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CONFIDENTIAL & PROPRIETARY Third Quarter 2025 Results Call Corporate Update & Financial Results November 3, 2025
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Forward-looking statements 2 This presentation contains forward-looking statements, including statements regarding, among other things, future results, performance or achievements, expectations regarding pipeline development, the expected benefits of BioCryst’s acquisition of Astria (the “Merger”) and BioCryst’s ability to recognize the benefits of the Merger, expected Merger consideration, the anticipated financial impact of the Merger, BioCryst’s or the combined company’s performance following the Merger, including future financial and operating results, anticipated approval and commercialization of navenibart, pharmaceutical research and development, such as drug discovery, preclinical and clinical development activities and related timelines, expected HAE portfolio revenue growth and addressable market, anticipated benefits, performance, and competitive positioning of, and market size for, navenibart, potential best-in-class profile of product candidates (including navenibart), and BioCryst’s plans, objectives, expectations, intentions, growth strategies and other statements that are not historical facts. These statements involve known and unknown risks, uncertainties and other factors which may cause BioCryst’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include: BioCryst’s ability to successfully implement or maintain its commercialization plans for ORLADEYO; BioCryst’s ability to successfully progress its pipeline development plans as described herein, including meeting the expected timelines; BioCryst’s ability to successfully implement its plans to seek a strategic partner for avoralstat; the results of BioCryst’s partnerships with third parties may not meet BioCryst’s current expectations; risks related to government actions, including that decisions and other actions, including as they relate to pricing, may not be taken when expected or at all, or that the outcomes of such decisions and other actions may not be in line with BioCryst’s current expectations; the commercial viability of ORLADEYO, including its ability to achieve sustained market acceptance and demand; ongoing and future preclinical and clinical development of product candidates may take longer than expected and may not have positive results; the outcome of preclinical testing and early clinical trials may not be predictive of the success of later clinical trials, and interim results of a clinical trial do not necessarily predict final results; BioCryst may not be able to enroll the required number of subjects in planned clinical trials of product candidates; BioCryst may not advance human clinical trials with product candidates as expected; the FDA or other applicable regulatory agency may require additional studies beyond the studies planned for products and product candidates, may not provide regulatory clearances which may result in delay of planned clinical trials, may not review regulatory filings on our expected timeline, may impose certain restrictions, warnings, or other requirements on products and product candidates, may impose a clinical hold with respect to product candidates, or may withhold, delay or withdraw market approval for products and product candidates; product candidates, if approved, may not achieve market acceptance; BioCryst’s ability to successfully commercialize its products and product candidates; BioCryst’s ability to successfully manage its growth and compete effectively; timing for achieving and sustainability of profitability and positive cash flow may not meet management’s expectations; statements and projections regarding financial guidance and goals and the attainment of such goals may differ from actual results based on market factors and BioCryst’s ability to execute its operational and budget plans; actual financial results may not be consistent with expectations, including that revenue, operating expenses and cash usage may not be within management’s expected ranges; the occurrence of any event, change or other circumstances that could give rise to the right of BioCryst or Astria to terminate the definitive agreement governing the Merger; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the expected benefits of the Merger) and Astria stockholder approval or to satisfy any of the other conditions to the Merger on a timely basis or at all; the possibility that the anticipated benefits of the Merger, including anticipated synergies, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where BioCryst and Astria do business; the significant indebtedness BioCryst expects to incur in connection with the Merger and the need to generate sufficient cash flows to service and repay such debt; the possibility that the Merger may be more expensive to complete than anticipated; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; and risks relating to the potential dilutive effect of shares of BioCryst common stock to be issued in the Merger. Please refer to the documents BioCryst files periodically with the Securities and Exchange Commission (the “SEC”), specifically BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, which identify important factors that could cause actual results to differ materially from those contained in BioCryst’s projections and forward-looking statements.
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3 In addition to financial information prepared in accordance with U.S. GAAP, this presentation also includes our non-GAAP operating expense outlook for full year 2025, which refers to our expected GAAP operating expense, excluding stock-based compensation expense and transaction-related costs. We have not provided a reconciliation against the comparable forward-looking GAAP measure because we are unable to predict with reasonable certainty the full amount of stock-based compensation expense or transaction-related costs for full year 2025 without unreasonable effort. Stock-based compensation expense is uncertain and depends on various factors, including our future hiring and retention needs, as well as the future fair market value of our common stock, which is difficult to predict and subject to change. In addition, we are unable to predict with reasonable certainty the full amount of transaction-related costs as the closing of the proposed Astria acquisition is still pending and the related costs are dependent on various factors that have not yet occurred. The actual amount of stock-based compensation expense and transaction-related costs for the full year 2025 could have a material impact on GAAP reported results for the guidance period. Non-GAAP Financial Measures
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AGENDA 4 Corporate update Jon Stonehouse Chief Executive Officer ORLADEYO® update Charlie Gayer President and Chief Commercial Officer Pipeline update Dr. Bill Sheridan Chief Development Officer Financial update Babar Ghias Chief Financial Officer Q&A
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BioCryst is well-positioned to achieve sustainable, double digit revenue growth 5 Growing commercial product with high cash flow visibility • Sustainable $1B peak revenue opportunity for ORLADEYO • >80% contribution margin1 • IP runway into 20402 Maximize potential of internal rare disease portfolio • Netherton syndrome: high unmet need and potential for best-in-class therapy • Targeted rare disease focused discovery • Externalize non-core assets Strategic business development • Focus on de-risked late- stage rare disease assets • Near-term value creation • Leveraging existing operating infrastructure 1. Contribution margin defined as revenue minus direct costs (COGS + S&M) 2. Pediatric extension through May 2040 Value creation through three key strategic growth pillars
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Q3 2025: Continued strong ORLADEYO growth (+37% y/y) 6 ORLADEYO REVENUE QUARTERLY & QUARTERLY AVERAGE BY YEAR ($M) • FY25 guidance range raised to $590-600M • New patient prescriptions equal to two-year average and slightly up y/y • 64 new prescribers in Q3, exceeding two-year average • Steady patient retention (long-term trend ~60% at one year) 0 20 40 60 80 100 120 140 160 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2021 2022 2023 2024 2025
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7 22% 23% 25% 24% 24% 24% 24% 24% 24% 24% 0% 20% 40% 60% 80% 100% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Patient LTP Share ORLADEYO Takhzyro Haegarda Other Prophy** Andembry Dawnzera Deucrictibant Navenibart Estimated Prophylaxis Patients* 7,600 8,400 9,100 9,700 Source: BioCryst Internal Market Research Study (Conducted June 2025) *Source: 2018-2023 administrative claims data **Other Prophy: Any other current medication (including acute) taken prophylactically for HAE 2025 market research: ORLADEYO outlook remains strong
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Year-over-year market research reaffirms outlook for ORLADEYO 8 Source: BioCryst Internal Market Research Studies (Conducted Jun 2024,Jun 2025) 2024 Results 2025 Results 2025 results are little changed from 2024 and support our continued confidence in ORLADEYO’s trajectory
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BioCryst’s proven track record of commercial execution 9 Our commercial engine delivers: Superior performance + High degree of forecasting accuracy We will apply same playbook to maximize the navenibart opportunity 2021 2025 2020 Forecast 2021 Actual 2021 Peak 2020 Forecast 2021 Actual $92M $118M $500M+ $550M+ ~2,100 ~2,100 ~500 ~600 ORLADEYO Revenue (US) Patients On Therapy (US) 2025 Guidance1 2025 Forecast 1. Expected total FY 2025 ORLADEYO revenue excluding EU
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BioCryst to acquire Astria for ~$700M TEV 10 ✓ 10+ yr double digit portfolio CAGR Potential to transform BioCryst’s revenue profile through the next decade ✓ Near-term launch anticipated Pivotal Phase 3 clinical trial on track for early 2027 topline data ✓ Core area of expertise Seamlessly integrates into and complements BioCryst’s existing HAE franchise Strong strategic fit ✓ Differentiated injectable profile 3-to-6-month dosing would be a significant improvement over available injectable options ✓ Late-stage asset with strong efficacy, safety, and tolerability Phase 1b/2 data indicates potential for best-in-class efficacy with favorable safety profile ✓ Simple, well-understood mechanism Patients and physicians have long experience with plasma kallikrein inhibition Compelling LTP asset ✓ Profitability maintained BioCryst expects to remain profitable (non-GAAP) and cash flow positive post-transaction ✓ Significant operating leverage Driven by BioCryst’s leading commercialization infrastructure ✓ Strong cash flow generation Expected cash balance of $1B+ by 2029, enabling optionality for other growth opportunities Enhances financial profile Acquisition of Astria to expand and strengthen presence in HAE while transforming growth profile TEV, total enterprise value; HAE, Hereditary Angioedema
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Significant addressable opportunity in HAE 11 Estimated US patients on prophylaxis Navenibart opportunity: 5,000+ patients in the US Augments BioCryst’s HAE portfolio with the potential best-in-class option for any route of administration preference Majority of HAE patients remain on less convenient regimens Source: BioCryst Internal Market Research Study (Conducted Jun 2025), 2018-2023 administrative claims data 7,600 8,400 9,100 9,700 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Other Injectable prophy ORLADEYO
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Navenibart could become the 1st choice injectable therapy 12 30% 40% 50% 60% 70% 80% 90% 100% 0 4 8 12 16 20 24 28 Mean Attack Rate Reduction Dosing Interval (weeks) (Q8W) (Q4W) ✓ Trusted mechanism & modality Monoclonal antibody inhibitor of plasma kallikrein ✓ Compelling efficacy data High affinity and potency with fast onset delivers rapid, effective prevention against attacks ✓ Infrequent dosing schedule YTE modification for extended half-life enables dosing every 3 or 6 months ✓ Pain-free administration Citrate-free, high-concentration formulation, delivered via autoinjector Phase 1b/2 data highlight navenibart’s potential to match or exceed marketed and developmental therapies on efficacy while greatly reducing treatment burden Q3M/Q6M, 3/6-month dosing NOTE: Efficacy data presented are derived from different clinical trials conducted at different times by different sponsors, with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted. ANDEMBRY: US Prescribing Information (Jun 2025). TAKHZYRO; US Prescribing Information (Jan 2025). Donidalorsen: Riedl et al (2024), NEJM. Navenibart data is from the ALPHA-SOLAR study in which Arm A consisted of D1 600 mg, then 300 mg Q3M (n=10) and Arm B consisted of D1 600mg, D28 600 mg, then 600 mg Q6M (n=6). Navenibart (Q3M) Navenibart (Q6M)
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Transaction financing overview 13 ~$700M Enterprise Value Equity portion ~$280M1 Cash portion ~$420M • 0.59 BCRX shares per ATXS share • ATXS shareholders to own ~15% of combined company2 • To be funded by mix of: o Up to $400M of Blackstone facility3 o Cash on balance sheet 1. Based on ~37M shares issued at a price of $7.54 (BCRX 20-day VWAP as of October 8, 2025) 2. 15% figure based on 210.5M basic shares outstanding as of 9/30/25 3. $400M of $550 total facility is available for this transaction
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Our pipeline 14 *ORLADEYO for pediatric patients, BCX17725, and avoralstat are investigational and have not been deemed safe and effective by the FDA. This page may contain forward-looking statements, including statements regarding future results, product development or performa nce, and company performance or achievements. These statements are subject to known and unknown risks and uncertainties which may cause our actual results, performance or achievements to be materially differen t from any future results or performances expressed or implied on this webpage. You should not place undue reliance on the forward-looking statements. For additional information, including important risk factors, please ref er to BioCryst’s documents filed with the SEC and located at https://ir.biocryst.com/financial- information/sec-filings ASSET PROGRAM PRE -CLINICAL PHASE 1 PHASE 2 PHASE 3/PIVOTAL APPROVED / COMMERCIAL CORE PROGRAMS ORLADEYO® (berotralstat) Oral Plasma Kallikrein Inhibitor Hereditary Angioedema (HAE) ORLADEYO® (berotralstat) Oral Plasma Kallikrein Inhibitor in Pediatrics Hereditary Angioedema (HAE) BCX17725 Protein Therapeutic Netherton Syndrome Undisclosed Rare Diseases NON-CORE PROGRAMS RAPIVAB® (peramivir injection) Infectious Diseases Avoralstat Ocular Plasma Kallikrein Inhibitor Diabetic Macular Edema (DME)
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Bringing ORLADEYO granules to children 15 • Despite significant innovation in HAE prophylaxis for adults, there is still high unmet need in children • Injectable therapies are the only FDA-approved options for children ages 2 to <12 • Positions ORLADEYO to be the market leading prophylaxis for children (~500 patients in US)1 New dosage form: granules (2x3 mm) APeX-P • Ages 2 to <12 • Multi-center pivotal trial • Primary outcomes were safety and exposure levels in pediatric patients with HAE PDUFA target date Dec 12, 2025 EU & Japan applications submitted 1. US claims analysis
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1. Based on healthcare claims analysis Image: https://www.nethertonsyndrome.com/about-nethertons.php High unmet need Severe, rare, genetic and lifelong disease Premature separation of skin layers, severe inflammation and infection risk No approved targeted therapies Validated target Well-understood biological cause: SPINK5 gene variant BCX17725 aims to restore missing protein functions Under- diagnosed population Diagnosed US population of ~1,6001 Potential to grow to 3,000-5,000 with greater diagnosis and treatment Treating Netherton syndrome (NS) with a targeted KLK5 inhibitor: BCX17725 IND cleared by FDA 16
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17 BCX17725 KLK7 Skin barrier dysfunction Inflammatory cascade Atopy PAR2 Downstream consequences of KLK5 activation Degrades epithelial junctions • KLK5 initiates the pathologic protease cascade (KLK7, KLK14) and inflammation (via PAR2) in the skin • BCX17725 designed to stop KLK5 overactivity at the top of the pathway KLK5 KLK14 BCX17725 targets KLK5, the key player in Netherton syndrome Petrova E and Hovnanian A. Exp Opin Orphan Drugs (2020) 8(11): 455-487 PAR2: protease-activated receptor 2 KLK = kallikrein
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Part 3: NS patients Multiple Ascending Dose Single Ascending Dose Multiple Dose Multiple Dose Parts 1 & 2: Healthy volunteers Part 4: NS patients 12 weeks of treatment, open-label, safety and efficacy 4 weeks of treatment, open-label, safety and PK This study is designed to help us understand: 1. Preliminary safety 2. Systemic exposure 3. Distribution into skin 4. Early efficacy signals BCX17725 Phase 1: healthy volunteers and patients with Netherton syndrome 18 Initial data from Part 3 expected by end of Q1 2026
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BCX17725 in healthy volunteers: encouraging distribution to epidermis after IV dosing 19 Notes: Immunofluorescence (IF) using capture antibody specific to BCX17725 and fluor-tagged (green) detection antibody. Cell nuclei – DAPI fluor (DNA, blue). Post-dose samples obtained five hours after third dose. Pre-dose Post-dose: BCX17725 12 mg/kg IV dermis epidermis 80 µm epidermis dermis
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Finance summary 20 (Figures in millions) 1. Cash, cash equivalents, restricted cash and investments totaled $269 million at September 30, 2025, of which $15 million of cash and cash equivalents are held within the Company’s European ORLADEYO Business and is reflected in current assets held for sale. 2. Excludes stock-based compensation and transaction-related costs. 3. Reflective of net proceeds from the sale of our European ORLADEYO business and payoff in full of the outstanding principal balance on our senior credit facility in October 2025. CASH POSITION SEP 30, 2025 PRO FORMA3 SEP 30, 2025 Cash, cash equivalents, restricted cash & investments1 $269 $294 Senior credit facility $199 $0 ORLADEYO ROYALTIES Q3 2025 9ME SEP 30, 2025 Royalty revenues paid and payable $20 $77 Non-cash interest expense $13 $40 Launch-to-date OMERS royalties (% progress to cap) $84 (36%) FY 2025 GUIDANCE CURRENT PRIOR ORLADEYO revenue $590-600 $580-600 Non-GAAP operating expenses2 $430-440 $440-450
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ORLADEYO royalties: terms 21 Upfront Rate Tiers (Direct2) Rate Tiers (Indirect) Cumulative Payback Cap RP 2020 $125M $0-350M: $350M-550M: Over $550M: 8.75% 2.75% None $0-150M: $150M-230M: Over $230M: 20% 10% None None RP 2021 $150M1 $0-350M: $350M-550M: Over $550M: 0.75% 1.75% None $0-150M: $150M-230M: Over $230M: 3% 2% None None OMERS 2021 $150M $0-350M: $350M-550M: Over $550M: 10% 3% None $0-150M: $150M-230M: Over $230M: 20% 10% None 1.55x 1. Royalty Pharma made an additional $50M equity investment in conjunction with the 2021 Royalty Purchase Agreement. 2. Direct sales include the United States, key European markets and other markets where ORLADEYO is sold directly or through distributors.
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ORLADEYO royalty rate now declining 22 (Figures in millions) ORLADEYO revenue $326 $438 $590-600 $1,000 Royalties accrued 40 74 Blended rate (Annual rate1) 12% (20%) 17% ~14% ~4% 1. The company began making royalty payments to OMERS in 4Q 2023. Annual rate is defined here as the royalty rate that would be applied if royalties were accrued on a full year basis using the current rate schedule. 2. Example calculation assumes only direct sales, that that OMERS royalty has reached its cap, and is for illustrative purposes only. • We expect total royalties to be steady and blended rate to decline through peak, now that revenue has reached royalty free tier (>$550M) • Rate expected to settle ~4% at peak once OMERS reaches cap 20% 17% 14% 4% 2023 2024 2025E At Peak² RPI rate OMERS rate¹ Expected rate Expected rate at peak
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CONFIDENTIAL & PROPRIETARY Third Quarter 2025 Results Call Corporate Update & Financial Results November 3, 2025