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On Thursday, 08 May 2025, BioCryst Pharmaceuticals (NASDAQ:BCRX) presented at The Citizens JMP Life Sciences Conference 2025, focusing on the commercial success of Orlodayo and its strategic pipeline developments. While the company is optimistic about achieving $1 billion in peak sales, it faces challenges such as maintaining high reimbursement rates and expanding its patient base.
Key Takeaways
- BioCryst raised its sales guidance for Orlodayo to $580 to $600 million for 2025.
- The company aims for $1 billion in peak sales, driven by US growth and international expansion.
- BioCryst is developing a pediatric formulation of Orlodayo, with an NDA recently submitted.
- Early debt repayment of $75 million was completed this quarter, strengthening financials.
- Data from clinical trials for Netherton syndrome and diabetic macular edema are expected by year-end.
Financial Results
- Orlodayo Sales:
- 2025 guidance set at $580 to $600 million.
- Peak sales target of $1 billion, with $800 million expected from the US market.
- Patient Acquisition:
- Targeting 200 new patients annually until 2029.
- Currently achieving over 300 net new patients in recent years.
- Reimbursement Rate:
- Current rate at 84% of US patients; aiming for 85%.
- Debt Management:
- Paid off $75 million of debt early this quarter.
Operational Updates
- Orlodayo Market:
- Market size increased from 7,500 to 11,000 patients.
- Approximately 3,000 patients have tried Orlodayo.
- Pediatric Formulation:
- NDA submitted; potential to capture a significant share of the 500 pediatric HAE patients in the US.
- International Markets:
- Sales in Western Europe, Canada, and Japan.
- Partnerships in Japan, Middle East, Eastern Europe, and Latin America.
- Reimbursement secured in most major European markets.
Future Outlook
- Orlodayo Growth:
- Continued expansion in US and international markets.
- Anticipated positive impact of pediatric approval on adult usage.
- Pipeline Developments:
- Netherton Syndrome: Phase one data expected by year-end, with potential pivotal program.
- Diabetic Macular Edema: Trial in Australia, data expected by year-end.
- Financial Strategy:
- Building cash reserves and exploring partnering opportunities for the DME program.
Q&A Highlights
- Orlodayo’s Success:
- Driven by its efficacy and convenience as an oral therapy.
- Real-world data shows stronger results than initial expectations.
- Market Dynamics:
- Low switching rates among well-controlled patients.
- New competitors unlikely to impact Orlodayo’s market share significantly.
- Netherton Syndrome Opportunity:
- Estimated 3,000 to 5,000 patients in the US.
- Focus on demonstrating disease modification with BCX 1725.
In summary, BioCryst is confident in its strategic direction, with Orlodayo’s success and pipeline advancements supporting future growth. For a detailed review, refer to the full transcript.
Full transcript - The Citizens JMP Life Sciences Conference 2025:
John Walden, Senior Analyst: morning, everybody. Welcome to day two of the Citizens Life Science Conference. My name is John Walden. I’m a senior analyst here, and we’re pleased to have BioCryst Pharmaceuticals joining us and John Bluth and Nick Wilder, to tell us a little bit about the BioCryst story.
It’s a name we’ve been covering for quite some time, but for those who aren’t as familiar with BioCryst, John, maybe give us a rundown of what you guys are working on.
John Bluth, BioCryst Pharmaceuticals: Sure. Thanks thanks, John. Thanks very much for having us here. And we’ll be making some forward looking statements, so please review the risk factors in our SEC documents for a description of those. So BioCryst is a commercial stage and as we reported Monday, profitable biotech company.
We are focused on developing medicines for patients with rare diseases. And we’re trying to develop molecules that are best in class and first in class. Our commercial product is Orlideo, which is a once daily oral pill for patients with hereditary angioedema. It’s been on the market for about five years now, and it’s doing really well commercially. We’re on track to generate a billion dollars in peak sales.
We elevated our guidance when we reported our our q one results on Monday that we expect to sell 580 to $600,000,000 of Orlodea this year, and it’s a really transformative medicine for patients because the current therapies for prophylaxis are injectable, and this is a once daily pill. And then we have two programs in the clinic behind Orlodeaux. We have a medicine for a rare disease called Netherton syndrome that is in phase one clinical trial in healthy volunteers and will be moving into patients later this year. And we have a a medicine for patients with DME called Avorostat, and that program will also be moving into patients this year. So we’ll have data from both those programs by the end of the year, and we announced on Monday that we filed our NDA for a pediatric formulation of Orlodea.
So that’s what the pipeline behind the adult formulation of Orlodea looks like, and we’re a company in a great cash position. Just became profitable, expect to be profitable on a full year basis in in generating cash going forward. So it’s a real unique combination in biotech to have the strong commercial product, the strong pipeline generating data events on top of profitability and and the cash position that we have.
John Walden, Senior Analyst: Yeah. It’s one of the better profiles in SMIC cap biotech, I think, that’s out there to all the points you just mentioned. And I wanna save some time to talk about Netherton and DME, but I think most everyone’s focused on Orlodea and how things are going so well. We’ve been covering hereditary angioedema for as long as you guys been working on it, I guess. And it’s a competitive space, and it seems like you guys have wrapped your arms around it better than anybody.
Can you talk about what’s driven the success of Orlodayo?
John Bluth, BioCryst Pharmaceuticals: Sure. Yeah. It’s been a very successful launch, it is a competitive space. It’s great for HAE patients. They keep getting, you know, more and more convenient and effective medicines.
And the driver for our success is the efficacy and convenience of Orlodayo. And so patient demand has been very strong right from the outset because patients really want an oral medicine to manage their disease, and they have that with Orlodeyo. And in about sixty percent of patients, they get spectacular efficacy with Orlodeyo. So they’re getting outstanding control of their attacks, so no attacks or very infrequent attacks, and they’re getting it with one pill once a day. So we’ve seen demand just continue on a very consistent steady basis to be very strong and there’s still, you know, a lot of fruit on the tree.
So we see more and more patients coming to Orlodayo. A lot of them are switching from the injectable therapies. About half our business comes from patients who are switching from injectable prophylaxis to Orlodayo. And then the other 50% or so come from patients who are either new to therapy or have been managing their therapy with acute on demand.
John Walden, Senior Analyst: And I think what’s interesting is, you know, the bare argument when you guys came to market was your data wasn’t as good in injectables.
John Bluth, BioCryst Pharmaceuticals: Yeah.
John Walden, Senior Analyst: But what you’re seeing in the real world is efficacy actually looks very good. Can you talk about kind of that disconnect between Yeah. What we see when we look at clinical trial data, we’re in a spreadsheet versus what happens in the real world?
John Bluth, BioCryst Pharmaceuticals: Yeah, what matters for patients and physicians is what happens in the real world, but sometimes they don’t, if there is a difference between the clinical trial data and what the real world evidence is going to show, it has to prove itself out. And we’ve really seen that over the last couple of years in particular as we have accumulated many years and hundreds of patients on data. We’ve started to publish that data. We have a sole source specialty pharmacy, so we get all the data from our patients sort of running through that channel and have very good visibility to it. So we’re able to really put out some interesting science with, you know, three, four, five hundred patient sample sizes that show how is Orlodea working in the real world.
And what it’s showing is is the kind of efficacy I described a moment ago where you’re getting eighty ninety percent reduction in attack rate in patients for whom it’s working. In our in our clinical trial, that was a comparison against placebo. And because of the responding dynamics of Orlodo patients where you get about sixty percent of patients having this spectacular result, you have forty percent of patients who the drug doesn’t work as well for for one reason or another. And so you saw a lower point estimate number in our phase three trial. So you’re right.
I think Wall Street had lower expectations than we did for the product at launch. And and what we’ve been able to show over five years is that patients really want this product and it works really well for
John Walden, Senior Analyst: And I think the other fascinating thing for your story is you guys pretty much nail your guidance every quarter and usually raise. Can you talk about the market research you guys do and how you’re able to kind of hone in on nailing this this guidance then also doing better consistently.
John Bluth, BioCryst Pharmaceuticals: Yeah. I I think there are there are a couple of dynamics there. One one’s our philosophy, is with our with our guidance, we’re trying to be accurate. And how do we do that? We do that by understanding the market with pretty comprehensive market research.
And what we’ve done, we did late last year is we published this so that investors could see it also. And and what you see when you take a look at that is that we look at every year we do a a a multi faceted Monte Carlo analysis of hundreds of patients, hundreds of payer, or hundreds of physicians, and 50 to 75 payers. And we run simulations with other market entrants’ expectations. So this is a crowded space, as you mentioned. It’s getting more crowded.
And so what we’re looking at is what’s the current landscape of therapies that are on the market and what would patient preference be, what would physician preference be, payer preference be for usage? And then as we look forward, we look at the the timing that’s expected for new entrants. We look at the profile that’s expected for new entrants and we give them the the benefit of the doubt, best possible timing, best possible clinical profile in their label, and we run those simulations and we get an output of what the market will look like as these new entrants enter. And and if you look at that slide in our deck, you can see that today, the current market leaders are Orlodayo in the oral prophylactic space and Tekxaro in the injectable space. And even with all the new entrants that are coming by 2030, those are still the market leaders in 2030.
The new entrants will will get some share, but the incumbents are gonna hold on to that share. So we get a lot
John Walden, Senior Analyst: of great information from our market research, and it’s been very accurate from the outset for us. What’s interesting though about the space, it’s a relatively small but I guess large rare disease opportunity, but what we’ve seen is patients’ willingness to switch and try new therapies. When you talk about new therapies coming to market, could have two other prophylactic drugs approved this year. Why won’t patients switch from what they’re on today to one of the newer therapies? Like, what does your market research tell you?
John Bluth, BioCryst Pharmaceuticals: Yeah. What what our market research tells us is that there has to be a really compelling reason for a patient to wanna switch. And and it’s HAE is really a, you’re right, a unique rare disease because there are so many therapies. One of the reasons for that is how organized the patient association is in advocating for new therapeutic approaches and options for their patients. And as we’ve come to market, what we’ve seen, and if you look at our launch trajectory you see this, this is a very sticky patient population.
So it’s hard to get a patient to switch because in the prophylaxis space, even with the injectables that are out there today, Hagardis, Synerize, Tekxiro, those are excellent drugs from an efficacy perspective. They work really well at controlling disease. They’re just injectable, they’re not convenient for patients. There’s a lot of burden associated with the administration of therapy. So what we’ve been able to offer is a really compelling reason to switch.
You can get similar efficacy if the drug works for you with one pill once a day, and that’s why patients are switching to Orlodeyos. So if you fast forward to the new entrants that are coming in the prophylactic space, the next couple are injectable. So what would be the reason for a patient who’s well controlled on a current injectable or on Orlodayo to switch to one of those new, less frequently administered injectables? Is that decrease in frequency of administration enough for someone who’s on a current injectable to switch? Our research says probably not a lot.
And is there a motivation for them to switch off Orlodayo if they’re well controlled? Our research says absolutely not. Mhmm. And so it really comes down to what’s the value proposition for a patient. If you’re well controlled on the product that you’re on, what would make you wanna switch?
And with Orlodayo, if you’ve got an injectable patient, the oral option we’re finding, and that’s why you’re seeing so much commercial success for us, is that yes, patients do wanna switch, it’s hard. We’ve got it, you know, we’re five years into the launch and we’re chipping away at it. So you see our launch as sort of a steady climb, steady climb, not this big hockey stick right out of the gate because, you know, patients who are well controlled, they don’t see their doctor very often anymore. They may only see their physician once a year. And so the only opportunity for them to have a conversation about switching is once every twelve months.
And if it doesn’t come up or they don’t make the decision at that visit to switch, it’s another year. Mhmm. And so the cycle is a is a slow one and and we’re five years in now. So we’re start you’re starting to see us really gain traction.
John Walden, Senior Analyst: Yeah. And you guys, Monday, I guess it was Yeah. Hard to keep track, raised guidance to 580 to 600,000,000
John Bluth, BioCryst Pharmaceuticals: this Yep.
John Walden, Senior Analyst: And year five of the launch, I think historically, if you look at drug launches, they start kind of plateauing around year six, year seven. You, wanna hit a billion in sales. Walk us through how we get from 600, you know, on a good year 2025 to a billion in sales.
John Bluth, BioCryst Pharmaceuticals: Yeah. So so there there are a few components that that get us to a billion in peak sales. The first is 800,000,000 in sales from The US. That’d be 200,000,000 then from the rest of world. And and to get to 800,000,000 in The US, we need a few things to happen.
One, we need to be adding new patients, and and we need to be adding on a net basis about 200 new patient patients each year between now and 2029 or so. And we’re we’re absolutely on that trajectory right now. We, you know, we’re north of 300 patients net add. We reported over the last couple of years, so well north of the 200 average that we need. As we get closer to 2029, we might dip below 200, but on a net basis, we need to add 200 patients a year and and the demand demand is getting us right where we need to be on that component.
We also need to get patients paid, reimbursed for Orlodeaux. And and we need to get about 85% of US patients paid on Orlodeaux. We exited last year at about a 75% paid rate, and we reported on Monday that we’ve now bumped that up to 84%. So we’re almost there at that 85% reimbursement level that we need. And then price increases are another component there.
Historically, we’ve taken a a gross 5% or so price increase per year. So on on all the metrics that we need to hit to get to a billion dollars, we’re we’re really moving in the right right direction there. They all look good.
John Walden, Senior Analyst: Just simplistically, can you talk about you need to have 200 patients a year, how many patients have tried Orlodeyo or on Orlodeyo now, and how many patients are there?
John Bluth, BioCryst Pharmaceuticals: Yeah, so the market’s growing. When we launched, there were about 7,500 or so diagnosed and treated patients on Orlodeyo, not on Orlodeyo, in market. And now, you know, with with with the market continuing to grow and new entrants coming, we think that’s about eleven thousand patients overall. So we’ve said about three thousand patients have have tried Orlodayo, have had experience with Orlodayo. And so you can see with eleven thousand, three thousand have tried, we’ve got a lot of opportunity still to to add patients.
John Walden, Senior Analyst: So just, you know, been on the market for about five years, three thousand have tried, about six hundred try a year, you need to keep about a third of those on therapy to keep keep that trajectory going?
John Bluth, BioCryst Pharmaceuticals: Math seems to be
John Walden, Senior Analyst: Great. It’s it’s not a yeoman effort to get there.
John Bluth, BioCryst Pharmaceuticals: It’s not easy. Yeah. You know, for for the reason that I described earlier, patients just don’t cycle through their physicians as frequently. So it’s hard work, but the track record that we have suggests that we’re gonna get there. And then you mentioned the pediatric opportunity earlier.
Can you talk a
John Walden, Senior Analyst: little bit about that? Because that’s something that haven’t really thought about in AJE. I think maybe because of just the therapies we’ve had have been approved for adults. But what is you know, do kids get affected? How many are there?
John Bluth, BioCryst Pharmaceuticals: Yeah.
John Walden, Senior Analyst: How does ORLIDEA look in that population? And what could the commercial opportunity be? Yeah. This formulation for kids will be a
John Bluth, BioCryst Pharmaceuticals: game changer for parents and kids. It’s it’s they’re oral granules that you can sprinkle in liquid or soft food, and and if you’re a parent, you know how hard it is to give your your kid an injection, especially for a disease that’s so serious and and can be fatal. So there are about five hundred kids, we estimate, in The US, and and we think that once the pediatric formulation of Orlodeyo is approved, that that the lion’s share of those patients will want to to try Orlodeyo.
John Walden, Senior Analyst: How’s the data looked in pediatrics?
John Bluth, BioCryst Pharmaceuticals: It looks excellent. So we we did a study called APEXP and we announced on Monday that we have submitted our our NDA. That study was a safety and and PK study primarily, and the safety data looked great. But we did look at effectiveness also, and and the effectiveness data looks excellent, also very good. Attack control, so we we think that this is is gonna be a really important advance for kids and families with with HAE.
And HAE is a hereditary disease, so there’s a family component to it as well. And we do think there could be a halo effect into the adult population. So if you’re a parent with HAE, and maybe you’re not on Orlodeyo, you’re taking one of the other prophylaxis products, and this is the best option for your child as an oral medicine and you put them on Orlodeyo and they have a good experience, it might open you up to being more open to trying Orlodeyo as well.
John Walden, Senior Analyst: That’s interesting. And Teixyro is approved and two years and older I believe, right? Yes it How has that uptake been? Is there any kind of learnings from what they’ve done in pediatrics and what that could mean for you guys?
John Bluth, BioCryst Pharmaceuticals: Yeah, it’s a little bit of apples to oranges because it’s an injectable product and we’re an oral product and so it’s the only option that families have right now. And we think, you know, at least half of of patients are gonna are gonna be coming to Orlodayo to to try it.
John Walden, Senior Analyst: Mhmm. And then can we talk just for a minute about kind of ex US and, like, how hard is that blocking and tackling? If it’s that hard in The US, how does how does that dynamic change outside of
John Bluth, BioCryst Pharmaceuticals: Yeah.
John Walden, Senior Analyst: Our system?
John Bluth, BioCryst Pharmaceuticals: Yeah. Our launches outside The US have gone gone very well as well. So so we sell the product in in Western Europe. We sell the product in Canada. We sell the product in Japan.
And then we have partnerships. We have partnership in in Japan that we do most of the selling with with Torii and we have some distributor partnerships in in the Mid East, in Eastern Europe, and and in Latin America. The launches have been great. We have we’ve launched across all the major markets now. We’ve gotten reimbursement in in all but one of the markets in Europe.
We should have the final one this year. And every market’s a little bit different, but uptake has been fantastic. Strong patient growth, strong demand. The dynamics between prophylaxis and acute therapy are a little different in Europe than they are in The US. There’s more use of on demand medicine, mostly for pricing reasons.
And now with Orlodeaux coming to market, we’re starting to see that balance shift a little more to prophylaxis because there’s now an oral opportunity. Interesting.
John Walden, Senior Analyst: And like I said, I wanna talk a little bit about the pipeline because we’ve been banging the drum on Orlodea for years with you. And the nice thing is that our checks usually coincide with your checks so that it makes me feel better
John Bluth, BioCryst Pharmaceuticals: Yeah.
John Walden, Senior Analyst: About everything. And then you guys hit guidance and you keep raising guidance. So everything’s moving well there. You mentioned profitability. But now we have kind of the next leg to the story, is the pipeline that’s coming through.
John Bluth, BioCryst Pharmaceuticals: Yeah.
John Walden, Senior Analyst: Nethersen syndrome, I think, is the one that people are more excited about. We like DME personally because it kind of saddles another area we like in ophthalmology, but in Netherton Syndrome, can you talk a little bit about that opportunity?
John Bluth, BioCryst Pharmaceuticals: Yeah, no, it’s an exciting time because we’re going to have our first patient data, as I mentioned earlier, in both programs by the end of the year. And and Netherton syndrome is just a horrible, horrible rare disease. It’s a it’s a problem with skin turnover. So essentially patients who have Netherton syndrome, their skin sort of sheds uncontrollably. The the biological mechanism that that regulates skin turnover is broken with a genetic defect.
And the protein that regulates that skin turnover doesn’t work. So it’s sort of like a runaway train with the skin just turning over turning over, and your skin keeps infection out, it keeps moisture in, and when kids are born with this, babies are born with this condition, there’s an incredible infection risk, there’s a mortality associated with it. And if if the child does survive into adulthood, it’s a very, challenging disease to live with. Ointments and creams, and there’s no treatment, no therapy, disease modifying therapy for the disease. So we have a product in BCX seventeen thousand seven twenty five that replaces that missing protein and puts the brakes back on that runaway train of skin turnover.
So, you know, if you see it, you can see photos of of people living with Netherton syndrome in some of our slide decks, red, scaly, itchy skin. There’s some related downstream consequences, food allergies, asthma. It’s a really tough disease and there’s there’s nothing available for it. So so we’re really excited to see the data we get from patients later this year. We’re in healthy volunteers right now gathering safety and PK data.
But the real kind of informative data that we’re gonna get is in patients and that’ll be by the end of the year.
John Walden, Senior Analyst: How many, what do we know about the prevalence? Rare disease, nothing approved, one of these conditions where probably we don’t know exactly, but what’s the best estimate you guys have for how many patients there are?
John Bluth, BioCryst Pharmaceuticals: Yeah, so there’s no ICD-ten code for Netherton Syndrome. But there is for a condition called bamboo hair, really brittle hair, which is a result of Netherton syndrome. So when we do a claims analysis, we see about sixteen hundred patients with bamboo hair. So so we estimate the the population’s at least 1,600 people. But what we’ve learned from HAA, we’re talking about the growing market in HAE with a lot of rare diseases, once there is a therapy and there’s nothing right now, you start to see more diagnosis and more patients.
So we estimate that there are about three to five thousand patients with Netherton Syndrome in The US.
John Walden, Senior Analyst: Pretty good size. And you guys have been pretty prudent with your pipeline decisions. You guys have canceled well, discontinued, you know, a factor d inhibitor. You discontinued an ALK inhibitor. For competitive reasons, not really a commercially good decision.
What do you want to see in Nethersen syndrome to say like this is a green light for us internally?
John Bluth, BioCryst Pharmaceuticals: Yeah, so this ought to be a very clear, it should be very clear to us that BCX seventeen seventy five is modifying the disease. So we should see the skin starting to normalize, and that should be very obvious and visible and there are a lot of, ichthyosis scores and validated physician, instruments that that we’ll use to do that. And so it’s sort of a two step process with the data. We wanna see first that the drug is getting to the epidermis, getting to where it needs to get. It’s a very potent high high affinity drug, and so it should be binding to to where that protein is deficient and missing.
It should be replacing that, and we can see that in in assays. We see it in animal models and in patients. We wanna see the drug getting to the skin, to the outer layers of the skin. If we do, that’s going be very encouraging to us that we should start to see these very clear clinical benefits.
John Walden, Senior Analyst: What do next steps look like? So, we need to
John Bluth, BioCryst Pharmaceuticals: see what the data looks like first. The next step is a pivotal program, and we think if the data is really really strong, we’ll talk to the FDA about moving right into a pivotal program. We need to find the right dose, and then we need to move it as fast as we can for patients.
John Walden, Senior Analyst: Could we talk, in the last few minutes about diabetic macular edema and Avorlestat? This is a drug we were talking about 2016. And guys have found a home for it? Yeah. How did this come about?
John Bluth, BioCryst Pharmaceuticals: Yeah. So Avorlestat is is a calacrine inhibitor. It was the first generation HAE program that we had. And it it was extremely potent, but poorly bioavailable, which which caused it to fail in in a phase three trial of HAE. It just it wasn’t bioavailable enough to to prevent attacks and and have a commercially viable dosing profile.
But those same characteristics make it really interesting to use in the eye. And we have a partnership with Clearside. We have a suprachoroidal delivery of the drug, which is the space in the back of the eye by the retina. And so because it is so potent and poorly bioavailable, it sort of acts like a depot formulation, sort of slowly slowly dissolving in the back of the eye. And for diabetic macular edema, that’s where the leakage is happening in the retina.
So we’re going to deliver a Vorostat to the suprachoroidal space, and we’re gonna see if it can reduce the swelling in the retina, which would we we think lead to improvements in vision. And so because we have so much safety data that we accumulated in the HAE program, we can move directly into patients. We don’t need to start in healthy volunteers. And so we’ve got authorization to proceed with the trial in Australia. So we’ll be enrolling patients shortly and by the end of the year we’ll have our first information from patients on, first, what is it doing to the swelling in the retina?
And if we can start to see the impact there, that’s going to be very encouraging to us to move forward. How do you
John Walden, Senior Analyst: juggle, you know, Orlodeaux, commercial, other than rare disease and diabetic macular edema? We’re talking about millions of patients internally. Like, how do you guys think about those priorities? And then do you need different skill sets teams to kind of manage both?
John Bluth, BioCryst Pharmaceuticals: Yeah. Right now, we’ve got the Orlodeaux team sort of up up to scale, up to speed, and and running really hard. So that that team is is is focused commercially on on continuing to grow Orlodeaux. On the r and d side, we’re in small studies right now. So we’ve got, you know, phase one programs in both the DME and Netherton’s syndrome program.
And and we’re able to to focus just like other big pharma companies are able to focus on on multiple programs, driving the pipeline with focus and purpose and and driving the commercial business as well. So I I think as we get further along and we get to the spot where we’ve got, hopefully, we’ve got good decisions and good problems to have in terms of success with with multiple programs, we can sort of say, alright, where do we wanna lean in the hardest? Do we wanna look for a partner in the DME program, for example? Do we wanna do it ourselves? I think from a commercial perspective, you know, both programs, are small from a commercial footprint perspective.
DME is a lot less rare than Netherton’s, but the number of of retinal specialists who treat DME is similar to the number of docs who treat HAE. So there’s the opportunity, if we wanted to, to lean into that program commercially also.
John Walden, Senior Analyst: And we kind of touched on these, but maybe in the last minute or so, could you just put a button on Catalyst between now and maybe the next eighteen months just so everyone is on track about what to expect this calendar year? Obviously, I think the quarterly updates from you guys with your financial results is what people pay most attention to, but we have some data readouts coming. So I just wanna make sure it’s on everyone’s radar.
John Bluth, BioCryst Pharmaceuticals: Yeah. So, of course, continued success with with Orlodayo. Data from The Netherlands program, data from the the DME program in patients by the end of the year. We filed the NDA in pediatrics, so advancing that program through the regulatory process and onto the market. And you’ll you’ll continue to see, you know, cash balance build as well.
We paid off $75,000,000 of of our debt early this quarter, and and we’re down generating cash. And as as we go forward into next year and the year after, we’re gonna start to see hundreds of millions of dollars of cash accumulate on the balance sheet.
John Walden, Senior Analyst: Well, like like I mentioned, it’s one of the better profiles in Spincap Biotech in an environment like this. I think this is one that people are finally starting to take notice of of how well you guys have been doing. So congrats on all the success, and we’re looking forward to seeing the updates later this year.
John Bluth, BioCryst Pharmaceuticals: Thanks very much, John. Appreciate Thanks,
John Walden, Senior Analyst: John. Thanks, John.
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