Revenue: As of FY2026 Q1, the actual value is USD 156.41 M, beating the estimate of USD 151.12 M.EPS: As of FY2026 Q1, the actual value is USD -2.98, missing the estimate of USD 0.052.EBIT: As of FY2026 Q1, the actual value is USD -684.08 M.<h4>Segment Revenue</h4>BioCryst Pharmaceuticals, Inc. reported ORLADEYO® net revenue of $148.3 million for the first quarter of 2026, marking an 11% year-over-year increase, or 21% on a comparable basis excluding European revenue. Total revenues for Q1 2026 were $156,413 thousand, compared to $145,534 thousand for Q1 2025. ORLADEYO revenue for Q1 2025 was $134,243 thousand (GAAP) and $122,707 thousand (Non-GAAP).<h4>Operational Metrics</h4>BioCryst Pharmaceuticals, Inc. recorded a GAAP operating loss of -$701.6 million for the first quarter of 2026, primarily due to a special, non-cash charge. On a non-GAAP basis, the company reported an operating profit of $54.2 million for Q1 2026, contrasting with a GAAP income from operations of $21,227 thousand and a non-GAAP income from operations of $43,491 thousand for Q1 2025. Total GAAP operating expenses for Q1 2026 were $858,011 thousand, significantly higher than $124,307 thousand for Q1 2025, largely due to a $697,761 thousand acquired in-process research and development expense in Q1 2026. Non-GAAP total operating expenses were $102,173 thousand for Q1 2026 and $90,507 thousand for Q1 2025. The net loss for Q1 2026 was -$721,812 thousand, compared to a net income of $32 thousand for Q1 2025.<h4>Cash and Investments</h4>Cash, cash equivalents, restricted cash, and investments totaled $260.8 million as of March 31, 2026. On a pro-forma basis, including net proceeds of $70 million from the license of European navenibart rights, this total was $330.8 million as of March 31, 2026. Cash, cash equivalents, and investments were $258,969 thousand as of March 31, 2026, down from $335,911 thousand as of December 31, 2025.<h4>Other Financial Data</h4>Receivables were $109,272 thousand as of March 31, 2026, compared to $106,818 thousand as of December 31, 2025. Total assets decreased from $514,158 thousand on December 31, 2025, to $465,052 thousand on March 31, 2026. The company reported a secured term loan of $395,197 thousand and a royalty financing obligation of $447,498 thousand as of March 31, 2026. The accumulated deficit increased to -$2,227,991 thousand as of March 31, 2026, from -$1,506,179 thousand as of December 31, 2025. Stockholders’ deficit was -$553,843 thousand as of March 31, 2026, compared to -$119,153 thousand as of December 31, 2025.<h4>Unique Metrics and Operational Updates</h4>BioCryst Pharmaceuticals, Inc. announced a licensing agreement for European commercial rights to navenibart, receiving an upfront payment of $70 million and potentially up to $275 million in future milestone payments, along with tiered royalties on net sales ranging from 18% to 30%. Patient enrollment in ALPHA-ORBIT, the pivotal study of navenibart, is expected to be completed by the end of June, with regulatory filing in the US targeted by the end of 2027. Dosing has begun for Part 4 of the Phase 1 trial for BCX17725, with data expected by the end of 2026. In Q1 2026, the company discontinued the development of avoralstat.<h4>Outlook / Guidance</h4>BioCryst Pharmaceuticals, Inc. maintained its full-year 2026 guidance for global net ORLADEYO revenue, expecting it to be between $625 million and $645 million. Total revenue for full-year 2026, including RAPIVAB®, is projected to be between $635 million and $660 million. The company also reiterated its expectation for full-year 2026 non-GAAP operating expenses, excluding stock-based compensation, restructuring, and transaction-related costs, to be between $450 million and $470 million.

BioCryst Pharma | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 156.41 M