MeritValue

BIOCRYST PHARMACEUTICALS INC

BCRXdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$157.2M1$270.8M2$331.4M3$450.7M3$874.8M3
Net income−$184.1M4−$247.1M5−$226.5M6−$88.9M6$263.9M6
Operating cash flow−$142.2M7−$161.9M8−$95.1M9−$52M9$347.4M9
Capital expenditure$2.39M10$1.35M11$2.17M12$1.12M12$2.47M12
Free cash flow (derived)−$144.5M7−$163.2M8−$97.3M9−$53.1M9$344.9M9
Total debt$434.2M13$231.6M14$303.2M15$314.9M16$016
Cash & equivalents$504.4M17$304.8M18$110.6M19$104.7M19$89.7M19
Diluted shares179.1M185.9M192.2M206.7M218.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$5.45
your share of equity
Profit it earned you last year
$12.07
Free cash flow it threw off
$15.78
Debt you’d be carrying
$0

10 shares is a claim on −$5.45 of net worth that earned you $12.07 and generated $15.78 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+22% shares · 5y

Share count is up 22% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-007205 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-007715 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-012240 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-007205 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-007715 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-012240 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-007205 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-007715 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-012240 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-007205 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-007715 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-012240 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-005259 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-007205 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-007715 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-012240 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-005259 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-25-007715 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-26-012240 (CashAndCashEquivalentsAtCarryingValue)