- The stock price of BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) increased by 24.35% (from $10.68 to $13.28) during intraday trading today. This is why it happened.
The stock price of BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) increased by 24.35% (from $10.68 to $13.28) during intraday trading today. Investors are responding to the company’s first quarter results.
The company reported that its revenue increased to $19.1 million from $4.8 million a year ago. The net loss widened to $0.36 per share for the quarter, which was higher than $0.24 per share a year earlier.
In the same announcement, BioCryst revealed that it reached an agreement with the U.S. Food and Drug Administration (FDA) that the primary endpoint for the upcoming pivotal trials in paroxysmal nocturnal hemoglobinuria (PNH) is change from baseline in hemoglobin. On March 22, 2021, the company had announced that BCX9930 increased hemoglobin from baseline by a mean of 3.3 g/dL in C5 inadequate response (no prior treatment with C5 inhibitors) patients and 3.5 g/dL in treatment-naïve patients and reduced transfusions in an ongoing dose-ranging trial in PNH patients. BCX9930 was safe and generally well-tolerated in the trial.
In the second half of 2021, BioCryst plans to advance directly into PNH pivotal trials with oral BCX9930, at a dose of 500 mg bid, in patients naïve to C5 inhibitors, and patients with an inadequate response to C5 inhibitors. And the goal of the pivotal trials is to achieve a broad indication for BCX9930 to treat PNH as oral monotherapy. Also in the second half of 2021, the company plans to initiate a proof of concept trial of oral BCX9930 (500 mg bid) in renal complement-mediated diseases.
Based on BioCryst’s expectations for revenue, operating expenses, and an option to access an additional $75 million from the existing credit facility, the company believes its current cash runway takes them into 2023.
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