BioCryst Pharmaceuticals, Inc. (Nasdaq:BCRX) today announced
financial results for the fourth quarter and full year ended
December 31, 2020, and provided a corporate update.
“With two approvals for ORLADEYO, our launch in
the U.S., proof of concept data for BCX9930 in complement-mediated
diseases, a successful phase 1 trial of BCX9250 for FOP and the
addition of more than $425 million through our May and December
financings, 2020 was a transformational year for BioCryst,” said
Jon Stonehouse, president and chief executive officer of
BioCryst.
“Using our strong balance sheet as a foundation,
we expect to continue this transformation in 2021 with ORLADEYO
generating revenue in the U.S., Japan and Europe, and the
opportunity to significantly advance the 9930 program as an oral
monotherapy for both PNH, and renal complement-mediated diseases,”
Stonehouse added.
Program Updates and Key
Milestones
ORLADEYO™ (berotralstat): Oral,
Once-daily Treatment for Prevention of Hereditary
Angioedema (HAE) Attacks
- BioCryst launched ORLADEYO in the
United States following U.S. Food and Drug Administration (FDA)
approval on December 3, 2020, and product shipments began on
December 16, 2020.
- On January 22, 2021, the company
announced that the Ministry of Health, Labor and Welfare (MHLW) in
Japan had granted marketing and manufacturing approval for oral,
once-daily ORLADEYO 150 mg for prophylactic treatment of hereditary
angioedema (HAE) in adults and pediatric patients 12 years and
older.
- ORLADEYO is the first and only
prophylactic HAE medication approved in Japan and will be
commercialized in Japan by BioCryst’s partner, Torii Pharmaceutical
Co., Ltd. OrphanPacific, Inc. is BioCryst’s representative partner
in Japan and holds the marketing authorization.
- Torii will launch ORLADEYO in Japan
following the successful completion of BioCryst’s pricing
negotiations with the Japanese National Health Insurance System
(NHI).
- BioCryst is eligible to receive an
additional milestone payment of $15 million from Torii upon receipt
of a reimbursement price from the NHI in excess of the threshold
specified in the agreement with Torii. In addition, BioCryst will
receive tiered royalties ranging from 20 percent to potentially 40
percent of Japanese net sales.
- In Europe, the Committee for
Medicinal Products for Human Use (CHMP) is scheduled to review the
ORLADEYO marketing authorization application this week. The company
expects approval from the European Commission (EC) approximately 60
days following a positive opinion from the CHMP.
- On October 30, 2020, the company
announced that the United Kingdom’s Medicines and Healthcare
products Regulatory Agency (MHRA) had granted ORLADEYO a positive
scientific opinion through the Early Access to Medicines Scheme
(EAMS). Under the EAMS, HAE patients in the UK aged 12 years and
older can gain access to ORLADEYO for the routine prevention of
recurrent attacks of HAE before the drug is granted marketing
authorization by the EC.
- In the fourth quarter of 2020, the
company presented data in several manuscripts and abstracts.
- On October 22, 2020, the company
announced that data from the first 24 weeks of the Phase 3 APeX-2
trial of ORLADEYO in 121 HAE patients ages 12 years or older had
been published online by the Journal of Allergy and Clinical
Immunology.
- On November 13, 2020, the company
presented data in several abstracts at the 2020 Annual Scientific
Meeting of the American College of Allergy, Asthma & Immunology
across HAE patients, caregivers and treating physicians showing
many patients experience a significant treatment burden associated
with current prophylactic HAE therapies.
- On November 30, 2020, the company announced that the journal
Allergy had published data from the APeX-J trial, a randomized,
placebo-controlled trial conducted in Japan evaluating ORLADEYO for
the prophylactic treatment of HAE.
Complement Oral Factor D Inhibitor
Program – BCX9930
- The company has completed the
enrollment of its ongoing dose ranging trial in treatment-naïve (no
prior treatment with C5 inhibitors) paroxysmal nocturnal
hemoglobinuria (PNH) patients, and PNH patients with an inadequate
response to C5 inhibitors. The company plans to present data from
the 16 enrolled PNH patients (10 treatment naïve and six inadequate
C5 responders) at its upcoming R&D day on March 22.
- In previously reported data from
treatment-naïve (no prior treatment with C5 inhibitors) PNH
patients receiving doses of oral BCX9930 through 400 mg bid, oral
BCX9930 drove rapid and dose-dependent reductions in key
biomarkers, including LDH, and increasing hemoglobin levels in all
PNH patients in the trial. Increases in hemoglobin levels were
maintained without transfusions. BCX9930 has been safe and well
tolerated at all doses in the trial. No drug-related serious
adverse events have been reported.
Additional Updates
- On December 7, 2020, the company
announced transactions totaling $325 million in funding for
BioCryst, with $250 million available at closing, to support the
launch of ORLADEYO in HAE and the development of BCX9930. Royalty
Pharma provided BioCryst with an upfront cash payment of $125
million and will receive royalties on direct annual net sales of
ORLADEYO up to $550 million, and a tiered percentage of sublicense
revenue for ORLADEYO in certain territories. In addition, Royalty
Pharma will receive a 1.0% royalty on global net sales of BCX9930,
if approved. A fund managed by Athyrium Capital Management provided
BioCryst with a $200 million credit facility, of which BioCryst
drew $125 million at closing. The additional capital will be
available in two tranches at BioCryst’s option, upon reaching
defined revenue milestones. The credit facility bears interest at
LIBOR + 8.25% (with a LIBOR floor of 1.75%) and is interest-only
for the entire five-year term, with all outstanding principal due
at maturity.
- On December 21, 2020, the company
announced that in a Phase 1 clinical trial with BCX9250, an oral
activin receptor-like kinase-2 (ALK-2) inhibitor discovered and
developed by BioCryst for the treatment of fibrodysplasia
ossificans progressiva, BCX9250 was safe and well tolerated at all
doses studied, with linear and dose-proportional exposure
supporting once-daily dosing.
- On February 3, 2021, the company
announced that the FDA had approved a supplemental new drug
application for RAPIVAB® (peramivir injection) expanding the
patient population of RAPIVAB for the treatment of acute
uncomplicated influenza to include patients six months and older
who have been symptomatic for no more than two days. Prior to this
approval, RAPIVAB had been indicated for patients two years and
older.
Fourth Quarter 2020 Financial
Results
For the three months ended December 31, 2020,
total revenues were $4.0 million, compared to $39.7 million in the
fourth quarter of 2019. In the fourth quarter of 2019, we
recognized revenue of $20.1 related to a one-time upfront milestone
per the Torii agreement. Additionally, in that period we recognized
$13.9 million of RAPIVAB product sales under our U.S. Department of
Health and Human Services (HHS) contract, while in the fourth
quarter 2020 we had no RAPIVAB product sales under our HHS
contract. ORLADEYO revenues in the fourth quarter of 2020 were $0.1
million.
Research and development (R&D) expenses for
the fourth quarter of 2020 increased to $35.4 million from
$26.8 million in the fourth quarter of 2019, primarily due to
increased investment in our Factor D and galidesivir programs,
partially offset by a ramp down of clinical investment related to
ORLADEYO, which launched commercially in the U.S. during December
2020.
Selling, general and administrative (SG&A)
expenses for the fourth quarter of 2020 increased to $21.0 million,
compared to $10.5 million in the fourth quarter of 2019. The
increase was primarily due to increased investment in commercial
activities to support the U.S. launch of ORLADEYO.
Interest expense was $5.6 million in the fourth
quarter of 2020, compared to $3.1 million in the fourth
quarter of 2019. This increase was due to service on the royalty
and debt financings which were completed in December 2020. As part
of those financings, there was also a loss on debt extinguishing
related to the closing of our secured credit facility with MidCap
Financial.
Net loss for the fourth quarter of 2020 was
$60.5 million, or $0.34 per share, compared to a net loss of
$2.6 million, or $0.02 per share, for the fourth quarter of 2019.
Cash, cash equivalents, restricted cash and
investments totaled $302.6 million at December 31, 2020, and
reflect an increase from $137.8 million at December 31, 2019. Cash,
cash equivalents, restricted cash and investments include $250
million in cash received through transactions with Royalty Pharma
and Athyrium Capital Management in December 2020. Operating cash
use for the fourth quarter of 2020 was $49.9 million, and for the
full year of 2020 was $147.9 million.
Full Year 2020 Financial
Results
For the full year ended December 31, 2020, total
revenues were $17.8 million, compared to $48.8 million in the full
year ended December 31, 2019. In the fourth quarter of 2019 we
recognized revenue of $20.1 related to a one-time upfront milestone
per the Torii agreement, with the remaining amount of $1.9 million
recognized in 2020. Additionally, in the fourth quarter of 2019 we
recognized $13.9 million of RAPIVAB product sales under our HHS
contract, while in the fourth quarter 2020 we had no RAPIVAB
product sales under our HHS contract.
R&D expenses in full year 2020 increased to
$123.0 million from $107.1 million in full year 2019, primarily due
to increased investment in our Factor D and galidesivir programs,
and an increase in other research, preclinical and development
activities, partially offset by a ramp down of clinical investment
related to ORLADEYO, which launched commercially in the U.S. during
December 2020.
SG&A expenses in full year 2020 increased to
$67.9 million, compared to $37.1 million in full year 2019. The
increase was primarily due to increased investment in commercial
activities to support the U.S. launch of ORLADEYO.
Interest and other income was $9.4 million in
full year 2020, compared to $1.9 million in full year 2019. The
increase was primarily due to the settlement of arbitration
proceedings related to our Seqirus dispute in the first quarter of
2020.
Interest expense was $14.5 million in full year
2020, compared to $11.9 million in full year 2019. This was
due to service on the royalty and debt financings which were
completed in December 2020. As part of those financings, there was
also a loss on debt extinguishing related to the closing of our
secured credit facility with MidCap Financial.
Net loss for full year 2020 was
$182.8 million, or $1.09 per share, compared to a net loss of
$108.9 million, or $0.94 per share, for full year
2019.
Financial Outlook for
2021
In the launch period for ORLADEYO, the company
is not providing specific revenue or operating expense guidance.
Based on our expectations for revenue, operating expenses, and our
option to access an additional $75 million from our existing credit
facility, we believe our current cash runway takes us into
2023.
Conference Call and Webcast
BioCryst management will host a conference call
and webcast at 8:30 a.m. ET today to discuss the financial results
and provide a corporate update. The live call may be accessed by
dialing 877-303-8027 for domestic callers and 760-536-5165 for
international callers and using conference ID # 6779206. A live
webcast of the call and any slides will be available online at the
investors section of the company website at www.biocryst.com. A
telephone replay of the call will be available by dialing
855-859-2056 for domestic callers or 404-537-3406 for international
callers and entering the conference ID # 6779206.
About BioCryst
Pharmaceuticals
BioCryst Pharmaceuticals discovers novel, oral,
small-molecule medicines that treat rare diseases in which
significant unmet medical needs exist and an enzyme plays a key
role in the biological pathway of the disease. Oral, once-daily
ORLADEYO™ (berotralstat) is approved in the United States and Japan
for the prevention of HAE attacks in adults and pediatric patients
12 years and older, and under regulatory review for approval in the
European Union. BioCryst has several ongoing development programs
including BCX9930, an oral Factor D inhibitor for the treatment of
complement-mediated diseases, BCX9250, an ALK-2 inhibitor for the
treatment of fibrodysplasia ossificans progressiva, and
galidesivir, a potential treatment for Marburg virus disease and
Yellow Fever. RAPIVAB® (peramivir injection), a viral neuraminidase
inhibitor for the treatment of influenza, has received regulatory
approval in the U.S., Canada, Australia, Japan, Taiwan and Korea.
Post-marketing commitments for RAPIVAB are ongoing. For more
information, please visit the company’s website at
www.biocryst.com.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements regarding future results,
performance or achievements. These statements involve known and
unknown risks, uncertainties and other factors which may cause
BioCryst’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. These statements reflect our current views with respect
to future events and are based on assumptions and are subject to
risks and uncertainties. Given these uncertainties, you should not
place undue reliance on these forward-looking statements. Some of
the factors that could affect the forward-looking statements
contained herein include: the ongoing COVID-19 pandemic, which
could create challenges in all aspects of BioCryst’s business,
including without limitation, delays, stoppages, difficulties and
increased expenses with respect to BioCryst’s and its partners’
development, regulatory processes and supply chains, negatively
impact BioCryst’s ability to access the capital or credit markets
to finance its operations, or have the effect of heightening many
of the risks described below or in the documents BioCryst files
periodically with the Securities and Exchange Commission;
BioCryst’s ability to successfully implement its commercialization
plans for, and to commercialize ORLADEYO, which could take longer
or may be more expensive than planned; the results of BioCryst’s
partnerships with Torii and OrphanPacific may not meet BioCryst’s
current expectations; risks related to government actions,
including that decisions and other actions relating to pricing and
exclusivity of ORLADEYO in Japan may not be taken when expected or
at all, or that the outcomes of such decisions and other actions
may not be in line with BioCryst’s current expectations; the
commercial viability of ORLADEYO, including its ability to achieve
market acceptance, which could also impact the amount of any
related royalties BioCryst would be entitled to receive from Torii;
ongoing and future preclinical and clinical development of BCX9930,
BCX9250 and galidesivir may not have positive results; BioCryst may
not be able to enroll the required number of subjects in planned
clinical trials of product candidates; BioCryst may not advance
human clinical trials with product candidates as expected; the FDA,
EMA, PMDA or other applicable regulatory agency may require
additional studies beyond the studies planned for products and
product candidates, may not provide regulatory clearances which may
result in delay of planned clinical trials, may impose certain
restrictions, warnings, or other requirements on products and
product candidates, may impose a clinical hold with respect to
product candidates, or may withhold, delay or withdraw market
approval for products and product candidates; product candidates,
if approved, may not achieve market acceptance; BioCryst’s ability
to successfully manage its growth and compete effectively; risks
related to the international expansion of BioCryst’s business; and
actual financial results may not be consistent with expectations,
including that operating expenses and cash usage may not be within
management's expected ranges. Please refer to the documents
BioCryst files periodically with the Securities and Exchange
Commission, specifically BioCryst’s most recent Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K, all of which identify important factors that could cause
the actual results to differ materially from those contained in
BioCryst’s projections and forward-looking statements.
Investors:John Bluth+1 919 859
7910jbluth@biocryst.com
Media:Catherine Collier
Kyroulis+1 917 886 5586ckyroulis@biocryst.com
BCRXW
|
BIOCRYST PHARMACEUTICALS, INC. |
CONSOLIDATED
FINANCIAL SUMMARY |
(in thousands,
except per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Operations (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Twelve Months
Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sales |
$ |
605 |
|
|
$ |
15,519 |
|
|
$ |
3,301 |
|
|
$ |
17,533 |
|
Royalty revenue |
|
1,138 |
|
|
|
2,777 |
|
|
|
3,381 |
|
|
|
6,303 |
|
Collaborative and other research and development |
|
2,273 |
|
|
|
21,429 |
|
|
|
11,130 |
|
|
|
24,999 |
|
Total
revenues |
|
4,016 |
|
|
|
39,725 |
|
|
|
17,812 |
|
|
|
48,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
product sales |
|
33 |
|
|
|
2,327 |
|
|
|
1,550 |
|
|
|
3,726 |
|
Research and
development |
|
35,354 |
|
|
|
26,774 |
|
|
|
122,964 |
|
|
|
107,068 |
|
Selling,
general and administrative |
|
20,986 |
|
|
|
10,489 |
|
|
|
67,929 |
|
|
|
37,121 |
|
Royalty |
|
48 |
|
|
|
244 |
|
|
|
126 |
|
|
|
375 |
|
Total
operating expenses |
|
56,421 |
|
|
|
39,834 |
|
|
|
192,569 |
|
|
|
148,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(52,405 |
) |
|
|
(109 |
) |
|
|
(174,757 |
) |
|
|
(99,455 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
other income |
|
528 |
|
|
|
388 |
|
|
|
9,420 |
|
|
|
1,933 |
|
Interest
expense |
|
(5,609 |
) |
|
|
(3,087 |
) |
|
|
(14,501 |
) |
|
|
(11,892 |
) |
Loss on debt
extinguishment |
|
(2,011 |
) |
|
|
- |
|
|
|
(2,011 |
) |
|
|
- |
|
(Loss) gain
on foreign currency |
|
(996 |
) |
|
|
186 |
|
|
|
(965 |
) |
|
|
517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(60,493 |
) |
|
$ |
(2,622 |
) |
|
$ |
(182,814 |
) |
|
$ |
(108,897 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net loss per common share |
$ |
(0.34 |
) |
|
$ |
(0.02 |
) |
|
$ |
(1.09 |
) |
|
$ |
(0.94 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding |
|
176,618 |
|
|
|
131,303 |
|
|
|
167,267 |
|
|
|
115,600 |
|
|
|
|
|
|
|
|
|
Balance Sheet Data (in thousands) |
|
|
|
|
|
|
|
|
|
December
31, 2020 |
|
|
|
December
31, 2019 |
|
|
|
(Unaudited) |
|
|
|
(Note 1) |
|
Cash, cash
equivalents and investments |
$ |
300,366 |
|
|
$ |
136,226 |
|
Restricted
cash |
|
2,221 |
|
|
|
1,551 |
|
Receivables |
|
8,646 |
|
|
|
22,146 |
|
Total
assets |
|
334,715 |
|
|
|
175,282 |
|
Non-recourse
notes payable |
|
30,000 |
|
|
|
29,561 |
|
Senior
credit facility |
|
- |
|
|
|
50,309 |
|
Secured term
loan |
|
119,735 |
|
|
|
- |
|
Royalty
financing obligation |
|
124,717 |
|
|
|
- |
|
Accumulated
deficit |
|
(1,023,442 |
) |
|
|
(840,628 |
) |
Stockholders’ (deficit) equity |
|
(19,262 |
) |
|
|
38,252 |
|
Shares of
common stock outstanding |
|
176,883 |
|
|
|
154,082 |
|
|
|
|
|
|
|
|
|
Note 1: Derived from audited financial
statements. |
U.S. Indication and Important Safety
Information
INDICATIONORLADEYO™
(berotralstat) is a plasma kallikrein inhibitor indicated for
prophylaxis to prevent attacks of hereditary angioedema (HAE) in
adults and pediatric patients 12 years and older.
Limitations of useThe safety
and effectiveness of ORLADEYO for the treatment of acute HAE
attacks have not been established. ORLADEYO should not be used for
the treatment of acute HAE attacks. Additional doses or dosages of
ORLADEYO higher than 150 mg once daily are not recommended due to
the potential for QT prolongation.
IMPORTANT SAFETY INFORMATION An
increase in QT prolongation was observed at dosages higher than the
recommended 150 mg once-daily dosage and was concentration
dependent.
The most common adverse reactions (≥10% and
higher than placebo) in patients receiving ORLADEYO were abdominal
pain, vomiting, diarrhea, back pain, and gastroesophageal reflux
disease.
A reduced dosage of 110 mg taken orally once
daily with food is recommended in patients with moderate or severe
hepatic impairment (Child-Pugh B or C) and in patients taking
chronically administered P-glycoprotein (P-gp) or breast cancer
resistance protein (BCRP) inhibitors (eg, cyclosporine).
Berotralstat is a substrate of P-gp and BCRP.
P-gp inducers (eg, rifampin, St. John’s wort) may decrease
berotralstat plasma concentration, leading to reduced efficacy of
ORLADEYO. The use of P-gp inducers is not recommended with
ORLADEYO.
ORLADEYO at a dose of 150 mg is a moderate
inhibitor of CYP2D6 and CYP3A4. For concomitant medications with a
narrow therapeutic index that are predominantly metabolized by
CYP2D6 or CYP3A4, appropriate monitoring and dose titration is
recommended. ORLADEYO at a dose of 300 mg is a P-gp inhibitor.
Appropriate monitoring and dose titration is recommended for P-gp
substrates (eg, digoxin) when coadministering with ORLADEYO.
The safety and effectiveness of ORLADEYO in
pediatric patients <12 years of age have not been
established.
There are insufficient data available to inform
drug-related risks with ORLADEYO use in pregnancy. There are no
data on the presence of berotralstat in human milk, its effects on
the breastfed infant, or its effects on milk production.
To report SUSPECTED ADVERSE REACTIONS,
contact BioCryst Pharmaceuticals, Inc. at 1-833-633-2279 or FDA at
1-800-FDA-1088 or
www.fda.gov/medwatch.
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