TakeoverPE & activists

BCRXBIOCRYST PHARMACEUTICALS INC

Biological Products, (no Diagnostic Substances) · $2.2B market cap · 67,000 employees

1.2×

More likely than average to be taken private

Top 15% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
  • 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
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$4M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
May 30, 2018DEFM14ANautilus Holdco, Inc.$0.2030%
Mar 29, 2018DEFM14ANautilus Holdco, Inc.——

Key numbers

Revenue
$875MFY2021: $157MFY2022: $271MFY2023: $331MFY2024: $451MFY2025: $875M
94% YoY
Operating margin
39.0%FY2021: -113.1%FY2022: -54.8%FY2023: -31.3%FY2024: -0.6%FY2025: 39.0%
7008% YoY
EBITDA
$342MFY2021: −$177MFY2022: −$147MFY2023: −$102MFY2024: −$1MFY2025: $342M
26498% YoY
Net debt / EBITDA
0.4×
$143M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$157M$271M$331M$451M$875M 94% FY2021: $157MFY2022: $271MFY2023: $331MFY2024: $451MFY2025: $875M
Operating income−$178M−$148M−$104M−$3M$341M 13509% FY2021: −$178MFY2022: −$148MFY2023: −$104MFY2024: −$3MFY2025: $341M
Net income−$184M−$247M−$227M−$89M$264M 397% FY2021: −$184MFY2022: −$247MFY2023: −$227MFY2024: −$89MFY2025: $264M
Operating cash flow−$142M−$162M−$95M−$52M$347M 768% FY2021: −$142MFY2022: −$162MFY2023: −$95MFY2024: −$52MFY2025: $347M
Capex$2M$1M$2M$1M$2M 120% FY2021: $2MFY2022: $1MFY2023: $2MFY2024: $1MFY2025: $2M
Stock-based comp$35M$45M$56M$65M$85M 30% FY2021: $35MFY2022: $45MFY2023: $56MFY2024: $65MFY2025: $85M

13D filers

None on file.

Insider trading

−$4Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $4M · 10 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$13M$1M105201
FY2024$8M$11M101156
FY2023$5M−$4M80144
FY2022$7M$4M154139
FY2021$7M$17M186124