absence of liens or audits - All material Tax Returns for the Company Tax Group have been timely filed and are true and complete in all material respects[253](index=253&type=chunk) - All material Taxes due have been paid in full or adequately accrued[254](index=254&type=chunk) - No Liens of material Taxes exist on Company Tax Group assets, except for those not yet due and arising in the ordinary course[257](index=257&type=chunk) - No Action (audit, litigation) regarding material Taxes is pending or threatened[258](index=258&type=chunk) - Each member of the Company Tax Group has been a 'C corporation' since its inception and has not participated in any 'listed transaction'[263](index=263&type=chunk)[269](index=269&type=chunk) [Section 3.19. Employee Benefit Plans; Labor Matters](index=54&type=section&id=Section%203.19.%20Employee%20Benefit%20Plans;%20Labor%20Matters) This section details the Company's employee benefit plans and labor matters, confirming compliance with ERISA and the Code, and adherence to labor laws - The Company has provided a list of each material Employee Plan and related documentation[273](index=273&type=chunk) - Neither the Company nor its ERISA Affiliates sponsor or have liability for defined benefit, multiemployer, or certain other pension plans[278](index=278&type=chunk) - Each Qualified Plan is qualified under Section 401(a) of the Code and has a current determination or opinion letter from the IRS[280](index=280&type=chunk) - The Company and its Subsidiaries are in material compliance with all applicable labor and employment laws[294](index=294&type=chunk) - Neither the Company nor its Subsidiaries are party to any Collective Bargaining Agreement, and no unionization activity is pending or threatened[292](index=292&type=chunk) - The merger will not trigger increased or accelerated payments/benefits, or 'excess parachute payments' under Section 280G of the Code, except as expressly required or disclosed[288](index=288&type=chunk) [Section 3.20. Environmental Matters](index=59&type=section&id=Section%203.20.%20Environmental%20Matters) This section represents that the Company and its Subsidiaries are in material compliance with all Environmental Laws and Permits for the past **five years**, with no material liabilities or releases - No material notices, complaints, or actions related to Environmental Law have been received or are threatened against the Company or its Subsidiaries[297](index=297&type=chunk) - The Company and its Subsidiaries are in material compliance with all Environmental Laws and Permits for the past **five years**[297](index=297&type=chunk) - No material liabilities or obligations exist under Environmental Laws or related to Hazardous Substances[297](index=297&type=chunk) [Section 3.21. Material Contracts](index=59&type=section&id=Section%203.21.%20Material%20Contracts) This section lists and warrants the validity and enforceability of the Company's Material Contracts, confirming no material breaches or defaults - Schedule 3.21(a) of the Company Disclosure Letter contains a true and complete list of each Material Contract[299](index=299&type=chunk) - Material Contracts include those related to severance, joint ventures, R&D, IP licenses, governmental authorities, sole-source suppliers, stockholder rights, preferential pricing, significant payments (>**$350k** annually or >**$1M** aggregate), leases, and change of control payments[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk) - Each Material Contract is valid, binding, and enforceable, and neither the Company nor any other party is in material breach or default[304](index=304&type=chunk) [Section 3.22. Regulatory Matters](index=62&type=section&id=Section%203.22.%20Regulatory%20Matters) This section provides extensive representations regarding the Company's compliance with regulatory requirements for its products, including health laws and good practices, and the absence of material regulatory issues - All Company Products have been researched, developed, and exploited in material compliance with applicable FDCA, PHSA, Health Laws, and Good Practices (GMP, GLP, GCP) since **January 1, 2023**[305](index=305&type=chunk) - No material notices of inspectional observations, warning letters, or other documents indicating a material lack of compliance from the FDA or other Governmental Authorities have been received[307](index=307&type=chunk) - No human clinical trial has been terminated or suspended by regulatory authorities, and no clinical hold orders are pending or threatened[310](index=310&type=chunk)[311](index=311&type=chunk) - All applications and submissions to the FDA or comparable authorities were true, complete, and correct in all material respects, with no untrue or fraudulent statements[324](index=324&type=chunk) - The Company is not currently marketing, distributing, or commercializing any Company Product since **January 1, 2023**[322](index=322&type=chunk) [Section 3.23. Transactions with Affiliates](index=67&type=section&id=Section%203.23.%20Transactions%20with%20Affiliates) This section represents that there are no undisclosed material contracts or arrangements between the Company and its affiliates that would require disclosure under Item 404(a) of Regulation S-K - No undisclosed material contracts or arrangements exist between the Company/Subsidiaries and their officers, directors, or **5%** beneficial owners[332](index=332&type=chunk) - All such required disclosures under Item 404(a) of Regulation S-K have been made in Company SEC Documents[332](index=332&type=chunk) [Section 3.24. Insurance](index=68&type=section&id=Section%203.24.%20Insurance) This section confirms that the Company has provided Parent with all material insurance policies, which are in full force and effect, with no material claims pending - All material insurance policies and self-insurance programs have been made available to Parent[334](index=334&type=chunk) - All such policies are in full force and effect, with premiums timely paid or accrued[334](index=334&type=chunk) - No material claims are pending where coverage has been questioned, denied, or disputed[334](index=334&type=chunk) [Section 3.25. Finders' Fees](index=68&type=section&id=Section%203.25.%20Finders'%20Fees) This section states that Evercore Group L.L.C. is the only investment banker retained by the Company entitled to a fee or commission in connection with the merger - Evercore Group L.L.C. is the sole financial advisor entitled to fees from the Company for the merger[335](index=335&type=chunk) - All agreements with Evercore regarding fees, expenses, or indemnification have been made available to Parent[335](index=335&type=chunk) [Section 3.26. Opinion of Financial Advisor](index=68&type=section&id=Section%203.26.%20Opinion%20of%20Financial%20Advisor) This section confirms that the Company's Board of Directors has received an opinion from Evercore Group L.L.C. stating that the Merger Consideration is fair from a financial point of view - The Board of Directors received an opinion from Evercore Group L.L.C. that the Merger Consideration is fair to stockholders from a financial point of view[336](index=336&type=chunk) - The financial advisor's opinion has not been withdrawn, rescinded, or modified as of the date of the agreement[336](index=336&type=chunk) [Section 3.27. Antitakeover Statutes](index=68&type=section&id=Section%203.27.%20Antitakeover%20Statutes) This section represents that the Company has taken all necessary actions to exempt the merger from Section 203 of the DGCL and other antitakeover statutes, and no stockholder rights plan is in effect - The Company has taken all necessary action to exempt the merger from Section 203 of the DGCL[337](index=337&type=chunk) - No other antitakeover or similar laws apply to the merger, and no stockholder rights plan or 'poison pill' is in effect[337](index=337&type=chunk) [Section 3.28. No Other Representations and Warranties](index=69&type=section&id=Section%203.28.%20No%20Other%20Representations%20and%20Warranties) This section acknowledges that, except for explicit representations in Article 4, neither Parent nor Merger Sub makes any other representations or warranties regarding Parent or the merger information - The Company acknowledges that Parent and Merger Sub make no representations or warranties beyond those in Article 4[339](index=339&type=chunk) - The Company is not relying on any other information provided by Parent or its representatives[339](index=339&type=chunk) [ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF PARENT](index=69&type=section&id=ARTICLE%204%20REPRESENTATIONS%20AND%20WARRANTIES%20OF%20PARENT) This article sets forth the representations and warranties by BioCryst Pharmaceuticals and Merger Sub to Astria Therapeutics regarding their corporate status, financial condition, and legal compliance [Section 4.01. Corporate Existence and Power](index=69&type=section&id=Section%204.01.%20Corporate%20Existence%20and%20Power) This section represents that Parent and Merger Sub are duly organized, validly existing, and in good standing Delaware corporations with the corporate power to conduct their businesses - Parent and Merger Sub are duly organized, validly existing, and in good standing corporations[342](index=342&type=chunk) - Merger Sub has not engaged in any activities other than in connection with the Agreement[342](index=342&type=chunk) [Section 4.02. Corporate Authorization](index=69&type=section&id=Section%204.02.%20Corporate%20Authorization) This section affirms Parent's and Merger Sub's corporate power to execute the Merger Agreement, stating that their execution and performance have been duly authorized - Parent and Merger Sub have the corporate power and authority to execute and perform their obligations under the Agreement[343](index=343&type=chunk) - The Agreement has been duly authorized by Parent and Merger Sub[343](index=343&type=chunk) - The only necessary corporate proceedings are the adoption by Merger Sub's sole stockholder and the filing of a certificate of merger[343](index=343&type=chunk) [Section 4.03. Governmental Authorization](index=70&type=section&id=Section%204.03.%20Governmental%20Authorization) This section specifies the governmental authorizations required for Parent and Merger Sub to execute and perform the Merger Agreement, including SEC filings and antitrust compliance - Required governmental authorizations include filing a certificate of merger, compliance with Antitrust Law, and SEC filings (Form S-4 and Proxy Statement/Prospectus)[345](index=345&type=chunk) - Compliance with Securities Act, Exchange Act, and Nasdaq rules is also necessary[345](index=345&type=chunk) [Section 4.04. Non-contravention](index=70&type=section&id=Section%204.04.%20Non-contravention) This section represents that the merger will not violate Parent's or Merger Sub's organizational documents, applicable laws, or material contracts, nor create any liens, unless such effects are not materially adverse - The merger will not contravene Parent's or Merger Sub's organizational documents or applicable laws[346](index=346&type=chunk) - The merger will not breach or default under material contracts or permits, or result in the creation of any liens, except where such effects would not reasonably be expected to have a Parent Material Adverse Effect[346](index=346&type=chunk) [Section 4.05. Capitalization](index=70&type=section&id=Section%204.05.%20Capitalization) This section details Parent's capitalization as of **October 10, 2025**, including authorized and outstanding shares, options, and restricted stock units, and confirms Parent's ownership of Merger Sub's stock Parent Capitalization as of October 10, 2025 | Security Type | Authorized | Outstanding | Subject to Issuance | | :--- | :--- | :--- | :--- | | **Parent Common Stock** | 450,000,000 | 210,529,583 | - | | **Parent Preferred Shares** | 5,000,000 | 0 | - | | **Options to acquire Parent Common Stock** | - | - | 41,553,772 | | **Restricted Stock Units of Parent** | - | - | 9,798,703 | | **Reserved for Parent Equity Incentive Plans** | - | - | 15,134,731 | | **Reserved for Parent ESPP** | - | - | 4,674,237 | - Shares of Parent Common Stock issued in the merger will be duly authorized, validly issued, fully paid, and non-assessable, free of preemptive rights[348](index=348&type=chunk) - Parent owns all issued and outstanding capital stock of Merger Sub[348](index=348&type=chunk) [Section 4.06. Subsidiaries](index=71&type=section&id=Section%204.06.%20Subsidiaries) This section represents that each Subsidiary of Parent is duly organized, validly existing, and in good standing, with all necessary organizational powers to conduct its business - Each Subsidiary of Parent is duly organized, validly existing, and in good standing[350](index=350&type=chunk) - Parent's Subsidiaries possess all organizational powers to carry on their businesses as currently conducted[350](index=350&type=chunk) [Section 4.07. SEC Filings and the Sarbanes-Oxley Act](index=71&type=section&id=Section%204.07.%20SEC%20Filings%20and%20the%20Sarbanes-Oxley%20Act) This section asserts that Parent has timely filed all required SEC documents since **January 1, 2023**, complying materially with regulations and maintaining effective controls - Parent has timely filed all required SEC documents since **January 1, 2023**[353](index=353&type=chunk) - All Parent SEC Documents comply materially with applicable requirements and do not contain material misstatements or omissions[354](index=354&type=chunk)[355](index=355&type=chunk) - Parent maintains effective disclosure controls and internal controls over financial reporting[356](index=356&type=chunk)[357](index=357&type=chunk) [Section 4.08. Financial Statements](index=72&type=section&id=Section%204.08.%20Financial%20Statements) This section represents that Parent's financial statements in SEC documents comply materially with SEC rules and fairly present its financial position in accordance with GAAP - Parent's financial statements in SEC documents comply materially with SEC rules[358](index=358&type=chunk) - Financial statements fairly present Parent's consolidated financial position, results of operations, and cash flows in all material respects, in accordance with GAAP[359](index=359&type=chunk) [Section 4.09. Information Supplied](index=73&type=section&id=Section%204.09.%20Information%20Supplied) This section warrants that information supplied by Parent for inclusion in the Form S-4 and Proxy Statement/Prospectus will not contain any material misstatements or omissions - Information supplied by Parent for Form S-4 will not contain material misstatements or omissions[360](index=360&type=chunk) - Information supplied by Parent for Proxy Statement/Prospectus will not contain material misstatements or omissions[360](index=360&type=chunk) [Section 4.10. Absence of Certain Changes](index=73&type=section&id=Section%204.10.%20Absence%20of%20Certain%20Changes) This section states that since **December 31, 2024**, there has been no Effect that has had or would reasonably be expected to have a Parent Material Adverse Effect - No Parent Material Adverse Effect has occurred since **December 31, 2024**[361](index=361&type=chunk) [Section 4.11. No Undisclosed Material Liabilities](index=73&type=section&id=Section%204.11.%20No%20Undisclosed%20Material%20Liabilities) This section represents that there are no undisclosed material liabilities or obligations of Parent or its Subsidiaries, beyond those disclosed or incurred in the ordinary course - No undisclosed material liabilities or obligations exist for Parent or its Subsidiaries[362](index=362&type=chunk) - Exceptions include liabilities disclosed in Parent's **June 30, 2025** balance sheet, those from the merger agreement, or those incurred in the ordinary course since the Balance Sheet Date[362](index=362&type=chunk) [Section 4.12. Intellectual Property](index=73&type=section&id=Section%204.12.%20Intellectual%20Property) This section asserts Parent's sole ownership of Parent Owned Intellectual Property Rights and valid licenses for Parent Licensed Intellectual Property Rights, with no material IP litigation or infringement claims - Parent and its Subsidiaries are the sole owners of Parent Owned Intellectual Property Rights and have valid licenses for Parent Licensed Intellectual Property Rights[363](index=363&type=chunk)[364](index=364&type=chunk) - No material litigation is pending or threatened against Parent regarding IP infringement or challenging the validity/enforceability of Parent IP[365](index=365&type=chunk) - Parent's business operations do not infringe, misappropriate, or violate any third-party Intellectual Property Rights[366](index=366&type=chunk) [Section 4.13. Privacy and Information Security](index=74&type=section&id=Section%204.13.%20Privacy%20and%20Information%20Security) This section represents that Parent and its service providers have materially complied with privacy and information security requirements since **January 1, 2023**, and have experienced no material security incidents - Parent, its Subsidiaries, and Third Party Service Providers have been in material compliance with Privacy and Information Security Requirements since **January 1, 2023**[369](index=369&type=chunk) - Commercially reasonable administrative, technical, and physical measures are maintained to protect Personal Information and Business Data[370](index=370&type=chunk) - No material Security Incidents have been experienced or are currently occurring since **January 1, 2023**[371](index=371&type=chunk)[372](index=372&type=chunk) [Section 4.14. Taxes](index=75&type=section&id=Section%204.14.%20Taxes) This section provides representations regarding the Parent Tax Group's compliance with tax laws, including timely filing of returns, full payment of taxes, and absence of liens or audits - All material Tax Returns for the Parent Tax Group have been timely filed and are true and complete in all material respects[373](index=373&type=chunk) - All material Taxes due have been paid in full or adequately accrued[374](index=374&type=chunk) - No Liens of material Taxes exist on Parent Tax Group assets, except for Permitted Liens[374](index=374&type=chunk) - No Action (audit, litigation) regarding material Taxes is pending or threatened[375](index=375&type=chunk) - The Parent Tax Group has not participated in any 'listed transaction'[376](index=376&type=chunk) [Section 4.15. Compliance with Laws](index=75&type=section&id=Section%204.15.%20Compliance%20with%20Laws) This section asserts that Parent and its Subsidiaries are in material compliance with all applicable laws, including Health Laws, since **January 1, 2023**, with no material notices of violation - Parent and its Subsidiaries are in material compliance with all applicable Laws, including Health Laws, since **January 1, 2023**[377](index=377&type=chunk) - No written or oral notice of violation or investigation from a Governmental Authority has been received since **January 1, 2023**[377](index=377&type=chunk) [Section 4.16. Litigation](index=75&type=section&id=Section%204.16.%20Litigation) This section states that there is no material litigation pending or threatened against Parent, its Subsidiaries, or their officers, directors, or employees - No material litigation is pending or threatened against Parent or its Subsidiaries[378](index=378&type=chunk) - No material litigation is pending or threatened against any present or former officer, director, or employee in their capacities as such[378](index=378&type=chunk) [Section 4.17. Integrity and Monitoring Agreements](index=76&type=section&id=Section%204.17.%20Integrity%20and%20Monitoring%20Agreements) This section represents that neither Parent nor its Subsidiaries are party to any corporate integrity agreements, monitoring agreements, or similar arrangements with governmental authorities related to Health Laws - Neither Parent nor its Subsidiaries are party to any corporate integrity agreements, monitoring agreements, consent decrees, or similar agreements related to Health Laws[380](index=380&type=chunk) [Section 4.18. Compliance with the FDCA and PHSA](index=76&type=section&id=Section%204.18.%20Compliance%20with%20the%20FDCA%20and%20PHSA) This section represents that all Parent Products have been researched, developed, and exploited in material compliance with applicable FDCA, PHSA, Health Laws, and Good Practices since **January 1, 2023** - All Parent Products have been researched, developed, and exploited in material compliance with applicable FDCA, PHSA, Health Laws, and Good Practices (GMP, GLP, GCP) since **January 1, 2023**[381](index=381&type=chunk) - No material notices of inspectional observations, warning letters, or other documents indicating a material lack of compliance from the FDA or other Governmental Authorities have been received[382](index=382&type=chunk) [Section 4.19. No False Statements, Exclusion or Debarment](index=76&type=section&id=Section%204.19.%20No%20False%20Statements,%20Exclusion%20or%20Debarment) This section represents that Parent, its officers, employees, or agents have not made untrue or fraudulent statements to regulatory authorities, nor engaged in conduct that would lead to debarment or exclusion from federal healthcare programs - Neither Parent nor its officers, employees, or agents have made untrue or fraudulent statements to the FDA or other Governmental Authorities[383](index=383&type=chunk) - No conduct has occurred that would reasonably be expected to result in debarment under **21 U.S.C. Section 335a** or exclusion from federal health care programs under **Section 1128** of the U.S. Social Security Act[383](index=383&type=chunk)[384](index=384&type=chunk) [Section 4.20. Finders' Fees](index=77&type=section&id=Section%204.20.%20Finders'%20Fees) This section states that BofA Securities, Inc. is the only investment banker retained by Parent entitled to a fee or commission in connection with the merger - BofA Securities, Inc. is the sole investment banker entitled to fees from Parent for the merger[385](index=385&type=chunk) [Section 4.21. Stock Ownership](index=77&type=section&id=Section%204.21.%20Stock%20Ownership) This section confirms that neither Parent, Merger Sub, nor their controlled Affiliates own or have owned **15% or more** of the Company's capital stock within **three years** prior to the agreement date - Neither Parent, Merger Sub, nor their controlled Affiliates own or have owned **15% or more** of the Company's capital stock within **three years** prior to the agreement date[386](index=386&type=chunk) [Section 4.22. Financial Capability](index=77&type=section&id=Section%204.22.%20Financial%20Capability) This section asserts that Parent has secured Debt Financing commitments sufficient to cover its payment obligations for the merger, and these commitments are legal, valid, and binding - Parent has entered into Debt Commitment Letters with Financing Sources for debt financing[387](index=387&type=chunk) - The Debt Commitment Letters are legal, valid, and binding obligations, in full force and effect[388](index=388&type=chunk) - No side letters or other contracts exist that would adversely affect the Debt Financing's conditionality or amount[389](index=389&type=chunk) - Parent will have immediately available funds from the Debt Financing at closing to satisfy all payment obligations under the Agreement[393](index=393&type=chunk) [Section 4.23. No Other Representations and Warranties](index=78&type=section&id=Section%204.23.%20No%20Other%20Representations%20and%20Warranties) This section acknowledges that, except for explicit representations in Article 3, neither the Company nor its affiliates make any other representations or warranties regarding the Company or the merger information - Parent and Merger Sub acknowledge that the Company makes no representations or warranties beyond those in Article 3[394](index=394&type=chunk) - Parent and Merger Sub are not relying on any other information provided by the Company or its representatives[394](index=394&type=chunk) [ARTICLE 5 COVENANTS OF THE COMPANY](index=79&type=section&id=ARTICLE%205%20COVENANTS%20OF%20THE%20COMPANY) This article details the specific obligations and restrictions placed upon Astria Therapeutics during the interim period to ensure business continuity and facilitate the merger [Section 5.01. Conduct of the Company](index=79&type=section&id=Section%205.01.%20Conduct%20of%20the%20Company) This section requires the Company to conduct its business in the ordinary course and lists specific actions prohibited without Parent's prior written consent - The Company must conduct its business in the ordinary course consistent with past practices until the Effective Time[398](index=398&type=chunk) - Prohibited actions without Parent's consent include amending organizational documents, splitting/reclassifying shares, issuing new securities (with exceptions for existing options/warrants), incurring capital expenditures over **$50,000** (unbudgeted), or amending the R&D Plan materially[399](index=399&type=chunk)[400](index=400&type=chunk) - The Company is restricted from making material acquisitions or dispositions of assets, creating liens (other than Permitted Liens), or making loans/investments outside the ordinary course[400](index=400&type=chunk)[401](index=401&type=chunk) - Restrictions also apply to material changes in compensation/benefits, entering into or materially modifying Material Contracts, changing accounting methods, settling material litigation, or making certain tax elections[401](index=401&type=chunk)[402](index=402&type=chunk) [Section 5.02. Access to Information](index=83&type=section&id=Section%205.02.%20Access%20to%20Information) This section obligates the Company to provide Parent and its representatives with reasonable access to its offices, records, and personnel, while allowing for the withholding of privileged or confidential information - The Company must provide Parent and its representatives reasonable access to its offices, properties, records, and personnel[405](index=405&type=chunk) - The Company must furnish financial and operating data and other reasonably requested information[405](index=405&type=chunk) - The Company may withhold information that would waive attorney-client privilege, disclose personal information, violate confidentiality obligations to third parties, or violate applicable law[406](index=406&type=chunk) [Section 5.03. Acquisition Proposals; Change of Recommendation](index=84&type=section&id=Section%205.03.%20Acquisition%20Proposals;%20Change%20of%20Recommendation) This section prohibits the Company from soliciting alternative acquisition proposals but allows the Board to engage with unsolicited Superior Proposals or respond to Intervening Events, subject to fiduciary duties and notice to Parent - The Company is prohibited from initiating, soliciting, encouraging, or facilitating any Acquisition Proposal[408](index=408&type=chunk) - The Board may engage with a third party regarding an unsolicited, bona fide written Acquisition Proposal if it determines it is a Superior Proposal or could lead to one, and failure to engage would breach fiduciary duties[411](index=411&type=chunk)[412](index=412&type=chunk) - Any such engagement requires a confidentiality agreement with terms no less restrictive than the Confidentiality Agreement with Parent[411](index=411&type=chunk) - The Company must promptly notify Parent of any Acquisition Proposals, requests for information, or discussions, providing material terms and copies of proposed agreements[413](index=413&type=chunk) - The Board may make an Adverse Recommendation Change in response to a Superior Proposal or Intervening Event, but only after providing Parent with a **four-Business Day** notice and negotiation period[416](index=416&type=chunk)[417](index=417&type=chunk) [Section 5.04. Section 16 Matters](index=89&type=section&id=Section%205.04.%20Section%2016%20Matters) This section requires the Company to take all necessary steps to ensure that any dispositions of Shares by individuals subject to Section 16(a) of the Exchange Act, resulting from the merger, are exempt under Rule 16b-3 - The Company must take steps to exempt dispositions of Shares by Section 16(a) reporting individuals from Rule 16b-3[422](index=422&type=chunk) [Section 5.05. Stock Exchange Delisting; Exchange Act Deregistration](index=89&type=section&id=Section%205.05.%20Stock%20Exchange%20Delisting;%20Exchange%20Act%20Deregistration) This section obligates the Company to cooperate with Parent to delist its Shares from Nasdaq and deregister them under the Exchange Act as promptly as practicable after the Effective Time - The Company must cooperate to delist Shares from Nasdaq and deregister them under the Exchange Act[423](index=423&type=chunk) - Delisting and deregistration should occur as promptly as practicable after the Effective Time, and no more than **10 days** after the Closing Date[423](index=423&type=chunk) [Section 5.06. Takeover Statutes](index=90&type=section&id=Section%205.06.%20Takeover%20Statutes) This section requires the Company to use its reasonable best efforts to prevent any antitakeover statutes from applying to the merger and to minimize their effects if they become applicable - The Company must use reasonable best efforts to prevent antitakeover statutes from applying to the merger[425](index=425&type=chunk) - If antitakeover statutes become applicable, the Company must take actions to eliminate or minimize their effects[425](index=425&type=chunk) [Section 5.07. Interim Communications by the Company](index=90&type=section&id=Section%205.07.%20Interim%20Communications%20by%20the%20Company) This section requires the Company to keep Parent reasonably informed of any material communications regarding the merger disseminated to its stakeholders, ensuring consistency with public statements - The Company must keep Parent reasonably informed of material communications to stakeholders regarding the merger[426](index=426&type=chunk) - Such communications must be consistent with joint public statements or those made in accordance with Section 7.03, unless Parent consents otherwise[426](index=426&type=chunk) [Section 5.08. Tax Sharing Agreements](index=90&type=section&id=Section%205.08.%20Tax%20Sharing%20Agreements) This section mandates that any Tax Sharing Agreement involving the Company Tax Group will be terminated as of the Effective Time, with all payments due prior to the Closing Date - Any Tax Sharing Agreement involving the Company Tax Group will terminate at the Effective Time[427](index=427&type=chunk) - All payments due under such agreements must be made prior to the Closing Date[427](index=427&type=chunk) [Section 5.09. Transaction Litigation](index=90&type=section&id=Section%205.09.%20Transaction%20Litigation) This section requires the Company to promptly notify Parent of any litigation related to the merger, allowing Parent to participate in its defense and settlement - The Company must promptly advise Parent of any Transaction Litigation[428](index=428&type=chunk) - Parent will have the opportunity to participate in the defense, prosecution, settlement, or compromise of such litigation[428](index=428&type=chunk) - The Company cannot settle Transaction Litigation without Parent's prior written consent[429](index=429&type=chunk) [Section 5.10. Notification to Holders of Certain Securities](index=91&type=section&id=Section%205.10.%20Notification%20to%20Holders%20of%20Certain%20Securities) This section obligates the Company to provide timely written notice to holders of Series X Preferred Shares, Company Pre-Funded Warrants, and Company Common Warrants regarding the merger - The Company must provide written notice to holders of Series X Preferred Shares at least **20 days** prior to the expected Closing Date[430](index=430&type=chunk) - The Company must provide written notice to holders of Company Pre-Funded Warrants at least **10 days** prior to the Closing Date[431](index=431&type=chunk) - The Company must promptly provide notice to holders of Company Common Warrants[432](index=432&type=chunk) [Section 5.11. Resignation of Directors and Officers](index=91&type=section&id=Section%205.11.%20Resignation%20of%20Directors%20and%20Officers) This section requires the Company to obtain and deliver resignations from its directors and officers, effective at the Effective Time, upon Parent's written request - The Company must obtain and deliver resignations from its directors and officers, effective at the Effective Time, upon Parent's written request[433](index=433&type=chunk) [ARTICLE 6 COVENANTS OF PARENT](index=91&type=section&id=ARTICLE%206%20COVENANTS%20OF%20PARENT) This article outlines the specific obligations and restrictions placed upon BioCryst Pharmaceuticals and Merger Sub during the interim period, ensuring commitment to the transaction and post-merger responsibilities [Section 6.01. Conduct of Parent and Merger Sub](index=91&type=section&id=Section%206.01.%20Conduct%20of%20Parent%20and%20Merger%20Sub) This section requires Parent and Merger Sub to conduct their businesses in the ordinary course and lists specific actions prohibited without the Company's prior written consent - Parent and Merger Sub must conduct their businesses in the ordinary course consistent with past practices until the Effective Time[435](index=435&type=chunk) - Prohibited actions without Company's consent include materially adverse amendments to organizational documents, acquisitions that would prevent/delay the merger, or incurring debt (other than Debt Financing) that would impair the merger[436](index=436&type=chunk)[437](index=437&type=chunk) - Parent must cause Merger Sub to perform its obligations and consummate the Merger[439](index=439&type=chunk) [Section 6.02. Director and Officer Liability](index=93&type=section&id=Section%206.02.%20Director%20and%20Officer%20Liability) This section commits Parent to indemnify former and present officers and directors of the Company for **six years** post-merger and to maintain D&O insurance, subject to a premium cap - Parent must indemnify and hold harmless Indemnified Persons (former/present officers/directors of Company/Subsidiaries) for **six years** post-merger[439](index=439&type=chunk) - Parent must maintain D&O insurance for **six years** post-merger, with coverage no less advantageous than existing policies, subject to a Premium Cap of **300%** of the last fiscal year's annual premium[441](index=441&type=chunk) - The Company may obtain a fully paid, non-cancellable **six-year** 'tail' D&O policy prior to the Effective Time, subject to the Premium Cap[442](index=442&type=chunk) - These rights survive the merger and are enforceable by Indemnified Persons[445](index=445&type=chunk) [Section 6.03. Employee Matters](index=94&type=section&id=Section%206.03.%20Employee%20Matters) This section outlines Parent's commitments regarding Continuing Employees' compensation and benefits for **one year** post-merger, including service recognition and the termination/rollover of Company 401(k) plans - For **one year** post-merger, Continuing Employees will receive no less than their prior base salary/wages and annual target bonus opportunity[446](index=446&type=chunk) - Continuing Employees will receive severance payments and benefits no less favorable than those in Schedule 6.03(a) and other benefits substantially comparable in aggregate to similarly situated Parent employees[447](index=447&type=chunk) - Parent will recognize prior service with the Company for vesting, eligibility, and severance benefit levels under Parent Benefit Plans[448](index=448&type=chunk) - If requested by Parent, the Company will terminate its 401(k) Plans, and Parent will designate a Parent DC Plan for rollover of account balances for DC Employees[452](index=452&type=chunk) - The Company ESPP will be terminated as of the day prior to closing, with no new offering or purchase periods[454](index=454&type=chunk) [Section 6.04. Parent Stock Listing](index=97&type=section&id=Section%206.04.%20Parent%20Stock%20Listing) This section obligates Parent to use its reasonable best efforts to ensure that the shares of Parent Common Stock to be issued in the merger are approved for listing on Nasdaq by the Effective Time - Parent must use reasonable best efforts to get Parent Common Stock issued in the merger approved for listing on Nasdaq[456](index=456&type=chunk) - Listing approval should occur as promptly as practicable after Form S-4 effectiveness, and by or prior to the Effective Time[456](index=456&type=chunk) [ARTICLE 7 COVENANTS OF PARENT AND THE COMPANY](index=97&type=section&id=ARTICLE%207%20COVENANTS%20OF%20PARENT%20AND%20THE%20COMPANY) This article outlines the mutual obligations and joint efforts required from both BioCryst Pharmaceuticals and Astria Therapeutics to successfully complete the merger [Section 7.01. Proxy Statement/Prospectus; Registration Statement; Company Stockholders' Meeting](index=97&type=section&id=Section%207.01.%20Proxy%20Statement/Prospectus;%20Registration%20Statement;%20Company%20Stockholders'%20Meeting) This section details the joint responsibility for preparing and filing SEC documents and the Company's obligation to hold a stockholders' meeting to obtain the Required Stockholder Approval - Parent and Company will jointly prepare and file the Proxy Statement/Prospectus and Form S-4 with the SEC[458](index=458&type=chunk) - Both parties will use reasonable best efforts to have the Form S-4 declared effective and ensure compliance with applicable laws[458](index=458&type=chunk) - The Company must call and hold a Company Stockholders' Meeting to obtain the Required Stockholder Approval[462](index=462&type=chunk) - The Company may postpone or adjourn the meeting under specific conditions, such as to solicit additional votes or if required by law, but generally not without Parent's consent[464](index=464&type=chunk) [Section 7.02. Reasonable Best Efforts](index=100&type=section&id=Section%207.02.%20Reasonable%20Best%20Efforts) This section obligates both Parent and the Company to use their reasonable best efforts to consummate the merger, including obtaining consents, making antitrust filings, and defending against litigation - Both parties must use reasonable best efforts to consummate the merger, satisfy conditions, obtain governmental/third-party consents, and make necessary filings[466](index=466&type=chunk) - Both parties must make HSR Act filings within **20 Business Days** and respond promptly to information requests from Governmental Authorities[467](index=467&type=chunk) - Parent has the principal responsibility for determining and implementing the strategy for obtaining antitrust clearances[468](index=468&type=chunk) - Neither party is required to pay fees or make accommodations to third parties to o

Financial Data and Key Metrics Changes - Total ORLADEYO revenue was $159.1 million, representing a 37% year-over-year growth, with $141.6 million (89%) coming from the US [19][20] - Non-GAAP operating profit for Q3 2025 was $51.7 million, an increase of 107% year-over-year [20] - Non-GAAP net income for the quarter was $35.6 million, resulting in non-GAAP EPS of $0.17 per share [20] - The company finished the quarter with $269 million in cash, with a pro forma cash balance of approximately $294 million and zero term debt [21] Business Line Data and Key Metrics Changes - ORLADEYO continues to show strong growth, with new prescriptions exceeding the total from the same quarter last year [9][10] - The company raised its ORLADEYO revenue guidance to between $590 million and $600 million for the year [7] - The paid patient rate for ORLADEYO was 82%, consistent with typical second-half patterns [9] Market Data and Key Metrics Changes - The company added 64 new prescribers in the US, exceeding the average of the past eight quarters [9] - The market simulation predicts $1 billion in peak revenue for BioCryst in 2029, despite the sale of the European business [10] Company Strategy and Development Direction - The company plans to spin out or partner the DME program to focus on rare diseases [5] - The acquisition of Astria Therapeutics is expected to strengthen the company's presence in HAE and solidify a double-digit growth trajectory for its portfolio [18] - The company aims to leverage its expertise in HAE with the addition of Nevenobart, anticipating double-digit revenue growth well into the 2030s [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining patient retention rates despite new competition, citing strong control and satisfaction among patients [27][28] - The company expects to remain profitable on a non-GAAP basis and cash flow positive during the development period of Nevenobart [23] Other Important Information - The company successfully closed the sale of its European business, which allowed for the repayment of Pharmakon debt and improved financial positioning [18] - The company is exploring various capital allocation opportunities to generate value for stockholders [21] Q&A Session Summary Question: What contributed to the 37% year-over-year revenue growth? - The growth was driven by steady volume growth and an improvement in paid rates, particularly in the Medicare segment [26][27] Question: What factors are driving new prescriber numbers? - Physicians are becoming more comfortable with ORLADEYO's long-term evidence and real-world effectiveness [33][34] Question: How does the company view the impact of new entrants in the market? - While some patients may switch to injectables, the company does not expect a significant change in new patient prescribing patterns or overall retention rates [42] Question: What is the strategy for pediatric ORLADEYO approval? - The company is already targeting physicians who treat pediatric patients and is prepared for a launch shortly after approval [43] Question: What is the status of the Netherton syndrome program? - Enrollment is slightly delayed, but the company is optimistic about the ongoing studies and the potential for higher dosing [51][52]

Core Insights - BioCryst Pharmaceuticals reported a strong Q3 2025 performance, with ORLADEYO net revenue reaching $159.1 million, a 37% increase year-over-year [1][6][8] - The company raised its FY 2025 revenue guidance for ORLADEYO to between $590 million and $600 million, while lowering non-GAAP operating expense guidance to between $430 million and $440 million [1][17] - BioCryst completed the sale of its European ORLADEYO business, using the proceeds to retire all remaining Pharmakon term debt [1][15] - A definitive agreement was signed to acquire Astria Therapeutics, expected to close in Q1 2026, which will enhance BioCryst's HAE portfolio [1][15] Financial Performance - Total revenues for Q3 2025 were $159.4 million, up 36% from $117.1 million in Q3 2024 [8] - Operating profit for Q3 2025 was $29.6 million, a significant increase of 285% year-over-year, with non-GAAP operating profit at $51.7 million, up 107% [1][11] - Net income for Q3 2025 was $12.9 million, or $0.06 per share, compared to a net loss of $14.0 million, or $0.07 per share, in Q3 2024 [13][27] Market Dynamics - ORLADEYO demand remained strong, with new patient prescriptions slightly exceeding those in Q3 2024 despite new competitors entering the market [4][6] - The U.S. market contributed 89% of global ORLADEYO net revenues in Q3 2025, indicating strong domestic performance [6] Strategic Moves - The sale of the European ORLADEYO business has strengthened the company's financial position and allowed for debt repayment [2][15] - The acquisition of Astria Therapeutics is anticipated to provide opportunities for sustainable growth and profitability in the HAE market [2][15] Research and Development - R&D expenses for Q3 2025 increased to $44.6 million, primarily due to advancements in clinical programs [9] - The company is progressing with clinical trials for BCX17725 and avoralstat, with initial data expected by early 2026 [15]