BIOCRYST PHARMACEUTICALS INCBCRX

BIOCRYST PHARMACEUTICALS INC Segments Disclosure

10-KFiled Feb 26, 20262 min read
Segment Information
The Company operates as one reportable and operating segment, centered around its commercialized product, ORLADEYO, and its pipeline with the goal of developing first-in-class or best-in-class oral small-molecule and injectable protein therapeutics to target a range of rare diseases. The determination of a single segment is consistent with the
consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Chief Executive Officer, as the CODM, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources, and planning and forecasting for future periods.
The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss). This measure is used to monitor budget versus actual results to evaluate the performance of the segment. The CODM uses consolidated cash, cash equivalents and investments as the measure of segment assets. As of December 31, 2025 and 2024, the Company’s cash, cash equivalents, and investments were $335,911 and $341,173, respectively.
The following table illustrates information about segment revenues, significant segment expenses, and segment net income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):
Years Ended December 31,
202520242023
Revenues$874,837 $450,712 $331,412 
Less1:
Cost of product sales19,075 12,269 4,481 
Research and development (excluding stock-based compensation)
Berotralstat12,148 10,950 13,780 
BCX1772517,304 12,389 10,218 
Avoralstat9,497 7,547 6,314 
Factor D Program456 8,534 40,111 
Research, discovery and preclinical programs17,677 12,733 12,286 
Compensation and related personnel costs51,576 59,010 64,377 
Other non-program specific and indirect costs27,958 32,190 40,103 
Sales and marketing (excluding stock-based compensation)177,085 152,166 134,262 
General and administrative (excluding stock-based compensation)116,006 80,054 53,574 
Stock-based compensation85,066 65,413 55,615 
Interest income(10,668)(14,746)(15,777)
Interest expense78,872 98,516 108,239 
Foreign currency losses, net152 641 1,039 
Loss on extinguishment of debt17,332 — 29,019 
Other income(12,090)— — 
Income tax expense3,530 1,927 310 
Segment net income (loss)263,861 (88,881)(226,539)
Reconciliation of segment profit or loss:
Adjustments and reconciling items— — — 
Consolidated net income (loss)$263,861 $(88,881)$(226,539)
1 The significant segment expenses align with the segment-level information that is regularly provided to the CODM.
All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenues, see “Note 3—Revenue”.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 25, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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