BioCryst to close Birmingham lab and shift to external R&D model

BioCryst Pharmaceuticals (Nasdaq: BCRX) said it will shut down its internal discovery programs and close its Discovery Center of Excellence in Birmingham, Alabama by the end of 2026, pivoting to an externally focused research strategy for its rare disease pipeline.

The company said the decision followed a strategic review of its research capabilities and priorities. Going forward, BioCryst plans to identify pipeline candidates through external partnerships and licensing rather than internal discovery.

As a result of the restructuring, BioCryst lowered its full-year 2026 non-GAAP operating expense guidance to $420–$440 million, down from a prior range of $450–$470 million. The company reaffirmed its 2026 revenue guidance, which includes ORLADEYO (berotralstat) revenue of $625–$645 million and total revenue of $635–$660 million.

BioCryst also disclosed that enrollment in its Phase 3 ALPHA-ORBIT trial for navenibart, an investigational hereditary angioedema (HAE) therapy, was completed in June 2026. Top-line data on six- and 12-month efficacy endpoints are expected in the third quarter of 2027.

The company's second clinical-stage program, BCX17725, an investigational KLK5 inhibitor for Netherton syndrome, is currently dosing patients in a Phase 1 study, with proof-of-concept data expected by year-end 2026.

BioCryst also said it resolved a previously disclosed manufacturing delay affecting ORLADEYO oral pellets for patients aged 2 to under 12 years. The product is expected to be available in early August 2026.

Chief Executive Officer Charlie Gayer said the company believes external innovation will provide "a more agile, targeted approach to research" going forward. The company indicated it expects its cost structure to continue declining beyond 2026 as the Birmingham wind-down is completed.

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