Detailed financial statements for BioCryst Pharmaceuticals, Inc. (BCRX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
BioCryst Pharmaceuticals, Inc. is a biotechnology company focused on discovering and developing novel, orally administered, small-molecule therapeutics. The company currently markets two key products: Peramivir injection: An intravenous neuraminidase inhibitor, sold under the brand names RAPIVAB, RAPIACTA, and PERAMIFLU, used for the treatment of acute uncomplicated influenza. ORLADEYO: An oral serine protease inhibitor designed to manage hereditary angioedema.
Analysis Summary
BioCryst Pharmaceuticals, Inc. reported revenue of $874.8M in the most recent fiscal year, growing at a 5-year CAGR of 117.9%.
Trailing-twelve-month margins: gross margin 23.5%, operating margin -33.3%, net margin -40.9%.
At the current price of $8.43, BCRX has negative trailing earnings (P/E not meaningful) and an ROE of 101.55%. Market capitalisation stands at $2.1B.
Balance sheet quality for BCRX: current ratio of 2.1, net debt of $164.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $327.4M represents 124% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.4M | $25.2M | $20.7M | $48.8M | $17.8M | $157.2M | $270.8M | $331.4M | $450.7M | $874.8M |
| Cost of Revenue | $2.7M | $1.7M | $471000 | $4.1M | $1.7M | $7.3M | $6.6M | $4.7M | $12.5M | $19.1M |
| Gross Profit | $23.7M | $23.5M | $20.2M | $44.7M | $16.1M | $149.9M | $264.2M | $326.8M | $438.2M | $855.8M |
| Research & Development | $61.0M | $67.0M | $84.9M | $107.1M | $123.0M | $208.8M | $253.3M | $216.6M | $174.6M | $166.1M |
| Selling, General & Admin | $11.3M | $13.9M | $29.5M | $37.1M | $67.9M | $118.8M | $159.4M | $213.9M | $266.1M | $348.6M |
| Operating Expenses | $72.3M | $80.9M | $114.4M | $144.2M | $190.9M | $327.6M | $412.7M | $430.5M | $440.8M | $514.8M |
| Operating Income | -$48.6M | -$57.4M | -$94.2M | -$99.5M | -$174.8M | -$177.7M | -$148.4M | -$103.7M | -$2.5M | $341.0M |
| EBITDA | -$48.2M | -$56.5M | -$90.4M | -$96.3M | -$167.6M | -$121.7M | -$143.9M | -$116.3M | $12.8M | $347.7M |
| Interest Expense | $6.5M | $8.6M | $9.2M | $11.9M | $14.5M | $59.3M | $99.1M | $108.2M | $98.5M | $78.9M |
| Pre-tax Income | -$55.1M | -$65.8M | -$101.3M | -$108.9M | -$182.8M | -$181.8M | -$244.4M | -$226.2M | -$87.0M | $267.4M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | $2.3M | $2.7M | $310000 | $1.9M | $3.5M |
| Net Income | -$55.1M | -$65.8M | -$101.3M | -$108.9M | -$182.8M | -$184.1M | -$247.1M | -$226.5M | -$88.9M | $263.9M |
| EPS | $-0.75 | $-0.78 | $-0.98 | $-0.94 | $-1.09 | $-1.03 | $-1.33 | $-1.18 | $-0.43 | $1.26 |
| EPS (Diluted) | $-0.75 | $-0.78 | $-0.98 | $-0.94 | $-1.09 | $-1.03 | $-1.33 | $-1.18 | $-0.43 | $1.21 |
| Shares Outstanding (Diluted) | $73.7M | $84.5M | $103.2M | $115.6M | $167.3M | $179.1M | $185.9M | $192.2M | $206.7M | $218.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $159.4M | $406.6M | $156.4M | $218.2M |
| Gross Profit | $156.9M | $396.6M | -$546.7M | $214.4M |
| Operating Income | $29.6M | $260.4M | -$701.6M | $98.5M |
| EBITDA | $32.1M | $266.2M | -$700.0M | $98.8M |
| Net Income | $12.9M | $245.8M | -$721.8M | $78.4M |
| EPS | $0.06 | $1.17 | $-2.98 | $0.31 |
| EPS (Diluted) | $0.06 | $1.12 | $-2.98 | $0.30 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22.1M | $50.3M | $26.7M | $114.2M | $272.1M | $504.4M | $304.8M | $110.6M | $104.9M | $89.7M |
| Short-term Investments | $32.5M | $64.1M | $77.7M | $22.1M | $28.2M | $3.2M | $119.5M | $278.3M | $216.1M | $185.0M |
| Receivables | $8.8M | $6.1M | $4.3M | $22.1M | $8.6M | $29.4M | $50.6M | $57.0M | $79.1M | $106.8M |
| Inventory | $500000 | -$37.8M | $1.6M | 0 | $7.0M | $15.8M | $27.5M | $28.7M | $8.1M | $5.4M |
| Total Current Assets | $67.0M | $125.4M | $114.4M | $164.3M | $323.8M | $566.1M | $516.5M | $496.0M | $422.0M | $404.3M |
| Property, Plant & Equipment | $9.9M | $9.5M | $9.1M | $7.3M | $7.1M | $15.2M | $8.6M | $20.9M | $19.8M | $19.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $89.8M | $178.3M | $146.8M | $175.3M | $334.7M | $588.2M | $550.0M | $517.0M | $490.4M | $514.2M |
| Accounts Payable | $4.3M | $6.3M | $7.8M | $14.0M | $18.7M | $27.8M | $14.4M | $20.9M | $11.6M | $15.8M |
| Short-term Debt | $28.2M | $35.1M | $33.7M | $38.6M | $30.0M | 0 | 0 | 0 | $35.4M | 0 |
| Total Current Liabilities | $54.4M | $74.8M | $69.5M | $92.3M | $105.7M | $103.7M | $105.5M | $150.0M | $160.4M | $196.1M |
| Long-term Debt | $22.8M | $16.8M | $25.4M | $41.3M | $244.5M | $585.5M | $733.3M | $811.3M | $795.9M | $427.2M |
| Total Liabilities | $88.3M | $94.5M | $97.6M | $137.0M | $354.0M | $695.1M | $844.6M | $972.5M | $966.4M | $633.3M |
| Retained Earnings | -$566.1M | -$631.8M | -$732.0M | -$840.6M | -$1.02B | -$1.21B | -$1.45B | -$1.68B | -$1.77B | -$1.51B |
| Total Equity | -$566.1M | -$631.8M | -$732.0M | $38.3M | -$19.3M | -$107.0M | -$294.6M | -$455.5M | -$475.9M | -$119.2M |
| Total Debt | $53.7M | $54.7M | $61.8M | $84.7M | $279.5M | $593.2M | $741.5M | $825.1M | $841.4M | $438.9M |
| Net Debt | -$9.9M | -$101.0M | -$65.0M | -$51.6M | -$20.9M | $85.6M | $317.1M | $436.2M | $520.4M | $164.1M |
| Working Capital | $12.6M | $50.6M | $44.9M | $72.0M | $218.1M | $462.4M | $411.0M | $346.0M | $261.6M | $208.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $84.1M | $89.7M | $172.4M | $155.0M |
| Total Assets | $446.4M | $514.2M | $465.1M | $557.9M |
| Total Liabilities | $834.3M | $633.3M | $1.02B | $1.01B |
| Total Equity | -$387.9M | -$119.2M | -$553.8M | -$454.3M |
| Total Debt | $683.1M | $438.9M | $858.1M | $409.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$55.1M | -$65.8M | -$101.3M | -$108.9M | -$182.8M | -$184.1M | -$247.1M | -$226.5M | -$88.9M | $263.9M |
| Depreciation & Amortization | $483000 | $704000 | $770000 | $724000 | $748000 | $777000 | $1.4M | $1.7M | $1.2M | $1.4M |
| Stock-based Compensation | $8.5M | $12.6M | $9.4M | $17.7M | 0 | $34.6M | $44.7M | $55.6M | $65.4M | $85.1M |
| Change in Working Capital | -$7.6M | $9.3M | -$3.5M | -$872000 | $26.9M | $8.1M | -$58.9M | -$32.4M | -$87.3M | -$56.9M |
| Operating Cash Flow | -$53.4M | -$41.1M | -$92.6M | -$89.6M | -$137.2M | -$142.2M | -$161.8M | -$95.1M | -$52.0M | $329.9M |
| Capital Expenditure | -$5.3M | -$328000 | -$366000 | -$343000 | -$514000 | -$2.4M | -$1.4M | -$2.2M | -$1.1M | -$2.5M |
| Acquisitions | $4000 | $12000 | $366000 | 0 | 0 | 0 | 0 | 0 | 0 | -$6.2M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$58.7M | -$41.5M | -$92.9M | -$89.9M | -$137.7M | -$144.5M | -$163.2M | -$97.3M | -$53.1M | $327.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $41.6M | $276.0M | -$62.1M | $104.3M |
| Capital Expenditure | -$1.3M | -$802000 | -$403000 | -$209000 |
| Free Cash Flow | $40.3M | $275.2M | -$62.5M | $104.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $18.6M | $72.6M | $16.0M | $14.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.4% | -18.0% | +136.5% | -63.5% | +782.4% | +72.3% | +22.4% | +36.0% | +94.1% | |
| Net Income Growth (YoY) | -19.3% | -53.9% | -7.6% | -67.9% | -0.7% | -34.3% | +8.3% | +60.8% | +396.9% | |
| EPS Growth (YoY) | -4.0% | -25.6% | +4.1% | -16.0% | +5.5% | -29.1% | +11.3% | +63.6% | +393.0% | |
| Shares Change (YoY) | +14.6% | +22.2% | +12.0% | +44.7% | +7.1% | +3.8% | +3.4% | +7.5% | +5.7% | |
| FCF Growth (YoY) | +29.4% | -124.1% | +3.2% | -53.2% | -4.9% | -12.9% | +40.4% | +45.4% | +716.1% | |
| Gross Margin | 89.8% | 93.2% | 97.7% | 91.6% | 90.6% | 95.4% | 97.6% | 98.6% | 97.2% | 97.8% |
| Operating Margin | -184.4% | -227.9% | -456.2% | -203.7% | -981.1% | -113.1% | -54.8% | -31.3% | -0.6% | 39.0% |
| EBITDA Margin | -182.8% | -224.4% | -437.5% | -197.2% | -940.7% | -77.5% | -53.1% | -35.1% | 2.8% | 39.7% |
| Net Margin | -209.3% | -261.2% | -490.3% | -223.0% | -1026.4% | -117.1% | -91.2% | -68.4% | -19.7% | 30.2% |
| FCF Margin | -222.8% | -164.7% | -450.0% | -184.1% | -773.2% | -92.0% | -60.3% | -29.4% | -11.8% | 37.4% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -1.2% | -1.1% | -0.1% | -2.2% | 1.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.80 | $-0.49 | $-0.90 | $-0.78 | $-0.82 | $-0.81 | $-0.88 | $-0.51 | $-0.26 | $1.50 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $73.7M | $84.5M | $103.2M | $115.6M | $167.3M | $179.1M | $185.9M | $192.2M | $206.7M | $209.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 101.55% |
| Return on Invested Capital | -88.96% |
| Return on Assets | -68.96% |
| Gross Margin | 23.52% |
| Operating Margin | -33.29% |
| Net Margin | -40.90% |
Financial Health
| Debt / Equity | -0.90 |
| Current Ratio | 2.32 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.83 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -8.44 | -6.29 | -8.23 | -3.67 | -6.83 | -13.45 | -8.63 | -5.08 | -17.49 | 6.19 |
| P/B | -0.82 | -0.66 | -1.14 | 10.43 | -64.69 | -23.19 | -7.24 | -2.53 | -3.27 | -13.74 |
| P/S | 17.70 | 16.46 | 40.32 | 8.17 | 69.96 | 15.78 | 7.88 | 3.47 | 3.45 | 1.87 |
| Gross Margin | 89.8% | 93.2% | 97.7% | 91.6% | 90.6% | 95.4% | 97.6% | 98.6% | 97.2% | 97.8% |
| Operating Margin | -184.4% | -227.9% | -456.2% | -203.7% | -981.1% | -113.1% | -54.8% | -31.3% | -0.6% | 39.0% |
| Net Margin | -209.3% | -261.2% | -490.3% | -223.0% | -1026.4% | -117.1% | -91.2% | -68.4% | -19.7% | 30.2% |
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Explore sector: Healthcare · Biotechnology
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