BioCryst Pharmaceuticals Inc 2025年度报告

Form 10-K xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the fiscal year ended December 31, 2025 oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the transition period from _____ to _____ Commission File Number 000-23186 BIOCRYST PHARMACEUTICALS, INC.(Exact name of registrant as specified in its charter) Delaware62-1413174(State or other jurisdictionof incorporation or organization)(I.R.S. EmployerIdentification No.) 4505 Emperor Blvd., Suite 200, Durham, North Carolina 27703(Address of principal executive offices) (919) 859-1302(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act Name of each exchange on whichregistered Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesxNoo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YesoNox Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files). YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.o Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements.o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recovery periodpursuant to §240.10D-1(b).o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesoNox The registrant estimates that the aggregate market value of the Common Stock on June 30, 2025 (based upon the closingprice shown on the Nasdaq Global Select Market on June 30, 2025) held by non-affiliates was $1,863,392,680. The number of shares of Common Stock, par value $0.01, of the registrant outstanding as of February 20, 2026 was250,800,620 shares. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement to be filed in connection with the solicitation of proxies for its 2025annual meeting of stockholders are incorporated by reference into Items 10, 11, 12, 13, and 14 under Part III hereof. TABLE OF CONTENTS Cautionary Note Regarding Forward-Looking Statements1Risk Factor Summary2 PART I ITEM 1. BUSINESS5ITEM 1A. RISK FACTORS30ITEM 1B. UNRESOLVED STAFF COMMENTS61ITEM 1C. CYBERSECURITY61ITEM 2. PROPERTIES63ITEM 3. LEGAL PROCEEDINGS63ITEM 4. MINE SAFETY DISCLOSURES64 PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS,AND ISSUER PURCHASES OF EQUITY SECURITIES65ITEM 6. RESERVED66ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS66ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK79ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA81ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSURE126ITEM 9A. CONTROLS AND PROCEDURES126ITEM 9B. OTHER INFORMATION127ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS127 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE128ITEM 11. EXECUTIVE COMPENSATION1