BioCryst Reports Third Quarter 2016 Financial Results

RESEARCH TRIANGLE PARK, N.C., Nov. 07, 2016 (GLOBE NEWSWIRE) -- BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced financial results for the third quarter ended September 30, 2016.

"Our company's primary focus is on the execution of the APeX-1 trial of BCX7353," said Jon P. Stonehouse, President & Chief Executive Officer.  "The screening success rate in APeX-1 has been high, approximately 90%, similar to our previous studies in HAE. We are pleased that subject screening has gained momentum recently. As of last Friday, 19 subjects have been screened, of whom 16 have been randomized. Based on our current number of randomized patients, we are modifying our projection for reporting the results of part one to the first quarter of 2017." 

Third Quarter Financial Results

For the three months ended September 30, 2016, revenues decreased to $7.8 million from $11.0 million in the third quarter of 2015, largely due to decreased RAPIVAB ® product sales associated with the transition of RAPIVAB commercialization to the Company's partner, Seqirus UK Limited (Seqirus), as well as a decrease in collaborative revenue associated with galidesivir (formerly BCX4430) development, which is funded by U.S. Government contracts. This decrease was offset by a large increase in RAPIACTA ® royalties from government stockpiling sales by the Company's commercial partner in Japan, Shionogi & Co. Ltd. (Shionogi). 

Research and Development (R&D) expenses for the third quarter of 2016 decreased to $14.1 million from $20.1 million in the third quarter of 2015.  This decrease was related to the discontinuation of avoralstat development activities subsequent to OPuS-2 during the summer.  

General and Administrative (G&A) expenses for the third quarter of 2016 were $2.8 million, and were consistent with $2.7 million for the third quarter of 2015.

Interest expense, which is currently and primarily related to the Company's non-recourse notes payable, was $1.5 million in the third quarter of 2016 and $1.2 million in the third quarter of 2015.  In addition, a $931,000 mark-to-market loss on the Company's foreign currency hedge was recognized in the third quarter of 2016, as compared to a $460,000 mark-to-market loss in the third quarter of 2015.  These losses resulted from periodic changes in the U.S. dollar/Japanese yen exchange rate and the related mark-to-market valuation of the Company's underlying hedge arrangement.  During the third quarter of 2015, the Company also realized a currency hedge gain of $108,000 from the exercise of a U.S. Dollar/Japanese yen currency option.

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