On February 26, 2026 Certara, Inc. (Nasdaq: CERT), a global leader in model-informed drug development, reported its fourth quarter and full fiscal year 2025 financial results.

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Fourth Quarter Highlights:
Appointment of Jon Resnick as Chief Executive Officer and Member of the Board of Directors, effective January 1st, 2026.
Revenue was $103.6 million, compared to $100.4 million in the fourth quarter of 2024, representing growth of 3%.
Software revenue was $46.4 million, compared to $42.3 million in the fourth quarter of 2024, representing growth of 10%.
Services revenue was $57.3 million, compared to $58.1 million in the fourth quarter of 2024, representing a decrease of 1%.
Net loss was $5.9 million, compared to a net income of $6.6 million in the fourth quarter of 2024, representing a decrease of 190%.
Adjusted EBITDA was $32.5 million, compared to $33.5 million in the fourth quarter of 2024, representing a decrease of 3%.
"I am excited to join Certara, the market leader in the fast‑growing, high‑impact fields of AI-enabled biosimulation and model‑informed drug development," said Jon Resnick, Chief Executive Officer. "In my first 60 days, I have been genuinely impressed by the power of our technology, the depth of our customer relationships, and the strength of our people. It’s clear that this company – and this market opportunity – have the foundation required for long‑term success."

"To fully realize our potential, over the course of 2026 we will sharpen our strategic focus, accelerate innovation across our product portfolio, and elevate our commercial execution. It will be a year of transition and investment as we put the right people, processes, and structure in place to position the company to better capture the significant market opportunities and enable the company to drive stronger and sustainable growth."

"Our full year and fourth quarter revenue performance was in-line with our expectations on both a reported and organic basis. Adjusted EBITDA margin was 32% for the year, at the high end of our plan, driven by operating efficiencies while maintaining investment in R&D," said John Gallagher, Chief Financial Officer. "As we look forward into 2026, we expect end markets to remain stable, and we anticipate a number of changes and initiatives over the course of 2026 to drive improving revenue growth through the year, and to better position us for sustained long term growth."

Fourth Quarter 2025 Results
Total revenue for the fourth quarter of 2025 was $103.6 million, representing year-over-year growth of 3% on a reported basis and 2% on a constant currency basis. The overall increase in revenue was primarily driven by the growth in our biosimulation software and services portfolio. Please see note (1) in the section titled "A Note on Non-GAAP Financial Measures" below for more information on constant currency revenue.

Software revenue for the fourth quarter of 2025 was $46.4 million, representing year-over-year growth of 10% on a reported basis and 8% on a constant currency basis. Software growth was driven by contribution from biosimulation software.

Services revenue for the fourth quarter of 2025 was $57.3 million, representing a year-over-year decrease of 1% on a reported basis and 2% on a constant currency basis. Service revenue declined modestly, reflecting normal seasonal fluctuations, while service bookings increased significantly, supporting continued revenue momentum.

Total Bookings for the fourth quarter of 2025 were $155.2 million representing year-over-year growth of 7%.

Software Bookings for the fourth quarter of 2025 were $56.1 million, representing a year-over-year decrease of 6%. The decrease in software bookings was mainly attributable to external factors and execution challenges.

Services Bookings for the fourth quarter of 2025 were $99.1 million, representing year-over-year growth of 17%. The increase in service bookings was primarily driven by growth across all customer tiers, including large, mid-sized, and small customers.

Total cost of revenues for the fourth quarter of 2025 was $39.2 million, an increase of $0.9 million from $38.3 million in the fourth quarter of 2024, primarily attributable to higher software amortization expense and increased professional and consulting costs.

Total operating expenses for the fourth quarter of 2025 were $63.6 million, which increased by $7.5 million from $56.1 million in the fourth quarter of 2024. Higher operating expenses were primarily due to a $7.0 million increase in employee-related costs, a $0.8 million increase in equipment and software expenses, a $0.8 million increase in professional and consulting expenses, and a $0.7 million increase in transaction expenses, primarily related to refinancing of our term loan, partially offset by lower state business taxes, higher capitalized R&D costs, and a lower provision for credit allowance.

Net loss for the fourth quarter of 2025 was $5.9 million, compared to a net income of $6.6 million in the fourth quarter of 2024. The $12.5 million decrease in net income was primarily driven by higher operating expenses, increased tax expenses, and increased cost of revenues, partially offset by higher revenues.

Diluted earnings per share for the fourth quarter of 2025 was $(0.04), as compared to diluted earnings per share of $0.04 in the fourth quarter of 2024.

Adjusted EBITDA for the fourth quarter of 2025 was $32.5 million compared to $33.5 million for the fourth quarter of 2024, a decrease of $1.1 million. See note (2) in the section titled "A Note on Non-GAAP Financial Measures" below for more information on adjusted EBITDA.

Adjusted net income for the fourth quarter of 2025 was $14.9 million compared to $24.7 million for the fourth quarter of 2024, a decrease of $9.8 million. Adjusted diluted earnings per share for the fourth quarter of 2025 was $0.09, compared to $0.15 for the fourth quarter of 2024. See note (3) in the section titled "A Note on Non-GAAP Financial Measures" below for more information on adjusted net income and adjusted diluted earnings per share.

THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31,
2025 2024
2025 2024
Key Financials (in millions, except per share data)
Revenue $ 103.6 $ 100.4 $ 418.8 $ 385.1
Software revenue $ 46.4 $ 42.3 $ 183.3 $ 155.7
Service revenue $ 57.3 $ 58.1 $ 235.6 $ 229.5
Total bookings $ 155.2 $ 144.5 $ 482.1 $ 445.3
Software bookings $ 56.1 $ 59.7 $ 184.3 $ 169.4
Service bookings $ 99.1 $ 84.8 $ 297.7 $ 275.9
Net income (loss) $ (5.9 ) $ 6.6 $ (1.6 ) $ (12.1 )
Diluted earnings per share $ (0.04 ) $ 0.04 $ (0.01 ) $ (0.08 )
Adjusted EBITDA $ 32.5 $ 33.5 $ 134.5 $ 122.0
Adjusted net income $ 14.9 $ 24.7 $ 70.9 $ 72.9
Adjusted diluted earnings per share $ 0.09 $ 0.15 $ 0.44 $ 0.45
Cash and cash equivalents $ 189.4 $ 179.2

2026 Financial Outlook
Certara is providing its guidance for the full year 2026:

Full year 2026 revenue is expected to grow in the range of 0-4%.
Full year adjusted EBITDA margin to be approximately 30-32%.
Full year adjusted diluted earnings per share is expected to be in the range of $0.44- $0.48.
Fully diluted shares are expected to be in the range of 160 million to 162 million.
Please note that the Company has not reconciled adjusted EBITDA, adjusted EBITDA margin or adjusted diluted earnings per share forward-looking guidance included in this press release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, financings, and employee stock compensation programs, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

Webcast and Conference Call Details
Certara will host a conference call today, February 26, 2026, at 8:30 a.m. ET to discuss its fourth quarter and full fiscal year 2025 financial results. Investors interested in listening to the conference call are required to register online in advance of the call. A live and archived webcast of the event will be available on the "Investors" section of the Certara website at View Source

(Press release, Certara, FEB 26, 2026, View Source [SID1234663063])

On February 26, 2026 C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation (TPD) science, reported financial results for the year ended December 31, 2025, as well as business updates.

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"We made significant progress in 2025, notably demonstrating cemsidomide’s best-in-class potential, establishing an efficient and differentiated regulatory path for cemsidomide, and extending our cash runway beyond key value‑inflection milestones, further positioning us to become a fully integrated biopharmaceutical company," said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. "As cemsidomide progresses into later-stage clinical trials across multiple lines of therapy in multiple myeloma, we believe it is well positioned to become the IKZF1/3 degrader of choice. We continue to advance our discovery strategy, focused on targets that have a strong degrader rationale with first-in-class potential in inflammation, neuroinflammation and neurodegeneration diseases. Together, these achievements will bring us closer to delivering transformative TPD medicines for patients with significant unmet needs."

FOURTH QUARTER 2025 HIGHLIGHTS AND RECENT ACHIEVEMENTS

In February 2026, the first patient was dosed in the Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone in the fourth line or later MM setting. The MOMENTUM trial was designed for potential accelerated approval with a recommended Phase 2 dose of 100 µg. The trial will enroll approximately 100 patients with enrollment expected to be completed in Q1 2027.
In October 2025, C4T entered into a clinical trial collaboration and supply agreement with Pfizer Inc. Under the terms of the agreement, Pfizer will supply elranatamab (ELREXFIO), a B-cell maturation antigen CD3 targeted bispecific antibody, for the upcoming Phase 1b trial of cemsidomide in combination with elranatamab in earlier lines of MM treatment. C4T has continued to execute operational steps necessary for the initiation of the Phase 1b trial, which is expected in Q2 2026.
In October 2025, C4T raised $125 million in gross proceeds through an underwritten offering with the potential to earn up to $225 million in additional proceeds if the outstanding warrants are exercised.
In January 2026, C4T earned a $2 million milestone payment from Biogen related to BIIB145, a BTK degrader, designed by C4T and delivered to Biogen for clinical development. This is the second degrader that Biogen has advanced into the clinic under the Biogen and C4T collaboration.
KEY UPCOMING MILESTONES

Cemsidomide: IKZF1/3 Degrader for Relapsed Refractory Multiple Myeloma (RRMM)

On track to initiate the Phase 1b trial of cemsidomide in combination with elranatamab in Q2 2026 with plans to provide incremental progress throughout 2026.
Present further analysis of the data from the completed Phase 1 trial of cemsidomide in combination with dexamethasone in mid-2026.
Share the plan to initiate an additional Phase 1b trial to evaluate cemsidomide in combination with other anti-myeloma agents in mid-2026.
CFT8919: EGFR L858R Degrader for Non-Small-Cell Lung Cancer (NSCLC)

By end of Q1 2026, utilize data from the Phase 1 dose escalation trial conducted by Betta Pharmaceuticals to inform potential ex-China clinical development.
Research & Discovery: Internal Discovery Efforts Focused on Inflammation, Neuroinflammation & Neurodegeneration (INN) with Collaboration Efforts Focused on Oncology & Non-oncology

Optimize indication selection for multiple targets across discovery portfolio focused on INN in 2026.
Deliver at least one development candidate to a collaboration partner by year-end 2026.
Advance existing collaborations toward key milestones by year-end 2026.
UPCOMING INVESTOR EVENTS

March 3, 2026, at 11:50 AM ET: Management will participate in a presentation and fireside chat at the TD Cowen 46th Annual Health Care Conference taking place in Boston, Massachusetts.
March 10, 2026, at 8:00 AM ET: Management will participate in a fireside chat at the Barclays 28th Annual Global Healthcare Conference taking place in Miami, Florida.
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS

Revenue: Total revenue for the fourth quarter and full year ended December 31, 2025, was $11.0 million and $35.9 million, respectively, compared to $5.2 million and $35.6 million for the prior year periods. The increase in revenue for the fourth quarter of 2025, as compared to the prior year period, reflects the prioritization of one KRAS project under the collaboration with Merck KGaA, Darmstadt, Germany.

Research and Development (R&D) Expense: R&D expense for the fourth quarter and full year ended December 31, 2025, was $25.0 million and $104.2 million, respectively, compared to $32.5 million and $110.6 million for the prior year periods. The decrease in R&D expense for the fourth quarter of 2025, as compared to the prior year period, was primarily related to the completion of the CFT1946 Phase 1 clinical trial.

General and Administrative (G&A) Expense: G&A expense for the fourth quarter and full year ended December 31, 2025, was $9.2 million and $36.2 million, respectively, compared to $10.4 million and $42.1 million for the prior year periods. The decrease in G&A expense for the fourth quarter of 2025, as compared to the prior year period, was primarily related to lower stock-based compensation expense.

Net Loss and Net Loss per Share: Net loss for the fourth quarter and full year ended December 31, 2025, was $20.5 million and $105.0 million, respectively, compared to $34.6 million and $105.3 million for the prior year periods. Net loss per share for the fourth quarter and full year ended December 31, 2025, was $0.18 and $1.27, respectively, compared to $0.49 and $1.52 for the prior year periods.

Cash Position and Financial Guidance: Cash, cash equivalents and marketable securities as of December 31, 2025, was $297.1 million, compared to $199.8 million as of September 30, 2025, and $267.3 million as of December 31, 2024. The increase in cash, cash equivalents and marketable securities during 2025 was primarily the result of the net proceeds from the October equity offering partially offset by the cash used to fund operations and advance our programs. The company expects that its current cash, cash equivalents and marketable securities will enable it to fund its operating plan to the end of 2028.

About Cemsidomide
Cemsidomide is an investigational, orally bioavailable molecular glue degrader (MonoDAC degrader) of IKZF1/3, transcription factors foundational to multiple myeloma biology. Data from the Phase 1 trial, which has completed enrollment, show cemsidomide’s differentiated safety and tolerability profile and potentially class-leading anti-myeloma activity that support the potential for durable outcomes.

About the MOMENTUM Trial
MOMENTUM (Multi-center trial Of cemsidoMidE iN relapsed/refracTory mUltiple Myeloma) is a Phase 2, open-label, single-arm study to evaluate the efficacy, safety, pharmacokinetics and pharmacodynamics of cemsidomide in combination with dexamethasone in patients with relapsed/refractory multiple myeloma. Data from the Phase 1 trial identified 100 µg as the recommended Phase 2 dose. The primary endpoint is overall response rate per International Myeloma Working Group response criteria, as assessed by an independent review committee. Approximately 100 patients who have received at least three prior anti-myeloma regimens that must have included an IKZF1/3 degrader, a proteasome inhibitor, an anti-CD38 antibody, and a T-cell engager or CAR-T therapy will be enrolled in the trial. More information is available at clinicaltrials.gov (NCT07284758).

About Cemsidomide in Combination With Elranatamab (ELREXFIO)
The Phase 1b trial is designed to evaluate the safety, tolerability and preliminary efficacy of cemsidomide in combination with elranatamab, an FDA-approved B-cell maturation antigen CD3 targeted bispecific antibody. The study will evaluate different cemsidomide dose levels (beginning with 75 µg, with the opportunity to simultaneously explore 50 µg and 100 µg) in patients who have received one to four prior lines of therapy, which must have consisted of at least one IKZF1/3 degrader. Exclusion criteria for patients include those who have received prior treatment with a BCMA-directed T-cell engager or BCMA-directed CAR-T therapy. More information is available at clinicaltrials.gov (NCT07280013).

About Multiple Myeloma
Multiple myeloma (MM) is a rare blood cancer affecting plasma cells. Approximately 36,000 people in the United States are diagnosed with MM each year. Approved IKZF1/3 degraders remain foundational therapies across lines of MM treatment. Despite advances, including immune-directed approaches, most patients ultimately relapse, underscoring a growing need for new therapeutics options that continue to leverage IKZF1/3 degradation to drive myeloma cell death and T-cell activation.

(Press release, C4 Therapeutics, FEB 26, 2026, View Source [SID1234663062])

On February 26, 2026 SystImmune, Inc. (SystImmune), a clinical-stage biotechnology company, and Bristol Myers Squibb (NYSE: BMY) reported that SystImmune’s parent company, Sichuan Biokin Pharmaceutical Co., Ltd. (Biokin), reported positive topline results from a pre-specified interim analysis of a Phase III study (BL-B01D1-307) evaluating izalontamab brengitecan (iza-bren), an EGFR×HER3 bispecific antibody-drug conjugate (ADC), in patients with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) whose disease progressed following prior taxane therapy.

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In the pre-specified interim analysis, topline results showed that iza-bren demonstrated statistically significant and clinically meaningful improvement in both progression-free survival (PFS) and overall survival (OS) compared to chemotherapy of physician’s choice, meeting both dual primary endpoints.

This Phase III study represents the third Phase III trial in which iza-bren has achieved its primary endpoint(s). It is the first bispecific ADC in a Phase III study to report dual positive PFS/OS results in the treatment of triple-negative breast cancer.

"Patients with advanced triple-negative breast cancer who progress after standard therapies face an urgent need for more effective options," said Dr. Yi Zhu, Chief Executive Officer of Biokin "These topline results further strengthen our confidence in iza-bren’s potential to deliver meaningful clinical benefit across multiple cancers."

"These results underscore the potential of bispecific ADC technology targeting both EGFR and HER3 to meaningfully change outcomes in difficult‑to‑treat cancers," said Cristian Massacesi, Executive Vice President, Chief Medical Officer and Head of Development at Bristol Myers Squibb. "We look forward to advancing the science and development of ADCs, with the hope of uncovering new options for people living with cancer."

These data will be presented at an upcoming medical meeting.

The BL-B01D1-307 study is sponsored by SystImmune’s parent company, Sichuan Biokin Pharmaceutical Co., Ltd. (Biokin), in Mainland China. Outside of China, iza-bren is jointly developed by SystImmune and Bristol Myers Squibb (BMS) under a collaboration and exclusive license agreement.

The Center for Drug Evaluation (CDE) under China’s National Medical Products Administration (NMPA) granted Breakthrough Therapy Designation (BTD) to iza-bren for the treatment of seven indications, and the U.S. FDA has granted BTD to iza-bren for previously treated NSCLC patients with an EGFR mutation. The New Drug Applications (NDAs) for two indications of iza-bren, for the treatment of locally advanced or metastatic nasopharyngeal carcinoma and for the treatment of recurrent or metastatic esophageal squamous cell carcinoma, have been accepted by the CDE and included in the priority review process.

About BL-B01D1-307
BL-B01D1-307 is a Phase III, randomized, open-label, multi-center clinical study in China, evaluating iza-bren in patients with unresectable locally advanced or metastatic triple-negative breast cancer whose disease progressed following prior taxane therapy. The study includes dual primary endpoints of progression-free survival (PFS) and overall survival (OS). For more detailed information, please visit clinical.trials.gov (NCT06382142).

About iza-bren
SystImmune, in collaboration with BMS outside of China, is developing iza-bren (BL-B01D1), a bispecific antibody-drug conjugate (ADC) that targets both EGFR and HER3, which are highly expressed in various epithelial cancers and are known to be associated with cancer cell proliferation and survival. Iza-bren’s dual mechanism of action blocks EGFR and HER3 signals to cancer cells, reducing proliferation and survival signals. In addition, upon antibody mediated internalization, iza-bren’s therapeutic novel Topo1i payload is released causing cytotoxic stress that leads to cancer cell death.

(Press release, Bristol-Myers Squibb, FEB 26, 2026, View Source [SID1234663061])

On February 26, 2026 BioCryst Pharmaceuticals, Inc. (Nasdaq:BCRX) reported financial results for the full year ended December 31, 2025, and provided a business update.

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"2025 was fundamentally transformative for BioCryst. We achieved full-year profitability for the first time in the company’s history, driven by strong commercial execution that delivered the highest level of new patient prescriptions in the U.S. since the initial launch of ORLADEYO, even as the treatment landscape continued to evolve. We also advanced key business development initiatives that streamlined our operations and further strengthened our leadership position in hereditary angioedema. We entered 2026 with strong momentum, completing the acquisition of Astria Therapeutics to grow our HAE portfolio to meet the needs of more patients, while adding to our long-term growth trajectory well into the next decade," said Charlie Gayer, President and Chief Executive Officer of BioCryst.

Business Updates

In October 2025, the company completed the sale of its European ORLADEYO business to Neopharmed Gentili S.p.A. The transaction enabled BioCryst to simplify its operating structure and sharpen its strategic focus on its core U.S. business.

In December 2025, the company received FDA approval for the ORLADEYO pellet formulation for patients ages 2 to <12 with HAE, making it the first and only targeted oral prophylactic therapy for children living with HAE.

In January 2026, the company completed its acquisition of Astria Therapeutics, Inc., initially announced in October 2025. Through the transaction, BioCryst added navenibart to its HAE portfolio. Navenibart is an injectable, long-acting, monoclonal antibody inhibitor of plasma kallikrein currently in Phase 3 clinical development for HAE prophylaxis.

The navenibart Phase 3 program is currently enrolling and is on track to support regulatory filing by the end of 2027. The program consists of the ALPHA-ORBIT Phase 3 trial and the ORBIT-EXPANSE long-term trial. ALPHA-ORBIT is a randomized, double-blind, placebo-controlled trial evaluating the efficacy and safety of navenibart over a six-month treatment period, with dosing arms every three months (Q3M) and every six months (Q6M). After completing ALPHA-ORBIT, eligible participants may continue into the ORBIT-EXPANSE trial, in which all participants will receive navenibart in either Q3M or Q6M regimens.

New positive, interim results from the long‑term, open‑label ALPHA‑SOLAR trial show sustained, robust HAE attack suppression with navenibart administered every three and six months. The mean and median HAE attack rate reductions from baseline were 92% and 97% in the Q3M dosing arm and 90% and 97% in the Q6M dosing arm. Long-term data up to 24 months show durable efficacy and a favorable safety profile for both dosing regimens. BioCryst will present these results in a late-breaking presentation, and other abstracts, at the 2026 American Academy of Allergy, Asthma & Immunology (AAAAI) Annual Meeting in Philadelphia, February 27–March 2, 2026.

A Phase 1 trial of BCX17725, an investigational KLK5 inhibitor for the treatment of Netherton syndrome, is currently enrolling and has begun dosing patients. The company expects to report data from this program in up to 12 patients by the end of 2026.
Full Year 2025 Financial Results

Non-GAAP figures are provided with adjustments, as applicable, for the sale of the European ORLADEYO business, stock-based compensation, workforce reduction costs, and transaction-related costs. Management believes that the presentation of these non-GAAP figures can provide greater transparency into the financial results of core, ongoing operations and improve comparability across reporting periods by excluding both the impact of divestitures and other items that can vary significantly across time periods.

Total revenues were $874.8 million and operating profit was $341.0 million for the full year 2025, compared to total revenues of $450.7 million and an operating loss of $2.5 million for the full year 2024. On October 1, 2025, BioCryst sold its European ORLADEYO business, resulting in the recognition of $243.3 million of revenue related to the license of intellectual property to Neopharmed Gentili S.p.A. On a non-GAAP basis, total revenues were $592.9 million (+45% y-o-y) and operating profit was $214.2 million (+198% y-o-y).

Research and development expenses, excluding stock-based compensation expense, in 2025 were $136.6 million (-5% y-o-y) on a GAAP basis and $133.0 million (-5% y-o-y) on a non-GAAP basis. Research and development expenses included increases in program costs for BCX17725 and avoralstat driven by manufacturing and clinical activities as we advance our Phase 1 studies, as well as increased IND-enabling activities across our early-stage pipeline programs. These increases were offset by lower personnel related costs and the close out of the Factor D program.

Sales and marketing expenses, excluding stock-based compensation expense, in 2025 were $177.1 (+16% y-o-y) million on a GAAP basis and $144.1 million (+23% y-o-y) on a non-GAAP basis. The increase was driven by distribution costs primarily attributed to increased sales, process development costs, the transition of certain safety and regulatory support roles from research and development due to commercial progression, pediatric launch support and other compensation expenses related to strong ORLADEYO sales performance.

General and administrative expenses, excluding stock-based compensation expense, in 2025 were $116.0 million (+45% y-o-y) on a GAAP basis and $85.0 million (+21% y-o-y) on a non-GAAP basis. The increase was driven by compensation, headcount growth in certain functions, and the transition of certain quality support roles from research and development to general and administrative in connection with ORLADEYO’s continued commercial progression.

Stock-based compensation increased due to a modification to extend the post-termination exercise period of certain vested stock option awards at the time of retirement for certain individuals to the original expiration date and an increase in restricted stock unit awards granted.

Interest expense was $78.9 million for the full year 2025 (-20% y-o-y). The decrease was primarily driven by the payoff of the Pharmakon Term Loan in 2025 and a decrease in the effective interest rate during the period in which the debt was outstanding in 2025. The payoff of the Pharmakon Term Loan, totaling $323.7 million, resulted in a one-time loss on extinguishment of debt of $17.3 million for the full year 2025.

Other income was $12.1 million for the full year 2025, which was primarily comprised of the impacts from the sale of our European ORLADEYO business. There was no other income for the full year 2024.

Cash, cash equivalents, restricted cash and investments totaled $337.5 million at December 31, 2025. Net cash utilization for the full year 2025 was $5.4 million. Excluding the impacts of the payoff of the Pharmakon loan and related expenses totaling $333.6 million and the net proceeds from the sale of our European ORLADEYO business to Neopharmed Gentili S.p.A. totaling $243.0 million, there was $85.2 million of cash generated during 2025.

Financial Outlook for 2026
The company maintained its expectation for full year 2026 global net ORLADEYO revenue to be between $625 million and $645 million and for full year 2026 total revenue, including RAPIVAB (peramivir injection), to be between $635 million and $660 million.

The company also maintained its expectation for full year 2026 non-GAAP operating expenses, excluding stock-based compensation, restructuring, and transaction-related costs, to be between $450 million and $470 million.

Item As of February 26, 2026 As of January 12, 2026
ORLADEYO revenue Unchanged $625 million to $645 million
Total revenue Unchanged $635 million to $660 million
Non-GAAP operating expense Unchanged $450 million to $470 million

Conference Call and Webcast
BioCryst management will host a conference call and webcast at 8:30 a.m. ET today to discuss the financial results and provide a corporate update. The live call may be accessed by dialing 1-844-481-2942 for domestic callers and 1-412-317-1866 for international callers. A live webcast and replay of the call will be available online in the investors section of the company website at www.biocryst.com.

(Press release, BioCryst Pharmaceuticals, FEB 26, 2026, View Source [SID1234663060])

On February 26, 2026 Amphista Therapeutics ("the Company" or "Amphista"), a leader in the discovery and development of next generation non-cereblon/VHL targeted protein degradation (TPD) medicines, reported new data at the Keystone Symposia on Proximity Based Biology and Therapeutics: Targeted Protein Degradation and Beyond in Banff, AB, Canada, 23-26 February.

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In an oral presentation titled "Expanding Targeted Glue Applications for Clinical Use by Recruiting Novel E3 Ligases", Louise Modis, Chief Scientific Officer at Amphista outlined the translation of Amphista’s Targeted Glue technology from discovery to clinical development. It showcased how the Company’s target-first approach and proprietary chemistry is delivering differentiated and advanced molecular glue degraders beyond traditional cereblon/VHL-based approaches.

The presentation built on insights shared at the TPD & Induced Proximity Summit in October 2025, demonstrated how Amphista is leading the rational discovery and development of molecular glue degraders functioning via novel E3 ligases, including DCAF16, FBXO22 and DCAF11 into clinically viable oral therapeutics.

Louise provided new data from Amphista’s Targeted Glue pipeline, which exemplifies the exquisite selectivity, deep and sustained target degradation, and exceptional degradation kinetics that can be achieved in vivo with this innovative approach. Amphista’s progress is underpinned by its proprietary Eclipsys platform technology which combines high-resolution CryoEM of ternary complexes, geometric deep learning, advanced folding algorithms and cheminformatics to rationalize and enhance molecular glue degrader development. The therapeutic potential of Amphista’s chemistry is further expanded by its compatibility with degrader-antibody conjugate (DAC) approaches.

Louise Modis, Chief Scientific Officer of Amphista Therapeutics, said: "We have made significant progress in advancing our Targeted Glue technology toward clinical application. This presentation at Keystone demonstrates how Amphista’s mechanistically differentiated approach of recruiting the most structurally efficient E3 ligase – including DCAF16, FBXO22 and now DCAF11 – translates into exceptional molecular properties, tissue distribution and degradation of the target. We have now demonstrated that we can successfully and reproducibly harness multiple novel E3 ligases beyond cereblon/VHL with advanced drug-like degraders. We’re excited to share data on AMX-883, our first clinical candidate, alongside innovations in degrader-antibody-conjugates and CNS-penetrant degraders that further expands the therapeutic opportunity for our Targeted Glue technology."

Presentation details:

Title: Expanding Targeted Glue Applications for Clinical Use by Recruiting Novel E3 Ligases
Date and Time: Wednesday 25 February 2026, 8:00–11:00 AM MST (UTC-7)
Presenter: Louise Modis, Chief Scientific Officer, Amphista Therapeutics

(Press release, Amphista Therapeutics, FEB 26, 2026, View Source [SID1234663059])