<SEC-DOCUMENT>0001171843-17-007436.txt : 20171204
<SEC-HEADER>0001171843-17-007436.hdr.sgml : 20171204
<ACCEPTANCE-DATETIME>20171204163705
ACCESSION NUMBER:		0001171843-17-007436
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20171204
DATE AS OF CHANGE:		20171204

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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221421
		FILM NUMBER:		171237499

	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/A
<SEQUENCE>1
<FILENAME>fs3a_120417.htm
<DESCRIPTION>FORM S-3/A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>As filed with the Securities and Exchange Commission on December
4, 2017</B></P>

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

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Registration No. 333-221421</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>AMENDMENT NO. 1<BR>
To</B></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; line-height: 12pt; 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; line-height: 12pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 12pt; 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; line-height: 12pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 12pt; 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; line-height: 12pt; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; background-color: gainsboro"></FONT></P>

<P STYLE="font-size: 10pt; line-height: 12pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 12pt; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; background-color: gainsboro"></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; line-height: 12pt; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; background-color: gainsboro"></FONT></P>

<P STYLE="font-size: 10pt; line-height: 12pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 12pt; 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; line-height: 12pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 12pt; 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; line-height: 12pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 12pt; 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; line-height: 12pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 12pt; 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>

<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">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>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; background-color: gainsboro"></FONT><BR>
</P>





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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">This Amendment No. 1 to the Registrant's Registration Statement on Form S-3 (File No.
333-221421) is being filed solely for the purpose of filing an updated Exhibit 5.1. No changes or additions are being made hereby
to the prospectus that forms a part of the Registration Statement. Accordingly, the prospectus is being omitted from this filing.</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>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>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; margin: 0pt 0"><B>ITEM 16. EXHIBITS.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 90%"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><FONT STYLE="font-size: 10pt">Certificate of Increase of Authorized Number of Shares of Series B Junior Participating
    Preferred Stock of the Company. 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"><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"><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"><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"><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="http://www.sec.gov/Archives/edgar/data/882796/000117184317006756/exh_231.htm"><FONT STYLE="font-size: 10pt">23.1&dagger;</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000117184317006756/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="http://www.sec.gov/Archives/edgar/data/882796/000117184317006756/fs3_110817.htm#pa"><FONT STYLE="font-size: 10pt">24.1&dagger;</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/882796/000117184317006756/fs3_110817.htm#pa"><FONT STYLE="font-size: 10pt">Power of Attorney.</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">** Filed herewith.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&dagger; Previously filed.</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<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 December 4, 2017.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">BioCryst Pharmaceuticals, Inc.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%">/s/ Alane Barnes</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0pt">Alane Barnes</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><I>&nbsp;</I></TD>
    <TD STYLE="padding-left: 0pt">Vice President, General Counsel and Corporate Secretary</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4in"></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 December 4, 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: 40%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">*</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">President, Chief Executive Officer and Director </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Jon P. Stonehouse</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Principal Executive Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">*</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Senior Vice President, Chief Financial Officer and Treasurer</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Thomas R. Staab, II</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Principal Financial Officer and Principal Accounting Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">*</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">George B. Abercrombie</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">*</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Fred E. Cohen, M.D., D.Phil</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">*</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Stanley C. Erck</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">*</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Nancy Hutson, Ph.D.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">*</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Robert A. Ingram</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">*</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Kenneth B. Lee, Jr.</TD>
    <TD STYLE="text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 34%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">*</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Sanj K. Patel</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 7%">* By:</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">/s/ Alane Barnes</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Alane Barnes</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><I>&nbsp;</I></TD>
    <TD STYLE="padding-left: 10pt"><I>Attorney-in-fact</I></TD>
    <TD>&nbsp;</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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

</BODY>
</HTML>
</TEXT>
</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;<IMG SRC="image_002.gif" ALT=""></TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right"><IMG SRC="image_003.gif" ALT=""></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">Client: 12412-00001</FONT></P>

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

<P STYLE="margin: 0pt 0">December 4, 2017</P>

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

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

<P STYLE="font-size: 10pt; line-height: normal; 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="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>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">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_004.gif" ALT=""></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="image_005.gif" ALT=""></P>

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">December 4, 2017</P>

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



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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="image_005.gif" ALT=""></P>

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">December 4, 2017</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="image_005.gif" ALT=""></P>

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">December 4, 2017</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</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: 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="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 Shares will be legally issued and will
entitle the holders of such Depositary Shares to the rights specified in the applicable Deposit Agreement and the applicable depositary
receipts.</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="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">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>

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="image_005.gif" ALT=""></P>

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">December 4, 2017</P>

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

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

<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="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">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: 1in; margin: 0pt 0">&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="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">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="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">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>

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="image_005.gif" ALT=""></P>

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">December 4, 2017</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</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: 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="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; margin: 0pt 0">The opinions expressed above are subject to the following exceptions, qualifications,
limitations and assumptions:</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">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; text-indent: 1in; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="image_005.gif" ALT=""></P>

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_002.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.gif
M1TE&.#EA[P Z /<  /______S/__F?__9O__,___ /_,___,S/_,F?_,9O_,
M,__, /^9__^9S/^9F?^99O^9,_^9 /]F__]FS/]FF?]F9O]F,_]F /\S__\S
MS/\SF?\S9O\S,_\S /\ __\ S/\ F?\ 9O\ ,_\  ,S__\S_S,S_F<S_9LS_
M,\S_ ,S,_\S,S,S,F<S,9LS,,\S, ,R9_\R9S,R9F<R99LR9,\R9 ,QF_\QF
MS,QFF<QF9LQF,\QF ,PS_\PSS,PSF<PS9LPS,\PS ,P _\P S,P F<P 9LP
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M,S.9 #-F_S-FS#-FF3-F9C-F,S-F #,S_S,SS#,SF3,S9C,S,S,S #, _S,
MS#, F3, 9C, ,S,   #__P#_S #_F0#_9@#_,P#_  #,_P#,S #,F0#,9@#,
M,P#,  "9_P"9S "9F0"99@"9,P"9  !F_P!FS !FF0!F9@!F,P!F   S_P S
MS  SF0 S9@ S,P S    _P  S   F0  9@  ,P
M
M
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0ACC,H0YWR,,>^O"' 0$ .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_003.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.gif
M1TE&.#EAD !' /<  /______S/__F?__9O__,___ /_,___,S/_,F?_,9O_,
M,__, /^9__^9S/^9F?^99O^9,_^9 /]F__]FS/]FF?]F9O]F,_]F /\S__\S
MS/\SF?\S9O\S,_\S /\ __\ S/\ F?\ 9O\ ,_\  ,S__\S_S,S_F<S_9LS_
M,\S_ ,S,_\S,S,S,F<S,9LS,,\S, ,R9_\R9S,R9F<R99LR9,\R9 ,QF_\QF
MS,QFF<QF9LQF,\QF ,PS_\PSS,PSF<PS9LPS,\PS ,P _\P S,P F<P 9LP
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M,S.9 #-F_S-FS#-FF3-F9C-F,S-F #,S_S,SS#,SF3,S9C,S,S,S #, _S,
MS#, F3, 9C, ,S,   #__P#_S #_F0#_9@#_,P#_  #,_P#,S #,F0#,9@#,
M,P#,  "9_P"9S "9F0"99@"9,P"9  !F_P!FS !FF0!F9@!F,P!F   S_P S
MS  SF0 S9@ S,P S    _P  S   F0  9@  ,P
M
M
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%1P$! #L!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_004.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.gif
M1TE&.#EA_P$9 /<  /______S/__F?__9O__,___ /_,___,S/_,F?_,9O_,
M,__, /^9__^9S/^9F?^99O^9,_^9 /]F__]FS/]FF?]F9O]F,_]F /\S__\S
MS/\SF?\S9O\S,_\S /\ __\ S/\ F?\ 9O\ ,_\  ,S__\S_S,S_F<S_9LS_
M,\S_ ,S,_\S,S,S,F<S,9LS,,\S, ,R9_\R9S,R9F<R99LR9,\R9 ,QF_\QF
MS,QFF<QF9LQF,\QF ,PS_\PSS,PSF<PS9LPS,\PS ,P _\P S,P F<P 9LP
M,\P  )G__YG_S)G_F9G_9IG_,YG_ )G,_YG,S)G,F9G,9IG,,YG, )F9_YF9
MS)F9F9F99IF9,YF9 )EF_YEFS)EFF9EF9IEF,YEF )DS_YDSS)DSF9DS9IDS
M,YDS )D _YD S)D F9D 9ID ,YD  &;__V;_S&;_F6;_9F;_,V;_ &;,_V;,
MS&;,F6;,9F;,,V;, &:9_V:9S&:9F6:99F:9,V:9 &9F_V9FS&9FF69F9F9F
M,V9F &8S_V8SS&8SF68S9F8S,V8S &8 _V8 S&8 F68 9F8 ,V8  #/__S/_
MS#/_F3/_9C/_,S/_ #/,_S/,S#/,F3/,9C/,,S/, #.9_S.9S#.9F3.99C.9
M,S.9 #-F_S-FS#-FF3-F9C-F,S-F #,S_S,SS#,SF3,S9C,S,S,S #, _S,
MS#, F3, 9C, ,S,   #__P#_S #_F0#_9@#_,P#_  #,_P#,S #,F0#,9@#,
M,P#,  "9_P"9S "9F0"99@"9,P"9  !F_P!FS !FF0!F9@!F,P!F   S_P S
MS  SF0 S9@ S,P S    _P  S   F0  9@  ,P
M
M
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6%? ''M!'3HKXQF-$S'8QI^(/&A  .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_005.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_005.gif
M1TE&.#EAP0 4 /<  /______S/__F?__9O__,___ /_,___,S/_,F?_,9O_,
M,__, /^9__^9S/^9F?^99O^9,_^9 /]F__]FS/]FF?]F9O]F,_]F /\S__\S
MS/\SF?\S9O\S,_\S /\ __\ S/\ F?\ 9O\ ,_\  ,S__\S_S,S_F<S_9LS_
M,\S_ ,S,_\S,S,S,F<S,9LS,,\S, ,R9_\R9S,R9F<R99LR9,\R9 ,QF_\QF
MS,QFF<QF9LQF,\QF ,PS_\PSS,PSF<PS9LPS,\PS ,P _\P S,P F<P 9LP
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M,S.9 #-F_S-FS#-FF3-F9C-F,S-F #,S_S,SS#,SF3,S9C,S,S,S #, _S,
MS#, F3, 9C, ,S,   #__P#_S #_F0#_9@#_,P#_  #,_P#,S #,F0#,9@#,
M,P#,  "9_P"9S "9F0"99@"9,P"9  !F_P!FS !FF0!F9@!F,P!F   S_P S
MS  SF0 S9@ S,P S    _P  S   F0  9@  ,P
M
M
M                     "P     P0 4   (_P !"!Q(4"")@P43*ES(D"#"
MA@,?0IQ(L:+%BQ@S-B3Q)(_'CQZ?J!A8)4^5DR='KD!9\N.3)R06=@299V1"
MCC3SB$S8\61-A2M1ZI3)$F25)TYB*GQ2M(I2@4%1JNA9THE"%2R/ F#JTV;!
MJ"57R,S3J8H*I5,[C7H2\4FGMTX-=GQ;<RK9/&(+5BD;D^.H/#Q#]L4*]RD
MG'0-#R3\<Z%=NB*GMFSLT.U;F E5Y/D[$G&G/(H%IM79=^YGQW=7A 9PURM!
MS6P)MBYH.38 S9]=NP5,L"/MW#P3%W3RMNQ"$L8ADNWD^O#>Y [OKM[*_+7'
MTPL]_H9[O)/M@K.)@O__K+@VP>??R7X_#'J@Y>8DZ1;$?3G[>H7+X5/''E$Z
M:M<DW 4=>%7,1Y=W]BW%'4-3C==>;_6YMR![ QJTV%T,!1BA:"8M=Q]K'SJH
M'VL;4OA@9I2Q]Q&""9DTWXHL@G>?ABE2Y!^$,0* GFS +;0C0\_QQB%'D+48
M(H_5 26<03>B"&!='K98H'5$>@3?4-L):5&3 IG')'\"!1EB>#+1Y95F(UE6
M(Y8-D5F0AC'2.!V:T:59I&Q37AB3FLVQ&1^8%7&Y7UU.A'33<A[E=6&/J*EW
MH4U!NN9G=HRV.*&<_]79Y6=Y6#60BU2&R:FD]R&:D:"[@?393B]^MN1M9F[_
M=)UM= J$J%>3XE?I>/QA>E6* 7K%YZ=Y#OEIK+:6*A]&J&ZXPEW%NB?@@\]:
M*:NC'$JZ9*Z6UHBDD+XZJ>FQ/8*J9W_;WA=D9B^MX.Y+3S6;(WT?:G8=;_9V
MXNEQUYT)+*(Q<2LB0\OE&>Z+3_89J[G&HDL>B,$]7%E)D,4KL80Y#LK07#_!
M>>1M9-:Z*'D"\^@MD]B:..>)[#4')V@,@ZP8?3#?EZ^BVZTG[WHJ"+=:?J("
MFJ5U\-%<\K$G [#"JR0FW9%AP:)(UZ2:A6;TON<M&['.%V^:,6Z\>?L>A[LB
MZ9K(!!5:W,>VEMUVQE$J5-*;)X/]]<F6E>CPAUXBT5V>WI9-J=UOE*F)VM=)
M1IRQKHGC>)_AA_(L,+T&CIAWB)3G/#".6H*M5,JVCA+M<]%26'K/6&NNW(08
M?PAGM %J*=KBK?^6NN,9<BS2030OEK=9!CU;G$Y,??14SV6=Q=A2=\%$@EVY
M"H_7=%6LU=!C<(E4O+6'KZH"]#,W/]T3HA/T[%^J^6C]1MN#A)1-'+TD/_ K
MR<_54:R^-M-'(QZVOTM6PQ]3CG2T ;YD,D=)"D4*19,9"5 K/LH35N:',QEI
1Y((9F0X&-\C!#GKP(@$! #L!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
