0001628280-25-007715 | 10-K | XBRL Viewer | Biocryst Pharmaceuticals INC

Lease Obligations - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows for finance leases	$ 316	$ 201	$ 898
Operating cash flows for operating leases	2,156	1,920	1,555
Financing cash flows for finance leases	1,704	1,165	0
Operating lease assets obtained in exchange for operating lease liabilities:	438	4,695	755
Finance lease assets obtained in exchange for finance lease liabilities:	1,391	2,971	1,302
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:	$ 254	$ 924	$ 0

Significant Accounting Policies and Concentrations of Risk - Summary of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies and Concentrations of Risk [Line Items]
Revenues	$ 450,712	$ 331,412	$ 270,827
Revenues
Significant Accounting Policies and Concentrations of Risk [Line Items]
Revenues	442,668	324,696	267,710
Collaborative and other revenues
Significant Accounting Policies and Concentrations of Risk [Line Items]
Revenues	$ 8,044	$ 6,716	$ 3,117

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Significant Accounting Policies and Concentrations of Risk Textual (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 17, 2023
Significant Accounting Policies and Concentrations of Risk [Line Items]
Restricted cash	$ 1,610,000	$ 1,804,000
Restricted cash	210,000	1,804,000	$ 1,472,000
Birmingham lease restricted cash	$ 1,400,000
Long-term investment maturity, minimum (in months)	12 months
Advertising expense	$ 13,566,000	14,404,000	$ 14,891,000
Reclassification from accumulated other comprehensive income, current period, before tax	$ 0	0
Computer Equipment
Significant Accounting Policies and Concentrations of Risk [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Furniture and fixtures
Significant Accounting Policies and Concentrations of Risk [Line Items]
Property, plant and equipment, useful life (in years)	5 years
Collateral for Credit
Significant Accounting Policies and Concentrations of Risk [Line Items]
Restricted cash	$ 1,400,000	1,493,000
Maximum
Significant Accounting Policies and Concentrations of Risk [Line Items]
Maturity period of high quality marketable securities (in years)	2 years
Average maturity period of high quality marketable securities (in months)	12 months
Maturity period of short term investment (in months)	12 months
Pharmakon Advisors, LP \| Term Loan Tranche A \| Line of Credit
Significant Accounting Policies and Concentrations of Risk [Line Items]
Interest expense, debt, total	$ 39,874,000	$ 27,326,000
Debt instrument, face amount				$ 300,000,000

Inventory

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventory

At December 31, 2024 and 2023, the Company’s inventory primarily related to ORLADEYO. Inventory also included peramivir, which is primarily manufactured for the Company’s partners.

The Company’s inventories consisted of the following (in thousands):


	December 31,
	2024		2023
Raw materials	$	10,006	$	6,449
Work-in-process	16,152		17,591
Finished goods	7,765		6,242
Total inventory	33,923		30,282
Reserves	(2,649)		(1,599)
Total inventory, net	$	31,274	$	28,683

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 104,713	$ 110,643
Restricted cash	210	1,804
Short-term investments	216,137	278,344
Trade receivables	79,069	56,950
Inventory, net	8,087	28,683
Prepaid expenses and other current assets	13,752	19,542
Total current assets	421,968	495,966
Long-term inventory, net	23,187	0
Property and equipment, net	7,777	7,910
Long-term investments	20,323	0
Right of use assets	12,008	13,004
Other assets	5,157	80
Total assets	490,420	516,960
Current liabilities:
Accounts payable	11,644	20,893
Accrued expenses	113,292	102,882
Operating lease liabilities	937	1,058
Finance lease liabilities	1,835	1,590
Royalty financing obligations	32,676	23,565
Total current liabilities	160,384	149,988
Operating lease liabilities	7,924	8,390
Finance lease liabilities	2,124	2,845
Royalty financing obligations	481,053	508,034
Secured term loan	314,869	303,231
Total liabilities	966,354	972,488
Stockholders’ deficit:
Preferred stock, $0.01 par value; shares authorized - 5,000; no shares issued and outstanding at December 31, 2024 and 2023	0	0
Common stock, $0.01 par value; shares authorized - 450,000; shares issued and outstanding – 208,543 and 205,771 at December 31, 2024 and 2023, respectively	2,085	2,058
Additional paid-in capital	1,291,100	1,222,236
Accumulated other comprehensive income	921	1,337
Accumulated deficit	(1,770,040)	(1,681,159)
Total stockholders’ deficit	(475,934)	(455,528)
Total liabilities and stockholders’ deficit	$ 490,420	$ 516,960

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		184,350,000
Beginning balance at Dec. 31, 2021	$ (106,986)	$ 1,843	$ 1,098,498	$ 177	$ (1,207,504)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(247,116)				(247,116)
Other comprehensive income (loss)	(151)			(151)
Exercise of stock options, net (in shares)		2,573,000
Exercise of stock options, net	11,900	$ 26	11,874
Vesting of restricted stock units (in shares)		439,000
Vesting of restricted stock units	$ 0	$ 4	(4)
Employee stock purchase plan sales (in shares)	260,000	260,000
Employee stock purchase plan sales, net	$ 2,862	$ 3	2,859
Exercise of warrants (in shares)		253,000
Exercise of warrants	3	$ 3
Issuance of shares to directors in lieu of cash retainer (in shares)		31,000
Issuance of shares to directors in lieu of cash retainer	190		190
Stock-based compensation expense	44,701		44,701
Ending balance (in shares) at Dec. 31, 2022		187,906,000
Ending balance at Dec. 31, 2022	(294,597)	$ 1,879	1,158,118	26	(1,454,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(226,539)				(226,539)
Other comprehensive income (loss)	1,311			1,311
Exercise of stock options, net (in shares)		1,276,000
Exercise of stock options, net	6,114	$ 13	6,101
Vesting of restricted stock units (in shares)		1,276,000
Vesting of restricted stock units	$ 0	$ 13	(13)
Employee stock purchase plan sales (in shares)	338,000	338,000
Employee stock purchase plan sales, net	$ 2,596	$ 4	2,592
Exercise of warrants (in shares)		14,997,000
Exercise of warrants	0	$ 150	(150)
Issuance of shares to directors in lieu of cash retainer (in shares)		37,000
Issuance of shares to directors in lieu of cash retainer	342		342
Stock-based compensation expense	55,615		55,615
Shares withheld for taxes for vesting of restricted stock units (in shares)		(59,000)
Shares withheld for taxes for vesting of restricted stock units	$ (370)	$ (1)	(369)
Ending balance (in shares) at Dec. 31, 2023	205,771,000	205,771,000
Ending balance at Dec. 31, 2023	$ (455,528)	$ 2,058	1,222,236	1,337	(1,681,159)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(88,881)				(88,881)
Other comprehensive income (loss)	(416)			(416)
Exercise of stock options, net (in shares)		548,000
Exercise of stock options, net	2,280	$ 5	2,275
Vesting of restricted stock units (in shares)		1,902,000
Vesting of restricted stock units	$ 0	$ 19	(19)
Employee stock purchase plan sales (in shares)	412,000	412,000
Employee stock purchase plan sales, net	$ 1,853	$ 4	1,849
Issuance of shares to directors in lieu of cash retainer (in shares)		4,000
Issuance of shares to directors in lieu of cash retainer	34		34
Stock-based compensation expense	65,413		65,413
Shares withheld for taxes for vesting of restricted stock units (in shares)		(94,000)
Shares withheld for taxes for vesting of restricted stock units	$ (689)	$ (1)	(688)
Ending balance (in shares) at Dec. 31, 2024	208,543,000	208,543,000
Ending balance at Dec. 31, 2024	$ (475,934)	$ 2,085	$ 1,291,100	$ 921	$ (1,770,040)

Significant Accounting Policies and Concentrations of Risk (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Description Of Company

The Company

BioCryst Pharmaceuticals, Inc. (the “Company”) is a global biotechnology company with a deep commitment to improving the lives of people living with hereditary angioedema (“HAE”) and other rare diseases. The Company leverages its expertise in structure-guided drug design with the goal of developing first-in-class or best-in-class oral small-molecule and injectable protein therapeutics to target difficult-to-treat rare diseases. The Company was founded in 1986 and incorporated in Delaware in 1991, and its headquarters is located in Durham, North Carolina. The Company integrates the disciplines of biology, crystallography, medicinal chemistry and computer modeling to discover and develop small molecule and protein therapeutics through the process known as structure-guided drug design.

The Company’s marketed products include oral, once-daily ORLADEYO® for the prevention of HAE attacks and RAPIVAB® (peramivir injection) for the treatment of acute uncomplicated influenza in the United States. ORLADEYO has received regulatory approval in the United States and other global markets. The Company is commercializing ORLADEYO in each of these territories directly or through distributors, except in Japan where Torii Pharmaceutical Co., Ltd. (“Torii”), the Company’s collaborative partner, conducts certain commercialization activities with respect to ORLADEYO for the prevention of HAE attacks in exchange for certain royalty payments to the Company. In addition to its approval in the United States, peramivir injection has received regulatory approvals in Canada, Australia, Japan, Taiwan and Korea.

Based on the Company’s expectations for revenue and operating expenses, the Company believes its financial resources available at December 31, 2024 will be sufficient to fund its operations for at least the next 12 months. The Company has sustained operating losses for the majority of its corporate history and expects to continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations. The Company’s liquidity needs will be largely determined by the success of operations in regard to the successful commercialization of its products and the progression of its product candidates in the future. The Company regularly evaluates other opportunities to fund future operations, including: (1) out-licensing rights to certain of its products or product candidates, pursuant to which the Company would receive cash milestone payments; (2) royalty or other monetization transactions; (3) obtaining additional product candidate regulatory approvals, which would generate revenue, milestone payments and cash flow; (4) reducing spending on one or more research and development programs, including by discontinuing development; (5) restructuring operations to change its overhead structure; and/or (6) securing U.S. Government funding of its programs, including obtaining procurement contracts. The Company may, in the future, issue securities, including common stock, preferred stock, depositary shares, purchase contracts, warrants, debt securities and units, through private placement transactions or registered public offerings. The Company’s future liquidity needs, and ability to address those needs, will largely be determined by the success of its products and product candidates; the timing, scope and magnitude of its research and development and commercial expenses; and key developments and regulatory events and its decisions in the future.

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances among the consolidated entities have been eliminated from the consolidated financial statements. The Company operates and manages its business as one reportable and operating segment (see “Note 17—Segment Information”).

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Such consolidated financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows. There were no adjustments other than normal recurring adjustments. Certain prior year amounts have been reclassified to conform to the current year presentation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Significant estimates in the Company’s consolidated financial statements have been made relative to the calculation of net product sales, the ORLADEYO and Factor D inhibitors royalty financing obligations, inventory reserves, certain accruals, primarily related to the Company’s research and development expenses, the valuation of stock options and the valuation allowance for deferred tax assets resulting from net operating losses. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Revenue Recognition

The Company recorded the following revenues for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years Ended December 31,
	2024		2023		2022
Product sales, net	$	442,668	$	324,696	$	267,710
Collaborative and other revenues	8,044		6,716		3,117
Total revenues	$	450,712	$	331,412	$	270,827

Pursuant to Accounting Standards Codification (“ASC”) Topic 606, the Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, Topic 606 includes provisions within a five step model that includes (i) identifying the contract with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations, and (v) recognizing revenue when, or as, an entity satisfies a performance obligation.

At contract inception, the Company identifies the goods or services promised within each contract, assesses whether each promised good or service is distinct and determines those that are performance obligations. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied.

Product Sales, Net

The Company’s principal sources of product sales are sales of ORLADEYO, which the Company began shipping to patients in December 2020 and sales of peramivir (RAPIVAB/RAPIACTA/PERAMIFLU) to the Company’s licensing partners and to the U.S. Department of Health and Human Services (“HHS”). In the United States, the Company generally ships ORLADEYO directly to patients through a single specialty pharmacy, which is considered its customer. Outside the United States, the Company sells ORLADEYO to specialty distributors and to hospitals and pharmacies, which collectively are considered its customers.

The Company recognizes revenue for sales when the customer obtains control of the product, which generally occurs upon delivery.

Net revenue from sales of ORLADEYO is recorded at net selling price (transaction price), which includes reserves for variable consideration such as (i) estimated government rebates, such as Medicaid and Medicare Part D reimbursements, and estimated managed care rebates, (ii) estimated chargebacks, (iii) estimated costs of co-payment assistance programs and (iv) product returns. These reserves, representing the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the applicable contracts and statutory requirements, are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable if no payments are required of the Company or a current liability if a payment is required of the Company. Actual amounts of consideration may differ from the Company's estimates. If actual results vary from estimates, these estimates are adjusted, which would affect net product revenue and earnings in the period such variances become known.

Government and Managed Care Rebates. The Company contracts with government agencies and managed care organizations or, collectively, third-party payors, so that ORLADEYO will be eligible for purchase by, or partial or full reimbursement from, such third-party payors. The Company estimates the rebates it will provide to third-party payors and deducts these estimated amounts from total gross product revenues at the time the revenues are recognized, resulting in a reduction of product revenue and the establishment of a current liability. The Company estimates the rebates that it will provide to third-party payors based upon (i) the Company's contracts with these third-party payors, (ii) the government mandated discounts applicable to government-funded programs, and (iii) product distribution information obtained from the Company's specialty pharmacy regarding payor mix.

Chargebacks. Chargebacks are discounts that occur when certain contracted customers, pharmacy benefit managers, insurance companies, and government programs purchase directly from the Company’s specialty pharmacy. These customers purchase the Company’s product under contracts negotiated between them and the Company’s specialty pharmacy. The specialty pharmacy, in turn, charges back to the Company the difference between the price that the specialty pharmacy paid and the negotiated price paid by the contracted customers, which may be higher or lower than the specialty pharmacy’s purchase price with the Company. The Company estimates chargebacks and adjusts gross product revenues and establishes a current liability at the time revenues are recognized.

Co-payment assistance and patient assistance programs. Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. Based upon the terms of the program and co-payment assistance utilization reports received from the specialty pharmacy, the Company estimates the co-payment assistance amounts, which are recorded in the same period in which the related revenue is recognized, resulting in a reduction of product revenue and establishment of a current liability. The Company also offers a patient assistance program that provides free drug product, for a limited period of time, to allow a patient’s insurance coverage to be established. Based on patient assistance program utilization reports provided by the specialty pharmacy, the Company records gross revenue of the product provided and a full reduction of the revenue amount for the free drug discount.

Product returns. The Company does not provide contractual return rights to its customers, except in instances where the product is damaged or defective. Non-acceptance by the patient of shipped drug product by the specialty pharmacy is reflected as a reversal of sales in the period in which the sales were originally recorded. Reserves for estimated non-acceptances by patients are recorded as a reduction of revenue in the period that the related revenue is recognized, as well as a reduction to accounts receivable. Estimates of non-acceptance are based on quantitative information provided by the specialty pharmacy.

Collaborative and Other Revenues

The Company has collaboration and license agreements with a number of third parties. The Company’s primary sources of revenue from these collaborative and other research and development arrangements are license, service and royalty revenues.

Revenue from license fees, royalty payments, milestone payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has no further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement.

Arrangements that involve the delivery of more than one performance obligation are initially evaluated as to whether the intellectual property licenses granted by the Company represent distinct performance obligations. If they are determined to be distinct, the value of the intellectual property licenses would be recognized up front while the research and development service fees would be recognized as the performance obligations are satisfied. For performance obligations based on services performed, the Company measures progress using an input method based on the effort it expends or costs it incurs toward the satisfaction of the performance obligation in relation to the total estimated effort or costs. Variable consideration is assessed at each reporting period as to whether it is not subject to significant future reversal and, therefore, should be included in the transaction price at the inception of the contract. If a contract includes a fixed or minimum amount of research and development support, this also would be included in the transaction price. Changes to collaborations, such as the extensions of the research term or increasing the number of targets or technology covered under an existing agreement, are assessed for whether they represent a modification or should be accounted for as a new contract. For contracts with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price using either an adjusted market assessment approach or an expected cost plus margin approach,

representing the amount that the Company believes the market is willing to pay for the product or service. Analyzing the arrangement to identify performance obligations requires the use of judgment, and each may be an obligation to deliver services, a right or license to use an asset, or another performance obligation.

Under certain of the Company’s license agreements, the Company receives royalty payments based upon its licensees’ net sales of covered products. Royalties are recognized at the later of when (i) the subsequent sale or usage occurs, or (ii) the performance obligation to which some or all of the sales-based or usage-based royalty has been satisfied.

Cash and Cash Equivalents

The Company generally considers cash equivalents to be all cash held in commercial checking accounts, money market accounts, or investments in debt instruments and certificates of deposit with maturities of three months or less at the time of purchase. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these items.

Restricted Cash

Total restricted cash was $1,610 and $1,804 as of December 31, 2024 and 2023, respectively, and primarily consisted of $1,400 and $1,493 as of December 31, 2024 and 2023, respectively, for a letter of credit the Company is required to maintain associated with its Birmingham lease. The letter of credit associated with the Birmingham lease of $1,400 is reflected within other assets on the Consolidated Balance Sheets as of December 31, 2024.

Investments

The Company invests in high credit quality investments in accordance with its investment policy. The objectives of the Company’s investment policy are to eliminate or greatly minimize the probability of a loss of principal value, maintain sufficient liquidity to meet cash flow requirements, and earn a competitive level of return. The Company places its excess cash with high credit quality financial institutions, commercial companies, and government agencies in order to limit the amount of its credit exposure. In accordance with its policy, the Company is able to invest in marketable debt securities that may consist of U.S. Treasury obligations, U.S government agency securities, money market funds, certificates of deposits, corporate notes and bonds, and commercial paper. The Company’s investment policy requires it to purchase high-quality marketable securities with a maximum individual maturity of two years and requires an average portfolio maturity of no more than 12 months. Some of the securities in which the Company invests may have market risk. This means that a change in prevailing interest rates may cause the principal amount of the investment to fluctuate. To minimize this risk, the Company schedules its investments with maturities that coincide with expected cash flow needs, thus avoiding the need to redeem an investment prior to its maturity date. Accordingly, the Company does not believe it has a material exposure to interest rate risk arising from its investments. Generally, the Company’s investments are not collateralized. The Company has not realized any significant losses from its investments.

The Company classifies all of its investments as available-for-sale. Available-for-sale investments are reported at fair value at each balance sheet date, and include any unrealized holding gains and losses in accumulated other comprehensive income, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company reviews its investments for other than temporary declines in fair value below cost basis at the end of each reporting period and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors considered to determine whether an unrealized loss is temporary include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the Company, and the Company's intent and ability to hold the investment to allow for an anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not credit-related is recognized in other comprehensive income, net of applicable taxes unless deemed other than temporary. Realized gains and losses are reflected in interest and other income in the Consolidated Statements of Comprehensive Loss and are determined using the specific identification method with transactions recorded on a settlement date basis. Investments with original maturities at date of purchase beyond three months and which mature at or less than 12 months from the balance sheet date are classified as current. Investments with a maturity beyond 12 months from the balance sheet date are classified as long-term.

Fair Value Measurements

Assets and liabilities recorded at fair value on a recurring basis on the Consolidated Balance Sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

Assets measured at fair value on a recurring basis include investments (See “Note 3—Investments”). There were no liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023. The carrying amounts reflected in the Consolidated Balance Sheets for cash and cash equivalents, trade receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

Trade Receivables

The majority of the Company’s trade receivables arise from product sales and primarily represent amounts due from its specialty pharmacy customer in the United States and other third-party distributors, hospitals and pharmacies in the European Union, United Kingdom and elsewhere and have standard payment terms that generally require payment within 30 to 90 days.

Receivables from collaborations are recorded for amounts due to the Company related to royalty receivables from the Company’s partners, including Shionogi & Co., Ltd., Green Cross, and Torii (See “Note 15—Collaborative and Other Relationships”).

The Company provides reserves against trade receivables for estimated losses that may result from a customer's inability to pay. Receivables are evaluated to determine if any reserve or allowance should be recorded based on consideration of the current economic environment, expectations of future economic conditions, specific circumstances and the Company’s own historical collection experience. Amounts determined to be uncollectible are charged or written-off against the reserve.

Inventory

The Company’s inventory primarily relates to ORLADEYO. Additionally, the Company’s inventory includes peramivir.

The Company values its inventory at the lower of cost or estimated net realizable value. The Company determines the cost of its inventory on a first-in, first-out (FIFO) basis. Raw materials and work-in-process include all inventory costs prior to packaging and labeling, including raw material, active product ingredient, and the drug product. Finished goods include packaged and labeled products. The Company classifies inventory as long-term when consumption or sale of the inventory is not expected to occur within 12 months from the balance sheet date.

The Company’s inventory is subject to expiration dating. At each reporting date, the Company evaluates the carrying value of its inventory and provides valuation reserves for any estimated excess, obsolete, short-dated or unmarketable inventory. In addition, the Company may experience spoilage of its raw materials and supplies. The Company’s determination that a valuation reserve might be required, in addition to the quantification of such reserve, requires it to utilize significant judgment. Additionally, the Company’s inventory is subject to strict quality control and monitoring that is performed throughout the manufacturing process, including release of work-in-process to finished goods. In the event that certain batches or units of product do not meet quality specifications, the Company will record a write-down of any potential unmarketable inventory to its estimated net realizable value and record the expense as cost of product in the Consolidated Statements of Comprehensive Loss.

Prior to obtaining initial regulatory approval for an investigational product candidate, the Company expenses costs relating to production of pre-launch inventory as research and development expense in its Consolidated Statements of Comprehensive Loss in the period incurred. After regulatory approval has been received, the Company capitalizes inventory costs.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment and office equipment are depreciated over a life of three years. Laboratory equipment, software, and furniture and fixtures are depreciated over a life of five years. Leasehold improvements are amortized over their estimated useful lives or the expected lease term, whichever is less. Construction in progress reflects amounts incurred for construction or improvements of property and equipment that have not been placed in service.

The Company periodically reviews its property and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written down to their estimated fair values. Property and equipment to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Accrued Expenses

The Company enters into contractual agreements with third-party vendors who provide research and development, manufacturing, distribution, and other services in the ordinary course of business. Some of these contracts are subject to milestone-based invoicing, and services are completed over an extended period of time. The Company records liabilities under these contractual commitments when it determines an obligation has been incurred, regardless of the timing of the invoice. This process involves reviewing open contracts and purchase orders, communicating with applicable Company personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of actual cost. The majority of service providers invoice the Company monthly in arrears for services performed. The Company makes estimates of accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances, which can include assumptions such as expected patient enrollment, site activation and estimated project duration. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Examples of estimated accrued expenses include (i) fees paid to clinical research organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials; (ii) fees paid to investigative sites in connection with clinical trials; (iii) fees paid to contract manufacturers in connection with the production of the Company’s raw materials, drug substance, drug products, and product candidates; and (iv) professional fees.

The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. If the Company underestimates or overestimates the level of these costs, actual expenses could differ from such estimates. As of December 31, 2024 and 2023, the carrying value of accrued expenses approximates their fair value due to their short-term settlement.

Cost of Product Sales

Cost of product sales includes the cost of producing and distributing inventory that is related to product revenue during the respective period, including freight. In addition, shipping and handling costs for product shipments are recorded as incurred. Finally, cost of product sales may also include costs related to excess or obsolete inventory adjustment charges.

Research and Development Expenses

Research and development expenses consist of costs associated with research activities as well as those with the Company’s product development efforts, conducting preclinical trials, clinical trials and manufacturing activities. Research and development expenses are expensed as incurred. Most of the Company’s manufacturing and clinical and preclinical studies are performed by third-party CROs. Costs for studies performed by CROs are accrued by the Company over the service periods specified in the contracts, and estimates are adjusted based upon the Company’s ongoing review of the

level of services actually performed. Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed.

The Company groups its research and development expenses into two major categories: direct expenses and indirect expenses. Direct expenses consist of compensation for research and development personnel and costs of outside parties to conduct laboratory studies, develop manufacturing processes and manufacture the product candidate, conduct and manage clinical trials, as well as other costs related to the Company’s clinical and preclinical studies. Additionally, direct expenses consist of those costs necessary to discontinue and close out a development program, including termination fees and other commitments. These costs are accumulated and tracked by active program.

Indirect costs of the Company’s clinical programs include lab supplies and services, facility expenses, depreciation of development equipment and an allocation of its general and administrative overhead costs that support the Company’s research and development efforts.

Additionally, the Company has license agreements with third parties, such as Albert Einstein College of Medicine of Yeshiva University, Industrial Research, Ltd., and the University of Alabama at Birmingham (“UAB”), which require fees related to sublicense agreements. The Company accrues sublicense expenses as incurred.

Selling, General and Administrative Expenses

Selling, general and administrative expenses are primarily comprised of compensation and benefits associated with sales and marketing, finance, human resources, legal, information technology and other administrative personnel. Additionally, selling, general and administrative expenses are comprised of market research, marketing, advertising and legal expenses, including patent costs, licenses and other general and administrative costs.

Advertising costs related to ORLADEYO of $13,566, $14,404 and $14,891 were expensed as incurred for the years ended December 31, 2024, 2023 and 2022, respectively.

All patent related costs are expensed to selling, general and administrative expenses when incurred as recoverability of such expenditures is uncertain.

Leases

The Company leases certain assets under operating and finance leases, which consist of real estate leases, laboratory equipment leases and office equipment leases as of December 31, 2024. The Company determines whether a contract is, or contains, a lease at inception. The Company accounts for lease obligations in accordance with ASU 2016-02: Leases (Topic 842), which requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for most leases. The Company elected the practical expedient that exempts leases with an initial lease term of twelve months or less, as well as the practical expedient that allows companies to select, by class of underlying asset, not to separate lease and non-lease components.

Certain of the Company’s operating leases provide for renewal options, which can vary by lease. The right-of-use asset and lease liabilities on the Company’s Consolidated Balance Sheets represent payments over the lease term, which include renewal options for certain real estate leases that the Company is likely to exercise. As part of the Company’s assessment of the lease term, the Company elected the hindsight practical expedient, which allows companies to use current knowledge and expectations when determining the likelihood to extend lease options. Certain operating leases include rent escalation provisions, which the Company recognizes as expense on a straight-line basis. Lease expense for leases with an initial term of twelve months or less was not material.

The discount rate used to determine the Company’s right-of-use asset and lease liability is the Company’s incremental borrowing rate on a collateralized basis over a similar term and amount in a similar economic environment, as generally an implicit rate in the lease is not readily determinable.

The Company has not made any residual value guarantees related to its leases; therefore, the Company has no corresponding liability recorded on its Consolidated Balance Sheets.

Share-Based Compensation

Stock-Based Compensation

All share-based payments, including grants of stock option awards and restricted stock unit awards, are recognized in the Company’s Consolidated Statements of Comprehensive Loss based on their fair values. Stock-based compensation cost is estimated at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period of the award. Determining the appropriate fair value model and the related assumptions for the model requires judgment, including estimating the stock price volatility and the expected term. The Company utilizes the Black-Scholes option-pricing model to value its stock option awards and recognize compensation expense on a straight-line basis over the requisite service period. The Company reduces stock-based compensation expense for estimated forfeitures. The estimation of share-based payment awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In addition, the Company has outstanding performance-based restricted stock unit awards for which no compensation expense is recognized until it is probable that the performance condition will be achieved. Actual results, and future changes in estimates, may differ substantially from the Company’s current estimates.

Interest Expense, Deferred Financing Costs and Royalty Financing Obligations

Interest expense primarily relates to the royalty financing obligations (see “Note 8—Royalty Financing Obligations”) and the term loan borrowings under the Pharmakon Loan Agreement (see “Note 9—Debt”) during the year ended December 31, 2024 and to the secured term loan borrowings under the Athyrium Credit Agreement (see Note 9—Debt”) during the years ended December 31, 2023 and 2022.

Costs directly associated with the borrowings have been capitalized and are netted against the corresponding debt liabilities on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the terms of the corresponding borrowings using the effective interest rate method. When utilizing the effective interest method, in periods in which payment-in-kind (“PIK”) interest was designated and added to the outstanding principal balance of the borrowing, the amortization of the deferred debt fees and issuance costs was accretive.

The royalty financing obligations are eligible to be repaid based on royalties from net sales of ORLADEYO. Interest expense is accrued using the effective interest rate method over the estimated period each of the related liabilities will be paid. This requires the Company to estimate the total amount of future royalty payments to be generated from product sales over the life of the agreement. The Company imputes interest on the carrying value of each of the royalty financing obligations and records interest expense using an imputed effective interest rate. The Company reassesses the expected royalty payments each reporting period and accounts for any changes through an adjustment to the effective interest rate on a prospective basis. The assumptions used in determining the expected repayment term of the debt and amortization period of the issuance costs require that the Company make estimates that could impact the carrying value of each of the liabilities, as well as the periods over which associated issuance costs will be amortized. A significant increase or decrease in forecasted net sales could materially impact each of the liability balances, interest expense and the time periods for repayment.

Income Tax

Income Taxes

The liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse.

Significant management judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. The Company has recorded a valuation allowance against substantially all potential tax assets, due to uncertainties in its ability to utilize deferred tax assets, primarily consisting of certain net operating losses carried forward, before they expire. The valuation allowance is based on estimates of future earnings in each of the jurisdictions in which the Company operates and the period over which its deferred tax assets will be recoverable.

The Company accounts for uncertain tax positions in accordance with U.S. GAAP. Uncertain tax positions are recorded based upon certain recognition and measurement criteria. The Company re-evaluates uncertain tax positions and considers various factors, including, but not limited to, changes in tax law and the measurement of tax positions taken or expected to be taken in tax returns. The Company adjusts the amount of the liability to reflect any subsequent changes in

the relevant facts and circumstances surrounding the uncertain tax positions. The Company recognizes interest and penalties related to income tax matters in income tax expense.

Beginning in fiscal year 2021, the Company began accruing for U.S. state taxes and foreign income taxes as a result of increased nexus in both U.S. state and foreign jurisdictions where historically the Company had no presence and where no net operating losses had historically been established.

In addition, starting in 2022, amendments to Section 174 of the Internal Revenue Code of 1986, as amended (“IRC”), no longer permit an immediate deduction for research and development expenditures in the tax year that such costs are incurred. Instead, these IRC Section 174 development costs must now be capitalized and amortized over either a five-year period for activities performed within the U.S. or a 15-year period for activities performed outside the U.S. The new amortization period begins with the midpoint of any taxable year that IRC Section 174 costs are first incurred, regardless of whether the expenditures were made prior to or after July 1, and runs until the midpoint of year six for activities conducted in the U.S. or year sixteen in the case of development conducted on foreign soil.

Certain countries in which the Company has operations have adopted legislation influenced by the Organization for Economic Cooperation and Development (“OECD”) Pillar Two rules, including a minimum tax rate of 15%. It is uncertain whether the U.S. will enact legislation to adopt the Pillar Two framework. While the Company is currently not within the scope of the rules, it is continuing to review and evaluate additional guidance released by the OECD, along with the pending legislative adoption by additional individual countries where the Company operates.

Foreign Currency

The functional currency of each of the Company’s foreign subsidiaries is primarily the local currency of the country in which the subsidiary operates. The Company’s asset and liability accounts are translated at the current exchange rate as of the balance sheet date. Revenue and expense accounts are translated at the average exchange rate over the period. Adjustments resulting from the translation of the financial statements of the Company’s foreign subsidiaries into U.S. dollars are accumulated as a separate component of stockholders’ equity within accumulated other comprehensive income. Gains or losses resulting from transactions denominated in foreign currencies are included in foreign currency losses, net, within the Consolidated Statement of Comprehensive Loss.

Net Loss Per Share

Basic net loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period, after giving consideration to the dilutive effect of potentially dilutive common shares. The Company has generated a net loss in all periods presented, so the diluted net loss per share is equivalent to basic net loss per share for all periods presented herein because common equivalent shares from unexercised stock options and common shares expected to be issued under the Company’s equity compensation plans would be anti-dilutive. The Company excluded the following potential common shares, presented based on amounts outstanding as of December 31, 2024 and 2023, from the computation of diluted net loss per share attributable to common stockholders for the years ended December 31, 2024 and 2023 because including them would have had an anti-dilutive effect:


	December 31,
	2024	2023
Outstanding stock options	44,240	41,032
Unvested restricted stock unit awards	10,112	6,507
Total	54,352	47,539

Accumulated Other Comprehensive Income

Accumulated other comprehensive income is comprised of cumulative foreign currency translation adjustments and unrealized gains and losses on available-for-sale investments and is disclosed as a separate component of stockholders’ equity. Realized gain and loss amounts on available-for-sale investments are reclassified from accumulated other comprehensive income and recorded as interest and other income on the Consolidated Statements of Comprehensive Loss. There were no realized gains or losses reclassified out of accumulated other comprehensive income for the years ended December 31, 2024, 2023 and 2022.

Significant Customers and Other Risks

Significant Customers

The Company’s primary sources of revenue and cash flow are the sales of ORLADEYO in the United States.

ORLADEYO is generally distributed through an arrangement with a single specialty pharmacy in the United States. The specialty pharmacy subsequently sells ORLADEYO to its customers (pharmacy benefit managers, insurance companies, government programs and group purchasing organizations) and dispenses product to patients. The specialty pharmacy’s inability or unwillingness to continue these distribution activities could adversely impact the Company’s business, results of operations and financial condition.

The Company is distributing ORLADEYO in other global markets directly or through distributors, except in Japan where Torii (See “Note 15—Collaborative and Other Relationships”), the Company’s collaborative partner, has the exclusive right to commercialize ORLADEYO.

Additionally, HHS is the primary customer for peramivir. The Company was awarded a procurement contract in 2024 (See “Note 15—Collaborative and Other Relationships”). HHS exercised the remaining options for the purchase of peramivir under the historical procurement contract during 2022 (See “Note 15—Collaborative and Other Relationships”).

Further, the Company’s drug development activities are performed by a limited group of third-party vendors. If any of these vendors were unable to perform its services, this could significantly impact the Company’s ability to complete its drug development activities.

Risks from Third-Party Manufacturing and Distribution Concentration

The Company relies on a single source manufacturer for active pharmaceutical ingredient and finished drug product manufacturing of product candidates in development and on a single specialty pharmacy for distribution of approved drug product in the United States. Delays or disruption in the manufacture or distribution of any product could adversely impact the future procurement stockpiling of the Company’s commercial product, commercial revenue and product candidates.

Credit Risk

Cash equivalents and investments are financial instruments that potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may exceed the amount of insurance provided on such deposits. The Company believes it has established guidelines for investment of its excess cash relative to diversification and maturities that maintain safety and liquidity. To minimize the exposure due to adverse shifts in interest rates, the Company maintains a portfolio of investments with an average maturity of approximately 12 months or less.

The Company’s receivables from sales of ORLADEYO are primarily due from one customer, resulting in a concentration of credit risk. Sales of ORLADEYO from the Company to the specialty pharmacy usually only occur once an order of product has been received by the specialty pharmacy from one of its customers, which include pharmacy benefit managers, insurance companies, government programs and group purchasing organizations.

Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of the title and position of the chief operating decision maker and requires that public entities with a single reportable segment provide all disclosures required by this update and existing disclosures in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Retrospective application is required to all prior periods presented in the financial statements. The Company adopted ASU 2024-07 as of January 1, 2024. The adoption of this standard resulted in additional disclosures but did not have a material effect on the Company’s consolidated balance sheet, statement of comprehensive loss, or statement of cash flows (see “Note 17—Segment Information”).

New Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects adoption of this ASU will result in additional disclosures but does not expect it will have a material effect on the Company’s consolidated balance sheet, statement of comprehensive loss, or statement of cash flows.

In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities, on an annual and interim basis, to provide disaggregated disclosure of certain income statement expenses into specified categories within the footnotes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of adopting ASU 2024-03.

Retirement Policy

Stock-Based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected Life in Years	5 years 8 months 12 days	5 years 8 months 12 days	5 years 6 months
Expected Volatility	83.50%	82.50%	84.20%
Expected Dividend Yield	0.00%	0.00%	0.00%
Risk-Free Interest Rate	4.50%	3.90%	3.60%
Options, grants in period, weighted average grant date fair value (in dollars per share)	$ 5.28	$ 4.75	$ 7.57
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected Life in Years	5 years 9 months 18 days	5 years 7 months 6 days	5 years 6 months
Expected Volatility	83.30%	83.50%	84.20%
Expected Dividend Yield	0.00%	0.00%	0.00%
Risk-Free Interest Rate	4.20%	4.00%	3.20%
Options, grants in period, weighted average grant date fair value (in dollars per share)	$ 4.61	$ 5.79	$ 9.54

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12— Stock-Based Compensation

As of December 31, 2024, the Company had three stock-based employee compensation plans: the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Amended and Restated Inducement Equity Incentive Plan (“Inducement Plan”) and the Amended and Restated Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was most recently amended and restated on April 22, 2024 and approved by the Company’s stockholders on June 12, 2024. The Inducement Plan was most recently amended and restated by the Company’s Board of Directors on October 26, 2023. The ESPP was most recently amended and restated by the Company’s Board of Directors on July 7, 2023.

The Company recorded the following stock-based compensation expense (in thousands):


	Years Ended December 31,
	2024		2023		2022
Incentive Plan	$	56,207	$	44,581	$	36,716
Inducement Plan	8,414		9,958		6,550
ESPP	792		1,076		1,435
Stock-based compensation expense	$	65,413	$	55,615	$	44,701

Total stock-based compensation was allocated as follows:


	Years Ended December 31,
	2024		2023		2022
Research and development	$	31,285	$	29,377	$	24,936
Selling, general and administrative	34,128		26,238		19,765
Total stock-based compensation expense	$	65,413	$	55,615	$	44,701

Retirement Policy

In July 2024, the Company adopted the BioCryst Pharmaceuticals, Inc. Equity Award Retirement Policy (the “Retirement Policy”). The Retirement Policy provides for the continued vesting of certain unvested awards granted more than one year prior to the date of retirement according to the original vesting schedule of the award. Employees are eligible for the Retirement Policy upon meeting age, service, and notice period requirements and receipt of notice of their eligibility from the Company. The Company considered the adoption of the Retirement Policy to be a modification of existing awards under ASC Topic 718, Compensation - Stock Compensation. The modification did not result in any incremental compensation cost. However, the adoption of the Retirement Policy resulted in a new estimate of the requisite service period for certain awards. In connection with the modification as a result of the adoption of the Retirement Policy, the Company accelerated the recognition of stock-based compensation expense of $7,569 during the year ended December 31, 2024.

Stock Incentive Plan

The Company grants stock option awards and restricted stock unit awards to its employees, directors, and consultants under the Incentive Plan. Under the Incentive Plan, stock option awards are granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. Stock option awards and restricted stock unit awards granted to employees generally vest 25% each year until fully vested after four years.

Stock option awards and restricted stock unit awards granted to non-employee directors of the Company generally vest over one year. Stock option awards granted to new non-employee directors when they first join the Company’s Board of Directors generally vest, subject to the terms of the Incentive Plan, in 36 equal monthly installments over a three-year period measured from the grant date. All stock option awards have contractual terms of 10 years. Restricted stock unit awards granted to new non-employee directors when they first join the Company’s Board of Directors generally vest, subject to the terms of the Incentive Plan, in three equal annual installments beginning on the first anniversary of the grant date. The vesting and exercise provisions of all awards granted under the Incentive Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the Incentive Plan.

The following table summarizes stock option activity under the Incentive Plan:


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023	35,505	$	8.24
Granted	7,106	7.32
Exercised	(350)	4.56			$	863
Cancelled or Forfeited	(3,179)	9.99
Outstanding at December 31, 2024	39,082	$	7.96	6.71	$	30,075
Exercisable at December 31, 2024	24,462	$	7.99	5.29	$	24,280
Vested and expected to vest at December 31, 2024	37,302	$	7.95	6.61	$	29,384

The total intrinsic value of stock option awards exercised under the Incentive Plan was $3,601 and $21,150 during the years ended December 31, 2023 and 2022, respectively. The aggregate intrinsic value represents the total proceeds (calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock on the date of exercise for those stock options that had exercise prices lower than the fair value of the Company’s common stock on the exercise date) received by all individuals who exercised stock option awards during the period.

The following table summarizes restricted stock unit activity under the Incentive Plan:


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	5,592	$	8.67
Granted	5,942	7.32
Vested	(1,686)	9.12
Forfeited	(559)	8.61
Unvested at December 31, 2024	9,289	$	7.73

For restricted stock unit awards granted under the Incentive Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during 2024, 2023, and 2022 was $7.32, $6.71, and $11.20, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.

As of December 31, 2024, total unrecognized compensation cost related to unvested restricted stock unit awards granted under the Incentive Plan was $58,333, which is expected to be recognized over a weighted average period of 1.9 years.

Inducement Equity Incentive Plan

The Company has the ability to grant stock option and restricted stock unit awards to newly-hired employees as inducements material to each employee entering employment with the Company. Awards granted to newly hired employees generally vest 25% each year until fully vested after four years and are subject to the terms and conditions of the Inducement Plan. All stock option awards have contractual terms of 10 years. The vesting and exercise provisions of all awards granted under the Inducement Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the Inducement Plan.

The following table summarizes stock option activity under the Inducement Plan:


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023	5,527	$	8.77
Granted	522	6.40
Exercised	(198)	3.45			$	495
Cancelled or Forfeited	(693)	10.98
Outstanding at December 31, 2024	5,158	$	8.44	6.94	$	7,354
Exercisable at December 31, 2024	3,292	$	7.70	6.17	$	6,543
Vested and expected to vest at December 31, 2024	4,790	$	8.31	6.85	$	7,218

The total intrinsic value of stock option awards exercised under the Inducement Plan was $1,803 and $3,710 during the years ended December 31, 2023 and 2022, respectively. The aggregate intrinsic value represents the total proceeds (calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock on the date of exercise for those stock options that had exercise prices lower than the fair value of the Company’s common stock on the exercise date) received by all individuals who exercised stock option awards during the period.

The following table summarizes restricted stock unit activity under the Inducement Plan:


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	915	$	9.90
Granted	324	6.51
Vested	(216)	10.25
Forfeited	(200)	9.68
Unvested at December 31, 2024	823	$	8.53

For restricted stock unit awards granted under the Inducement Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during 2024, 2023, and 2022 was $6.51, $7.81, and $13.21, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.

As of December 31, 2024, total unrecognized compensation cost related to unvested restricted stock unit awards granted under the Inducement Plan was $4,948, which is expected to be recognized over a weighted average period of 1.6 years.

Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive and Inducement Plans

For stock option awards granted under the Incentive Plan and the Inducement Plan, the fair value is estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted below. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method.

Historically, the expected life was based on the average of the assumption that all outstanding stock option awards will be exercised at full vesting and the assumption that all outstanding stock option awards will be exercised at the midpoint of the current date (if already vested) or at full vesting (if not yet vested) and the full contractual term. Effective

July 1, 2023, the expected life is based on the historical settlement of options by taking into account exercises and post-vesting terminations and weighing them based on the number of options settled. This change in approach did not have a significant impact on the value of the stock option awards granted. The expected volatility represents the historical volatility on the Company’s publicly-traded common stock. The Company has assumed no expected dividend yield, as dividends have never been paid to stock or option holders and will not be paid for the foreseeable future. The weighted average risk-free interest rate is the implied yield currently available on zero-coupon government issues with a remaining term equal to the expected term.

Stock Incentive Plan

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
	2024			2023			2022
Expected Life in Years	5.7			5.7			5.5
Expected Volatility	83.5		%	82.5		%	84.2		%
Expected Dividend Yield	0.0		%	0.0		%	0.0		%
Risk-Free Interest Rate	4.5		%	3.9		%	3.6		%
Weighted average grant date fair value per share	$	5.28		$	4.75		$	7.57

The total fair value of the stock option awards vested under the Incentive Plan was $35,151, $33,731, and $28,916 during the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, total unrecognized compensation cost related to unvested stock option awards granted under the Incentive Plan was $66,658, which is expected to be recognized over a weighted average period of 1.6 years.

Inducement Equity Incentive Plan

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
	2024			2023			2022
Expected Life in Years	5.8			5.6			5.5
Expected Volatility	83.3		%	83.5		%	84.2		%
Expected Dividend Yield	0.0		%	0.0		%	0.0		%
Risk-Free Interest Rate	4.2		%	4.0		%	3.2		%
Weighted average grant date fair value per share	$	4.61		$	5.79		$	9.54

The total fair value of the stock option awards vested under the Inducement Plan was $7,225, $7,698, and $4,659 during the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, total unrecognized compensation cost related to unvested stock option awards granted under the Inducement Plan was $8,612, which is expected to be recognized over a weighted average period of 1.4 years.

Employee Stock Purchase Plan

The Company has reserved a total of 7,975 shares of common stock to be purchased under the ESPP, of which 5,042 shares remain available for purchase at December 31, 2024. Eligible employees may authorize up to 15% of their salary to purchase common stock at the lower of 85% of the beginning or 85% of the ending price during six-month purchase intervals. No more than three thousand shares may be purchased by any one employee at each purchase date, and no employee may purchase stock having a fair market value at the commencement date of $25 or more in any one calendar year.

During the years ended December 31, 2024, 2023, and 2022, the Company issued 412, 338, and 260 shares of common stock under the ESPP, respectively, at a weighted average price per share of $4.50, $7.68, and $11.03, respectively. Compensation expense for shares purchased under the ESPP related to the purchase discount and the “look-back” option were determined using a Black-Scholes option pricing model. The weighted average grant date fair values of shares granted under the ESPP during the years ended December 31, 2024, 2023, and 2022, were $1.99, $3.82, and $6.02, respectively.

Property and Equipment Textual (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 1,246	$ 1,655	$ 1,437
Loss on impairment	$ 0	1,548	$ 0
Contract termination		$ 440

Collaborative and Other Relationships Textual (Details) $ in Thousands			1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 03, 2023 USD ($) payment	Nov. 05, 2019 USD ($)	Sep. 30, 2024 USD ($) dose period	Sep. 30, 2018 USD ($) dose	Dec. 31, 2024 dose	Sep. 29, 2025 dose	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) dose	Dec. 31, 2021 USD ($) dose	Dec. 31, 2019 USD ($) dose	Nov. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenues							$ 450,712	$ 331,412	$ 270,827
Torii Pharmaceutical Co
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Contract with customer, liability		$ 22,000
Potential milestone payments receivable if regulatory approval before december 31, 2021		$ 15,000
Maximum customary reduction on royalty rate		50.00%
Royalty payments receivable, expiration term from first commercial (year)		10 years
Torii Pharmaceutical Co \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Royalty rate if maintains sakigake designation		20.00%										20.00%
Torii Pharmaceutical Co \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Royalty rate if maintains sakigake designation		40.00%										80.00%
HHS Office of the Administration for Strategic Preparedness and Response
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Collaborative agreement contract value			$ 69,388
Contract term (year)			5 years
HHS Office of the Administration for Strategic Preparedness and Response \| RAPIVAB
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of products, doses \| dose			95,600
Contract term (year)			12 months
Number of optional ordering periods \| period			4
Proceeds from collaborators			$ 13,878
Number of product delivered, doses \| dose					2,300
Revenues							$ 1,672
HHS Office of the Administration for Strategic Preparedness and Response \| RAPIVAB \| Forecast
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of product delivered, doses \| dose						19,100
US Department Of Health And Human Services
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Collaborative agreement contract value				$ 34,660
Contract term (year)				5 years
US Department Of Health And Human Services \| RAPIVAB
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of products, doses \| dose				50,000
Proceeds from collaborators									$ 13,864	$ 6,918	$ 13,864
Number of product delivered, doses \| dose									49,980		20,000
Number of additional products, doses \| dose									20,000	9,980
Clearside Biomedical, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
License agreement, upfront payment	$ 5,000
Number of milestone payments \| payment	3
Royalty payment, number of tiers \| payment	3
Clearside Biomedical, Inc. \| Annual Net Sales Of $2 Million
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual global net sales	$ 2,000,000
Clearside Biomedical, Inc. \| Annual Net Sales Greater Than $1.5 Million
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual global net sales	1,500,000
Clearside Biomedical, Inc. \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Potential milestone payments payable	30,000
Potential milestone payments payable if regulatory approval before milestone	$ 47,500

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Differences Between the Company's Effective Tax Rate and the Statutory Tax Rate Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefit, federal statutory rate	21.00%	21.00%	21.00%

Stock-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested RSU beginning balance (in shares)	5,592
Issued RSU (in shares)	5,942
Vested RSU (in shares)	(1,686)
Forfeited RSU (in shares)	(559)
Unvested RSU ending balance (in shares)	9,289	5,592
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested RSU weighted average grant date fair value beginning balance (in dollars per share)	$ 8.67
Restricted stock units, grants in period, weighted average grant date fair value (in dollars per share)	7.32	$ 6.71	$ 11.20
Restricted stock units, vested in period, weighted average grant date fair value (in dollars per share)	9.12
Restricted stock units, forfeited in period, weighted average grant date fair value (in dollars per share)	8.61
Nonvested RSU weighted average grant date fair value ending balance (in dollars per share)	$ 7.73	$ 8.67
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested RSU beginning balance (in shares)	915
Issued RSU (in shares)	324
Vested RSU (in shares)	(216)
Forfeited RSU (in shares)	(200)
Unvested RSU ending balance (in shares)	823	915
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested RSU weighted average grant date fair value beginning balance (in dollars per share)	$ 9.90
Restricted stock units, grants in period, weighted average grant date fair value (in dollars per share)	6.51
Restricted stock units, vested in period, weighted average grant date fair value (in dollars per share)	10.25
Restricted stock units, forfeited in period, weighted average grant date fair value (in dollars per share)	9.68
Nonvested RSU weighted average grant date fair value ending balance (in dollars per share)	$ 8.53	$ 9.90

Significant Accounting Policies and Concentrations of Risk - Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies and Concentrations of Risk [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	54,352,000	47,539,000
Share-based Payment Arrangement, Option
Significant Accounting Policies and Concentrations of Risk [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	44,240,000	41,032,000
Restricted Stock Units (RSUs)
Significant Accounting Policies and Concentrations of Risk [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	10,112,000	6,507,000

Stockholders' Equity - Shares Reserved For Future Issuance (Details) - shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Shares reserved for future issuance (in shares)	62,158	58,020
Incentive Plan
Subsidiary, Sale of Stock [Line Items]
Shares reserved for future issuance (in shares)	1,065	3,376
Inducement Plan
Subsidiary, Sale of Stock [Line Items]
Shares reserved for future issuance (in shares)	1,699	1,651
ESPP
Subsidiary, Sale of Stock [Line Items]
Shares reserved for future issuance (in shares)	5,042	5,454
Share-based Payment Arrangement, Option
Subsidiary, Sale of Stock [Line Items]
Shares reserved for future issuance (in shares)	44,240	41,032
Restricted Stock Units (RSUs)
Subsidiary, Sale of Stock [Line Items]
Shares reserved for future issuance (in shares)	10,112	6,507

Lease Obligations (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Accumulated amortization	$ 6,065	$ 4,794
Accumulated amortization	4,059	2,293
Operating cash flows for operating leases	2,156	1,920	$ 1,555
Principal payments on finance lease liabilities	$ 1,704	$ 1,165	$ 0
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	3 years

Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 10,006	$ 6,449
Work-in-process	16,152	17,591
Finished goods	7,765	6,242
Total inventory	33,923	30,282
Reserves	(2,649)	(1,599)
Total inventory, net	$ 31,274	$ 28,683

Royalty Financing Obligations - Schedule of Royalty Financing Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Royalties Monetizations [Line Items]
Beginning balance	$ 531,599	$ 501,655	$ 449,375
Deferred financing costs			(34)
Non-cash Interest expense on Royalty financing obligations	55,969	70,356	76,482
Royalty revenues paid and payable	(73,839)	(40,412)	(24,168)
Ending balance	513,729	531,599	501,655
2020 RPI Royalty Agreement
Royalties Monetizations [Line Items]
Beginning balance	174,480	164,981	147,224
Deferred financing costs			0
Non-cash Interest expense on Royalty financing obligations	39,585	38,267	39,994
Royalty revenues paid and payable	(33,652)	(28,768)	(22,237)
Ending balance	$ 180,413	174,480	164,981
Effective interest rate	21.50%
2021 RPI Royalty Agreement
Royalties Monetizations [Line Items]
Beginning balance	$ 185,345	173,651	153,377
Deferred financing costs			(34)
Non-cash Interest expense on Royalty financing obligations	0	14,188	22,239
Royalty revenues paid and payable	(4,205)	(2,494)	(1,931)
Ending balance	$ 181,140	185,345	173,651
Effective interest rate	0.00%
OMERS Royalty Agreement
Royalties Monetizations [Line Items]
Beginning balance	$ 171,774	163,023	148,774
Deferred financing costs			0
Non-cash Interest expense on Royalty financing obligations	16,384	17,901	14,249
Royalty revenues paid and payable	(35,982)	(9,150)	0
Ending balance	$ 152,176	$ 171,774	$ 163,023
Effective interest rate	9.90%

Investments

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Investments

Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is determined based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. As a basis for considering such assumptions, U.S. GAAP establishes a three-tier value hierarchy, which prioritizes the inputs used to develop the assumptions and for measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

The Company’s financial instruments that are measured at fair value on a recurring basis consist of fixed income investments. These valuations are based on observable direct and indirect inputs, primarily quoted prices of similar, but not identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. These fair values are obtained from independent pricing services.

Assets measured at fair value on a recurring basis were as follows (in thousands):


	December 31, 2024
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	236,460	$	—	$	236,460
Total assets	$	—	$	236,460	$	—	$	236,460


	December 31, 2023
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	277,358	$	—	$	277,358
Certificates of deposit	—		986		—		986
Total assets	$	—	$	278,344	$	—	$	278,344

As of December 31, 2024, the Company had four securities with a total estimated fair market value of $44,100 in an unrealized loss position. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. The Company does not have an intent to sell these investments, and it is more likely than not that the investments will be held until recovery of their amortized cost basis. As such, no allowance was recognized.

The following tables summarize the fair value of the Company’s investments by type (in thousands):


	December 31, 2024
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	234,902	$	1,121	$	451	$	(14)	$	236,460
Total investments	$	234,902	$	1,121	$	451	$	(14)	$	236,460


	December 31, 2023
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	277,151	$	121	$	150	$	(64)	$	277,358
Certificates of deposit	980		14		—		(8)		986
Total investments	$	278,131	$	135	$	150	$	(72)	$	278,344

The following table summarizes the scheduled maturity for the Company’s investments at December 31, 2024 and 2023 (in thousands):


	December 31,
	2024		2023
Maturing in one year or less	$	216,137	$	278,344
Maturing after one year through two years	20,323		—
Total investments	$	236,460	$	278,344

Lease Obligations - Aggregate Lease Expense Under Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 2,301	$ 2,018	$ 1,578
Amortization of right-of-use assets	1,766	1,212	816
Interest on lease liabilities	316	201	138
Total finance lease expense	$ 2,082	$ 1,413	$ 954

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before provision for income taxes were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Domestic	$	(62,515)	$	(206,674)	$	(225,127)
Foreign	(24,439)		(19,555)		(19,256)
Loss before provision for income taxes	$	(86,954)	$	(226,229)	$	(244,383)

The components of the (benefit) expense for income taxes were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Current expense (benefit) provision:
U.S. Federal and state	$	1,118	$	(45)	$	2,430
Foreign	1,163		1,037		292
Total current expense provision	2,281		992		2,722
Deferred expense (benefit) provision:
U.S. Federal and state	79		(120)		11
Foreign	(433)		(562)		—
Total deferred expense provision	(354)		(682)		11
Total expense provision	$	1,927	$	310	$	2,733

The differences between the Company’s effective tax rate and the statutory tax rate in 2024, 2023, and 2022 were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Income tax benefit at federal statutory rate (21% for 2024, 2023 and 2022)	$	(18,260)	$	(47,328)	$	(51,321)
State and local income taxes net of federal tax benefit	1,393		(3,477)		(1,816)
Permanent items	3,716		3,015		(1,608)
Research and development tax credits	(1,413)		(3,301)		(9,793)
Foreign rate differential	2,353		2,255		1,862
Other	2,496		1,656		(5,485)
Change in valuation allowance	11,642		47,490		70,894
Income tax expense	$	1,927	$	310	$	2,733

The Company recognizes the impact of a tax position in its financial statements if it is more likely than not that the position will be sustained on audit based on the technical merits of the position. The Company has concluded that it has an uncertain tax position pertaining to its research and development and orphan drug credit carryforwards. The Company has established these credits based on information and calculations it believes are appropriate and the best estimate of the

underlying credit. Any changes to the Company’s unrecognized tax benefits are offset by an adjustment to the valuation allowance and there would be no impact on the Company’s financial statements. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. If recognized, none of these tax benefits would affect the effective tax rate due to the valuation allowance.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	2024		2023
Balance at January 1,	$	14,362	$	13,844
Additions to current period tax positions	353		825
Reductions to prior period tax provisions	—		(307)
Balance at December 31,	$	14,715	$	14,362

The Company’s ability to utilize the net operating loss and tax credit carryforwards in the future may be subject to substantial restrictions in the event of past or future ownership changes as defined in Section 382 of the IRC and similar state tax law.

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net federal and state operating losses	$	105,865	$	108,753
Research and development credits	87,287		88,390
Royalty income	117,570		122,391
Stock-based compensation	34,486		26,113
Capitalized R&D	82,476		75,081
Leasing obligations	2,806		3,076
Other	22,693		17,515
Total deferred tax assets	453,183		441,319
Deferred tax liabilities:
Fixed assets	(797)		(678)
Right of use asset	(2,620)		(2,872)
Total deferred tax liabilities	(3,417)		(3,550)
Valuation allowance	(448,740)		(437,098)
Net deferred tax assets	$	1,026	$	671

The majority of the Company’s deferred tax assets relate to net operating loss and research and development carryforwards that can only be realized if the Company is profitable in future periods. It is uncertain whether the Company will realize any tax benefit related to these carryforwards. Accordingly, the Company has provided a valuation allowance against substantially all the net deferred tax assets due to uncertainties as to their ultimate realization. The valuation allowance will remain at the full amount of the deferred tax assets until it is more likely than not that the related tax benefits will be realized. The Company’s valuation allowance increased by $11,642, $47,490, and $70,894 in 2024, 2023, and 2022, respectively.

As of December 31, 2024, the Company had U.S. federal operating loss carryforwards of $403,528, state operating loss carryforwards of $177,492, foreign net operating losses of $93,275, and U.S. research and development and orphan drug credit carryforwards of $102,001, which will expire at various dates from 2025 through 2044. Federal losses, state losses, and research and development credit carryforwards began expiring in 2021. The foreign net operating losses have an indefinite carryforward period.

Tax years 2021-2024 remain open to examination by the major taxing jurisdictions to which the Company is subject. Additionally, years prior to 2021 are also open to examination for loss and credit carryforwards from those years. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of its income tax provision. However, there were no provisions or accruals for interest and penalties in 2024, 2023, and 2022.

As of December 31, 2024, the Company has minimal accumulated undistributed earnings generated by its foreign subsidiaries which have already been subject to local and U.S. tax as part of the global intangible low-taxed income provisions. The Company intends to indefinitely reinvest these earnings, as well as future earnings from its foreign subsidiaries, to fund its international operations. In addition, the Company expects future U.S. cash generation will be sufficient to meet future U.S. cash needs.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (88,881)	$ (226,539)	$ (247,116)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,246	1,655	1,437
Inventory obsolescence	1,350	422	932
Stock-based compensation expense	65,413	55,615	44,701
Non-cash interest expense on royalty financing obligations and secured term loan and amortization of debt issuance costs	67,607	85,803	98,918
Amortization of premium (discount) on investments, net	(11,473)	(10,263)	(1,777)
Loss on extinguishment of debt	0	29,019	0
Loss on impairment	0	1,548	0
Changes in operating assets and liabilities:
Receivables	(22,698)	(6,095)	(21,470)
Inventory	(4,164)	(1,450)	(12,423)
Prepaid expenses and other assets	1,959	(6,820)	(2,583)
Accounts payable and accrued expenses	(62,379)	(16,806)	(22,360)
Deferred revenue	0	(1,230)	(109)
Net cash used in operating activities	(52,020)	(95,141)	(161,850)
Cash flows from investing activities:
Acquisitions of property and equipment	(1,124)	(2,168)	(1,351)
Purchases of investments	(266,763)	(514,407)	(244,283)
Maturities of investments	320,480	385,077	117,396
Net cash provided by (used in) investing activities	52,593	(131,498)	(128,238)
Cash flows from financing activities:
Net proceeds from common stock issued under stock-based compensation plans	3,444	8,340	14,765
Common stock issued to directors in lieu of cash retainer	34	342	190
Withholding taxes paid on stock-based awards	(7,535)	(2,172)	0
Net proceeds from secured term loans	0	300,000	73,072
Repayment of Athyrium secured term loans principal	0	(240,452)	0
Prepayment and repayment fees on Athyrium secured term loans	0	(21,261)	0
Payment of debt issuance costs on Pharmakon Tranche A term loan	0	(11,147)	0
Principal payments on finance lease liabilities	(1,704)	(1,165)	0
Net cash (used in) provided by financing activities	(5,761)	32,485	88,027
Effect of exchange rates on cash, cash equivalents and restricted cash	(936)	362	566
Decrease in cash, cash equivalents and restricted cash	(6,124)	(193,792)	(201,495)
Cash, cash equivalents and restricted cash at beginning of year	112,447	306,239	507,734
Cash, cash equivalents and restricted cash at end of year	106,323	112,447	306,239
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	104,713	110,643	304,767
Restricted cash	210	1,804	1,472
Restricted cash in other assets	1,400	0	0
Total cash, cash equivalents and restricted cash	106,323	112,447	306,239
Supplemental cash flow disclosure:
Cash paid for interest	30,383	22,139	0
Cash paid for taxes	1,603	1,434	3,542
Taxes withheld on stock-based awards included in accrued expenses	$ 758	$ 4,199	$ 1,990

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Roll Forward]
Beginning balance	$ 14,362	$ 13,844
Additions to current period tax positions	353	825
Reductions to prior period tax provisions	0	(307)
Ending balance	$ 14,715	$ 14,362

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

The Company operates as one operating and reportable segment, centered around its commercialized product, ORLADEYO, and its pipeline with the goal of developing first-in-class or best-in-class oral small-molecule and injectable protein therapeutics to target difficult-to-treat rare diseases. The determination of a single segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Chief Executive Officer, as the CODM, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

The CODM assesses performance and decides how to allocate resources based on consolidated net loss. This measure is used to monitor budget versus actual results to evaluate the performance of the segment. The CODM uses consolidated cash, cash equivalents and investments as the measure of segment assets. As of December 31, 2024 and 2023, the Company’s cash, cash equivalents, and investments were $341,173 and $388,987, respectively.

The following table illustrates information about segment revenues, significant segment expenses, and segment net loss for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years Ended December 31,
	2024		2023		2022
Revenues	$	450,712	$	331,412	$	270,827

Less1:
Cost of product sales	12,269		4,481		6,408
Research and development
Berotralstat	45,033		42,835		32,637
Factor D Program	24,072		94,517		174,234
BCX17725	32,417		19,133		—
Other research, preclinical and development costs	73,116		60,081		46,426
Selling, general and administrative	266,132		213,894		159,371
Royalty	216		180		186
Other segment items2	641		30,058		1,983
Interest income	(14,746)		(15,777)		(5,127)
Interest expense	98,516		108,239		99,092
Income tax expense	1,927		310		2,733
Segment net loss	(88,881)		(226,539)		(247,116)

Reconciliation of segment profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net loss	$	(88,881)	$	(226,539)	$	(247,116)

1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Other segment items included in Segment net loss include loss on extinguishment of debt and foreign currency losses, net.

All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenues, see “Note 2—Revenue”.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Revenues	$ 450,712	$ 331,412	$ 270,827
Expenses:
Cost of product sales	12,269	4,481	6,408
Research and development	174,638	216,566	253,297
Selling, general and administrative	266,132	213,894	159,371
Royalty	216	180	186
Total operating expenses	453,255	435,121	419,262
Loss from operations	(2,543)	(103,709)	(148,435)
Interest income	14,746	15,777	5,127
Interest expense	(98,516)	(108,239)	(99,092)
Loss on extinguishment of debt	0	(29,019)	0
Foreign currency losses, net	(641)	(1,039)	(1,983)
Total other expense	(84,411)	(122,520)	(95,948)
Loss before income taxes	(86,954)	(226,229)	(244,383)
Income tax expense	1,927	310	2,733
Net loss	(88,881)	(226,539)	(247,116)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(776)	180	890
Unrealized gain (loss) on available for sale investments	360	1,131	(1,041)
Total other comprehensive (loss) income	(416)	1,311	(151)
Net comprehensive loss	$ (89,297)	$ (225,228)	$ (247,267)
Earnings per share, basic (in usd per share)	$ (0.43)	$ (1.18)	$ (1.33)
Earnings per share, diluted (in usd per share)	$ (0.43)	$ (1.18)	$ (1.33)
Weighted average shares outstanding, basic (in shares)	206,696	192,198	185,908
Weighted average shares outstanding, diluted (in shares)	206,696	192,198	185,908

Debt	12 Months Ended
Debt	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Pharmakon Loan Agreement On April 17, 2023, the Company entered into a $450,000 Loan Agreement (the “Pharmakon Loan Agreement”) with BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership, as lenders, and BioPharma Credit PLC, as collateral agent for the lenders. Certain of the Company’s wholly-owned subsidiaries are guarantors to the Pharmakon Loan Agreement. The Pharmakon Loan Agreement provides for an initial term loan in the principal amount of $300,000 (the “Tranche A Loan”) funded on April 17, 2023 (the “Tranche A Closing Date”). The Company used a portion of the proceeds from the Tranche A Loan to repay the $241,787 of outstanding indebtedness (principal and interest due as of April 17, 2023) under the then-existing Athyrium Credit Agreement (defined below) and to pay associated transaction costs and fees, and used the remaining net proceeds of $25,805 for other general corporate purposes. The Pharmakon Loan Agreement also provided for three additional term loan tranches, at the Company’s option, in principal amounts of $50,000 each (each a “Subsequent Tranche Loan” and, collectively with the Tranche A Loan, the “Pharmakon Term Loans” and each, a “Pharmakon Term Loan”), which could have been requested on or prior to September 30, 2024. The Company chose not to request any Subsequent Tranche Loans and the options have since expired. The maturity date of the Pharmakon Loan Agreement is April 17, 2028 (the “Maturity Date”), the fifth anniversary of the Tranche A Closing Date. The Pharmakon Loan Agreement provides for quarterly interest-only payments until the Maturity Date, with the unpaid principal amount of the outstanding Pharmakon Term Loans due and payable on the Maturity Date. During the first 18 months following the Tranche A Closing Date, the Company had the option to make a portion of the applicable interest payment on the Tranche A Loan in-kind (a “Pharmakon PIK Interest Payment”) by capitalizing as principal up to 50% of the amount of interest accrued on the Tranche A Loan during the applicable interest period. The Pharmakon Term Loans bear interest at a rate equal to the three-month Secured Overnight Financing Rate (“SOFR”), which shall be no less than 1.75%, plus 7.00%, per annum or, for each interest period in which a Pharmakon PIK Interest Payment was made, with respect to the Tranche A Loan, SOFR plus 7.25%, per annum. The Tranche A Loan accrued interest at an effective interest rate of 13.14% and 13.30% for the years ended December 31, 2024 and 2023, respectively. The Company is required to make a mandatory prepayment of the Pharmakon Term Loans (i) upon the occurrence of a change of control and (ii) prior to any repayment of any convertible debt that the Company may issue in the future, subject to certain exceptions. The Company may make voluntary prepayments in whole or in part, in minimum $25,000 increments. Prepayments are subject to a prepayment premium equal to, (i) with respect to any prepayment made prior to the second anniversary of the applicable Pharmakon Term Loan borrowing date, the sum of (1) 3.00% of the principal amount of the Pharmakon Term Loan being prepaid plus (2) the aggregate amount of all interest that would have accrued on the principal amount of the Pharmakon Term Loan being prepaid from the date of prepayment through and including the second anniversary of the date of the borrowing of such Pharmakon Term Loan; (ii) with respect to any prepayment made on or after the second anniversary and prior to the third anniversary of the applicable Pharmakon Term Loan borrowing date, 3.00% of the principal amount of the Pharmakon Term Loan being prepaid; (iii) with respect to any prepayment made on or after the third anniversary and prior to the fourth anniversary of the applicable Pharmakon Term Loan, 2.00% of the principal amount of the Pharmakon Term Loan being prepaid; and (iv) with respect to any prepayment made on or after the fourth anniversary of the applicable Pharmakon Term Loan borrowing date and before the Maturity Date, 1.00% of the principal amount of the Pharmakon Term Loan being prepaid. In addition, if the Company had requested any Subsequent Tranche Loans, certain funding fees would have been required to be paid. The Pharmakon Loan Agreement also contains representations and warranties and affirmative and negative covenants customary for financings of this type, as well as customary events of default. Certain of the customary negative covenants limit the ability of the Company and certain of its subsidiaries to, among other things, dispose of assets, engage in mergers, acquisitions, and similar transactions, incur additional indebtedness, grant liens, make investments, pay dividends or make distributions or certain other restricted payments in respect of equity, prepay other indebtedness, enter into restrictive agreements, undertake fundamental changes or amend certain material contracts, among other customary covenants, in each case subject to certain exceptions. A failure to comply with the covenants in the Pharmakon Loan Agreement, or an occurrence of any other event of default, could permit the lenders under the Pharmakon Loan Agreement to declare the borrowings thereunder, together with accrued interest and fees, and any applicable prepayment premium, to be immediately due and payable. The Company’s obligations under the Pharmakon Loan Agreement are secured by a security interest in, subject to certain exceptions, substantially all of the Company’s assets. As of December 31, 2024, the Company had total borrowings of $300,000 under the Pharmakon Loan Agreement. Interest expense on the Tranche A Loan for the year ended December 31, 2024 was $39,874. As allowable under the Pharmakon Loan Agreement, the Company designated and accounted for 50% of the quarterly interest payments for each of the three months ended March 31, 2024 and June 30, 2024 as a Pharmakon PIK Interest Payment and the total amount of $10,041 has been added to the outstanding principal balance of the borrowing. The Company did not elect to account for 50% of the quarterly interest payment for the three months ended September 30, 2024 as a Pharmakon PIK Interest Payment. The remaining 50% of the total quarterly interest payments for the three months ended March 31, 2024 and June 30, 2024 and the full quarterly interest payments for the three months ended September 30, 2024 and December 31, 2024 totaling $29,833 in aggregate have been paid at the end of each quarterly period. As of December 31, 2024, borrowings, including the Pharmakon PIK Interest Payments, totaled $323,704. As of December 31, 2023, the Company had total borrowings of $300,000 under the Pharmakon Loan Agreement. Interest expense on the Tranche A Loan for the year ended December 31, 2023 was $27,326. As allowable under the Pharmakon Loan Agreement, the Company designated and accounted for 50% of the quarterly interest payments for the year ended December 31, 2023 as a Pharmakon PIK Interest Payment and the total amount of $13,663 has been added to the outstanding principal balance of the borrowing. The remaining 50% of the total quarterly interest payments of $13,663 was paid at the end of each quarterly period. As of December 31, 2023, borrowings, including the Pharmakon PIK Interest Payments, totaled $313,663. The fair value of the debt approximates its carrying value based on prevailing interest rates as of the balance sheet date and is considered as Level 2 in the fair value hierarchy. Incurred debt fees and issuance costs associated with the Tranche A Loan under the Pharmakon Loan Agreement totaled $11,147 and have been deferred and are being amortized as interest expense on an effective interest rate method over the remaining term of the Tranche A Loan. Deferred financing amortization of $1,597 and $715 was recognized for the years ended December 31, 2024 and 2023, respectively. Athyrium Credit Agreement On December 7, 2020, the Company entered into a $200,000 Credit Agreement (the “Athyrium Credit Agreement”) with Athyrium Opportunities III Co-Invest 1 LP (“Athyrium”), as lender and as administrative agent for the lenders. Certain of the Company’s direct and indirect subsidiaries were guarantors to the Athyrium Credit Agreement. The Athyrium Credit Agreement provided for an initial term loan in the principal amount of $125,000 (the “Term A Loan”), which was received by the Company on December 7, 2020 and is recorded in “Secured term loan” on the Company’s balance sheet. The Company used a portion of the proceeds from the Term A Loan to repay $43,298 of outstanding indebtedness, including accrued interest, under its prior credit facility with MidCap Financial Trust. The Athyrium Credit Agreement also provided for two additional term loans, at the Company’s option, in the respective principal amounts of $25,000 (the “Term B Loan”) and $50,000 (the “Term C Loan” and, collectively with the Term A Loan and the Term B Loan, the “Athyrium Term Loans”). Having achieved all required revenue-based milestones, the Company exercised its option to draw upon the additional funding available under the Athyrium Credit Agreement, borrowing the principal amounts of $25,000 under the Term B Loan and $50,000 under the Term C Loan. Both the Term B Loan and the Term C Loan were funded on July 29, 2022 in the aggregate principal amount of $75,000. The Company incurred deferred debt fees and issuance costs associated with the Term B and Term C Loans of $3,428. The Term B Loan and the Term C Loan were subject to all the provisions under the Athyrium Credit Agreement. On November 19, 2021, the Company entered into an amendment to the Athyrium Credit Agreement to, among other things, (i) permit the Company to enter into the 2021 RPI Royalty Purchase Agreement, the OMERS Royalty Purchase Agreement, and the other definitive documentation related thereto and to perform its obligations thereunder; and (ii) require the Company to pay to Athyrium, for the account of the lenders, a make-whole premium plus certain fees set forth in the Athyrium Credit Agreement in the event that the Company prepaid or repaid, or was required to prepay or repay, voluntarily or pursuant to mandatory prepayment obligations under the Athyrium Credit Agreement (e.g., with the proceeds of certain asset sales, certain ORLADEYO out-licensing or royalty financing transactions (excluding the Royalty Sales), extraordinary receipts, debt issuances, or upon a change of control of the Company and specified other events, subject to certain exceptions), all of the then-outstanding Athyrium Term Loans, in each case, subject to certain exceptions set forth in the Athyrium Credit Agreement. The Athyrium Credit Agreement provided for quarterly interest-only payments until the maturity date, with the unpaid principal amount of the outstanding Athyrium Term Loans due and payable on the maturity date. For each of the first eight full fiscal quarters following December 7, 2020, the Company had the option to make the applicable interest payment-in-kind (an “Athyrium PIK Interest Payment”) by capitalizing the entire amount of interest accrued during the applicable interest period with the unpaid original principal amount outstanding on the last day of such period. The Athyrium Term Loans accrued interest at a rate equal to the three-month LIBOR rate, which was no less than 1.75% and no more than 3.50% (“LIBOR”), plus 8.25%, or for each interest period in which an Athyrium PIK Interest Payment was made, LIBOR plus 10.25%. The quarter ended December 31, 2022 was the last period eligible for the Athyrium PIK Interest Payment designation. The Athyrium Term Loans accrued interest at an effective interest rate of 13.71% during the period in which the debt was outstanding for the year ended December 31, 2023 compared to 12.87% for the year ended December 31, 2022. Quarterly interest payments under the Athyrium Credit Agreement for the year ended December 31, 2023 totaled $8,476. Quarterly interest payments under the Athyrium Credit Agreement for the year ended December 31, 2022 totaled $23,387 and were designated and accounted for as Athyrium PIK Interest Payments and added to the outstanding principal balance of the borrowing. From the Athyrium Term Loans’ inception through December 31, 2022, the quarterly interest payments were designated and accounted for as Athyrium PIK Interest Payments and added to the outstanding principal balance of the borrowing. The quarter ended December 31, 2022 was the last period eligible for the Athyrium PIK Interest Payment designation. Deferred financing amortization of $1,069 and $916 was recognized for the years ended December 31, 2023 and 2022, respectively. On April 17, 2023, the outstanding principal of the Athyrium Term Loans, including the Athyrium PIK Interest Payments of $240,452 along with interest accrued of $1,335 for the first 17 days of the quarterly interest period ended June 30, 2023, was repaid with the funding received through the Pharmakon Loan Agreement. In accordance with the Athyrium Credit Agreement, upon the prepayment or repayment of all or any of the Athyrium Term Loans, the Company was obligated to pay an exit fee in an amount equal to 2.00% of the principal amount of the Athyrium Term Loans prepaid or repaid. In addition, each Athyrium Term Loan was subject to a 1.00% commitment fee at its respective borrowing date. As a result, the Company incurred prepayment and final payment fees of $17,261 upon repayment of the Athyrium Term Loans. Additionally, unamortized deferred financing costs of $11,758 associated with the Athyrium Term Loans were written off at the time of repayment. Collectively, the prepayment and final payment fees and unamortized deferred financing costs totaled $29,019 and are reflected as a one-time loss on extinguishment of debt on the Consolidated Statements of Comprehensive Loss for the year ended December 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Compensation and benefits	$ 48,631	$ 36,518
Revenue-related reserves for discounts and allowances	32,116	26,509
Royalties payable	14,590	18,524
Development costs	9,198	13,677
Other	8,757	7,654
Total accrued expenses	$ 113,292	$ 102,882

Lease Obligations - Other Supplemental Information Related to Leases (Details)	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Weighted average remaining lease term (in years)	9 years	9 years 8 months 12 days
Weighted average discount rate:	10.91%	10.88%
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Weighted average remaining lease term (in years)	2 years 7 months 6 days	3 years
Weighted average discount rate:	8.66%	7.46%

Workforce Reduction (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table summarizes the accrued liability activity recorded in connection with the workforce reduction for the year ended December 31, 2024 (in thousands):


Balance at December 31, 2023	$	3,380
Workforce reduction expense recorded during the year ended December 31, 2024	1,264
Amounts paid during the year ended December 31, 2024	(4,644)
Balance at December 31, 2024	$	—

Lease Obligations - Balance Sheets of the Company's Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finance Lease Assets [Abstract]
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 3,947	$ 4,322
Finance Lease, Liability [Abstract]
Finance lease liabilities	1,835	1,590
Finance lease liabilities	2,124	2,845
Finance lease liabilities	$ 3,959	$ 4,435
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use assets	Right of use assets

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table illustrates information about segment revenues, significant segment expenses, and segment net loss for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years Ended December 31,
	2024		2023		2022
Revenues	$	450,712	$	331,412	$	270,827

Less1:
Cost of product sales	12,269		4,481		6,408
Research and development
Berotralstat	45,033		42,835		32,637
Factor D Program	24,072		94,517		174,234
BCX17725	32,417		19,133		—
Other research, preclinical and development costs	73,116		60,081		46,426
Selling, general and administrative	266,132		213,894		159,371
Royalty	216		180		186
Other segment items2	641		30,058		1,983
Interest income	(14,746)		(15,777)		(5,127)
Interest expense	98,516		108,239		99,092
Income tax expense	1,927		310		2,733
Segment net loss	(88,881)		(226,539)		(247,116)

Reconciliation of segment profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net loss	$	(88,881)	$	(226,539)	$	(247,116)

1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Other segment items included in Segment net loss include loss on extinguishment of debt and foreign currency losses, net.

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Feb. 20, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-23186
Entity Registrant Name	BIOCRYST PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1413174
Entity Address, Address Line One	4505 Emperor Blvd., Suite 200
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	859-1302
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BCRX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,264,650,517
Entity Common Stock, Shares Outstanding		208,960,020
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement to be filed in connection with the solicitation of proxies for its 2025 annual meeting of stockholders are incorporated by reference into Items 10, 11, 12, 13, and 14 under Part III hereof.
Entity Central Index Key	0000882796
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Workforce Reduction

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Workforce Reduction

In January 2024, the Company announced a reduction of workforce. The majority of the impacted employees had a termination date in January 2024, with certain employees exiting later in 2024. The Company notified the impacted employees in January 2024.

The Company incurred costs related to employee severance, benefits, and related costs which were accounted for as ongoing terminations benefits under ASC Topic 712, Nonretirement Postemployment Benefits. As of December 31, 2023, it was considered probable that payment would be owed and the amount of payment was considered to be reasonably estimable, which resulted in the recognition of $3,380 of costs related to the workforce reduction during the year ended December 31, 2023, of which $3,026 was recognized in research and development expenses and $354 was recognized in selling, general and administrative expenses in the Consolidated Statement of Comprehensive Loss. All of these costs were paid during the year ended December 31, 2024.

In addition, the employees impacted by the workforce reduction received an amount equal to the bonus amount the employee would have received through continued employment with the Company, which was considered a one-time termination benefit pursuant to ASC Topic 420, Exit or Disposal Costs. As a result, $1,264 was recognized during the three months ended March 31, 2024, the period in which the communication occurred, of which $1,201 was recognized in research and development expenses, and $63 was recognized in selling, general and administrative expenses in the Consolidated Statement of Comprehensive Loss. All of these costs were paid during the three months ended March 31, 2024.

The following table summarizes the accrued liability activity recorded in connection with the workforce reduction for the year ended December 31, 2024 (in thousands):


Balance at December 31, 2023	$	3,380
Workforce reduction expense recorded during the year ended December 31, 2024	1,264
Amounts paid during the year ended December 31, 2024	(4,644)
Balance at December 31, 2024	$	—

The Company does not expect to incur any additional significant costs related to this workforce reduction.

Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease, Cost

Lease expense under operating and finance leases was as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Operating lease expense	$	2,301	$	2,018	$	1,578
Finance lease expense:
Amortization of right-of-use assets	1,766		1,212		816
Interest on lease liabilities	316		201		138
Total finance lease expense	$	2,082	$	1,413	$	954

Supplemental cash flow information related to leases was as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	316	$	201	$	898
Operating cash flows for operating leases	$	2,156	$	1,920	$	1,555
Financing cash flows for finance leases	$	1,704	$	1,165	$	—

Operating lease assets obtained in exchange for operating lease liabilities:	$	438	$	4,695	$	755
Finance lease assets obtained in exchange for finance lease liabilities:	$	1,391	$	2,971	$	1,302
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:	$	254	$	924	$	—

Other Supplemental Information Related to Leases

Other supplemental information related to leases was as follows:


	As of December 31,
	2024		2023
Weighted average remaining lease term:
Operating leases	9.0 years		9.7 years
Finance leases	2.6 years		3.0 years
Weighted average discount rate:
Operating leases	10.91	%	10.88	%
Finance leases	8.66	%	7.46	%

Lessee, Operating Lease, Assets and Liabilities

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s operating leases (in thousands):


		As of December 31,
	Balance Sheet Location	2024		2023
Operating lease assets:
Operating lease assets, net	Right of use assets	$	8,061	$	8,682
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	937	$	1,058
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	7,924		8,390
Total operating lease liabilities		$	8,861	$	9,448

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s finance leases (in thousands):


		As of December 31,
	Balance Sheet Location	2024		2023
Finance lease assets:
Finance lease assets, net	Right of use assets	$	3,947	$	4,322
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,835	$	1,590
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	2,124		2,845
Total finance lease liabilities		$	3,959	$	4,435

Maturities of Operating Lease Liabilities

Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	1,857	$	2,106
2026	1,742		1,279
2027	1,650		809
2028	1,383		257
2029	996		—
Thereafter	6,922		—
Total lease payments	14,550		4,451
Less imputed interest	(5,689)		(492)
Total	$	8,861	$	3,959

Royalty Financing Obligations (Details) - USD ($) $ in Thousands	Nov. 19, 2021	Dec. 07, 2020	Dec. 31, 2024	Dec. 31, 2023
RPI 2019 Intermediate Finance Trust
Royalties Monetizations [Line Items]
Shares issued, common stock, premium	$ 4,269
RPI 2019 Intermediate Finance Trust \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets		20.00%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Under $350,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories		8.75%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Between $350,000 and $550,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories		2.75%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Over $550,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories		0.00%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Under $150,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets		20.00%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Between $150,000 and $230,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets		10.00%
RPI 2019 Intermediate Finance Trust \| ORLADEYO \| Annual Net Sales Over $230,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets		0.00%
RPI 2019 Intermediate Finance Trust \| BCX9930
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, maximum tiered profit share percentage on permitted sales in other markets	3.00%
RPI 2019 Intermediate Finance Trust \| Future Royalties Payable
Royalties Monetizations [Line Items]
Proceeds from issuance of debt		$ 125,000
Debt issuance costs, net, total			$ 8,532	$ 8,532
RPI 2021 and 2020 Intermediate Finance Trust \| Future Royalties Payable
Royalties Monetizations [Line Items]
Proceeds from issuance of debt	$ 150,000
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Under $350,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories	0.75%
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Between $350,000 and $550,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories	1.75%
Royalty purchase agreement, royalties, percentage of annual net sales in other markets	0.00%
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Under $150,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	3.00%
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Between $150,000 and $230,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	2.00%
The 2021 RPI Royalty Purchase Agreement \| Annual Net Sales Over $230,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets	0.00%
The 2021 RPI Royalty Purchase Agreement \| BCX9930 \| Annual Net Sales Under $1.5 Million
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories	3.00%
The 2021 RPI Royalty Purchase Agreement \| BCX9930 \| Annual Net Sales Between $1.5 And $3 Million
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in key territories	2.00%
The 2021 RPI Royalty Purchase Agreement \| BCX9930 \| Annual Net Sales Over $3 Billions
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales in other markets	0.00%
OMERS Capital Markets \| ORLADEYO
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	20.00%
Royalty purchase agreement, royalties, percentage of annual net sales in other markets	10.00%
Royalty purchase agreement, royalties, percentage of purchase price	155.00%
Royalty purchase agreement, royalties, purchase price, amount	$ 150,000
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Under $350,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales	7.50%
Royalty purchase agreement, royalties, percentage of annual net sales, based on reduction in sales	10.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Between $350,000 and $550,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales	6.00%
Royalty purchase agreement, royalties, percentage of annual net sales, based on reduction in sales	3.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Over $550,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of annual net sales	0.00%
Royalty purchase agreement, royalties, percentage of annual net sales, based on reduction in sales	0.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Under $150,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	20.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Between $150,000 and $230,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	10.00%
OMERS Capital Markets \| ORLADEYO \| Annual Net Sales Over $230,000
Royalties Monetizations [Line Items]
Royalty purchase agreement, royalties, percentage of sublicense revenue in other markets	0.00%

Investments - Fair Value, Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Estimated Fair Value	$ 236,460	$ 278,344
Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Estimated Fair Value	236,460	277,358
Certificates of deposit
Marketable Securities [Line Items]
Estimated Fair Value		986
Fair Value, Inputs, Level 1
Marketable Securities [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 1 \| Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 1 \| Certificates of deposit
Marketable Securities [Line Items]
Estimated Fair Value		0
Fair Value, Inputs, Level 2
Marketable Securities [Line Items]
Estimated Fair Value	236,460	278,344
Fair Value, Inputs, Level 2 \| Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Estimated Fair Value	236,460	277,358
Fair Value, Inputs, Level 2 \| Certificates of deposit
Marketable Securities [Line Items]
Estimated Fair Value		986
Fair Value, Inputs, Level 3
Marketable Securities [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 3 \| Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Estimated Fair Value	$ 0	0
Fair Value, Inputs, Level 3 \| Certificates of deposit
Marketable Securities [Line Items]
Estimated Fair Value		$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

The Company’s inventories consisted of the following (in thousands):


	December 31,
	2024		2023
Raw materials	$	10,006	$	6,449
Work-in-process	16,152		17,591
Finished goods	7,765		6,242
Total inventory	33,923		30,282
Reserves	(2,649)		(1,599)
Total inventory, net	$	31,274	$	28,683

Workforce Reduction - Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
One-time Termination Benefits
Restructuring Cost [Roll Forward]
Restructuring costs	$ 1,264	$ 1,264
Employee Severance
Restructuring Cost [Roll Forward]
Restructuring reserve, beginning balance	$ 3,380	3,380
Restructuring costs			$ 3,380
Payments for restructuring		(4,644)
Restructuring reserve, ending balance		$ 0	$ 3,380

Significant Accounting Policies and Concentrations of Risk

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies and Concentrations of Risk

The Company

Basis of Presentation

Use of Estimates

Revenue Recognition

The Company recorded the following revenues for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years Ended December 31,
	2024		2023		2022
Product sales, net	$	442,668	$	324,696	$	267,710
Collaborative and other revenues	8,044		6,716		3,117
Total revenues	$	450,712	$	331,412	$	270,827

Product Sales, Net

The Company recognizes revenue for sales when the customer obtains control of the product, which generally occurs upon delivery.

Collaborative and Other Revenues

Cash and Cash Equivalents

Restricted Cash

Investments

Fair Value Measurements

Trade Receivables

Inventory

The Company’s inventory primarily relates to ORLADEYO. Additionally, the Company’s inventory includes peramivir.

Property and Equipment

Accrued Expenses

Cost of Product Sales

Research and Development Expenses

Selling, General and Administrative Expenses

Advertising costs related to ORLADEYO of $13,566, $14,404 and $14,891 were expensed as incurred for the years ended December 31, 2024, 2023 and 2022, respectively.

All patent related costs are expensed to selling, general and administrative expenses when incurred as recoverability of such expenditures is uncertain.

Leases

The Company has not made any residual value guarantees related to its leases; therefore, the Company has no corresponding liability recorded on its Consolidated Balance Sheets.

Stock-Based Compensation

Interest Expense, Deferred Financing Costs and Royalty Financing Obligations

Income Taxes

the relevant facts and circumstances surrounding the uncertain tax positions. The Company recognizes interest and penalties related to income tax matters in income tax expense.

Foreign Currency

Net Loss Per Share


	December 31,
	2024	2023
Outstanding stock options	44,240	41,032
Unvested restricted stock unit awards	10,112	6,507
Total	54,352	47,539

Accumulated Other Comprehensive Income

Significant Customers and Other Risks

Significant Customers

The Company’s primary sources of revenue and cash flow are the sales of ORLADEYO in the United States.

Risks from Third-Party Manufacturing and Distribution Concentration

Credit Risk

Recently Adopted Accounting Pronouncements

New Accounting Pronouncements Not Yet Adopted

Employee 401(k) Plan Textual (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Matching contributions	$ 6,030	$ 5,716	$ 3,758

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue Recognition [Abstract]

Summary of Revenues

The Company recorded the following revenues for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years Ended December 31,
	2024		2023		2022
Product sales, net	$	442,668	$	324,696	$	267,710
Collaborative and other revenues	8,044		6,716		3,117
Total revenues	$	450,712	$	331,412	$	270,827

The Company recorded the following revenues for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years Ended December 31,
	2024		2023		2022
ORLADEYO:
U.S.	$	385,961	$	288,361	$	226,358
Outside of U.S.	51,699		37,629		25,275
Total ORLADEYO	437,660		325,990		251,633
Other revenues	13,052		5,422		19,194
Total revenues	$	450,712	$	331,412	$	270,827

Lease Obligations

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease, Obligations

Lease Obligations

The Company leases certain assets under operating leases, which primarily consist of real estate leases, and finance leases, which generally consist of laboratory equipment leases and office equipment leases, as of December 31, 2024. Renewal options for the Company’s real estate leases are three years in length and begin from 2025 through 2030.

Lease expense under operating and finance leases was as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Operating lease expense	$	2,301	$	2,018	$	1,578
Finance lease expense:
Amortization of right-of-use assets	1,766		1,212		816
Interest on lease liabilities	316		201		138
Total finance lease expense	$	2,082	$	1,413	$	954

Other supplemental information related to leases was as follows:


	As of December 31,
	2024		2023
Weighted average remaining lease term:
Operating leases	9.0 years		9.7 years
Finance leases	2.6 years		3.0 years
Weighted average discount rate:
Operating leases	10.91	%	10.88	%
Finance leases	8.66	%	7.46	%

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s operating leases (in thousands):


		As of December 31,
	Balance Sheet Location	2024		2023
Operating lease assets:
Operating lease assets, net	Right of use assets	$	8,061	$	8,682
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	937	$	1,058
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	7,924		8,390
Total operating lease liabilities		$	8,861	$	9,448

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s finance leases (in thousands):


		As of December 31,
	Balance Sheet Location	2024		2023
Finance lease assets:
Finance lease assets, net	Right of use assets	$	3,947	$	4,322
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,835	$	1,590
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	2,124		2,845
Total finance lease liabilities		$	3,959	$	4,435

Operating lease assets are recorded net of accumulated amortization of $6,065 and $4,794 as of December 31, 2024 and 2023, respectively. Finance lease assets are recorded net of accumulated amortization of $4,059 and $2,293 as of December 31, 2024 and 2023, respectively.

Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	1,857	$	2,106
2026	1,742		1,279
2027	1,650		809
2028	1,383		257
2029	996		—
Thereafter	6,922		—
Total lease payments	14,550		4,451
Less imputed interest	(5,689)		(492)
Total	$	8,861	$	3,959

Supplemental cash flow information related to leases was as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	316	$	201	$	898
Operating cash flows for operating leases	$	2,156	$	1,920	$	1,555
Financing cash flows for finance leases	$	1,704	$	1,165	$	—

Operating lease assets obtained in exchange for operating lease liabilities:	$	438	$	4,695	$	755
Finance lease assets obtained in exchange for finance lease liabilities:	$	1,391	$	2,971	$	1,302
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:	$	254	$	924	$	—

Lease, Obligations

Lease Obligations

Lease expense under operating and finance leases was as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Operating lease expense	$	2,301	$	2,018	$	1,578
Finance lease expense:
Amortization of right-of-use assets	1,766		1,212		816
Interest on lease liabilities	316		201		138
Total finance lease expense	$	2,082	$	1,413	$	954

Other supplemental information related to leases was as follows:


	As of December 31,
	2024		2023
Weighted average remaining lease term:
Operating leases	9.0 years		9.7 years
Finance leases	2.6 years		3.0 years
Weighted average discount rate:
Operating leases	10.91	%	10.88	%
Finance leases	8.66	%	7.46	%

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s operating leases (in thousands):


		As of December 31,
	Balance Sheet Location	2024		2023
Operating lease assets:
Operating lease assets, net	Right of use assets	$	8,061	$	8,682
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	937	$	1,058
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	7,924		8,390
Total operating lease liabilities		$	8,861	$	9,448

The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s finance leases (in thousands):


		As of December 31,
	Balance Sheet Location	2024		2023
Finance lease assets:
Finance lease assets, net	Right of use assets	$	3,947	$	4,322
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,835	$	1,590
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	2,124		2,845
Total finance lease liabilities		$	3,959	$	4,435

Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	1,857	$	2,106
2026	1,742		1,279
2027	1,650		809
2028	1,383		257
2029	996		—
Thereafter	6,922		—
Total lease payments	14,550		4,451
Less imputed interest	(5,689)		(492)
Total	$	8,861	$	3,959

Supplemental cash flow information related to leases was as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	316	$	201	$	898
Operating cash flows for operating leases	$	2,156	$	1,920	$	1,555
Financing cash flows for finance leases	$	1,704	$	1,165	$	—

Operating lease assets obtained in exchange for operating lease liabilities:	$	438	$	4,695	$	755
Finance lease assets obtained in exchange for finance lease liabilities:	$	1,391	$	2,971	$	1,302
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:	$	254	$	924	$	—

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Sales of Common Stock

On February 27, 2024, the Company filed an automatic shelf registration statement on Form S-3 with the SEC. This shelf registration statement became effective automatically upon filing and allows the Company to sell an indeterminate number of securities, including common stock, preferred stock, depositary shares, purchase contracts, warrants, debt securities, and units, from time to time at prices and on terms to be determined at the time of sale.

On October 23, 2023, certain entities affiliated with Baker Bros. Advisors LP (the “Baker Entities”) net exercised the remaining balance of the pre-funded warrants held by such Baker Entities that were issued on November 21, 2019. Additionally, certain of the Baker Entities net exercised all of the pre-funded warrants that were issued on June 1, 2020. The exercises resulted in the issuance of 14,997 common shares.

Shares Reserved for Future Issuance of Common Stock

The Company had reserved shares of common stock for issuance as follows (in thousands):


	December 31,
	2024	2023
Shares reserved for exercises of outstanding stock options	44,240	41,032
Shares reserved for vesting of restricted stock units	10,112	6,507
Shares reserved for future issuance under the Stock Incentive Plan	1,065	3,376
Shares reserved for future issuance under the Inducement Equity Incentive Plan	1,699	1,651
Shares reserved for future issuance under the Employee Stock Purchase Plan	5,042	5,454
Total shares reserved for future issuance	62,158	58,020

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-Name Accounting Standards Codification
-Section S99
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-Topic 235
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-Name Accounting Standards Codification
-Section S99
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+ Details

Stock-Based Compensation - Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 65,413	$ 55,615	$ 44,701
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	56,207	44,581	36,716
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	8,414	9,958	6,550
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 792	$ 1,076	$ 1,435

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity Textual (Details)	Oct. 23, 2023 shares
Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock issued during period (in shares)	14,997,000

Stock-Based Compensation Textual (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) plan $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of plans \| plan	3
Total stock-based compensation expense	$ 65,413	$ 55,615	$ 44,701
Employee stock purchase plan sales (in shares) \| shares	412	338	260
Share-based Payment Arrangement, Option \| Non-employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (year)	1 year
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 56,207	$ 44,581	$ 36,716
Options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 5.28	$ 4.75	$ 7.57
Total unrecognized compensation cost	$ 66,658
Expected Dividend Yield	0.00%	0.00%	0.00%
Options, exercises in period, intrinsic value		$ 3,601	$ 21,150
Options, vested in period, fair value	$ 35,151	$ 33,731	$ 28,916
Weighted average period for recognition	1 year 7 months 6 days
Incentive Plan \| Share-based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, grants in period, gross (in shares) \| shares	7,106
Options, exercisable, weighted average remaining contractual term (year)	5 years 3 months 14 days
Options, exercises in period, intrinsic value	$ 863
Exercise of stock options, net (in shares) \| shares	350
Options, aggregate intrinsic value	$ 24,280
Number of stock option awards vested and expected to vest (in shares) \| shares	37,302
Weighted average exercise price of stock option awards vested and expected to vest (in dollars per share) \| $ / shares	$ 7.95
Stock option awards vested and expected to vest, weighted average remaining contractual life (year)	6 years 7 months 9 days
Incentive Plan \| Share-based Payment Arrangement, Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, exercisable, weighted average remaining contractual term (year)	10 years
Incentive Plan \| Share-based Payment Arrangement, Option \| Vest 25% Each Year Until Fully Vested
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Award vesting period (year)	4 years
Incentive Plan \| Share-based Payment Arrangement, Option \| Thirty-six Equal Monthly Installments \| Non-employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (year)	3 years
Incentive Plan \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 7.32	$ 6.71	$ 11.20
Total unrecognized compensation cost	$ 58,333
Weighted average period for recognition	1 year 10 months 24 days
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 8,414	$ 9,958	$ 6,550
Award vesting period (year)	4 years
Options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 4.61	$ 5.79	$ 9.54
Total unrecognized compensation cost	$ 8,612
Expiration period (year)	10 years
Expected Dividend Yield	0.00%	0.00%	0.00%
Options, exercises in period, intrinsic value		$ 1,803	$ 3,710
Options, vested in period, fair value	$ 7,225	$ 7,698	$ 4,659
Weighted average period for recognition	1 year 4 months 24 days
Inducement Plan \| Vest 25% Each Year Until Fully Vested
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Inducement Plan \| Share-based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, grants in period, gross (in shares) \| shares	522
Options, exercisable, weighted average remaining contractual term (year)	6 years 2 months 1 day
Expected Dividend Yield	0.00%
Options, exercises in period, intrinsic value	$ 495
Exercise of stock options, net (in shares) \| shares	198
Options, aggregate intrinsic value	$ 6,543
Number of stock option awards vested and expected to vest (in shares) \| shares	4,790
Weighted average exercise price of stock option awards vested and expected to vest (in dollars per share) \| $ / shares	$ 8.31
Stock option awards vested and expected to vest, weighted average remaining contractual life (year)	6 years 10 months 6 days
Inducement Plan \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 6.51	$ 7.81	$ 13.21
Restricted stock units, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 6.51
Total unrecognized compensation cost	$ 4,948
Weighted average period for recognition	1 year 7 months 6 days
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 792	$ 1,076	$ 1,435
Restricted stock units, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.99	$ 3.82	$ 6.02
Number of shares authorized (in shares) \| shares	7,975
Number of shares available for grant (in shares) \| shares	5,042
Percentage of salary to purchase common stock, maximum	15.00%
Percentage of common stock shares, beginning	85.00%
Percentage of common stock shares, ending	85.00%
Maximum number of shares per employee (in shares) \| shares	3
Maximum number of shares per employee, amount	$ 25
Weighted average purchase price of shares purchased (in dollars per share) \| $ / shares	$ 4.50	$ 7.68	$ 11.03
Retirement Policy
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,569

Employee 401(k) Plan	12 Months Ended
Employee 401(k) Plan	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee 401(k) Plan	Employee 401(k) Plan In January 1991, the Company adopted an employee retirement plan (“401(k) Plan”) under Section 401(k) of the IRC covering all employees. Employee contributions may be made to the 401(k) Plan up to limits established by the Internal Revenue Service. Company matching contributions may be made at the discretion of the Board of Directors. The Company made matching contributions of $6,030, $5,716, and $3,758 in 2024, 2023, and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Accrued Expenses

12 Months Ended

Dec. 31, 2024

Accounts Payable and Accrued Liabilities [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2024		2023
Compensation and benefits	$	48,631	$	36,518
Revenue-related reserves for discounts and allowances	32,116		26,509
Royalties payable	14,590		18,524
Development costs	9,198		13,677
Other	8,757		7,654
Total accrued expenses	$	113,292	$	102,882

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net federal and state operating losses	$ 105,865	$ 108,753
Research and development credits	87,287	88,390
Royalty income	117,570	122,391
Stock-based compensation	34,486	26,113
Capitalized R&D	82,476	75,081
Leasing obligations	2,806	3,076
Other	22,693	17,515
Total deferred tax assets	453,183	441,319
Deferred tax liabilities:
Fixed assets	(797)	(678)
Right of use asset	(2,620)	(2,872)
Total deferred tax liabilities	(3,417)	(3,550)
Valuation allowance	(448,740)	(437,098)
Net deferred tax assets	$ 1,026	$ 671

Investments - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) security
Investments, All Other Investments [Abstract]
Securities \| security	4
Estimated fair market value \| $	$ 44,100

Income Taxes - Schedule of Components of Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current expense (benefit) provision:
U.S. Federal and state	$ 1,118	$ (45)	$ 2,430
Foreign	1,163	1,037	292
Total current expense provision	2,281	992	2,722
Deferred expense (benefit) provision:
U.S. Federal and state	79	(120)	11
Foreign	(433)	(562)	0
Total deferred expense provision	(354)	(682)	11
Income tax expense	$ 1,927	$ 310	$ 2,733

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Trade Receivables Textual (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Royalty Receivables From Partners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, Net, Current	$ 2,223	$ 2,296
ORLADEYO \| Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, after allowance for credit loss, total	76,282	54,149
RAPIVAB \| Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, after allowance for credit loss, total	$ 564	$ 505

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following (in thousands):


	December 31,
	2024		2023
Furniture and fixtures	$	1,463	$	1,384
Office equipment	729		719
Software	1,252		1,252
Laboratory equipment	6,222		5,559
Leasehold improvements	10,363		10,206
Construction in progress	97		—
Total property and equipment	20,126		19,120
Less accumulated depreciation and amortization	(12,349)		(11,210)
Property and equipment, net	$	7,777	$	7,910

Depreciation expense for the years ended December 31, 2024, 2023, and 2022 was $1,246, $1,655, and $1,437, respectively. During the year ended December 31, 2023, the Company recorded an impairment loss of $1,548 and contract termination fees of $440 related to the discontinuation of the Birmingham research facilities expansion, which was recognized in research and development expenses during the year ended December 31, 2023. The Company did not record any impairment losses during the years ended December 31, 2024 and December 31, 2022.

Lease Obligations -Balance Sheets of the Company's Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Operating lease assets, net	$ 8,061	$ 8,682
Operating Lease, Liability [Abstract]
Operating lease liabilities	937	1,058
Operating lease liabilities	7,924	8,390
Total operating lease liabilities	$ 8,861	$ 9,448
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use assets	Right of use assets

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Abbreviated New Drug Application In January 2025, the Company received a Paragraph IV notice of certification (the “Notice Letter”) from Annora Pharma Private Limited (“Annora”) advising that Annora has submitted an Abbreviated New Drug Application (“ANDA”) to the FDA seeking approval to manufacture, use or sell a generic version of ORLADEYO in the United States prior to the expiration of three patents listed in the FDA’s Orange Book: U.S. Patent Nos. 10,662,160; 11,117,867; and 11,618,733 (the “Challenged Patents”). The Notice Letter alleges that the Challenged Patents, which expire in 2039, are invalid, unenforceable and/or will not be infringed by the commercial manufacture, use or sale of the generic product described in Annora’s ANDA. The Notice Letter does not challenge the following six ORLADEYO Orange Book patents that expire in 2035: U.S. Patent Nos. 10,125,102; 10,329,260; 10,689,346; 11,230,530; 11,708,333; and 12,116,346. The Company intends to vigorously defend its intellectual property rights protecting ORLADEYO.

Income Taxes - Differences Between the Company's Effective Tax Rate and the Statutory Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory rate (21% for 2024, 2023 and 2022)	$ (18,260)	$ (47,328)	$ (51,321)
State and local income taxes net of federal tax benefit	1,393	(3,477)	(1,816)
Permanent items	3,716	3,015	(1,608)
Research and development tax credits	(1,413)	(3,301)	(9,793)
Foreign rate differential	2,353	2,255	1,862
Other	2,496	1,656	(5,485)
Change in valuation allowance	11,642	47,490	70,894
Income tax expense	$ 1,927	$ 310	$ 2,733

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Lease Obligations - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 1,857
2026	1,742
2027	1,650
2028	1,383
2029	996
Thereafter	6,922
Total lease payments	14,550
Less imputed interest	(5,689)
Total	8,861	$ 9,448
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	2,106
2026	1,279
2027	809
2028	257
2029	0
Thereafter	0
Total lease payments	4,451
Less imputed interest	(492)
Total	$ 3,959	$ 4,435

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. The Company has concluded that no subsequent events have occurred that require disclosure.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule Of Loss Before Provision For Income Taxes

The components of loss before provision for income taxes were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Domestic	$	(62,515)	$	(206,674)	$	(225,127)
Foreign	(24,439)		(19,555)		(19,256)
Loss before provision for income taxes	$	(86,954)	$	(226,229)	$	(244,383)

Schedule of Components of Income Tax (Benefit) Expense

The components of the (benefit) expense for income taxes were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Current expense (benefit) provision:
U.S. Federal and state	$	1,118	$	(45)	$	2,430
Foreign	1,163		1,037		292
Total current expense provision	2,281		992		2,722
Deferred expense (benefit) provision:
U.S. Federal and state	79		(120)		11
Foreign	(433)		(562)		—
Total deferred expense provision	(354)		(682)		11
Total expense provision	$	1,927	$	310	$	2,733

Summary Of The Differences Between The Company's Effective Tax Rate And Statutory Tax Rate

The differences between the Company’s effective tax rate and the statutory tax rate in 2024, 2023, and 2022 were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Income tax benefit at federal statutory rate (21% for 2024, 2023 and 2022)	$	(18,260)	$	(47,328)	$	(51,321)
State and local income taxes net of federal tax benefit	1,393		(3,477)		(1,816)
Permanent items	3,716		3,015		(1,608)
Research and development tax credits	(1,413)		(3,301)		(9,793)
Foreign rate differential	2,353		2,255		1,862
Other	2,496		1,656		(5,485)
Change in valuation allowance	11,642		47,490		70,894
Income tax expense	$	1,927	$	310	$	2,733

Schedule Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	2024		2023
Balance at January 1,	$	14,362	$	13,844
Additions to current period tax positions	353		825
Reductions to prior period tax provisions	—		(307)
Balance at December 31,	$	14,715	$	14,362

Schedule Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net federal and state operating losses	$	105,865	$	108,753
Research and development credits	87,287		88,390
Royalty income	117,570		122,391
Stock-based compensation	34,486		26,113
Capitalized R&D	82,476		75,081
Leasing obligations	2,806		3,076
Other	22,693		17,515
Total deferred tax assets	453,183		441,319
Deferred tax liabilities:
Fixed assets	(797)		(678)
Right of use asset	(2,620)		(2,872)
Total deferred tax liabilities	(3,417)		(3,550)
Valuation allowance	(448,740)		(437,098)
Net deferred tax assets	$	1,026	$	671

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The Company recorded the following stock-based compensation expense (in thousands):


	Years Ended December 31,
	2024		2023		2022
Incentive Plan	$	56,207	$	44,581	$	36,716
Inducement Plan	8,414		9,958		6,550
ESPP	792		1,076		1,435
Stock-based compensation expense	$	65,413	$	55,615	$	44,701

The following table summarizes stock option activity under the Incentive Plan:


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023	35,505	$	8.24
Granted	7,106	7.32
Exercised	(350)	4.56			$	863
Cancelled or Forfeited	(3,179)	9.99
Outstanding at December 31, 2024	39,082	$	7.96	6.71	$	30,075
Exercisable at December 31, 2024	24,462	$	7.99	5.29	$	24,280
Vested and expected to vest at December 31, 2024	37,302	$	7.95	6.61	$	29,384

The following table summarizes stock option activity under the Inducement Plan:


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023	5,527	$	8.77
Granted	522	6.40
Exercised	(198)	3.45			$	495
Cancelled or Forfeited	(693)	10.98
Outstanding at December 31, 2024	5,158	$	8.44	6.94	$	7,354
Exercisable at December 31, 2024	3,292	$	7.70	6.17	$	6,543
Vested and expected to vest at December 31, 2024	4,790	$	8.31	6.85	$	7,218

Stock-Based Compensation Allocation

Total stock-based compensation was allocated as follows:


	Years Ended December 31,
	2024		2023		2022
Research and development	$	31,285	$	29,377	$	24,936
Selling, general and administrative	34,128		26,238		19,765
Total stock-based compensation expense	$	65,413	$	55,615	$	44,701

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes restricted stock unit activity under the Incentive Plan:


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	5,592	$	8.67
Granted	5,942	7.32
Vested	(1,686)	9.12
Forfeited	(559)	8.61
Unvested at December 31, 2024	9,289	$	7.73

The following table summarizes restricted stock unit activity under the Inducement Plan:


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	915	$	9.90
Granted	324	6.51
Vested	(216)	10.25
Forfeited	(200)	9.68
Unvested at December 31, 2024	823	$	8.53

Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors Under the Plans

Stock Incentive Plan

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
	2024			2023			2022
Expected Life in Years	5.7			5.7			5.5
Expected Volatility	83.5		%	82.5		%	84.2		%
Expected Dividend Yield	0.0		%	0.0		%	0.0		%
Risk-Free Interest Rate	4.5		%	3.9		%	3.6		%
Weighted average grant date fair value per share	$	5.28		$	4.75		$	7.57

Inducement Equity Incentive Plan

The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
	2024			2023			2022
Expected Life in Years	5.8			5.6			5.5
Expected Volatility	83.3		%	83.5		%	84.2		%
Expected Dividend Yield	0.0		%	0.0		%	0.0		%
Risk-Free Interest Rate	4.2		%	4.0		%	3.2		%
Weighted average grant date fair value per share	$	4.61		$	5.79		$	9.54

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Raleigh, North Carolina
Auditor Firm ID	42

Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 20,126	$ 19,120
Less accumulated depreciation and amortization	(12,349)	(11,210)
Property and equipment, net	7,777	7,910
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	1,463	1,384
Office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	729	719
Software
Property, Plant and Equipment [Line Items]
Total property and equipment	1,252	1,252
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	6,222	5,559
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	10,363	10,206
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 97	$ 0

Stock-Based Compensation - Stock-Based Compensation Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 65,413	$ 55,615	$ 44,701
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	31,285	29,377	24,936
Selling, general and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 34,128	$ 26,238	$ 19,765

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (88,881)	$ (226,539)	$ (247,116)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Royalty Financing Obligations

12 Months Ended

Dec. 31, 2024

Advance Royalties [Abstract]

Royalty Financing Obligations

ORLADEYO and Factor D Inhibitors

On December 7, 2020, the Company and RPI 2019 Intermediate Finance Trust (“RPI”) entered into a Purchase and Sale Agreement (the “2020 RPI Royalty Purchase Agreement”), pursuant to which the Company sold to RPI the right to receive certain royalty payments from the Company for a purchase price of $125,000 in cash (the “2020 RPI Royalty Sale”). Under the 2020 RPI Royalty Purchase Agreement, RPI is entitled to receive tiered, sales-based royalties on net product sales of ORLADEYO in the United States and certain key European markets (collectively, the “Key Territories”), and other markets where the Company sells ORLADEYO directly or through distributors (collectively, the “Direct Sales”) in an amount equal to: (i) 8.75% of aggregate annual net sales of ORLADEYO for annual net sales up to $350,000 and (ii) 2.75% of annual net sales for annual net sales between $350,000 and $550,000. No royalty payments are payable on annual Direct Sales over $550,000.

Under the 2020 RPI Royalty Purchase Agreement, RPI is also entitled to receive a tiered revenue share on ORLADEYO sublicense revenue or net sales by licensees outside of the Key Territories (the “Other Markets”) equal to: (i) 20% of the proceeds received by the Company for upfront license fees and development milestones for ORLADEYO in the Other Markets, (ii) 20% of proceeds received on annual net sales of up to $150,000 in the Other Markets, and (iii) 10% of

proceeds received by the Company on annual net sales between $150,000 and $230,000 in the Other Markets. No royalty payments are payable on annual net sales above $230,000 in the Other Markets.

On November 19, 2021, the Company and RPI entered into (i) a Purchase and Sale Agreement (the “2021 RPI Royalty Purchase Agreement” and together with the 2020 RPI Royalty Purchase Agreement, the “RPI Royalty Purchase Agreements”), pursuant to which the Company sold to RPI the right to receive certain royalty payments from the Company for a purchase price of $150,000 in cash, and (ii) a Purchase and Sale Agreement with OCM IP Healthcare Holdings Limited, an affiliate of OMERS Capital Markets (“OMERS”) (the “OMERS Royalty Purchase Agreement” and collectively with the RPI Royalty Purchase Agreements, the “Royalty Purchase Agreements”), pursuant to which the Company sold to OMERS the right to receive certain royalty payments from the Company for a purchase price of an additional $150,000 in cash.

Under the 2021 RPI Royalty Purchase Agreement, RPI is entitled to receive tiered, sales-based royalties on Direct Sales in an amount equal to: (i) 0.75% of aggregate annual net sales of ORLADEYO for annual net sales up to $350,000 and (ii) 1.75% of annual net sales of ORLADEYO for annual net sales between $350,000 and $550,000. No royalty payments are payable on Direct Sales over $550,000. RPI is also entitled to receive a tiered revenue share on ORLADEYO sublicense revenue or net sales by licensees in the Other Markets in an amount equal to (i) 3.0% of proceeds received by the Company on annual net sales of up to $150,000 in the Other Markets and (ii) 2.0% of proceeds received by the Company on annual net sales between $150,000 and $230,000 in the Other Markets. No royalty payments are payable on annual net sales above $230,000 in the Other Markets.

Under the 2021 RPI Royalty Purchase Agreement, RPI is also entitled to receive tiered, sales-based royalties on net product sales of BCX10013 in an amount equal to: (i) 3.0% of worldwide aggregate annual net sales up to $1,500,000 and (ii) 2.0% of worldwide aggregate annual net sales between $1,500,000 and $3,000,000. No royalty payments are payable on annual net sales above $3,000,000. RPI is also entitled to receive tiered profit share amounts of up to 3.0% from certain other permitted sales in certain other markets. On August 5, 2024, the Company announced that it plans to discontinue development of BCX10013.

The royalties payable under the 2021 RPI Royalty Purchase Agreement are in addition to the royalties payable to RPI under the 2020 RPI Royalty Purchase Agreement.

Under the OMERS Royalty Purchase Agreement, for the calendar quarter beginning October 1, 2023, OMERS was entitled to receive tiered, sales-based royalties on Direct Sales in an amount equal to: (i) 7.5% of aggregate annual net sales of ORLADEYO for annual net sales up to $350,000 and (ii) 6.0% of annual net sales of ORLADEYO for annual net sales between $350,000 and $550,000 (with no royalty payments payable on annual Direct Sales over $550,000). Commencing with the calendar quarter beginning January 1, 2024, OMERS is entitled to receive tiered, sales-based royalties on Direct Sales in an amount equal to: (i) 10.0% of aggregate annual net sales of ORLADEYO for annual net sales up to $350,000 and (ii) 3.0% of annual net sales of ORLADEYO for annual net sales between $350,000 and $550,000 (with no royalty payments payable on annual Direct Sales over $550,000).

Under the OMERS Royalty Purchase Agreement, OMERS is also entitled to receive a tiered revenue share on ORLADEYO sublicense revenue or net sales by licensees in the Other Markets in an amount equal to: (i) 20.0% of the proceeds received by the Company for upfront license fees and development milestones for ORLADEYO in the Other Markets, (ii) 20.0% of proceeds received by the Company on annual net sales of up to $150,000 in the Other Markets, and (iii) 10.0% of proceeds received by the Company on annual net sales between $150,000 and $230,000 in the Other Markets. No royalty payments are payable on annual net sales above $230,000 in the Other Markets. OMERS is also entitled to receive profit share amounts of up to 10% from certain other permitted sales in certain other markets.

Under the 2020 RPI Royalty Purchase Agreement, the Company is required to make royalty payments of amounts owed to RPI each calendar quarter following the first commercial sale of ORLADEYO in any country. Under the 2021 RPI Royalty Purchase Agreement, the Company is required to make payments to RPI in respect of net sales or sublicense revenue in each calendar quarter from and after October 1, 2021. Under the OMERS Royalty Purchase Agreement, the Company is required to make payments to OMERS in respect of net sales or sublicense revenue in each calendar quarter from and after October 1, 2023. OMERS will no longer be entitled to receive any payments on the date in which aggregate payments actually received by OMERS equals 155.0% of the $150,000 purchase price.

The transactions contemplated by each of the Royalty Purchase Agreements are referred to herein as the “Royalty Sales.”

Under the Royalty Purchase Agreements, the Company has agreed to specified affirmative and negative covenants, including covenants regarding periodic reporting of information by the Company to RPI and OMERS, third-party audits of royalties paid under the Royalty Purchase Agreements, and restrictions on the ability of the Company or any of its subsidiaries to incur indebtedness other than certain royalty sales and as was permitted to be incurred under the terms of the Athyrium Credit Agreement (as defined in Note 9 herein) through its payoff and termination on April 17, 2023 or, subsequent to that date, the Pharmakon Loan Agreement (as defined in Note 9 herein), as applicable. See “Note 9—Debt” for further details on the Athyrium Credit Agreement and the Pharmakon Loan Agreement. The restrictions under the Royalty Purchase Agreements on the ability of the Company or any of its subsidiaries to incur indebtedness are eliminated after the achievement of certain specified milestones in the Royalty Purchase Agreements.

The cash consideration obtained pursuant to the Royalty Purchase Agreements is recorded in “Royalty financing obligations” on the Company’s Consolidated Balance Sheets. The fair value for the royalty financing obligations at the time of the transactions was based on the Company’s estimates of future royalties expected to be paid to the counterparty over the life of the arrangement. The Company subsequently records the obligations at their carrying value using the effective interest method. As of December 31, 2024 and 2023, the carrying value of the royalty financing obligations under the Royalty Purchase Agreements approximated fair value and was measured based on the Company’s current estimates of future payments to RPI and OMERS over the lives of the agreements, which are considered Level 3 inputs. The Company utilizes the prospective method to account for subsequent changes in the estimated future royalties to be paid by the Company to the counterparty over the life of the arrangement. Under the prospective method, a new effective interest rate is determined based on the revised estimate of remaining cash flows. The new rate is the discount rate that equates the present value of the revised estimate of remaining cash flows with the carrying amount of the debt, and it will be used to recognize interest expense for the remaining periods. The Company periodically assesses the amount and timing of expected royalty payments using internal projections of future net product sales, which are based on key assumptions, including paid patients and price. To the extent such payments are greater or less than the Company’s initial estimates or the timing of such payments is materially different than its original estimates, the Company will prospectively adjust the amortization of the royalty financing obligations and the effective interest rate. On a quarterly basis, the Company assesses the projected royalty payments relative to the projected interest accretion for the next twelve months to determine if the royalty liability balance is reduced relative to the current outstanding liability, which would signify a repayment of the principal. In such case of excess payments relative to interest accretion for the next twelve months, the excess payments are considered to be a short-term liability and classified within current liabilities on the Company’s Consolidated Balance Sheets.

During the year ended December 31, 2024, there were no significant changes to the amount and timing of expected royalties under the Royalty Purchase Agreements based on the Company’s latest forecasts related to ORLADEYO sales. There was a decrease in the estimated amount and timing of expected royalties under the 2021 RPI Royalty Purchase Agreement based on the Company's latest forecasts for its research and development programs as there are no longer any forecasted future royalties for BCX10013 due to the Company's announced plan to discontinue development of that program.

The following table shows the royalty financing obligations activity for the years ended December 31, 2024, 2023, and 2022 (in thousands) as well as the effective interest rate as of December 31, 2024:


	2020 RPI Royalty Agreement			2021 RPI Royalty Agreement			OMERS Royalty Agreement			Total
Balance as of December 31, 2021	$	147,224		$	153,377		$	148,774		$	449,375
Deferred financing costs	—			(34)			—			(34)
Non-cash Interest expense on Royalty financing obligations	39,994			22,239			14,249			76,482
Royalty revenues paid and payable	(22,237)			(1,931)			—			(24,168)
Balance as of December 31, 2022	$	164,981		$	173,651		$	163,023		$	501,655
Non-cash Interest expense on Royalty financing obligations	38,267			14,188			17,901			70,356
Royalty revenues paid and payable	(28,768)			(2,494)			(9,150)			(40,412)
Balance as of December 31, 2023	$	174,480		$	185,345		$	171,774		$	531,599
Non-cash Interest expense on Royalty financing obligations	39,585			—			16,384			55,969
Royalty revenues paid and payable	(33,652)			(4,205)			(35,982)			(73,839)
Balance as of December 31, 2024	$	180,413		$	181,140		$	152,176		$	513,729

Effective interest rate	21.5		%	—		%	9.9		%

Deferred financing costs pursuant to the Royalty financing obligations, which consist primarily of advisory and legal fees, totaled $8,532 as of December 31, 2024 and 2023. The Royalty financing obligations liabilities and the associated deferred issuance costs are amortized using the effective interest method over the term of the arrangement.

Concurrent with entering into the 2021 RPI Royalty Purchase Agreement, the Company and RPI entered into a Common Stock Purchase Agreement pursuant to which the Company sold common stock to RPI for a premium of $4,269. This premium has been deferred and is being amortized through interest expense using the effective interest method over the term of the applicable arrangement.

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1
Cash, cash equivalents, and investments \| $	$ 341,173	$ 388,987

Income Taxes Textual (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes Textual (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Change in valuation allowance	$ 11,642	$ 47,490	$ 70,894
Provisions and accruals for interest and penalties	0	$ 0	$ 0
Research Tax Credit Carryforward
Income Tax Disclosure [Line Items]
Tax credit carryforward, amount	102,001
Domestic Tax Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards, total	403,528
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards, total	177,492
Foreign Tax Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards, total	$ 93,275

Trade Receivables	12 Months Ended
Trade Receivables	Dec. 31, 2024
Receivables [Abstract]
Trade Receivables	Trade Receivables Product Sales Receivables from product sales are recorded for amounts due to the Company related to sales of ORLADEYO and RAPIVAB. At December 31, 2024 and 2023, receivables, net of reserves, related to sales of ORLADEYO were $76,282 and $54,149, respectively. At December 31, 2024 and 2023, receivables related to sales of RAPIVAB were $564 and $505, respectively. Collaborations At December 31, 2024 and 2023 receivables from collaborations related to receivables from our royalty partners and were $2,223 and $2,296, respectively.

Collaborative and Other Relationships	12 Months Ended
Collaborative and Other Relationships	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative and Other Relationships	Collaborative and Other Relationships ORLADEYO Torii Pharmaceutical Co., Ltd. (“Torii”) On November 5, 2019, the Company entered into a Commercialization and License Agreement with Torii (the “Original Torii Agreement”), granting Torii the exclusive right to commercialize ORLADEYO for the prevention of HAE attacks in Japan. Under the Original Torii Agreement, the Company received an upfront, non-refundable payment of $22,000. The Company received an additional milestone payment of $15,000 in the second quarter of 2021 upon receipt from the Japanese National Health Insurance System of a reimbursement price approval for ORLADEYO. In addition, the Company was entitled to receive tiered royalty payments, ranging from 20% to 40% of annual net sales of ORLADEYO in Japan during each calendar year. Torii’s royalty payment obligations were subject to customary reductions in certain circumstances, but could not be reduced by more than 50% of the amount that otherwise would have been payable to the Company in the applicable calendar quarter. The Company identified performance obligations under the Original Torii Agreement related to (i) the license to develop and commercialize ORLADEYO, (ii) regulatory approval support, and (iii) reimbursement pricing approval support. These were each determined to be distinct from the other performance obligations. The Company allocated the $22,000 upfront consideration to the identified performance obligations using estimation approaches to determine the standalone selling prices under ASC Topic 606. Specifically, in determining the value related to the license, a valuation approach utilizing risk adjusted discounted cash flow projections was used, and an expected cost plus margin approach was utilized for the other performance obligations. On November 30, 2023, the Company entered into an Amended and Restated Commercialization and License Agreement with Torii (as amended, the “Torii Agreement”). Under the Torii Agreement, the Company is entitled to receive tiered royalty payments, ranging from 20% to 80% of annual net sales of ORLADEYO in Japan during each calendar year. The Company is now responsible for all commercial promotion activities to support ORLADEYO sales in Japan, and Torii is responsible for HAE disease awareness activities in Japan. The Company will receive a 20% royalty on annual Japanese sales below a prespecified threshold and an 80% royalty on annual Japanese sales above the prespecified threshold. Torii’s updated royalty payment obligations commenced on November 30, 2023 and expire upon the later of (i) the tenth anniversary of the date of first commercial sale of ORLADEYO in Japan, (ii) the expiration of the Company’s patents covering ORLADEYO, and (iii) the expiration of regulatory exclusivity for ORLADEYO in Japan. The Company determined that the Torii Agreement represented a contract modification to be accounted for as if it were part of the Original Torii Agreement under ASC Topic 606. As the performance obligations under the Original Torii Agreement had been fully satisfied, the Company was not required to adjust revenue previously recognized. Peramivir Injection (RAPIVAB, RAPIACTA, PERAMIFLU) U.S. Department of Health and Human Services (“HHS”) In September 2024, the HHS awarded the Company up to a $69,388 contract for the procurement of up to 95.6 thousand doses over a five-year period of RAPIVAB (peramivir injection) for the treatment of influenza. The contract, awarded by the HHS Office of the Administration for Strategic Preparedness and Response (“ASPR”), will supply the Center for the Strategic National Stockpile, the nation’s largest supply of life-saving pharmaceuticals and medical supplies for use in a public health emergency. The contract is structured with a 12-month base ordering period and four optional 12-month ordering periods, which the government can exercise on an annual basis. ASPR executed the first ordering period for $13,878 and the Company plans to supply 19.1 thousand doses to fulfill this option by September 29, 2025. The Company delivered 2.3 thousand doses of RAPIVAB under this contract in the fourth quarter of 2024 and recorded revenue of $1,672 for the year ended December 31, 2024. In September 2018, HHS awarded the Company a $34,660 contract for the procurement of up to 50,000 doses of RAPIVAB (peramivir injection) over a five-year period. The Company initially delivered 20,000 doses of RAPIVAB under this contract in 2019 for a total price of approximately $13,864. The Company further delivered 20,000 and 9,980 doses of RAPIVAB in 2022 and 2021, respectively, and recorded revenue of $13,864 and $6,918 for the years ending December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company had delivered a total of 49,980 RAPIVAB doses of the 50,000 RAPIVAB doses available under the contract, effectively completing the contract with HHS. Shionogi & Co., Ltd. (“Shionogi”) In February 2007, the Company entered into an exclusive license agreement with Shionogi to develop and commercialize peramivir in Japan for the treatment of seasonal and potentially life-threatening human influenza. Under the terms of the agreement, Shionogi obtained rights to injectable formulations of peramivir in Japan. In October 2008, the Company and Shionogi amended the license agreement to expand the territory covered by the agreement to include Taiwan. Shionogi has commercially launched peramivir under the commercial name RAPIACTA in Japan and Taiwan. The Company developed peramivir under a license from UAB and will owe sublicense payments to UAB on any future milestone payments and/or royalties received by the Company from Shionogi. Green Cross Corporation (“Green Cross”) In June 2006, the Company entered into an agreement with Green Cross to develop and commercialize peramivir in Korea. Under the terms of the agreement, Green Cross is responsible for all development, regulatory, and commercialization costs in Korea and the Company is entitled to share in profits resulting from the sale of peramivir in Korea, including the sale of peramivir to the Korean government for stockpiling purposes. Furthermore, Green Cross will pay the Company a premium over its cost to supply peramivir for development and any future marketing of peramivir products in Korea. Other Collaborations Clearside Biomedical, Inc. (“Clearside”) On November 3, 2023, the Company announced that it entered into a license agreement (the “Clearside Agreement”) with Clearside, enabling the Company to develop its investigational plasma kallikrein inhibitor, avoralstat, with Clearside’s SCS Microinjector® to deliver avoralstat to the back of the eye through the suprachoroidal space to treat patients with diabetic macular edema. Under the Clearside Agreement, Clearside received a $5,000 upfront license fee from the Company, which was recognized in research and development expenses during the year ended December 31, 2023. Clearside is eligible to receive up to an additional $30,000 in clinical and regulatory milestone payments, and up to a total of $47,500 in three post-approval sales-based milestone payments as annual global net sales progress to $2,000,000. The Company will pay Clearside tiered mid-single digit royalties on annual global net product sales, at three tiers, including a top tier of >$1,500,000.

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets measured at fair value on a recurring basis were as follows (in thousands):


	December 31, 2024
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	236,460	$	—	$	236,460
Total assets	$	—	$	236,460	$	—	$	236,460


	December 31, 2023
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	277,358	$	—	$	277,358
Certificates of deposit	—		986		—		986
Total assets	$	—	$	278,344	$	—	$	278,344

Fair Value of the Company's Investments by Type

The following tables summarize the fair value of the Company’s investments by type (in thousands):


	December 31, 2024
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	234,902	$	1,121	$	451	$	(14)	$	236,460
Total investments	$	234,902	$	1,121	$	451	$	(14)	$	236,460


	December 31, 2023
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	277,151	$	121	$	150	$	(64)	$	277,358
Certificates of deposit	980		14		—		(8)		986
Total investments	$	278,131	$	135	$	150	$	(72)	$	278,344

Schedule of the Maturity of Investments

The following table summarizes the scheduled maturity for the Company’s investments at December 31, 2024 and 2023 (in thousands):


	December 31,
	2024		2023
Maturing in one year or less	$	216,137	$	278,344
Maturing after one year through two years	20,323		—
Total investments	$	236,460	$	278,344

- Definition

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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

Debt Textual (Details)			3 Months Ended			6 Months Ended	12 Months Ended
Debt Textual (Details)	Apr. 17, 2023 USD ($)	Dec. 07, 2020 USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 29, 2022 USD ($)
Debt Instrument [Line Items]
Net proceeds from secured term loans							$ 0	$ 300,000,000	$ 73,072,000
Gain (loss) on extinguishment of debt							0	29,019,000	0
Pharmakon Advisors, LP
Debt Instrument [Line Items]
Capitalized interest rate	0.50
Pharmakon Advisors, LP \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable rate floor	0.0175
Debt instrument, basis spread on variable rate	7.00%
Pharmakon Advisors, LP \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| PIK Interest Payment is Made
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	7.25%
Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Periodic payment							$ 25,000,000
Debt instrument, prepayment fee, percentage of principal voluntary payments							3.00%
Pharmakon Advisors, LP \| Line of Credit \| Between the Second and Third Anniversaries
Debt Instrument [Line Items]
Debt instrument, prepayment fee, percentage of principal voluntary payments							3.00%
Pharmakon Advisors, LP \| Line of Credit \| After Third Anniversary
Debt Instrument [Line Items]
Debt instrument, prepayment fee, percentage of principal voluntary payments							2.00%
Pharmakon Advisors, LP \| Line of Credit \| After Fourth Anniversary
Debt Instrument [Line Items]
Debt instrument, prepayment fee, percentage of principal voluntary payments							1.00%
Athyrium \| Senior Credit Facility
Debt Instrument [Line Items]
Repayments of lines of credit	$ 241,787,000
MidCap Financial Services, LLC \| Senior Credit Facility
Debt Instrument [Line Items]
Repayments of lines of credit		$ 43,298,000
Loan Agreement \| Pharmakon Advisors, LP
Debt Instrument [Line Items]
Debt instrument, face amount	450,000,000
Net proceeds from secured term loans	25,805,000
Term Loan Tranche A \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Net proceeds from secured term loans							$ 300,000,000	$ 300,000,000
Effective interest rate							13.14%	13.30%
Interest expense, debt, total							$ 39,874,000	$ 27,326,000
Periodic payment, interest						$ 10,041,000	29,833,000	13,663,000
Fair value disclosure							323,704,000	313,663,000
Debt instrument, unamortized discount (premium) and debt issuance costs, net, total							11,147,000
Amortization of debt issuance costs							$ 1,597,000	$ 715,000
Debt instrument, term (month)	18 months
Term Loan Tranche A \| Pharmakon Advisors, LP \| Line of Credit \| PIK Interest Payment is Made
Debt Instrument [Line Items]
Percent of interest payment			0.50	0.50	0.50			0.50
Term Loan Tranche B \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 50,000,000
Term Loan Tranche C \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	50,000,000
Term Loan Tranche D \| Pharmakon Advisors, LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	50,000,000
Credit Agreement \| Athyrium
Debt Instrument [Line Items]
Debt instrument, face amount		$ 200,000,000
Debt instrument, LIBOR floor		1.75%
Debt instrument, LIBOR cap		3.50%
Debt instrument, exit fee, percentage of principal		2.00%
Debt instrument, commitment fee percentage		1.00%
Paid-in-kind interest								$ 8,476,000	23,387,000
Long-term debt, total	240,452,000
Interest expense, long-term debt	$ 1,335,000
Debt instrument, term (month)	17 days
Debt instrument, fee amount	$ 17,261,000
Debt issuance costs, net, total	11,758,000
Gain (loss) on extinguishment of debt	$ 29,019,000
Credit Agreement \| Athyrium \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		8.25%
Credit Agreement \| Athyrium \| London Interbank Offered Rate (LIBOR) \| PIK Interest Payment is Made
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		10.25%
Credit Agreement \| Athyrium \| Term A Loan
Debt Instrument [Line Items]
Net proceeds from secured term loans		$ 125,000,000
Amortization of debt issuance costs								$ 1,069,000	$ 916,000
Credit Agreement \| Athyrium \| Term B Loan
Debt Instrument [Line Items]
Debt instrument, face amount										$ 25,000,000
Credit Agreement \| Athyrium \| Term C Loan
Debt Instrument [Line Items]
Debt instrument, face amount										50,000,000
Credit Agreement \| Athyrium \| Term B And C Loan
Debt Instrument [Line Items]
Debt instrument, face amount										75,000,000
Deferred debt fees and issuance costs										$ 3,428,000
Credit Agreement \| Athyrium \| Term Loans
Debt Instrument [Line Items]
Effective interest rate								13.71%	12.87%

Investments- Fair Value of the Company's Investments by Type (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 234,902	$ 278,131
Accrued Interest	1,121	135
Gross Unrealized Gains	451	150
Gross Unrealized Losses	(14)	(72)
Estimated Fair Value	$ 236,460	$ 278,344
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Short-term investments, Long-term investments	Short-term investments, Long-term investments
Obligations of U.S. Government and its agencies
Marketable Securities [Line Items]
Amortized Cost	$ 234,902	$ 277,151
Accrued Interest	1,121	121
Gross Unrealized Gains	451	150
Gross Unrealized Losses	(14)	(64)
Estimated Fair Value	$ 236,460	277,358
Certificates of deposit
Marketable Securities [Line Items]
Amortized Cost		980
Accrued Interest		14
Gross Unrealized Gains		0
Gross Unrealized Losses		(8)
Estimated Fair Value		$ 986

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Significant Accounting Policies and Concentrations of Risk (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Revenues

The Company recorded the following revenues for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years Ended December 31,
	2024		2023		2022
Product sales, net	$	442,668	$	324,696	$	267,710
Collaborative and other revenues	8,044		6,716		3,117
Total revenues	$	450,712	$	331,412	$	270,827

The Company recorded the following revenues for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years Ended December 31,
	2024		2023		2022
ORLADEYO:
U.S.	$	385,961	$	288,361	$	226,358
Outside of U.S.	51,699		37,629		25,275
Total ORLADEYO	437,660		325,990		251,633
Other revenues	13,052		5,422		19,194
Total revenues	$	450,712	$	331,412	$	270,827

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following potential common shares, presented based on amounts outstanding as of December 31, 2024 and 2023, from the computation of diluted net loss per share attributable to common stockholders for the years ended December 31, 2024 and 2023 because including them would have had an anti-dilutive effect:


	December 31,
	2024	2023
Outstanding stock options	44,240	41,032
Unvested restricted stock unit awards	10,112	6,507
Total	54,352	47,539

Income Taxes - Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (62,515)	$ (206,674)	$ (225,127)
Foreign	(24,439)	(19,555)	(19,256)
Loss before income taxes	$ (86,954)	$ (226,229)	$ (244,383)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Revenue

12 Months Ended

Dec. 31, 2024

Revenue Recognition [Abstract]

Revenue

The Company recorded the following revenues for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years Ended December 31,
	2024		2023		2022
ORLADEYO:
U.S.	$	385,961	$	288,361	$	226,358
Outside of U.S.	51,699		37,629		25,275
Total ORLADEYO	437,660		325,990		251,633
Other revenues	13,052		5,422		19,194
Total revenues	$	450,712	$	331,412	$	270,827

ORLADEYO revenues represent total revenues from product sales, collaborative revenues, and royalties. Other revenues primarily relate to the Company’s product sales and royalties for peramivir.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Workforce Reduction (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Workforce Reduction (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 3,380
Restructuring reserve		$ 4,644
Employee Severance \| Research and Developement
Restructuring Cost and Reserve [Line Items]
Restructuring costs			3,026
Employee Severance \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 354
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,264	$ 1,264
One-time Termination Benefits \| Research and Developement
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,201
One-time Termination Benefits \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 63

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par or stated value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares, issued (in shares)	208,543,000	205,771,000
Common stock, shares, outstanding (in shares)	208,543,000	205,771,000

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Stock by Class

The Company had reserved shares of common stock for issuance as follows (in thousands):


	December 31,
	2024	2023
Shares reserved for exercises of outstanding stock options	44,240	41,032
Shares reserved for vesting of restricted stock units	10,112	6,507
Shares reserved for future issuance under the Stock Incentive Plan	1,065	3,376
Shares reserved for future issuance under the Inducement Equity Incentive Plan	1,699	1,651
Shares reserved for future issuance under the Employee Stock Purchase Plan	5,042	5,454
Total shares reserved for future issuance	62,158	58,020

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Royalty Financing Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Advance Royalties [Abstract]

Schedule of Royalty Financing Obligations


	2020 RPI Royalty Agreement			2021 RPI Royalty Agreement			OMERS Royalty Agreement			Total
Balance as of December 31, 2021	$	147,224		$	153,377		$	148,774		$	449,375
Deferred financing costs	—			(34)			—			(34)
Non-cash Interest expense on Royalty financing obligations	39,994			22,239			14,249			76,482
Royalty revenues paid and payable	(22,237)			(1,931)			—			(24,168)
Balance as of December 31, 2022	$	164,981		$	173,651		$	163,023		$	501,655
Non-cash Interest expense on Royalty financing obligations	38,267			14,188			17,901			70,356
Royalty revenues paid and payable	(28,768)			(2,494)			(9,150)			(40,412)
Balance as of December 31, 2023	$	174,480		$	185,345		$	171,774		$	531,599
Non-cash Interest expense on Royalty financing obligations	39,585			—			16,384			55,969
Royalty revenues paid and payable	(33,652)			(4,205)			(35,982)			(73,839)
Balance as of December 31, 2024	$	180,413		$	181,140		$	152,176		$	513,729

Effective interest rate	21.5		%	—		%	9.9		%

Revenue - Summary of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 450,712	$ 331,412	$ 270,827
Revenues
Disaggregation of Revenue [Line Items]
Revenues	442,668	324,696	267,710
Revenues \| Geographic Distribution, Domestic
Disaggregation of Revenue [Line Items]
Revenues	385,961	288,361	226,358
Revenues \| Geographic Distribution, Foreign
Disaggregation of Revenue [Line Items]
Revenues	51,699	37,629	25,275
ORLADEYO
Disaggregation of Revenue [Line Items]
Revenues	437,660	325,990	251,633
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 13,052	$ 5,422	$ 19,194

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Segment Information - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 450,712	$ 331,412	$ 270,827
Less
Cost of product sales	12,269	4,481	6,408
Research and development	174,638	216,566	253,297
Selling, general and administrative	266,132	213,894	159,371
Royalty	216	180	186
Interest expense	98,516	108,239	99,092
Income tax expense	1,927	310	2,733
Net loss	(88,881)	(226,539)	(247,116)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	450,712	331,412	270,827
Less
Cost of product sales	12,269	4,481	6,408
Selling, general and administrative	266,132	213,894	159,371
Royalty	216	180	186
Other segment items	641	30,058	1,983
Interest income	(14,746)	(15,777)	(5,127)
Interest expense	98,516	108,239	99,092
Income tax expense	1,927	310	2,733
Net loss	(88,881)	(226,539)	(247,116)
Adjustments and reconciling items	0	0	0
Reportable Segment \| Berotralstat
Less
Research and development	45,033	42,835	32,637
Reportable Segment \| Factor D Program
Less
Research and development	24,072	94,517	174,234
Reportable Segment \| BCX17725
Less
Research and development	32,417	19,133	0
Reportable Segment \| Other research, preclinical and development costs
Less
Research and development	$ 73,116	$ 60,081	$ 46,426

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following (in thousands):


	December 31,
	2024		2023
Furniture and fixtures	$	1,463	$	1,384
Office equipment	729		719
Software	1,252		1,252
Laboratory equipment	6,222		5,559
Leasehold improvements	10,363		10,206
Construction in progress	97		—
Total property and equipment	20,126		19,120
Less accumulated depreciation and amortization	(12,349)		(11,210)
Property and equipment, net	$	7,777	$	7,910

Stock-Based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options, exercises in period, intrinsic value		$ 3,601	$ 21,150
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options, exercises in period, intrinsic value		$ 1,803	$ 3,710
Share-based Payment Arrangement, Option \| Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning balance (in shares)	35,505
Options, grants in period, gross (in shares)	7,106
Options exercised (in shares)	(350)
Options cancelled or forfeited (in shares)	(3,179)
Options outstanding, ending balance (in shares)	39,082	35,505
Options exercisable (in shares)	24,462
Number of stock option awards vested and expected to vest (in shares)	37,302
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, beginning balance (in dollars per share)	$ 8.24
Weighted average exercise price, stock option awards granted (in dollars per share)	7.32
Weighted average exercise price, stock option awards exercised (in dollars per share)	4.56
Weighted average exercise price, stock option awards cancelled (in dollars per share)	9.99
Weighted average exercise price, ending balance (in dollars per share)	7.96	$ 8.24
Weighted average exercise price, stock option awards, exercisable (in dollars per share)	7.99
Weighted average exercise price of stock option awards vested and expected to vest (in dollars per share)	$ 7.95
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual life	6 years 8 months 15 days
Options, exercises in period, intrinsic value	$ 863
Options outstanding, aggregate intrinsic value	$ 30,075
Options, exercisable, weighted average remaining contractual term (year)	5 years 3 months 14 days
Stock option awards vested and expected to vest, weighted average remaining contractual life (year)	6 years 7 months 9 days
Options, aggregate intrinsic value	$ 24,280
Options, exercisable, aggregate intrinsic value	$ 29,384
Share-based Payment Arrangement, Option \| Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning balance (in shares)	5,527
Options, grants in period, gross (in shares)	522
Options exercised (in shares)	(198)
Options cancelled or forfeited (in shares)	(693)
Options outstanding, ending balance (in shares)	5,158	5,527
Options exercisable (in shares)	3,292
Number of stock option awards vested and expected to vest (in shares)	4,790
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, beginning balance (in dollars per share)	$ 8.77
Weighted average exercise price, stock option awards granted (in dollars per share)	6.40
Weighted average exercise price, stock option awards exercised (in dollars per share)	3.45
Weighted average exercise price, stock option awards cancelled (in dollars per share)	10.98
Weighted average exercise price, ending balance (in dollars per share)	8.44	$ 8.77
Weighted average exercise price, stock option awards, exercisable (in dollars per share)	7.70
Weighted average exercise price of stock option awards vested and expected to vest (in dollars per share)	$ 8.31
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual life	6 years 11 months 8 days
Options, exercises in period, intrinsic value	$ 495
Options outstanding, aggregate intrinsic value	$ 7,354
Options, exercisable, weighted average remaining contractual term (year)	6 years 2 months 1 day
Stock option awards vested and expected to vest, weighted average remaining contractual life (year)	6 years 10 months 6 days
Options, aggregate intrinsic value	$ 6,543
Options, exercisable, aggregate intrinsic value	$ 7,218

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Accounts Payable and Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consisted of the following (in thousands):


	December 31,
	2024		2023
Compensation and benefits	$	48,631	$	36,518
Revenue-related reserves for discounts and allowances	32,116		26,509
Royalties payable	14,590		18,524
Development costs	9,198		13,677
Other	8,757		7,654
Total accrued expenses	$	113,292	$	102,882

Investment - Schedule of Maturity of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Maturing in one year or less	$ 216,137	$ 278,344
Maturing after one year through two years	20,323	0
Estimated Fair Value	$ 236,460	$ 278,344

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details