BIOCRYST PHARMACEUTICALS INCBCRX

BIOCRYST PHARMACEUTICALS INC Earnings Per Share Disclosure

10-KFiled Feb 26, 20262 min read
Net Income (Loss) Per Share
Basic and diluted net income (loss) per share for the years ended December 31, 2025, 2024, and 2023 were calculated as follows (in thousands, except per share amounts):
Years Ended December 31,
202520242023
Numerator:
Net income (loss)$263,861 $(88,881)$(226,539)
Denominator:
Weighted average shares of common stock outstanding: basic209,893 206,696 192,198 
Net income (loss) per common share: basic$1.26 $(0.43)$(1.18)
Effect of dilutive securities:
Stock options to purchase common stock4,854 — — 
Unvested restricted stock unit awards3,815 — — 
Shares issuable under the employee stock purchase plan19 — — 
Dilutive potential common shares8,688 — — 
Weighted average shares of common stock outstanding: diluted218,581 206,696 192,198 
Net income (loss) per common share: diluted$1.21 $(0.43)$(1.18)
For the year ended December 31, 2025, the dilutive effect of outstanding stock options, restricted stock unit awards, and shares issuable under the employee stock purchase plan was calculated using the treasury method, whereby all such awards are assumed to be exercised at the beginning of the period. The hypothetical proceeds from such exercises, including the average unrecognized stock compensation expense for outstanding stock options, restricted stock units and shares issuable under the employee stock purchase plan, were assumed to be used to purchase outstanding common stock at
the average price during the period. The net share impact of dilutive securities was added to the weighted average basic common shares outstanding to calculate weighted average diluted shares outstanding.
For the years ended December 31, 2024 and 2023, during which the Company recorded a net loss, all potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” For these periods, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share of common stock is the same.
The following table summarizes potential shares of common stock that were excluded from the computation of diluted net income (loss) per share attributable to common stockholders as they were anti-dilutive:
As of December 31,
202520242023
Outstanding stock options29,204 44,240 41,032 
Unvested restricted stock unit awards2,870 10,112 6,507 
Total32,074 54,352 47,539 
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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