<SEC-DOCUMENT>0001171843-17-006756.txt : 20171108
<SEC-HEADER>0001171843-17-006756.hdr.sgml : 20171108
<ACCEPTANCE-DATETIME>20171108161204
ACCESSION NUMBER:		0001171843-17-006756
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20171108
DATE AS OF CHANGE:		20171108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOCRYST PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000882796
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				621413174
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221421
		FILM NUMBER:		171186730

	BUSINESS ADDRESS:	
		STREET 1:		4505 EMPEROR BOULEVARD
		STREET 2:		SUITE 200
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
		BUSINESS PHONE:		919-859-1302

	MAIL ADDRESS:	
		STREET 1:		4505 EMPEROR BOULEVARD
		STREET 2:		SUITE 200
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>fs3_110817.htm
<DESCRIPTION>FORM S-3
<TEXT>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>As filed with the Securities and Exchange Commission on November
8, 2017</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Registration No. 333-</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM S-3</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>BioCryst Pharmaceuticals, Inc.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>(Exact name of registrant as specified in its charter)</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>62-1413174</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>(State or other jurisdiction of incorporation or organization)</I></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>(I.R.S. Employer Identification Number)</I></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>4505 Emperor Blvd., Suite 200</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Durham, North Carolina 27703</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(919) 859-1302</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>(Address, including zip code, and telephone number, including
area code, of registrant&rsquo;s principal executive offices)</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Jon P. Stonehouse</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>President and Chief Executive Officer</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>4505 Emperor Blvd., Suite 200</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Durham, North Carolina 27703</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(919) 859-1302</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>(Name, address, including zip code, and telephone number, including
area code, of agent for service)</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>With a copy to:</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Brian Lane, Esq.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Robyn Zolman, Esq.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Gibson, Dunn &amp; Crutcher LLP</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>1050 Connecticut Avenue, NW</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, DC 20036</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(202) 955-8500</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Approximate date of commencement of proposed sale to the public:</B>&nbsp;&nbsp;From
time to time after the effective date of this Registration Statement, as determined by market conditions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">If the only securities being registered on this Form are being offered pursuant to dividend
or interest reinvestment plans, check the following box:&nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">If any of the securities being registered on this Form are to be offered on a delayed
or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, please check the following box:&nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">x</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering.&nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering.&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective
amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act,
check the following box.&nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">If this Form is a post-effective amendment to a registration statement filed pursuant
to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b)
under the Securities Act, check the following box.&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &quot;emerging growth company&quot;
in Rule 12b-2 of the Exchange Act.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 62%"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT>&nbsp; </FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Accelerated filer&nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">x</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT>&nbsp;(Do not check if a smaller reporting company)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company&nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company&nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant has elected not
to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 7(a)(2)(B) of Securities Act. &nbsp; <FONT STYLE="font-family: Wingdings; background-color: gainsboro">o</FONT></P>



<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 20%; color: gray">

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>CALCULATION OF REGISTRATION FEE</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in"><b>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 38%"><FONT STYLE="font-size: 10pt"><B><U>Title of Each Class of Securities to be Registered</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount to be<BR>
<U>Registered(1)</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum Offering Price </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><U>
Per&nbsp;Unit(3)</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum Aggregate</B></FONT>
<FONT STYLE="font-size: 10pt"><B><U><BR>
Offering&nbsp;Price</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of <U><BR>
Registration&nbsp;Fee(4)</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">Common Stock, $0.01 par value(2)</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Preferred Stock, $0.01 par value(2)</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Depositary Shares(2)</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Stock Purchase Contracts(2)</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Warrants(2)</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Units(2)</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Total</U></B></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$200,000,000</FONT></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">N/A</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$200,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$24,900</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">There are being registered under this registration statement such indeterminate number of securities of each identified class of the registrant, all at indeterminate prices, as shall have an aggregate initial offering price not to exceed $200,000,000 or the equivalent amount denominated in one or more foreign currencies. Any securities registered under this registration statement may be sold separately or as units with other securities registered hereunder.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pursuant to Rule 457(i) under the Securities Act, the securities registered hereunder also include such indeterminate number of shares of common stock, preferred stock, depositary shares, stock purchase contracts, warrants and units as may be issued upon exercise, settlement, exchange or conversion of any securities registered hereunder that provide for those issuances. In addition, pursuant to Rule 416 under the Securities Act, the securities registered hereunder include such indeterminate number of securities as may be issuable with respect to the securities being registered hereunder as a result of stock splits, stock dividends or similar transactions.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The proposed maximum offering price per unit is not specified as to each class of securities to be registered, pursuant to General Instruction II.D of Form S-3 under the Securities Act. The proposed maximum offering price per unit will be determined from time to time by the registrant in connection with, and at the time of, the issuance of the securities registered hereunder.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Calculated pursuant to Rule 457(o) under the Securities Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in"><B>The registrant hereby amends this registration statement on such date or
dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states
that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a)&nbsp;of the Securities
Act of 1933 or until this registration statement shall become effective on such date as the Commission, acting pursuant to said
Section&nbsp;8(a)&nbsp;may determine.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in; color: Red">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in; color: Red"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in; color: Red"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: red">The information in this prospectus is not complete and may be changed. We
may not sell these securities until the registration statement filed with the Securities and Exchange Commission becomes effective.
This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state
where the offer or sale is not permitted.</P>



<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in; color: Red"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in; color: Red"><B>&nbsp;</B></P>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; color: Red"><B>SUBJECT TO COMPLETION, DATED NOVEMBER
8, 2017</B></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>PROSPECTUS</B></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>$200,000,000</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>Common Stock<BR>
Preferred Stock<BR>
Depositary Shares<BR>
Stock Purchase Contracts<BR>
Warrants<BR>
Units</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">By this prospectus, we may from time to time offer securities
to the public. We will provide specific terms of these securities in supplements to this prospectus. You should read this prospectus,
the applicable prospectus supplement, and the information incorporated by reference in this prospectus and the applicable prospectus
supplement carefully before you invest.</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Our common stock, par value $0.01 per share, trades on
the NASDAQ Global Select Market under the symbol &ldquo;BCRX.&rdquo;</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">We have not authorized anyone else to make additional representations
or to provide you with information other than information provided or incorporated by reference in this prospectus or any prospectus
supplement. We take no responsibility for, and can provide no assurances as to the reliability of, any other information that others
may give you or representations that others may make. We are not making or soliciting an offer of any securities other than the
securities described in this prospectus and any prospectus supplement. We are not making or soliciting an offer of these securities
in any state or jurisdiction where the offer is not permitted or in any circumstances in which such offer or solicitation is unlawful.
You should not assume that the information contained or incorporated by reference in this prospectus or any prospectus supplement
is accurate as of any date other than the date on the front of those documents.</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><U>______________</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>Investing in these securities involves a high degree
of risk. See &ldquo;Risk Factors&rdquo; on page 2 of this prospectus, in the applicable prospectus supplement we will deliver with
this prospectus and in the documents incorporated herein and therein by reference.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><U>______________</U></P>

<P STYLE="font-size: 10pt; text-indent: 19.2pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 19.2pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">The securities may be sold by us to or through underwriters
or dealers, directly to purchasers or through agents designated from time to time, or through a combination of these methods. For
additional information on the methods of sale, you should refer to the section entitled &ldquo;Plan of Distribution&rdquo; in this
prospectus. If any underwriters are involved in the sale of any securities with respect to which this prospectus is being delivered,
the names of such underwriters and any applicable discounts or commissions and over-allotment options will be set forth in a prospectus
supplement. The price to the public of such securities and the net proceeds we expect to receive from such sale will also be set
forth in a prospectus supplement. This prospectus may not be used to sell any securities unless accompanied by a prospectus supplement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.25in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>Neither the Securities and Exchange Commission nor any
state securities commission has approved or disapproved of these securities, or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">The date of this
prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0 0pt 0.25in"><U>Page</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">i</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">PROSPECTUS SUMMARY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">INFORMATION REGARDING FORWARD-LOOKING STATEMENTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON STOCK, PREFERRED STOCK AND DEPOSITARY SHARES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">DESCRIPTION OF STOCK PURCHASE CONTRACTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">EXPERTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">This prospectus is part of a registration statement on
Form S-3 that we filed with the Securities and Exchange Commission, or the SEC, using a &ldquo;shelf&rdquo; registration or continuous
offering process. Under this registration statement, we may sell any combination of the securities described in this prospectus
from time to time, either separately or in units, in one or more offerings. Together, these offerings may total up to $200.0 million.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">This prospectus provides you with a general description
of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement containing specific information
about the terms of that offering. That prospectus supplement may add, update or change information contained in this prospectus
and will also include the following information:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the type and amount of securities that we propose to sell;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the public offering price of the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the names of any underwriters, agents or dealers through or to which the securities will be sold;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any compensation of those underwriters, agents or dealers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information about any securities exchanges or automated quotation systems on which the securities will be listed or traded;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any risk factors applicable to the securities that we propose to sell; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other material information about the offering and sale of the securities.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">If there is any inconsistency between the information
in this prospectus and any prospectus supplement, you should rely on the information in the prospectus supplement. You should read
both this prospectus and any prospectus supplement together with the additional information described under the heading &ldquo;Where
You Can Find More Information.&rdquo; The registration statement containing this prospectus, including the exhibits to the registration
statement, provides additional information about us and the securities offered under this prospectus. The registration statement,
including the exhibits, can be read at the SEC&rsquo;s website or at the SEC&rsquo;s offices referenced under the heading &ldquo;Where
You Can Find More Information.&rdquo;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">All references to &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
&ldquo;our,&rdquo; or &ldquo;us&rdquo; refer solely to BioCryst Pharmaceuticals, Inc. and not to the persons who manage us or sit
on our Board of Directors. All trade names used in this prospectus are either our registered trademarks or trademarks of their
respective holders.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in">i</P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This summary highlights information contained elsewhere
or incorporated by reference into this prospectus. Because it is a summary, it does not contain all of the information that you
should consider before investing in our securities. You should read this entire prospectus carefully, including the section entitled
&ldquo;Risk Factors&rdquo; and the documents that we incorporate by reference into this prospectus, before making an investment
decision.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Business of BioCryst Pharmaceuticals, Inc.</B></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We are a biotechnology company that designs, optimizes
and develops novel small molecule drugs that block key enzymes involved in the pathogenesis of diseases. We focus on the treatment
of rare diseases in which significant unmet medical needs exist and that align with our capabilities and expertise. We integrate
the disciplines of biology, crystallography, medicinal chemistry and computer modeling to discover and develop small molecule pharmaceuticals
through the process known as structure-guided drug design.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We are a Delaware corporation originally founded in 1986.
Our principal executive offices are located at 4505 Emperor Blvd. Suite 200, Durham, North Carolina 27703, and our telephone number
is (919) 859-1302. For more information about us, please visit our website at http://www.biocryst.com. The information on our web
site is not incorporated by reference into this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>RISK FACTORS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Investing in our securities involves risks. Our business
is influenced by many factors that are difficult to predict and beyond our control and that involve uncertainties that may materially
affect our business, results of operations, financial condition or cash flows, or the value of these securities. These risks and
uncertainties are described in the risk factors section of the documents that are incorporated by reference in this prospectus.
Any subsequent prospectus supplement may contain a discussion of additional risks applicable to an investment in us and the particular
type of securities we are offering under such prospectus supplement. You should carefully consider all of the information contained
in or incorporated by reference in this prospectus and in the applicable prospectus supplement before you invest in our securities.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>INFORMATION REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">This prospectus and any subsequent prospectus supplement,
including the information we incorporate by reference, contain forward-looking statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), which are subject to the &ldquo;safe harbor&rdquo;
created in Section 21E. All statements other than statements of historical facts contained in this prospectus, any subsequent prospectus
supplement and the information we incorporate by reference are forward-looking statements. These forward-looking statements can
generally be identified by the use of words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
&ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;expects,&rdquo; &ldquo;estimates,&rdquo; &ldquo;predicts,&rdquo; &ldquo;potential,&rdquo;
the negative of these words or similar expressions. Statements that describe our future plans, strategies, intentions, expectations,
objectives, goals or prospects are also forward-looking statements. These forward-looking statements include, but are not limited
to, statements about:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the preclinical development, clinical development, commercialization, or post-marketing studies of our product candidates and
products, including our hereditary angioedema (&ldquo;HAE&rdquo;) program, peramivir, galidesivir, and early stage discovery programs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the potential funding from our contracts with the Biomedical Advanced Research and Development Authority (the &ldquo;BARDA/HHS&rdquo;)
and the National Institute of Allergy and Infectious Diseases (&ldquo;NIAID/HHS&rdquo;) for the development of galidesivir;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the potential for government stockpiling orders of peramivir, additional regulatory approvals of peramivir, or milestones,
royalties or profit from sales of peramivir by us or our partners;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the potential use of peramivir as a treatment for H1N1, H5N1, and H7N9 or other strains of influenza;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the implementation of our business model, strategic plans for our business, products, product candidates and technology;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to establish and maintain collaborations or out-license rights to our product candidates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>plans, programs, progress and potential success of our collaborations, including Seqirus UK Limited (&ldquo;SUL&rdquo;) for
peramivir, Mundipharma International Holdings Limited (&ldquo;Mundipharma&rdquo;) for forodesine, and Shionogi &amp; Co., Ltd.
(&ldquo;Shionogi&rdquo;) and Green Cross Corporation (&ldquo;Green Cross&rdquo;) for peramivir in their territories;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the ability of our wholly-owned subsidiary, JPR Royalty Sub LLC (&ldquo;Royalty Sub&rdquo;), to service its payment obligations
in respect of its PhaRMA Senior Secured 14.0% Notes due 2020 (the &ldquo;PhaRMA Notes&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the foreign currency hedge agreement entered into by us in connection with the issuance by Royalty Sub of the PhaRMA Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates
and technology;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to operate our business without infringing the intellectual property rights of others;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>estimates of our expenses, revenues, capital requirements, annual cash utilization, and our needs for additional financing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to continue as a going concern;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the timing or likelihood of regulatory filings or regulatory agreements, deferrals and approvals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to raise additional capital to fund our operations or repay our recourse debt obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to comply with the covenants as set forth in the agreements governing our debt obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our financial performance; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>competitive companies, technologies and our industry.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">These statements relate to future events or to our future
financial performance and involve known and unknown risks, uncertainties and other important factors that may cause our actual
results, performance or achievements to be materially different from any future results, performance or achievements expressed
or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations
include, among other things, those listed under &ldquo;Risk Factors&rdquo; and elsewhere in this prospectus, any subsequent prospectus
supplement and the documents incorporated by reference. Any forward-looking statement reflects our current views with respect to
future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations,
industry and future growth. Except as required by law, we assume no obligation to update or revise these forward-looking statements
for any reason, even if new information becomes available in the future.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Discussions containing these forward-looking statements
are also contained in &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
incorporated by reference from our most recent Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q for the quarters
ended since our most recent Annual Report, and our Current Reports on Form 8-K, as well as any future amendments we make to those
filings or future filings with the SEC.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>USE OF PROCEEDS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Except as otherwise described in the applicable prospectus supplement,
the net proceeds we expect to receive from the sale of any securities offered hereunder will be added to our general funds and
used for general corporate purposes, which may include, but are not limited to:</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>funding development, manufacturing and regulatory activities for BCX7353;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pre-launch commercial activities for BCX7353;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the advancement of development activities on other rare disease targets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>funding development, manufacturing and regulatory activities for other second generation HAE compounds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>post-approval commitments for RAPIVAB&trade;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>funding our research and development efforts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>capital expenditures; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general working capital needs.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may also use a portion of the net proceeds to acquire or invest
in businesses, assets, products and technologies that are complementary to our own, although we are not currently contemplating
or negotiating any such acquisitions or investments.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The amount and timing of these expenditures will depend on a number
of factors, including the progress of our research and development efforts and amounts received under our existing and any future
government contracts and collaboration arrangements, as well as the amount of cash used in our operations. Accordingly, our management
will have broad discretion in the application of these proceeds, and investors will be relying on the judgment of our management
with regard to the use of these proceeds. Pending application of the net proceeds as described above, we intend to invest the net
proceeds in investment grade interest bearing instruments.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>DESCRIPTION OF COMMON STOCK, PREFERRED STOCK AND DEPOSITARY SHARES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The following summary description of our capital stock summarizes
general terms and provisions that apply to the capital stock. Because this is only a summary, it does not contain all of the information
that may be important to you. This summary is subject to and qualified in its entirety by reference to our restated certificate
of incorporation, as amended, by-laws, as amended, and the rights agreement, as amended, each of which are on file with the SEC.
See &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Authorized and Outstanding Capital Stock</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Our authorized capital stock consists of 200,000,000 shares of common
stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share, of which 200,000 shares are
designated Series B Junior Participating Preferred Stock with a par value of $0.001 per share. On November 6, 2017, there were
98,404,761 shares of common stock outstanding and no shares of preferred stock outstanding.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Holders of our common stock are entitled to one vote per share on
all matters submitted to a vote of stockholders and may not cumulate votes for the election of directors. Common stockholders have
the right to receive dividends as and when declared by the Board of Directors from funds legally available therefor, subject to
any preferential dividend rights of any preferred stock then outstanding. Upon our dissolution or liquidation, common stockholders
are entitled to receive all assets legally available for distribution to stockholders, subject to any preferential rights of any
preferred stock then outstanding. Holders of common stock have no preemptive rights and have no rights to convert their common
stock into any other securities.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Preferred stock may be issued from time to time in one or more series,
each such series to have such terms as determined by our Board of Directors. Our Board of Directors has the authority to determine
and fix such voting powers, full or limited, or no voting powers, and such designations, preferences and relative participating,
optional or other special rights, and qualifications, limitations or restrictions thereof, including without limitation dividend
rights, conversion rights, redemption privileges and liquidation preferences, without further vote or action by our stockholders.
We will distribute a prospectus supplement with regard to each particular series of preferred stock that will describe the terms
and provisions of that series of preferred stock. The rights of the holders of any preferred stock that may be issued may adversely
affect the rights of the holders of common stock. The issuance of preferred stock could make it more difficult for third parties
to acquire a majority of our outstanding voting stock.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Anti-Takeover Provisions</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Our certificate of incorporation provides for staggered terms for
the members of the board of directors and supermajority approval of the removal of any member of the board of directors and prevents
our stockholders from acting by written consent or from calling special meetings of stockholders. Our certificate also requires
supermajority approval of any amendment of these provisions. These provisions and other provisions of our by-laws and of Delaware
law applicable to us could delay or make more difficult a merger, tender offer or proxy contest involving us.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Depositary Shares</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may, at our option, elect to offer fractional shares of preferred
stock, rather than full shares of preferred stock. If we exercise this option, we will issue to the public receipts for depositary
shares, and each of these depositary shares will represent a fraction, to be set forth in the applicable prospectus supplement,
of a share of a particular series of preferred stock.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The shares of any series of preferred stock underlying the depositary
shares will be deposited under a deposit agreement between us and a bank or trust company selected by us. The depositary will have
its principal office in the United States and a combined capital and surplus of at least $50,000,000. Subject to the terms of the
deposit agreement, each owner of a depositary share will be entitled, in proportion to the applicable fraction of a share of preferred
stock underlying the depositary share, to all the rights and preferences of the preferred stock underlying that depositary share.
Those rights may include dividend, voting, redemption, conversion and liquidation rights.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The depositary shares will be evidenced by depositary receipts issued
under a deposit agreement. Depositary receipts will be distributed to those persons purchasing the fractional shares of preferred
stock underlying the depositary shares, in accordance with the terms of the offering. The following description of the material
terms of the deposit agreement, the depositary shares and the depositary receipts is only a summary and you should refer to the
forms of the deposit agreement and depositary receipts that will be filed with the SEC in connection with the offering of the specific
depositary shares.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Pending the preparation of definitive engraved depositary receipts,
the depositary, upon our written order, may issue temporary depositary receipts substantially identical to the definitive depositary
receipts but not in definitive form. These temporary depositary receipts would entitle their holders to all the rights of definitive
depositary receipts. Temporary depositary receipts would be exchangeable for definitive depositary receipts at our expense.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Dividends and Other Distributions</I>. The depositary will distribute
all cash dividends or other cash distributions received with respect to the underlying stock to the record holders of depositary
shares in proportion to the number of depositary shares owned by those holders.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">If there were a distribution other than in cash, the depositary would
distribute property received by it to the record holders of depositary shares that are entitled to receive the distribution, unless
the depositary determines that it is not feasible to make the distribution. If this occurs, the depositary, with our approval,
would sell the property and distribute the net proceeds from the sale to the applicable holders.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Withdrawal of Underlying Preferred Stock</I>. Unless we provide
otherwise in a prospectus supplement, holders may surrender depositary receipts at the principal office of the depositary and,
upon payment of any unpaid amount due to the depositary, would be entitled to receive the number of whole shares of underlying
preferred stock and all money and other property represented by the related depositary shares. We will not issue any partial shares
of preferred stock. If the holder delivers depositary receipts evidencing a number of depositary shares that represent more than
a whole number of shares of preferred stock, the depositary will issue a new depositary receipt evidencing the excess number of
depositary shares to that holder.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Redemption of Depositary Shares</I>. If a series of preferred
stock represented by depositary shares were subject to redemption, the depositary shares would be redeemed from the proceeds received
by the depositary resulting from the redemption, in whole or in part, of that series of underlying stock held by the depositary.
The redemption price per depositary share would be equal to the applicable fraction of the redemption price per share payable with
respect to that series of underlying stock. Whenever we redeem shares of underlying stock that are held by the depositary, the
depositary will redeem, as of the same redemption date, the number of depositary shares representing the shares of underlying stock
so redeemed. If fewer than all the depositary shares are to be redeemed, the depositary shares to be redeemed will be selected
by lot or proportionately, as may be determined by the depositary.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Voting</I>. Upon receipt of notice of any meeting at which the
holders of the underlying stock are entitled to vote, the depositary will mail the information contained in the notice to the record
holders of the depositary shares underlying the preferred stock. Each record holder of the depositary shares on the record date,
which will be the same date as the record date for the underlying stock, will be entitled to instruct the depositary as to the
exercise of the voting rights pertaining to the amount of the underlying stock represented by that holder's depositary shares.
The depositary will then try, as far as practicable, to vote the number of shares of preferred stock underlying those depositary
shares in accordance with those instructions, and we will agree to take all actions which may be deemed necessary by the depositary
to enable the depositary to do so. The depositary will not vote the underlying shares to the extent it does not receive specific
instructions from the holders of depositary shares underlying the preferred stock.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Conversion of Preferred Stock</I>. If the prospectus supplement
relating to the depositary shares provides that the deposited preferred stock is convertible into or exchangeable for common stock
or preferred stock of another series of BioCryst or securities of any third party, the following will apply. The depositary shares,
as such, will not be convertible into or exchangeable for any securities of BioCryst or any third party. Rather, any holder of
the depositary shares may surrender the related depositary receipts to the depositary with written instructions to instruct us
to cause conversion or exchange of the preferred stock represented by the depositary shares into or for whole shares of common
stock or shares of another series of preferred stock of BioCryst or securities of the relevant third party, as applicable. Upon
receipt of those instructions and any amounts payable by the holder in connection with the conversion or exchange, we will cause
the conversion or exchange using the same procedures as those provided for conversion or exchange of the deposited preferred stock.
If only some of the depositary shares are to be converted or exchanged, a new depositary receipt or receipts will be issued for
any depositary shares not to be converted or exchanged.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Amendment and Termination of the Depositary Agreement</I>. The
form of depositary receipt evidencing the depositary shares and any provision of the deposit agreement may be amended at any time
by agreement between us and the depositary. However, any amendment which materially and adversely alters the rights of the holders
of depositary shares will not be effective unless the amendment has been approved by the holders of at least a majority of the
depositary shares then outstanding. The deposit agreement may be terminated by us or by the depositary only if (a) all outstanding
depositary shares have been redeemed or converted or exchanged for any other securities into which the underlying preferred stock
is convertible or exchangeable or (b) there has been a final distribution of the underlying stock in connection with our liquidation,
dissolution or winding up and the underlying stock has been distributed to the holders of depositary receipts.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Charges of Depositary</I>. We will pay all transfer and other
taxes and governmental charges arising solely from the existence of the depositary arrangements. We will also pay charges of the
depositary in connection with the initial deposit of the underlying stock and any redemption of the underlying stock. Holders of
depositary receipts will pay other transfer and other taxes and governmental charges and those other charges, including a fee for
any permitted withdrawal of shares of underlying stock upon surrender of depositary receipts, as are expressly provided in the
deposit agreement to be for their accounts.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Reports</I>. The depositary will forward to holders of depositary
receipts all reports and communications from us that we deliver to the depositary and that we are required to furnish to the holders
of the underlying stock.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Limitation on Liability</I>. Neither we nor the depositary will
be liable if either of us is prevented or delayed by law or any circumstance beyond our control in performing our respective obligations
under the deposit agreement. Our obligations and those of the depositary will be limited to performance in good faith of our respective
duties under the deposit agreement. Neither we nor the depositary will be obligated to prosecute or defend any legal proceeding
in respect of any depositary shares or underlying stock unless satisfactory indemnity is furnished. We and the depositary may rely
upon written advice of counsel or accountants, or upon information provided by persons presenting underlying stock for deposit,
holders of depositary receipts or other persons believed to be competent and on documents believed to be genuine.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Resignation and Removal of Depositary</I>. The depositary may
resign at any time by delivering notice to us of its election to resign. We may remove the depositary at any time. Any resignation
or removal will take effect upon the appointment of a successor depositary and its acceptance of the appointment. The successor
depositary must be appointed within 60 days after delivery of the notice of resignation or removal and must be a bank or trust
company having its principal office in the United States and having a combined capital and surplus of at least $50,000,000.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>DESCRIPTION OF STOCK PURCHASE CONTRACTS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The following is a general description of the terms of the stock
purchase contracts we may issue from time to time. Particular terms of any stock purchase contracts we offer will be described
in the prospectus supplement relating to such stock purchase contracts. Material U.S. federal income tax considerations applicable
to the stock purchase contracts will also be discussed in the applicable prospectus supplement. You should refer to the form of
stock purchase contract and stock purchase certificate that we will file with the SEC in connection with the offering of the specific
stock purchase contracts for more complete information.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may issue stock purchase contracts, including contracts obligating
holders to purchase from us, and obligating us to sell to holders, a specified number of shares of common stock, preferred stock
or depositary shares at a future date. The consideration per share of common stock, preferred stock or depositary shares may be
fixed at the time that the stock purchase contracts are issued or may be determined by reference to a specific formula set forth
in the stock purchase contracts. Any stock purchase contract may include anti-dilution provisions to adjust the number of shares
issuable pursuant to such stock purchase contract upon the occurrence of certain events.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The applicable prospectus supplement will describe the terms of any
stock purchase contracts in respect of which this prospectus is being delivered, including, to the extent applicable, the following:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the stock purchase contracts obligate the holder or us to purchase or sell, or both purchase and sell, the securities
subject to purchase under the stock purchase contract, and the nature and amount of each of those securities, or the method of
determining those amounts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the stock purchase contracts are to be prepaid or not;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the stock purchase contracts will be issued as part of a unit and, if so, the other securities comprising the unit;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the stock purchase contracts are to be settled by delivery, or by reference or linkage to the value, performance, or
level of the securities subject to purchase under the stock purchase contract;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any acceleration, cancellation, termination, or other provisions relating to the settlement of the stock purchase contracts;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the stock purchase contracts will be issued in full registered or global form.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>DESCRIPTION OF WARRANTS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may issue warrants to purchase our preferred stock, depositary
shares or common stock or any combination thereof. Warrants may be issued independently or together with any other securities in
the form of units, and may be attached to, or separate from, such securities. The terms of any warrants to be issued and a description
of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement. Each
series of warrants will be issued under a separate warrant agreement to be entered into between us and a bank or trust company,
as warrant agent. You should refer to the form of warrant agreement and warrant that we file with the SEC in connection with the
offering of the specific warrants for more complete information.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The prospectus supplement will describe the terms of any warrants
being offered, including:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the title and the aggregate number of warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price or prices at which the warrants will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the currency or currencies in which the price of the warrants will be payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the securities or other rights, including rights to receive payment in cash or securities based on the value, rate or price
of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing, purchasable upon
exercise of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price at which, and the currency or currencies in which, the securities or other rights purchasable upon exercise of such
warrants may be purchased;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the periods during which, and places at which, the warrants are exercisable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date or dates on which the warrants shall commence and the date or dates on which the warrants will expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms of any mandatory or optional call provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price or prices, if any, at which the warrants may be redeemed at the option of the holder or will be redeemed upon expiration;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the warrants will be sold separately or with other securities as part of a unit;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued
with each such security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if applicable, the date on and after which the warrants and the related securities will be separately transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any provisions for the adjustment of the number or amount of securities receivable upon exercise of warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the identity of the warrant agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the exchanges, if any, on which the warrants may be listed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the maximum or minimum number of warrants which may be exercised at any time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if applicable, a discussion of any material United States federal income tax considerations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the warrants shall be issued in book-entry form; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>DESCRIPTION OF UNITS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may issue units consisting of one or more of the other securities
described in this prospectus in any combination, as described in a prospectus supplement. We may issue units in one or more series,
which will be described in a prospectus supplement. We will issue the units or hybrid securities under one or more unit agreements,
each referred to as a unit agreement, to be entered into between us and a bank or trust company, as unit agent. You should refer
to the form of unit agreement and unit certificate that we file with the SEC in connection with the offering of the specific units
for more complete information.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The applicable prospectus supplement will describe:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation and the terms of the units and of the securities constituting the units, including whether and under what circumstances
the securities comprising the units may be traded separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any additional terms of the governing unit agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any additional provisions for the issuance, payment, settlement, transfer or exchange of the units or of the preferred stock,
common stock, stock purchase contracts, depositary shares or warrants constituting the units; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any applicable United States federal income tax consequences.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may sell the securities being offered hereby at prices and under
terms then prevailing, at prices related to the then current market price or in negotiated transactions from time to time in one
or more of the following ways:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>directly to one or more purchasers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through one or more underwriters on a firm commitment or best-efforts basis;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through broker-dealers, who may act as agents or principals, including a block trade in which a broker or dealer so engaged
will attempt to sell as agent but may position and resell a portion of the block as principal to facilitate the transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through remarketing firms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in privately negotiated transactions; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in any combination of these methods of sale.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We will set forth in a prospectus supplement the terms of the offering
of securities, including:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the name or names of any underwriters, dealers or agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of securities and purchase price of the securities being offered and the proceeds we will receive from the sale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any underwriting discounts and commissions or agency fees and other items constituting underwriters&rsquo; or agents&rsquo;
compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any over-allotment options under which underwriters may purchase additional securities from us;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any delayed delivery arrangements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any discounts or concessions allowed or re-allowed or paid to dealers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any securities exchange on which the securities may be listed.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The distribution of the securities may be effected from time to time
in one or more transactions at a fixed price or prices, which may be changed, at market prices prevailing at the time of sale,
at prices related to the prevailing market prices or at negotiated prices.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may designate agents who agree to use their reasonable efforts
to solicit purchases for the period of their appointment or to sell securities on a continuing basis. Agents may receive compensation
in the form of commissions, discounts or concessions from us. Agents may also receive compensation from the purchasers of the securities
for whom they sell as principals. Each particular agent will receive compensation in amounts negotiated in connection with the
sale, which might be in excess of customary commissions. Agents and any other participating broker-dealers may be deemed to be
&ldquo;underwriters&rdquo; within the meaning of Section 2(11) of the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;)
in connection with sales of the securities. Accordingly, any commission, discount or concession received by them and any profit
on the resale of the securities purchased by them may be deemed to be underwriting discounts or commissions under the Securities
Act. We have not entered into any agreements, understandings or arrangements with any underwriters or broker-dealers regarding
the sale of their securities. As of the date of this prospectus, there are no special selling arrangements between any broker-dealer
or other person and us. No period of time has been fixed within which the securities will be offered or sold.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">If required under applicable state securities laws, we will sell
the securities only through registered or licensed brokers or dealers. In addition, in some states, we may not sell securities
unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification
requirement is available and complied with.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">If we use underwriters for a sale of securities, the underwriters
will acquire the securities for their own account. The underwriters may resell the securities in one or more transactions, including
negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The obligations
of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement.
We may change from time to time any initial public offering price and any discounts or concessions the underwriters allow or re-allow
or pay to dealers. We may use underwriters with whom we have a material relationship. We will describe in the prospectus supplement
naming the underwriter the nature of any such relationship.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may use a remarketing firm to offer to sell the securities in
connection with a remarketing arrangement upon their purchase. Remarketing firms will act as principals for their own account or
as agents for us. These remarketing firms will offer or sell the securities pursuant to the terms of the securities. A prospectus
supplement will identify any remarketing firm and the terms of its agreement, if any, with us and will describe the remarketing
firm&rsquo;s compensation. Remarketing firms may be deemed to be underwriters in connection with the securities they remarket.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">If we offer and sell securities through a dealer, we or an underwriter
will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at varying prices
to be determined by the dealer at the time of resale. Any such dealer may be deemed to be an underwriter of the securities so offered
and sold. The name of the dealer and the terms of the transactions will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may also sell securities directly to one or more purchasers without
using underwriters or agents. Underwriters, dealers and agents that participate in the distribution of the securities may be underwriters
as defined in the Securities Act and any discounts or commissions they receive from us and any profit on their resale of the securities
may be treated as underwriting discounts and commissions under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We will identify in the applicable prospectus supplement any underwriters,
dealers or agents and will describe their compensation. We may have agreements with the underwriters, dealers and agents to indemnify
them against specified civil liabilities, including liabilities under the Securities Act. Underwriters, dealers and agents may
engage in transactions with or perform services for us in the ordinary course of their businesses.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may authorize agents, dealers or underwriters to solicit offers
to purchase securities at the public offering price under delayed delivery contracts. The terms of these delayed delivery contracts,
including when payment for and delivery of the securities sold will be made under the contracts and any conditions to each party&rsquo;s
performance set forth in the contracts, will be described in the applicable prospectus supplement. The compensation received by
underwriters, agents or dealers soliciting purchases of securities under delayed delivery contracts will be described in the applicable
prospectus supplement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We may enter into derivative or other hedging transactions with third
parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable
prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus
and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged
by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities
received from us in settlement of those derivatives to close out any related open borrowings of stock. We may also loan or pledge
securities covered by this prospectus and the applicable prospectus supplement to third parties, who may sell the loaned securities
or, in an event of default in the case of a pledge, sell the pledged securities pursuant to this prospectus and the applicable
prospectus supplement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Unless otherwise specified in the related prospectus supplement,
all securities we offer, other than common stock, will be new issues of securities with no established trading market. Any underwriters
may make a market in these securities, but will not be obligated to do so and may discontinue any market making at any time without
notice. We may apply to list any series of securities on an exchange, but we are not obligated to do so. Therefore, no assurance
can be given as to the liquidity of, or the trading market for, any series of securities.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Any underwriter may engage in overallotment, stabilizing transactions,
short covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Overallotment involves sales
in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying
security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the
securities in the open market after the distribution is completed to cover short positions. Penalty bids permit the underwriters
to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a covering transaction
to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced,
the underwriters may discontinue any of the activities at any time. These transactions may be effected on The NASDAQ Global Select
Market or otherwise.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Any underwriters who are qualified market makers on The NASDAQ Global
Select Market may engage in passive market making transactions in the common stock on The NASDAQ Global Select Market in accordance
with Rule 103 of Regulation M, during the business day before the pricing of the offering, before the commencement of offers or
sales of the common stock. Passive market makers must comply with applicable volume and price limitations and must be identified
as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent
bid for such security; if all independent bids are lowered below the passive market maker&rsquo;s bid, however, the passive market
maker&rsquo;s bid must then be lowered when certain purchase limits are exceeded.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We will bear all costs, expenses and fees in connection with the
registration of the securities, as well as the expense of all commissions and discounts, if any, attributable to sales of the securities
by us.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>LEGAL MATTERS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Gibson, Dunn &amp; Crutcher LLP has rendered an opinion with respect
to the validity of the securities being offered by this prospectus. We have filed this opinion as an exhibit to the registration
statement of which this prospectus is a part. If counsel for any underwriters passes on legal matters in connection with an offering
made by this prospectus, we will name that counsel in the prospectus supplement relating to that offering.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EXPERTS</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Ernst &amp; Young LLP, independent registered public accounting firm,
has audited our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016,
and the effectiveness of our internal control over financial reporting as of December 31, 2016, as set forth in their reports,
which are incorporated by reference in this prospectus and elsewhere in the registration statement. Our financial statements and
our management&rsquo;s assessment of the effectiveness of internal control over financial reporting as of December 31, 2016 are
incorporated by reference in reliance on Ernst &amp; Young LLP's reports, given on their authority as experts in accounting and
auditing.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We file electronically with the SEC our annual reports on Form 10-K,
quarterly interim reports on Form 10-Q, current reports on Form 8-K, proxy statements and other information. We make available
on or through our website, http://www.biocryst.com, free of charge, copies of these filings as soon as reasonably practicable after
we electronically file them with or furnish them to the SEC. The information on our website is not incorporated by reference into
this prospectus. You can also request copies of such documents by contacting our Investor Relations Department at 4505 Emperor
Blvd., Suite 200, Durham, North Carolina 27703 or sending an email to investorrelations@biocryst.com. You may read and copy any
document we file at the SEC&rsquo;s Public Reference Room at 100 F Street NE, Washington, D.C. 20549. You can also obtain copies
of this information by mail from the Public Reference Room of the SEC at prescribed rates. You may obtain information on the operation
of the Public Reference Room by calling the SEC at (800) SEC-0330.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The SEC also maintains an Internet site that contains reports, proxy
and information statements, and other information about issuers, like BioCryst, that file electronically with the SEC. The address
of that site is http://www.sec.gov. Unless specifically listed below under &ldquo;Incorporation of Certain Documents by Reference&rdquo;
the information contained on the SEC website is not incorporated by reference into this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We have filed with the SEC a registration statement on Form S-3 that
registers the securities we are offering. The registration statement, including the attached exhibits and schedules, contains additional
relevant information about us and our securities. The rules and regulations of the SEC allow us to omit certain information included
in the registration statement from this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.5in"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The SEC allows us to &ldquo;incorporate by reference&rdquo; information
into this prospectus. This means that we can disclose important information to you by referring you to another document filed separately
with the SEC. The information incorporated by reference is considered to be part of this prospectus, except for any information
that is superseded by information that is included directly in this document.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">This prospectus includes by reference the documents listed below
that we have previously filed with the SEC and that are not included in or delivered with this document. They contain important
information about us and our financial condition.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 27, 2017 (including the
sections of our proxy statement relating to our May 24, 2017 annual meeting of stockholders that are incorporated by reference
therein);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2017, June 30, 2017 and September 30, 2017;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our Current Reports on Form 8-K filed with the SEC on February 27, 2017, March 15, 2017, March 17, 2017, May 30, 2017, August
2, 2017 and September 15, 2017; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The description of our common stock which is contained in our Registration Statement on Form 8-A (File No. 000-23186) filed
with the SEC on January 7, 1994, together with the amendment thereto filed with the SEC on March 14, 1994, including any other
amendment or reports filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">All documents filed by us pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act on or after the date of the registration statement of which this prospectus forms a part and prior to
the effectiveness of such registration statement and on or after the date of this prospectus and prior to the termination of our
offering of securities shall be deemed to be incorporated by reference herein and to be a part of this prospectus from the date
of filing of such documents, excluding any information furnished under Item 2.02 or Item 7.01 of any Current Report on Form 8-K
and exhibits filed on such form that are related to such items. Any statement contained in a document incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein
or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this prospectus.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">You can obtain any of the documents incorporated by reference in
this prospectus from us without charge, excluding any exhibits to those documents unless the exhibit is specifically incorporated
by reference as an exhibit to this prospectus. You can obtain documents incorporated by reference in this prospectus at no cost
by requesting them in writing or by telephone from us at the following address:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Investor Relations<BR>
BioCryst Pharmaceuticals, Inc.<BR>
4505 Emperor Blvd., Suite 200<BR>
Durham, North Carolina 27703<BR>
(919) 859-1302</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We have not authorized anyone else to make additional representations
or to provide you with information other than information provided or incorporated by reference in this prospectus or any prospectus
supplement. We take no responsibility for, and can provide no assurances as to the reliability of, any other information that others
may give you or representations that others may make. If you are in a jurisdiction where offers to sell, or solicitations of offers
to purchase, the securities offered by this document are unlawful, or if you are a person to whom it is unlawful to direct these
types of activities, then the offer presented in this document does not extend to you.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>BioCryst Pharmaceuticals, Inc.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>$200,000,000</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Common Stock<BR>
Preferred Stock<BR>
Depositary Shares<BR>
Stock Purchase Contracts<BR>
Warrants<BR>
Units</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PROSPECTUS </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">, 2017</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PART II</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The following table sets forth all expenses payable by the registrant
in connection with the issuance and distribution of the securities, other than underwriting discounts and commissions. The registrant
will bear all of such expenses. All the amounts shown are estimates, except the registration fee.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; font-size: 10pt; text-align: left">Registration fee</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">24,900</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accounting fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Legal fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Printing and engraving</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Miscellaneous</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,100</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt; padding-left: 10pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">240,000</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 145 of the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;)
sets forth the circumstances in which a Delaware corporation is permitted and/or required to indemnify its directors and officers.
The DGCL permits a corporation to indemnify its directors and officers in certain proceedings if the director or officer has complied
with the standard of conduct set out in the DGCL. The standard of conduct requires that the director or officer must have acted
in good faith, in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and,
with respect to matters in a criminal proceeding, the director or officer must have had no reason to believe that his or her conduct
was unlawful. With respect to suits by or in the right of the corporation, the DGCL permits indemnification of directors and officers
if the person meets the standard of conduct, except that it precludes indemnification of directors and officers who are adjudged
liable to the corporation, unless the Court of Chancery or the court in which the corporation&rsquo;s action or suit was brought
determines that the director or officer is fairly and reasonably entitled to indemnity for expenses. To the extent that a present
or former director or officer of the corporation is successful on the merits or otherwise in his or her defense of a proceeding,
the corporation is required to indemnify the director or officer against reasonable expenses incurred in defending himself or herself.
The rights provided in Section 145 of the DGCL are not exclusive, and the corporation may also provide for indemnification under
bylaw, agreement, vote of stockholders or disinterested directors or otherwise.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The registrant&rsquo;s Third Restated Certificate of Incorporation,
as amended (the &ldquo;Certificate of Incorporation&rdquo;), provides for indemnification of any director or officer who was or
is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of the fact that he is or was, or has agreed to become, a director or officer
of the registrant, or is or was serving, or agreed to serve, at the request of the registrant, as a director, officer or trustee
of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (including any employee
benefit plan), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including
attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf
in connection with such action, suit or proceeding and any appeal therefrom, in each case to the fullest extent permitted by the
DGCL. The registrant shall not indemnify any person seeking indemnification in connection with a proceeding or part thereof initiated
by such person unless the initiation was approved by the Board of Directors of the registrant. The Certificate of Incorporation
further provides for permissible indemnification of employees and other agents to the maximum extent permitted by the DGCL and
the Certificate of Incorporation with respect to directors and officers.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 102(b)(7) of the DGCL provides that a corporation may relieve
its directors from personal liability to the corporation or its stockholders for monetary damages for any breach of their fiduciary
duty as directors except for (i) a breach of the duty of loyalty; (ii) acts or omissions not in good faith or that involve intentional
misconduct or a knowing violation of law; (iii) willful or negligent violations of certain provisions in the DGCL imposing certain
requirements with respect to stock repurchases, redemptions and dividends; or (iv) for any transactions from which the director
derived an improper personal benefit. The registrant&rsquo;s Certificate of Incorporation provides that no directors of the registrant
shall be liable to the registrant or its stockholders for monetary damages for breach of fiduciary duty as a director to the fullest
extent permitted by the DGCL.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In addition, the registrant currently maintains liability insurance
for its directors and officers insuring them against certain liabilities asserted against them in their capacities as directors
or officers or arising out of such status.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The indemnification provisions noted above may be sufficiently broad
to permit indemnification of the registrant&rsquo;s officers and directors for liabilities arising under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>ITEM 16. EXHIBITS.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">See the Exhibit Index attached to this registration statement and
incorporated herein by reference.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>ITEM 17. UNDERTAKINGS.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The undersigned registrant hereby undertakes:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(a) To include any prospectus required by Section 10(a)(3) of the
Securities Act;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(b) To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo;
table in the effective registration statement; and</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(c) To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><I>Provided, however,</I> that paragraphs (1)(a), (1)(b) and (1)(c)
do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports
filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated
by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part
of the registration statement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(4) That, for the purpose of determining liability under the Securities
Act to any purchaser:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(a) Each prospectus filed by the registrant pursuant to Rule 424(b)(3)
shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in
the registration statement; and</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(b) Each prospectus required to be filed pursuant to Rule 424(b)(2),
(b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i),
(vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be
part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness
or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B,
for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new
effective date of the registration statement relating to the securities in the registration statement to which that prospectus
relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.
<I>Provided, however</I>, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part
of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made
in any such document immediately prior to such effective date.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(5) That, for the purpose of determining liability of the registrant
under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes
that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to
offer or sell such securities to such purchaser:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(a) Any preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(b) Any free writing prospectus relating to the offering prepared
by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(c) The portion of any other free writing prospectus relating to
the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the
undersigned registrant; and</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(d) Any other communication that is an offer in the offering made
by the undersigned registrant to the purchaser.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions described
in Item 15, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused
this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Durham, State
of North Carolina, on November 8, 2017.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in">BioCryst Pharmaceuticals, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in">By: <U>&nbsp;/s/ Jon P. Stonehouse &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25in">Jon P. Stonehouse</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25in">President and Chief Executive Officer</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><A NAME="pa"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Each of the undersigned officers and directors of BioCryst Pharmaceuticals, Inc. hereby
severally constitutes and appoints Jon P. Stonehouse, Thomas R. Staab, II and Alane Barnes, and each of them singly, his or her
true and lawful attorneys-in-fact and agent, with full power to them and each of them singly, with full and several power of substitution
and resubstitution, to sign for him or her in his or her name in the capacities indicated below, any and all amendments (including
post-effective amendments or any abbreviated Registration Statement, and any amendments thereto, filed pursuant to Rule 462(b)
under the Securities Act of 1933, as amended), and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission; granting unto said attorneys-in-fact and agents, and each of them, full
power and authority to perform any other act on behalf of the undersigned required to be done in the premises, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or any of them or their substitutes or resubstitutes, lawfully do or
cause to be done by virtue hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities indicated on November 8, 2017.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 51%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Jon P. Stonehouse</U></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Jon P. Stonehouse</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">President, Chief Executive Officer and Director</FONT><BR>
<FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Thomas R. Staab, II</U></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Thomas R. Staab, II</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Senior Vice President, Chief Financial Officer and Treasurer</FONT><BR>
<FONT STYLE="font-size: 10pt">(Principal Financial Officer and </FONT><BR>
<FONT STYLE="font-size: 10pt">Principal Accounting Officer)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ George B. Abercrombie</U></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">George B. Abercrombie</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Fred E. Cohen, M.D., D.Phil</U></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Fred E. Cohen, M.D., D.Phil</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Stanley C. Erck</U></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Stanley C. Erck</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Nancy Hutson, Ph.D</U></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Nancy Hutson, Ph.D.</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Robert A. Ingram</U></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Robert A. Ingram</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Kenneth B. Lee, Jr.</U></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Kenneth B. Lee, Jr.</P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Sanj K. Patel</U></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Sanj K. Patel</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EXHIBIT INDEX</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 87%"><FONT STYLE="font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000103570406000836/d42297exv3w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000103570406000836/d42297exv3w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Third Restated Certificate of Incorporation of the Company. Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed December 22, 2006 (File No. 000-23186).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000136231007001386/c70813exv3w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000136231007001386/c70813exv3w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certificate of Amendment to the Third Restated Certificate of Incorporation of the Company. Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed July 24, 2007 (File No. 000-23186).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000119312514186707/d722313dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000119312514186707/d722313dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certificate of Amendment to the Third Restated Certificate of Incorporation of the Company.&nbsp;&nbsp;Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed May 7, 2014 (File No. 000-23186).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000136231008006580/c76716exv3w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000136231008006580/c76716exv3w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certificate of Increase of Authorized Number of Shares of Series B Junior Participating Preferred Stock.&nbsp;&nbsp;Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8-K filed November 4, 2008 (File No. 000-23186).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000119312514186707/d722313dex32.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.5</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000119312514186707/d722313dex32.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certificate of Increase of Authorized Number of Shares of Series B Junior Participating Preferred Stock of the Company.&nbsp;&nbsp;Incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Form 8-K filed May 7, 2014 (File No. 000-23186).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000136231008006580/c76716exv3w2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.6</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000136231008006580/c76716exv3w2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated Bylaws of the Company effective October 29, 2008. Incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Form 8-K filed November 4, 2008 (File No. 000-23186).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000095014408009035/g16835exv4w7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.7</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000095014408009035/g16835exv4w7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Specimen Certificate for Registrant&rsquo;s Common Stock. Incorporated by reference to Exhibit 4.7 to the Company&rsquo;s Form S-3 filed November 28, 2008 (File No. 333-155783).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.8*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Designation of Preferred Stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.9*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Warrant Agreement (including form of Warrant).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.10*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Deposit Agreement with respect to Depositary Shares (including form of Depositary Receipt).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.11*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Stock Purchase Contract (including form of Stock Purchase Certificate).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.12*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Unit Agreement (including form of Unit Certificate).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Opinion of Gibson, Dunn &amp; Crutcher LLP.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="exh_231.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_231.htm"><FONT STYLE="font-size: 10pt">Consent of Ernst &amp; Young LLP, Independent Registered Public Accounting Firm.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Consent of Gibson, Dunn &amp; Crutcher LLP (included in Exhibit 5.1).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#pa"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#pa"><FONT STYLE="font-size: 10pt">Power of Attorney (included on the signature page of this Registration Statement).</FONT></A></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">______________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">* To be filed by amendment hereto or pursuant to a Current Report on Form 8-K to be
incorporated herein by reference.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<IMG SRC="dunn.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0; text-align: right">Client: 12412-00001</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">BioCryst Pharmaceuticals, Inc.<BR>
4505 Emperor Blvd., Suite 200<BR>
Durham, North Carolina 27703</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>BioCryst Pharmaceuticals, Inc.<BR>
Registration Statement on Form S-3</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We have acted as counsel to BioCryst Pharmaceuticals, Inc., a Delaware corporation (the
&ldquo;<U>Company</U>&rdquo;), in connection with the preparation and filing with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
of a Registration Statement on Form S-3 (the &ldquo;<U>Registration Statement</U>&rdquo;) under the Securities Act of 1933, as
amended (the &ldquo;<U>Securities Act</U>&rdquo;), relating to the registration under the Securities Act and the proposed issuance
and sale from time to time pursuant to Rule 415 under the Securities Act, together or separately and in one or more series (if
applicable) of:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>shares of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<U>Common Stock</U>&rdquo;);</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>shares of the Company&rsquo;s preferred stock, par value $0.01 per share (the &ldquo;<U>Preferred Stock</U>&rdquo;);</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>depositary shares each representing a fraction of a share of a particular series of Preferred Stock (the &ldquo;<U>Depositary
Shares</U>&rdquo;);</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>contracts for the purchase or sale of Common Stock, Preferred Stock or Depositary Shares (the &ldquo;<U>Purchase Contracts</U>&rdquo;);</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>warrants for the purchase of Common Stock, Preferred Stock, Depositary Shares or any combination thereof (the &ldquo;<U>Warrants</U>&rdquo;);
and</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(vi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>units of the Company comprised of any combination of Common Stock, Preferred Stock, Depositary Shares, Purchase Contracts
or Warrants (the &ldquo;<U>Units</U>&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">BioCryst Pharmaceuticals, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Page 2</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The Common Stock, Preferred Stock, Depositary Shares, Purchase Contracts, Warrants and
Units are collectively referred to herein as the &ldquo;<U>Securities</U>.&rdquo;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In arriving at the opinions expressed below, we have examined originals, or copies certified
or otherwise identified to our satisfaction as being true and complete copies of the originals, of the specimen Common Stock certificate
and such other documents, corporate records, certificates of officers of the Company and of public officials and other instruments
as we have deemed necessary or advisable to enable us to render these opinions. In our examination, we have assumed the genuineness
of all signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us
as originals and the conformity to original documents of all documents submitted to us as copies. As to any facts material to these
opinions, we have relied to the extent we deemed appropriate and without independent investigation upon statements and representations
of officers and other representatives of the Company and others.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We have assumed without independent investigation that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at the time any Securities are sold pursuant to the Registration Statement (the &ldquo;<U>Relevant Time</U>&rdquo;), the
Registration Statement and any supplements and amendments thereto (including post-effective amendments) will be effective and will
comply with all applicable laws;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at the Relevant Time, a prospectus supplement will have been prepared and filed with the Commission describing the Securities
offered thereby and all related documentation and will comply with all applicable laws;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Securities will be issued and sold in the manner stated in the Registration Statement and the applicable prospectus
supplement;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at the Relevant Time, all corporate or other action required to be taken by the Company to duly authorize each proposed
issuance of Securities and any related documentation (including (a) the due reservation of any shares of Common Stock or Preferred
Stock for issuance upon exercise, conversion or exchange of any Securities for Common Stock or Preferred Stock (a &ldquo;<U>Convertible
Security</U>&rdquo;), and (b) the execution (in the case of certificated Securities), delivery and performance of the Securities
and any related documentation referred to in paragraphs 1 through 6 below) shall have been duly completed and shall remain in full
force and effect;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon issuance of any Common Stock or Preferred Stock, including upon exercise, conversion or exchange of any Convertible
Security, the total number of shares of Common Stock or Preferred Stock issued and outstanding will not exceed the total number
of shares of Common Stock or Preferred Stock, as applicable, that the Company is then authorized to issue under its certificate
of incorporation and other relevant documents;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">BioCryst Pharmaceuticals, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Page 3</P>


<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 1in">(vi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at the Relevant Time, a definitive purchase, underwriting or similar agreement and any other necessary agreement with respect
to any Securities offered or issued will have been duly authorized by all necessary corporate or other action of the Company and
duly executed and delivered by the Company and the other parties thereto.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Based on the foregoing and in reliance thereon, and subject to the assumptions, exceptions,
qualifications and limitations set forth herein, we are of the opinion that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any shares of Preferred Stock, when:</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>the certificate of designations relating to such Preferred Stock (the &ldquo;<U>Certificate of Designations</U>&rdquo;) has
been duly executed and filed with the Office of the Secretary of State of the State of Delaware,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>such shares have been duly executed (in the case of certificated shares) and delivered either (i) in accordance with the applicable
definitive purchase, underwriting or similar agreement and for the consideration therefor provided for therein or (ii) upon exercise,
conversion or exchange of any Convertible Security and for any additional consideration specified in such Convertible Security
or the instrument governing such Convertible Security providing for such conversion or exercise, which consideration (including
any consideration paid for such Convertible Security), on a per-share basis, shall in either event not be less than the par value
of the Preferred Stock, and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>any such Convertible Security was previously validly issued and is fully paid and non-assessable (in the case of an equity
Security) or is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">such shares of Preferred Stock will be validly issued,
fully paid and non-assessable.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to Depositary Shares, when:</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>a deposit agreement relating to such Depositary Shares (&ldquo;<U>Deposit Agreement</U>&rdquo;) has been duly executed and
delivered by the Company and the depositary appointed by the Company,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>the terms of the Depositary Shares have been established in accordance with the Deposit Agreement, and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>the depositary receipts representing the Depositary Shares have been duly executed and countersigned (in the case of certificated
Depositary Shares), registered and delivered in accordance with the related Deposit Agreement and the applicable definitive purchase,
underwriting or similar agreement for the consideration provided therein,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="dunnlogo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">BioCryst Pharmaceuticals, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Page 4</P>


<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">the depositary receipts evidencing the Depositary Shares
will be legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to shares of Common Stock, when:</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>such shares of Common Stock have been duly executed (in the case of certificated shares) and delivered either (i) in accordance
with the applicable definitive purchase, underwriting or similar agreement for the consideration provided for therein, or (ii)
upon conversion or exercise of any Convertible Security, in accordance with the terms of such Convertible Security or the instrument
governing such Convertible Security providing for such conversion or exercise, and for any additional consideration specified therein,
which consideration (including any consideration paid for such Convertible Security), on a per-share basis, shall in either event
not be less than the par value of the Common Stock, and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>any such Convertible Security was previously validly issued and is fully paid and non-assessable (in the case of an equity
Security) or is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">such shares of Common Stock will be validly issued, fully
paid and non-assessable.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Purchase Contracts, when:</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>the related purchase contract agreement (&ldquo;<U>Purchase Contract Agreement</U>&rdquo;), if any, has been duly executed
by the Company and each other party thereto,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>the terms of the Purchase Contracts have been established in accordance with the Purchase Contract Agreement, if any, or the
applicable definitive purchase, underwriting or similar agreement,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>the terms of any collateral or security arrangements relating to such Purchase Contracts have been established and the agreements
thereto have been validly executed and delivered by each of the parties thereto and any collateral has been deposited with the
collateral agent, if applicable, in accordance with such arrangements, and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="dunnlogo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">BioCryst Pharmaceuticals, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Page 5</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>such Purchase Contracts have been executed (in the case of certificated Purchase Contracts) and delivered in accordance with
the Purchase Contract Agreement, if any, and the applicable definitive purchase, underwriting or similar agreement for the consideration
provided for therein,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">such Purchase Contracts will be legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with their terms.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Warrants, when:</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>the warrant agreement relating to such Warrants (the &ldquo;<U>Warrant Agreement</U>&rdquo;), if any, has been duly executed
and delivered by the Company and each other party thereto,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>the terms of the Warrants have been established in accordance with the Warrant Agreement, if any, and the applicable definitive
purchase, underwriting or similar agreement, and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>the Warrants have been duly executed (in the case of certificated Warrants) and delivered in accordance with the Warrant Agreement,
if any, and the applicable definitive purchase, underwriting or similar agreement for the consideration provided for therein,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">such Warrants will be legal, valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Units, when:</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>the unit agreement relating to the Units (the &ldquo;<U>Unit Agreement</U>&rdquo;), if any, has been duly executed and delivered
by the Company and each other party thereto,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>the terms of the Units have been duly established in accordance with the Unit Agreement, if any, and the applicable definitive
purchase, underwriting or similar agreement, and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>the Units have been duly executed (in the case of certificated Units) and delivered in accordance with the Unit Agreement,
if any, and the applicable definitive purchase, underwriting or similar agreement for the consideration provided for therein,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="dunnlogo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">BioCryst Pharmaceuticals, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Page 6</P>


<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">the Units will be legal, valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The opinions expressed above are subject to the following exceptions, qualifications,
limitations and assumptions:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">A.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We render no opinion herein as to matters involving the laws of any jurisdiction other than the State of New York and, for
purposes of paragraphs 1 and 3 above, the Delaware General Corporation Law. This opinion is limited to the effect of the current
state of the laws of the State of New York and the Delaware General Corporation Law and the facts as they currently exist. We assume
no obligation to revise or supplement this opinion in the event of future changes in such laws or the interpretations thereof or
such facts.</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">B.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The opinions above with respect to the depositary receipts representing the Depositary Shares, the Deposit Agreement, the
Purchase Contracts, any Purchase Contract Agreement, the Warrants, the Warrant Agreement, the Units and the Unit Agreement (collectively,
the &ldquo;<U>Documents</U>&rdquo;) are each subject to (i) the effect of any bankruptcy, insolvency, reorganization, moratorium,
arrangement or similar laws affecting the rights and remedies of creditors generally, including without limitation the effect of
statutory or other laws regarding fraudulent transfers or preferential transfers, (ii) general principles of equity, including
without limitation concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific
performance, injunctive relief or other equitable remedies regardless of whether enforceability is considered in a proceeding in
equity or at law and (iii) the provisions of the sixth article of the Company&rsquo;s Third Restated Certificate of Incorporation.</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">C.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We express no opinion regarding the effectiveness of (i) any waiver of stay, extension or usury laws and (ii) provisions
relating to indemnification, exculpation or contribution, to the extent such provisions may be held unenforceable as contrary to
public policy or federal or state securities laws.</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">D.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent relevant to our opinions in paragraphs 2, 4, 5 and 6 and not covered by our opinions in paragraphs 1 or 3,
we have assumed that any securities, currencies or commodities underlying, comprising or issuable upon exchange, conversion or
exercise of any Depositary Shares, Purchase Contracts, Warrants, or Units are validly issued, fully paid and non-assessable (in
the case of an equity security) or a legal, valid and binding obligation of the issuer thereof, enforceable against such issuer
in accordance with its terms.</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">You have informed us that you intend to issue Securities from time to time on a delayed
or continuous basis, and we understand that prior to issuing any Securities pursuant to the Registration Statement (i) you will
advise us in writing of the terms thereof, and (ii) you will afford us an opportunity to (x) review the operative documents pursuant
to which such Securities are to be issued or sold (including the applicable offering documents), and (y) file such supplement or
amendment to this opinion (if any) as we may reasonably consider necessary or appropriate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="dunnlogo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">BioCryst Pharmaceuticals, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Page 7</P>


<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We consent to the filing of this opinion as an exhibit to the Registration Statement,
and we further consent to the use of our name under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement and the
prospectus that forms a part thereof. In giving these consents, we do not thereby admit that we are within the category of persons
whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">/s/ Gibson, Dunn &amp; Crutcher LLP</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

</BODY>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>exh_231.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Consent of Independent Registered Public Accounting Firm</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We consent to the reference to our firm under the caption &ldquo;Experts&rdquo; in this
Registration Statement (Form S-3) and related Prospectus of BioCryst Pharmaceuticals, Inc. for the registration of common stock,
preferred stock, depositary shares, stock purchase contracts, warrants and units, and to the incorporation by reference therein
of our reports dated February 27, 2017, with respect to the consolidated financial statements of BioCryst Pharmaceuticals, Inc.
and the effectiveness of internal control over financial reporting of BioCryst Pharmaceuticals, Inc., included in its Annual Report
(Form 10-K) for the year ended December 31, 2016, filed with the Securities and Exchange Commission.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Raleigh, North Carolina</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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