BioCryst Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $117.1 million for the three months ended September 30, 2024, a notable increase from $86.7 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $319.2 million, compared to $238.0 million in the prior year. This growth was primarily driven by a $30.6 million increase in net revenue from ORLADEYO, its flagship product for hereditary angioedema (HAE), which saw higher direct sales.
Despite the revenue growth, BioCryst reported a net loss of $14.0 million for the third quarter of 2024, down from a net loss of $36.1 million in the same quarter of 2023. For the nine-month period, the net loss was $62.1 million, significantly reduced from $164.8 million in the previous year. The company’s income from operations improved to $7.7 million for the third quarter, contrasting with an operating loss of $11.9 million in the same quarter of 2023.
Research and development expenses decreased to $41.1 million for the third quarter of 2024, down from $46.9 million in the same period of 2023, largely due to reduced spending on the Factor D program following the discontinuation of BCX10013. However, selling, general, and administrative expenses rose to $65.1 million, up from $50.6 million, reflecting increased commercial activities to support revenue growth and expansion into new markets.
The company’s cash and cash equivalents decreased to $96.8 million as of September 30, 2024, from $110.6 million at the end of 2023. Total assets also declined to $491.3 million from $517.0 million during the same period. The company’s total liabilities included royalty financing obligations of $514.8 million, down from $531.6 million at the end of 2023.
Strategically, BioCryst announced a workforce reduction in January 2024, incurring costs of $3.4 million related to severance and benefits. The company is also exploring various funding opportunities, including out-licensing rights and securing additional regulatory approvals for its product candidates. The financial outlook indicates that total expenses for 2024 are expected to exceed total revenues, with continued operating losses anticipated until revenues can support ongoing operations.
About BIOCRYST PHARMACEUTICALS INC
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