BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) stock rose 2.09% on March 4th, 2019 (Source: google finance) after the company is advancing BCX9930, which is an oral Factor D inhibitor discovered and developed by BioCryst, into Phase 1 clinical development in the second quarter of 2019 for the treatment of complement-mediated diseases. The company plans to initiate a Phase 1 trial to study single and multiple ascending doses of oral BCX9930 in healthy subjects in the second quarter of 2019. However, the stock slightly fell over 0.1% in the pre market session of March 5th, 2019 (Source: google finance)
Moreover, the company has dosed the first patients in its APeX-J trial in Japan, designed to support potential Japanese approval of BCX7353 for the prevention of HAE attacks.
Meanwhile, the company had appointed Steve Aselage to its board of directors.
On the other hand, BCRX has reported total revenues were $2.7 million, compared to $3.9 million in the fourth quarter of 2017. The decrease was primarily due to a reduction of royalty revenue associated with differences in the onset and severity of the influenza seasons between the two periods. This decrease was partially offset by increased revenue from government contracts for galidesivir development, which was higher in the fourth quarter of 2018. The company has delivered the Net loss for the fourth quarter of 2018 was $27.4 million, or $0.25 per share, compared to a net loss of $19.5 million, or $0.20 per share, for the fourth quarter of 2017.
Cash, cash equivalents and investments has totaled $128.4 million as at December 31, 2018, and shows a decline from $159.0 million at December 31, 2017. Cash and investments reflect the proceeds from a July 2018 enhancement to the secured credit facility and an August 2018 public equity offering, offset by normal operating expenses and merger-related costs incurred in the 12-month period. Operating cash use for the fourth quarter of 2018 was $22.6 million, and for the full year of 2018 was $93.4 million.
Recently on February 6, 2019, the company had entered into a $100 million secured credit facility with MidCap Financial Trust which further enhanced the company’s cash position with $20 million of immediate additional non-dilutive capital and provided additional financial flexibility by providing the ability to draw another $50 million of milestone-based non-dilutive capital.
For FY 19, BioCryst expects net operating cash use to be in the range of $105 to $130 million, and its 2019 operating expenses to be in the range of $120 to $145 million.