BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) Q4 2022 Earnings Call Transcript

Charlie Gayer: Sure. So, where we are with our pediatric clinical trial, it’s open, it’s been rolling. And so it’s €“ it will take a little time to get that fully enrolled until we get to the €“ but what we are seeing and one thing that we are present this week at Quad AI is just the overall burden of treatment and of HAE identified by both caregivers, parents and patients. And one thing we hear over and over again is when a kid has symptomatically shape, the €“ sometimes the treatment is injectable can be worse than €“ almost worse than the attack. It could be really dramatic for kids to have regular injections or infusions. And so there is just real demand for an oral therapy to help these kids. And so we have €“ long-term, we think that this is going to be €“ it’s not so much about the number of patients treated.

It’s out the fact that we are going to be able to make the lives better for a lot of these kids. And then of course, it’s the genetic disease. So, we see typically families will often use the same types of product. So, it gives us an opportunity to kind of tell the ORLADEYO story to a complete family, which we are really looking forward to.

Jon Stonehouse: I think the other thing, Maury, is the formulation that we have for this is, we used to call it many tabs, what do we call granules, but it’s like sprinkles that you put on a cake almost at that size. And so asking a little kid to take a capsule is a difficult thing, too. So, we have come up with a formulation that you could put on apple sauce, on yogurt and just make it way less dramatic along the lines of what Charlie was describing, and that will be huge. And then this is a patient for life, right, and so it’s not a huge market, but we think it’s an important one, and we think these are customers that we could have for a very long time.

Maury Raycroft: Got it. That’s helpful. It makes sense. And maybe one other quick question. Just for the 10013 delays, is that factored into the $375 million OpEx assumptions for next year? Can you talk more about OpEx assumptions in general for next year €“ for this year?

Anthony Doyle: Yes. So, it’s factored in, the way to think about OpEx for the year, so flat year-over-year, but what we have said is that commercial expenditure is going to increase based on the additions that Charlie has talked about predominantly here in the U.S. as well as expansion from a global perspective, given that we are now in 15 countries and we will be doing the business in more. For R&D, the delay is factored in, depending on what we see on an ongoing basis, that may change when we get more information, and we will update that later in the year. But yes, it is currently factored in. And what we said about R&D is, it’s going to decrease year-over-year anyway. When we are talking about this about a quarter ago, we said it was going to be flat, but now we are saying, it’s going to be down, but offset by the commercial investment that we have seen.

And then most importantly, with revenues increasing and then seeing that flattening of the OpEx line and the convergence of those two lines, the net cash utilization and what that means as we move towards profitability, I think has a lot of value for the company.

Maury Raycroft: Got it. Thanks for taking my question.

Operator: The next question comes from Gena Wang of Barclays. Please go ahead.