Caught Up W/ Co On R&D Strategic Changes, Lower Expense Guide, & Other Updates

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Caught Up W/ Co On R&D Strategic Changes, Lower Expense Guide, & Other Updates

USA | Biotechnology

BioCryst EquityJuneResearch29, 2026

TARGET | ESTIMATE CHANGECaught Up W/ Co On R&D Strategic Changes,

RATING BUYLower Expense Guide, & Other Updates

PRICE $9.55^

BCRX is transitioning to a more capital efficient R&D model by prioritizing

external innovation vs internal discovery, which we view as a (+)ve. Strong PRICE TARGET | % TO PT $17.00 ($14.00) | +78%

balance sheet, sustained double-digit% rev growth expectations, and tightly 52W HIGH-LOW $10.94 - $6.00

controlled expense growth underpins the strategic shift. We updated our model FLOAT (%) | ADV MM (USD) 88.7% | 49.17

accounting for rev OpEX non-GAAP guidance. Also, navenibart ph.III completed MARKET CAP $2.3B

enrollment w/ topline in 3Q27, and Netherton ph.I data remains on-track for TICKER BCRX ^Prior trading day's closing price unless otherwise

YE26. noted. Price: pre-market Feb 22nd 2023

We caught up w/ mgmt following their press release w/ plan to wind down internal discovery and

close their Birmingham facility. Mgmt made the decision to focus on external innovation to expand FY (Dec) CHANGE TO JEFe JEF vs CONS

their oppty breadth (could now include earlier-stage external assets) vs internally-constrained 2026 2027 2026 2027

discovery to enable faster pipeline build-out w/ better capital allocation. Some associated costs of REV NA NA NA NA

the changes are TBD -- co pointed to 2023 & 2025 restructurings for ref, and said they would provide EPS +13% +1,733% -1,057% +7%

more cost details when they had them.

2026 ($) Q1A Q2 Q3 Q4 FY

BCRX has a strong balance sheet, and this update further improves operating leverage -- we view EPS (2.98) (0.05) 0.16 0.16 (2.68)

as a (+)ve.