BCRX - BioCryst: Time To Switch Hats? A Mid Cap Fits Now Maybe A Large Cap?

• The recent FDA approval of Orladeyo (Berotralstat) has completely de-risked BioCryst's future.
• Orladeyo has the ability to be a "blockbuster drug" and we are of the opinion that it very much has the ability to become Standard of Care.
• Income and a move to being FCF positive possibly as soon as 2021 puts BioCryst in the driver's seat for the first time in 26 years.
• The income from Orladeyo, estimated to be quite significant, can fund the remainder of the pipeline with a very long runway with patent to 2039.
• As BCX9930 gains traction in future trials, assuming bigger pharma doesn't come knocking, there is a clear path to Large Cap status.

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