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Biocryst Pharmaceuticals

BCRX on Nasdaq. BioCryst Pharmaceuticals sells medicines for hereditary angioedema to patients and doctors. Market value $2.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
17.0%very high

For every $100 of what the whole company costs, it produced $16.98 of spare cash last year. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 34 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.

$7.95 a share, 32% above its 1-year low

Over the past year the price has ranged from $6.00 to $11.22.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.2
-0.1
-0.1
0.3
20212022202320242025
Revenue
$157m$271m$331m$451m$875m
Operating margin
-113.1%-54.8%-31.3%-0.6%39.0%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.19bn0.20bn0.21bn0.21bn0.26bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Watch
  • Financial strength (Piotroski)7 of 9
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 117.9% a year
  • Buying back its own sharesNo, 37% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $218 million last quarter, up 34% on a year ago.
  • Profit: $78 million, up 1442% on a year ago.
  • It loses 33 cents on each $1 of sales, after keeping 10 cents a year earlier.
  • 21% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $242 million more than cash, up from $158 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$117m
December 2024$132m
March 2025$146m
June 2025$163m
September 2025$159m
December 2025$407m
March 2026$156m
June 2026$218m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$14m
December 2024-$27m
March 2025$32,000
June 2025$5m
September 2025$13m
December 2025$246m
March 2026-$722m
June 2026$78m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 318 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $4m, $4m of it under preset trading plans.

  • McKee Amy E
    Director
    Sold
    Date
    18 May 2026
    Shares
    11,180
    Price
    $8.97
    Value
    $100,285
  • Barnes Alane P
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    13 May 2026
    Shares
    62,500
    Price
    $9.54
    Value
    $596,250
  • HEGGIE THERESA
    Director
    Sold
    Date
    20 March 2026
    Shares
    49,933
    Price
    $10.11
    Value
    $504,823
  • Barnes Alane P
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    16 March 2026
    Shares
    150,000
    Price
    $9.15
    Value
    $1m
  • Barnes Alane P
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    22 December 2025
    Shares
    21,773
    Price
    $7.65
    Value
    $166,563
  • Barnes Alane P
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    15 December 2025
    Shares
    21,210
    Price
    $7.65
    Value
    $162,257
  • Barnes Alane P
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    3 December 2025
    Shares
    19,770
    Price
    $7.65
    Value
    $151,241
  • Barnes Alane P
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    2 December 2025
    Shares
    50,906
    Price
    $7.21
    Value
    $367,032
  • Barnes Alane P
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    1 December 2025
    Shares
    91,004
    Price
    $7.10
    Value
    $646,128
  • SANDERS MACHELLE
    Director
    Sold
    under a preset trading plan
    Date
    13 November 2025
    Shares
    9,600
    Price
    $7.14
    Value
    $68,544

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 88% last year. Losing that customer would hurt.

    “Product revenue where the specialty pharmacy is considered the customer was approximately 88 %, 87 %, and 89 % of total product sales for the years ended December 31, 2025, 2024, and 2023, respectively.”

    From the 10-K filed 26 February 2026, Item 8. Financial Statements and Notes. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.