BCRXBIOCRYST PHARMACEUTICALS INC

Biological Products, (no Diagnostic Substances)

Revenue: $875M; 94% YoY
Operating margin: 39.0%; 7008% YoY
EBITDA: $342M; 26498% YoY
Market cap: $2.2B
Employees: 67,000; $13K revenue each
Net debt / EBITDA: 0.4×; $143M net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
132% of net income
Cash flow under 80% of net income
Dilutive SBCNo
10% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
69% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$13K · 25th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$157M	$271M	$331M	$451M	$875M	94%
Operating income	−$178M	−$148M	−$104M	−$3M	$341M	13509%
Net income	−$184M	−$247M	−$227M	−$89M	$264M	397%
Operating cash flow	−$142M	−$162M	−$95M	−$52M	$347M	768%
Capex	$2M	$1M	$2M	$1M	$2M	120%
Stock-based comp	$35M	$45M	$56M	$65M	$85M	30%

Deal filings

Filed	Form	Acquirer	Price	Premium
May 30, 2018	DEFM14A	Nautilus Holdco, Inc.	$0.20	30%
Mar 29, 2018	DEFM14A	Nautilus Holdco, Inc.	—	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 10
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$13M	$1M	105	201
FY2024	$8M	$11M	101	156
FY2023	$5M	−$4M	80	144
FY2022	$7M	$4M	154	139
FY2021	$7M	$17M	186	124