BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) Q4 2022 Earnings Call Transcript

Chris Raymond: Thanks. And if you don’t mind me beating the dead horse here, it sounds like you guys are €“ I don’t want to answer a ton of questions on exactly what you saw, but I guess I’ll just ask on 10013, when would you be in a position to tell us exactly what you found? And what’s the path forward and the next steps for when the issues will be resolved? And then on the C2 program, I know you described this as a program has in development, but can you maybe give a little bit more color maybe on the time line pathway to be in the clinic on that program?

Jon Stonehouse: Yes, I’ll take those. Second one, you can take, Helen, you can take the first one. So what we said in January is the C2 programs in lead optimization. And it’s hard to predict when it will get into tox Phase 1 studies, but it’s just lead optimization now once we pick a lead, we will go into talk and move forward from there, but we can’t give timing on that right now. Then the first question is around

Helen Thackray: Yes. So on 10013, what we’re seeing is that we’re seeing something that is different. We’re seeing it at the same time point where we did see it before. What that means is that we need to learn more, we need to learn more about that difference more about the nature of what we’re seeing. The goal here is to understand the safe range of exposures, and that’s the point of the non-clinical work at this point. The goal in the clinic is then to understand the effective dose patients. So our next steps are to sweep the non-clinical side and a stance there also to go into the study patients that we’ve been planning and assess the patients they get to an understanding both of what is the same range and what’s the effective range for the. So if we can define those accordance to the program.

Jon Stonehouse: Yes. Chris, it’s an ongoing chronic tox study right now. And so until we’ve completed that, it’s hard to give you some sense of when we will have a better picture.

Chris Raymond: Great. Thank you.

Operator: The next question comes from Liisa Bayko of Evercore ISI. Please go ahead.

Liisa Bayko: Hi, there. Thanks for taking my question. Can you give us a sense of the degree of free drug and sort of gross to net and where you’re at for the beginning of 2023?

Charlie Gayer: Sure. Liisa, overall, what we’ve said is that based on our contract status, we expected at least 80% of patients to be paid drug 20% on free. In recent quarters, we’ve seen that pick up above 20%. And then it’s just a larger portion that will temporarily €“ pretty much all the patients are going through the authorization in Q1. And so a lot of them step back temporary temporarily to free product. So I think overall, that plus the fact that we also have the impact of commercial co-pay assistance is the greatest in Q1 Medicare donut hole payments you’re going to see the lowest €“ the worst gross to net in the first quarter.

Anthony Doyle: Yes. And then it will normalize back up once we get into Q2, 3, 4, when we were in Q4, Liisa, we saw gross net reimbursed products at around

Liisa Bayko: Okay. Thanks. And can you tell us a little bit more €“ give us a little more color on the mini expansion that you described, what you want this business.