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BioCryst Provides Corporate Update And Reports Second Quarter 2013 Financial Results

BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced financial results for the second quarter ended June 30, 2013.

“The fact that we met all of our goals for the BCX4161 Phase 1 trial and secured government funding for the peramivir NDA filing represents a significant step forward for BioCryst,” said Jon P. Stonehouse, President & Chief Executive Officer of BioCryst. “We look forward to initiating the BCX4161 Phase 2a clinical trial and to submitting a peramivir NDA by year end. Our very successful recent financing has allowed us to attract additional high quality investors into the company and has provided us the cash runway to carry us into 2015.”

Second Quarter Financial Results

For the three months ended June 30, 2013, revenues decreased to $821,000 from $4.2 million in the second quarter of 2012. BARDA/HHS revenue decreased in the second quarter of 2013 due to a decline in reimbursable peramivir expenses, compared to the second quarter of 2012.

Research and development expenses for the quarter decreased to $11.7 million from $12.8 million in the second quarter 2012, due primarily to lower development expenses associated with the peramivir and BCX5191 programs, which were largely offset by a $5.0 million non-cash write-off of a “deferred collaboration costs” asset associated with BioCryst’s Purine Nucleoside Phosphorylase Inhibitor (“PNP”) licensing agreement.

General and administrative expenses for the second quarter 2013 decreased to $1.2 million compared to $1.6 million in 2012, due primarily to the December 2012 corporate restructuring that reduced BioCryst’s cost structure and operations.

In the second quarter of both 2013 and 2012, interest expense was $1.2 million and related to the Company’s non-recourse notes payable. In addition, a mark-to-market gain on our foreign currency hedge of $1.1 million was recognized in the second quarter 2013, compared to a loss of $1.0 million in the second quarter 2012. These gains/losses result from periodic changes in the U.S. dollar/Japanese yen exchange rate and the related mark-to-market valuation of our underlying hedge arrangement.

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