<SEC-DOCUMENT>0001171843-18-005735.txt : 20180803
<SEC-HEADER>0001171843-18-005735.hdr.sgml : 20180803
<ACCEPTANCE-DATETIME>20180803161020
ACCESSION NUMBER:		0001171843-18-005735
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180803
DATE AS OF CHANGE:		20180803

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:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221421
		FILM NUMBER:		18991927

	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>424B2
<SEQUENCE>1
<FILENAME>f424b2_080318.htm
<DESCRIPTION>424B2
<TEXT>
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<P STYLE="font-size: 10pt; text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Filed Pursuant
to Rule 424(b)(2)</FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Registration
No. 333-221421</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Prospectus supplement</B><BR>
<B>(To prospectus dated December 12, 2017)</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 18pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>9,090,910 shares</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<IMG SRC="logo2.jpg" ALT="" STYLE="height: 100px; width: 246px"></FONT></P>

<P STYLE="font-size: 10pt; margin: 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 18pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Common stock</I></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BioCryst Pharmaceuticals,
Inc. is offering 9,090,910 shares of its common stock.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our common stock is listed on
the Nasdaq Global Select Market under the symbol &ldquo;BCRX.&rdquo; On August 1, 2018, the last reported sale price of our
common stock on the Nasdaq Global Select Market was $5.52 per share.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Per
    share</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Public offering price&#9;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.50</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">50,000,005</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underwriting
    discounts and commissions<SUP>(1)</SUP>&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.33</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,000,000</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Proceeds
    to BioCryst, before expenses&#9;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.17</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">47,000,005</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">____________</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)
We have agreed to reimburse the underwriters for certain FINRA-related expenses. See &ldquo;Underwriting.&rdquo;</FONT></P>


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have granted the underwriters
an option for a period of 30 days to purchase up to 1,363,636 additional shares of our common stock at the public offering
price less the underwriting discounts and commissions.</FONT></P>

<P STYLE="font-size: 10pt; margin: 12pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investing in our common
stock involves risks. See &ldquo;Risk factors&rdquo; on page S-5 of this prospectus supplement and in the documents incorporated
by reference into this prospectus supplement and the accompanying prospectus for a discussion of the factors you should carefully
consider before deciding to purchase shares of our common stock.</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 12pt 0 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><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 supplement or the accompanying prospectus. Any representation to the contrary is a criminal
offense.</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 12pt 0 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The underwriters expect
to deliver the shares on or about August 6, 2018</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Joint
book-running managers</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I></I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 16pt"><B>J.P. Morgan</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 16pt"><B>Jefferies</B></FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Lead manager</I></font></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B>JMP
Securities</B></FONT></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B></B></FONT></P>


<P STYLE="font-size: 10pt; margin-top: 12pt; text-align: left; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">August 1,
2018</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Table of contents</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Prospectus Supplement</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">About this prospectus supplement&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-ii</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward-looking statements&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-iii</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 94%"><A HREF="#a_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prospectus supplement summary&#9;</FONT></A></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-1</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The offering&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-4</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk factors&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-5</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of proceeds&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-26</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dilution&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-27</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Price range of common stock and dividend policy&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-28</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underwriting&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-29</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal matters&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-34</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Experts&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-34</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where you can find more information&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-35</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of certain documents by reference&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S-35</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Prospectus</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">About this Prospectus&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prospectus Summary&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk Factors&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information Regarding Forward-Looking Statements&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_018"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of Proceeds&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_019"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Description of Common Stock, Preferred Stock
    and Depositary Shares&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_020"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Description of Stock Purchase Contracts&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_021"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Description of Warrants&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_022"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Description of Units&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_023"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Plan of Distribution&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_024"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal Matters&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_025"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Experts&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_026"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where You Can Find More Information&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_026"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><A HREF="#a_027"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of Certain Documents by Reference&#9;</FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><A HREF="#a_027"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></A></TD></TR>
</TABLE>



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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_001"></A>About this prospectus
supplement</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This document is part of a registration
statement that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) using a &quot;shelf&quot; registration
process and consists of two parts. The first part is the prospectus supplement, which describes the specific terms of this offering
of shares of our common stock and also adds to and updates information contained in the accompanying prospectus and the documents
incorporated by reference into this prospectus supplement and the accompanying prospectus. The second part is the accompanying
prospectus, or the base prospectus, dated December 12, 2017, including the documents incorporated by reference therein, which
provides more general information, some of which may not apply to this offering. Generally, when we refer to this prospectus,
we are referring to both parts of this document combined. You should read both this prospectus supplement and the accompanying
prospectus, together with the additional information described under the caption &ldquo;Where you can find more information&rdquo;
below.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Neither we nor the underwriters
have authorized anyone to provide you with information different from that contained in or incorporated by reference into this
prospectus supplement, the accompanying prospectus or any free writing prospectus prepared by us or on our behalf. We and the
underwriters take no responsibility for, and can provide no assurances as to the reliability of, any information other than the
information contained in or incorporated by reference into this prospectus supplement, the accompanying prospectus or any free
writing prospectus prepared by us or on our behalf. Neither we nor the underwriters are offering to sell, nor seeking offers to
buy, shares of our common stock in any jurisdiction where an offer or sale is prohibited. You should assume that the information
appearing in or incorporated by reference into this prospectus supplement, the accompanying prospectus or any free writing prospectus
prepared by us or on our behalf is accurate or complete only as of their respective dates or on the date or dates which are specified
in such documents, and that any information in documents that we have incorporated by reference is accurate or complete only as
of the date of such document incorporated by reference. Our business, financial condition, liquidity, results of operations and
prospects may have changed since those dates. Management estimates are derived from publicly available information, our knowledge
of our industry and assumptions based on such information and knowledge, which we believe to be reasonable. In addition, assumptions
and estimates of our and our industry's future performance are necessarily subject to a high degree of uncertainty and risk due
to a variety of factors, including those described in &ldquo;Risk factors&rdquo; in this prospectus supplement, the accompanying
prospectus and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and Quarterly Report on Form 10-Q
for the quarter ended March 31, 2018, each of which is incorporated by reference into this prospectus supplement. These and other
important factors could cause our future performance to differ materially from our assumptions and estimates. See &quot;Forward-looking
statements.&quot;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the information set forth in
this prospectus supplement, on the one hand, differs in any way from the information set forth in the accompanying prospectus
or in a document which is incorporated by reference herein or therein that was filed with the SEC before the date of this prospectus
supplement, on the other hand, you should rely on the information set forth in this prospectus supplement. If any statement in
one of these documents conflicts with a statement in another document having a later date (for example, a document incorporated
by reference in this prospectus supplement or in the accompanying prospectus), the statement in the document having the later
date modifies or supersedes the earlier statement.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unless otherwise mentioned or unless
the context requires otherwise, all references in this prospectus supplement and the accompanying prospectus to &ldquo;BioCryst,&rdquo;
the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to BioCryst Pharmaceuticals, Inc. together
with its consolidated subsidiaries.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_002"></A>Forward-looking
statements</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This prospectus supplement and the
accompanying prospectus, including the information we incorporate by reference, contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) and 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 supplement, the accompanying
prospectus and the information we incorporate herein and therein 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:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the preclinical development,
    clinical development, commercialization, or post-marketing studies of our product candidates and products,&nbsp;including
    our hereditary angioedema (&ldquo;HAE&rdquo;) programs, peramivir, galidesivir, and early stage discovery programs;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the potential use of peramivir as a treatment
    for H1N1, H5N1, and H7N9 or other strains of influenza;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the implementation of our business model, strategic
    plans for our business, products, product candidates and technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">our ability to establish and maintain collaborations
    or out-license rights to our product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the outcome, cost and timing of any resolution
    of disputes and legal proceedings, including but not limited to disputes with our partners Seqirus UK Limited (&ldquo;SUL&rdquo;)
    and Shionogi &amp; Co., Ltd. (&ldquo;Shionogi&rdquo;);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">plans, programs, progress and potential success
    of our collaborations, including SUL for peramivir, Mundipharma International Holdings Limited (&ldquo;Mundipharma&rdquo;)
    for mundesine, and Shionogi and Green Cross Corporation (&ldquo;Green Cross&rdquo;) for peramivir in their territories;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">our ability, and the ability of our consolidated
    subsidiary, MDCP, LLC, to satisfy obligations under our $30 million secured loan facility with MidCap Financial, a Delaware
    statutory trust (&ldquo;MidCap&rdquo;), pursuant to the terms and conditions of the Amended and Restated Security Agreement
    dated as of July 20, 2018;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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;);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the foreign currency hedge agreement entered
    into by us in connection with the issuance by Royalty Sub of the PhaRMA Notes (the &ldquo;Currency Hedge Agreement&rdquo;);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the scope of protection we are able to establish
    and maintain for intellectual property rights covering our product candidates and technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">our ability to operate our business without infringing
    the intellectual property rights of others;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">estimates of our expenses, revenues, capital
    requirements, annual cash utilization, and our needs for additional financing;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">our ability to continue as a going concern;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the timing or likelihood of regulatory filings
    or regulatory agreements, deferrals and approvals;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">our ability to raise additional capital to fund
    our operations or repay our recourse debt obligations;</FONT></TD></TR>
</TABLE>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the timing or likelihood of
    entering into a U.S. government stockpile order and our ability to execute any such order;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">our ability to comply with the covenants as set
    forth in the agreements governing our debt obligations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">our financial performance; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">competitive companies, technologies and our industry.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 supplement,
the accompanying prospectus and the documents incorporated by reference herein and therein. 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.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Discussions containing these forward-looking
statements are also included 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 Report on Form 10-Q for the quarter ended
March 31, 2018 and our Current Reports on Form 8-K, as well as any amendments we make to those filings with the SEC.</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 5; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_003"></A>Prospectus
supplement summary</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt">&nbsp;</FONT></P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>This
summary highlights information contained elsewhere or incorporated by reference in this prospectus supplement, the accompanying
prospectus or any free writing prospectus prepared by us or on our behalf and does not contain all of the information that you
should consider before investing in shares of our common stock. You should read this entire prospectus supplement and the accompanying
prospectus carefully, including the &ldquo;Risk factors&rdquo; section of this prospectus supplement beginning on page S-5 and
the consolidated financial statements and related notes and other information incorporated by reference in this prospectus supplement
and the accompanying prospectus, before making an investment decision.</I></FONT></P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>BioCryst
Pharmaceuticals, Inc.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;
&nbsp; &nbsp;</FONT></P>


<P STYLE="font-size: 10pt; margin-top: 0; margin-right: 0pt; margin-bottom: 0; text-align: left; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 oral treatments for 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. Structure-guided drug design is a drug discovery approach by which we design synthetic compounds from detailed structural
knowledge of the active sites of enzyme targets associated with particular diseases. We use X-ray crystallography, computer modeling
of molecular structures and advanced chemistry techniques to focus on the three-dimensional molecular structure and active site
characteristics of the enzymes that control cellular biology. Enzymes are proteins that act as catalysts for many vital biological
reactions. Our goal generally is to design a compound that will fit in the active site of an enzyme and thereby prevent its catalytic
activity. Molecules from our discovery efforts which are commercially available or that are in active development are summarized
in the table below:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 9pt; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Drug/Drug
    Candidate</FONT></TD>
    <TD STYLE="padding-left: 9pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 9pt; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Drug
    Class</FONT></TD>
    <TD STYLE="padding-left: 9pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 15%"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Therapeutic</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Area(s)</FONT></P></TD>
    <TD STYLE="padding-left: 9pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 9pt; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Phase</FONT></TD>
    <TD STYLE="padding-left: 9pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 9pt; width: 19%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rights</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">RAPIVAB<SUP>&reg;</SUP></FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(peramivir injection)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intravenous
    Neuraminidase Inhibitor</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acute
    uncomplicated Influenza</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Approved</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(U.S., Australia &amp;
        Canada)</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Seqirus
    (worldwide, except Japan, Korea, Taiwan and Israel) BioCryst retains full U.S. Government stockpiling rights</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALPIVAB<SUP>TM</SUP></FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(peramivir injection)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intravenous
    Neuraminidase Inhibitor</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acute
    uncomplicated Influenza</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Approved
    (European Union)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Seqirus
    (worldwide, except Japan, Korea, Taiwan and Israel)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">RAPIACTA<SUP>&reg;</SUP></FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(peramivir injection)</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intravenous
    Neuraminidase Inhibitor</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Uncomplicated
    seasonal influenza</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Approved</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Japan &amp; Taiwan)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shionogi</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Japan &amp; Taiwan)</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PERAMIFLU<SUP>&reg;</SUP></FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(peramivir injection)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intravenous
    Neuraminidase Inhibitor</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Uncomplicated
    seasonal influenza</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Approved</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Korea)</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Green Cross</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Korea)</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BCX7353</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oral Serine Protease
        Inhibitor Targeting Plasma Kallikrein (intended to be a once-daily prophylactic treatment)</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hereditary
    Angioedema (&ldquo;HAE&rdquo;)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Phase 3</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BioCryst</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(worldwide)</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Distinct and different
    oral dose formulation for acute treatment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Phase 2 proof of
    concept</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BCX9250</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BCX9499</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Activin
    Receptor-Like Kinase-2 Inhibitors</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fibrodysplasia
    Ossificans Progressiva (&ldquo;FOP&rdquo;)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preclinical</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BioCryst
    (worldwide)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BCX9930</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New
    Molecular Entity</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Undisclosed</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preclinical</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BioCryst
    (worldwide)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Galidesivir
    (formerly BCX4430)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RNA
    dependent-RNA Polymerase Inhibitor</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Broad
    spectrum antiviral for 20 RNA viruses, including Ebola, Marburg, and Zika</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Phase
    1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BioCryst</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(worldwide)</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mundesine&reg;
    (forodesine)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Oral
    Purine Nucleoside Phosphorylase Inhibitor</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Oncology
    - PTCL</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Approved
    (Japan)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mundipharma</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0 0 0 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(worldwide)</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 2%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0 0 0 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Business
Strategy</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
business strategy is to create shareholder value by focusing our discovery and development efforts on oral drugs for rare diseases
for which a significant unmet medical need exists. We select disease targets and product candidates in which a small molecule
would offer a significant benefit over existing products or would be the first to market. We strive to advance our product candidate
portfolio from discovery to commercial markets efficiently by utilizing a small group of talented and highly-skilled employees
working in conjunction with strategic outsource partners. BioCryst is unique in its approach to treat orphan diseases with orally-administered,
small molecules utilizing crystallography and structure-guided drug design. The principal elements of our strategy are:&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: middle; text-align: left; width: 2%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left; width: 93%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Focusing
    on High Value-Added Structure-Guided Drug Design Technologies. <FONT STYLE="font-size: 10pt; font-weight: normal; font-style: normal">We
    utilize structure-guided drug design in order to most efficiently develop new therapeutic candidates. Structure-guided drug
    design is a process by which we design a product candidate through detailed analysis of the enzyme target, which the product
    candidate must inhibit in order to stop the progression of the disease or disorder. We believe that structure-guided drug
    design is a powerful tool for the efficient development of small-molecule product candidates that have the potential to be
    safe and effective. Our structure-guided drug design technologies typically allow us to design and synthesize multiple product
    candidates that inhibit the same enzyme target, with the goal of establishing broad patent protection and formulating compounds
    with competitive advantages.</FONT></FONT></TD>
    <TD STYLE="width: 3%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: left; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Selecting Inhibitors
    that are Promising Product Candidates. <FONT STYLE="font-size: 10pt; font-weight: normal; font-style: normal">We start by
    selecting disease targets with well-understood biology and characteristics that fit with our ability to utilize structure-guided
    drug design capabilities to build potent and specific enzyme inhibitors. Next, we narrow our selection of these product candidates
    based on product characteristics, such as initial indications of safety and biologic activity on the target.</FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: middle; text-align: left; border-left: Black 1pt solid; width: 2%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 2%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 94%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 2%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Developing our Product
    Candidates Efficiently. <FONT STYLE="font-size: 10pt; font-weight: normal; font-style: normal">An important element of our
    business strategy is to efficiently progress our product candidates through the development process. In order to accomplish
    this, we typically strive for disease targets with a defined clinical and regulatory pathway for approval. In addition, we
    control fixed costs and overhead by outsourcing with strategic partners and contractors or entering into license agreements
    with third parties, including the U.S. Government. We maintain a streamlined corporate infrastructure that focuses our expertise.
    By contracting with the U.S. Government and outsourcing certain aspects of our operations, we are able to control overhead
    costs and focus financial resources directly where they provide the most benefit and reduce our business risk.</FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0 0 0 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0 0 0 0pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Recent
Developments</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>2018
Revised Financial Outlook Due to Merger Costs</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Based
upon development plans, merger-related incurred costs from the recently terminated merger agreement with Idera Pharmaceuticals,
Inc. and awarded government contracts, we have revised our stand-alone 2018 guidance and expect our 2018 net operating cash use
to be in the range of $85 to $105 million, revised from previously issued guidance of $67 to $90 million, and our 2018 operating
expenses to be in the range of $90 to $110 million, revised from previously issued guidance of $85 to $110 million. Our operating
expense range excludes equity-based compensation expense due to the difficulty in reliably projecting this expense, as it is impacted
by the volatility and price of our stock, as well as by the vesting of our outstanding performance-based stock options.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Preliminary
Cash and Investments Estimate</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Based
on currently available information, we estimate that our cash and cash equivalents, restricted cash, and investments as of June
30, 2018 totaled approximately $122 million, as compared to approximately $138 million as of March 31, 2018. This estimate is
preliminary and based only on currently available information. As we complete our quarter-end financial close process and finalize
our June 30, 2018 financial statements, we may make significant judgments in a number of areas and, accordingly, undue reliance
should not be placed on this preliminary estimate.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Amended
and Restated Credit and Security Agreement</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
July 20, 2018, we, together with our consolidated subsidiary, MDCP, LLC (collectively, the &ldquo;Borrowers&rdquo;),
entered into a $30 million secured loan facility (the &ldquo;Loan&rdquo;) with MidCap Financial, a Delaware statutory trust,
as administrative agent and lender (&ldquo;MidCap&rdquo;), pursuant to the terms and conditions of that certain Amended
and Restated Credit and Security Agreement, dated as of July 20, 2018 (the &ldquo;Senior Credit Facility&rdquo;), among
the Borrowers, MidCap, and the lenders party thereto from time to time. The Senior Credit Facility refinances and replaces
the Credit and Security Agreement dated as of September 23, 2016, among the Borrowers, MidCap and the lenders party thereto
(the &ldquo;Prior Credit Facility&rdquo;). We used a portion of the proceeds of the new Loan to pay off outstanding amounts
under the Prior Credit Facility and the remainder will be used for general corporate purposes.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Corporate
Governance</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
addition to our developmental and commercial initiatives, our Board of Directors, under the leadership of our Corporate Governance and Nominating Committee, is reviewing certain governance matters including board composition. As part of this process, the Board has reiterated
its commitment to refreshment in order to ensure that the Board has the right set of skills and attributes to oversee the Company
as it pursues its strategy. While the review is ongoing, no decisions have been made and it is not yet certain whether any changes will result from this
process.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">________________________</FONT></P>


<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
are a Delaware corporation originally founded in 1986. Our corporate headquarters is located at 4505 Emperor Blvd., Suite&nbsp;200,
Durham, North Carolina 27703 and the corporate telephone number is (919)&nbsp;859-1302. For more information about us, please
visit our website at www.biocryst.com. The information on our website is not incorporated by reference into this prospectus supplement
or the accompanying base prospectus and does not constitute a part of this prospectus supplement or the accompanying base prospectus.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_004"></A>The offering</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common stock offered&nbsp;&#9;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,090,910 shares of common stock</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 2%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 62%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Option to purchase
    additional shares&#9;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Up to 1,363,636 shares of common stock</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common stock to be
    outstanding after the offering&#9;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">108,018,468     shares of common stock</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of proceeds&#9;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We intend to use the net proceeds of this
    offering     for general corporate purposes, which may include, but are not limited to, funding worldwide development,
    manufacturing, regulatory and commercial activities for the prophylactic and acute BCX7353 programs, focusing primarily
    on  the     United States,     European Union and     Japan;  the     advancement of development     activities of  our
    FOP     and other preclinical rare disease     program; post-approval     commitments for     RAPIVAB&trade;/ALPIVAB&trade;;
    and capital     expenditures and     general working capital needs.     See &ldquo;Use     of
    Proceeds.&rdquo;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nasdaq global select
    market symbol&#9;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BCRX</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividend policy&#9;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We have never paid cash dividends and do not
    anticipate paying cash dividends in the foreseeable future.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk factors&nbsp;&#9;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">See &ldquo;Risk factors&rdquo; beginning on page
    S-5 and the other information included in, or incorporated by reference into, this prospectus supplement and the accompanying
    prospectus for a discussion of certain factors you should carefully consider before deciding to invest in shares of our common
    stock.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
number of shares of our common stock to be outstanding after this offering is based on 98,927,558 shares outstanding as of July
31, 2018 and excludes:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,209,392 shares of common
    stock issuable upon the exercise of stock options outstanding under our Stock Incentive Plan as of June 30, 2018, at a weighted
    average exercise price of $6.15 per share;</FONT></TD>
    <TD STYLE="width: 2%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,437 shares of common stock issuable upon
    the vesting of restricted stock units outstanding under our Stock Incentive Plan as of June 30, 2018; and</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328,787 additional shares of common stock reserved
    for issuance under our Stock Incentive Plan and 277,391 additional shares of common stock reserved for issuance under our
    Employee Stock Purchase Plan as of June 30, 2018.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Except
as otherwise noted, all information in this prospectus supplement assumes no exercise of the outstanding stock options, no vesting
of the outstanding restricted stock units and no exercise of the underwriters&rsquo; option to purchase additional shares of our
common stock.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0 0 0pt; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_005"></A>Risk factors</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>An investment in our common stock
involves risks. You should consider carefully all of the information that is included or incorporated by reference in this prospectus
supplement and the accompanying prospectus before investing in our common stock. In particular, you should evaluate the uncertainties
and risks referred to or described below, which may adversely affect our business, financial condition, liquidity, results of
operations, or prospects, along with all of the other information included in our other filings with the SEC, before deciding
to buy our common stock.</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Risks relating
to our business</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We have incurred losses since
our inception, expect to continue to incur such losses, and may never be profitable.</I></B> &nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Since our inception, we have not
achieved sustained profitability. We expect to incur additional losses for the foreseeable future, and our losses could increase
as our research and development efforts progress. We expect that such losses will fluctuate from quarter to quarter and losses
and fluctuations may be substantial.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To become profitable, we, or our
collaborative partners, must successfully manufacture and develop product candidates, receive regulatory approval, and successfully
commercialize and/or enter into profitable agreements with other parties. It could be several years, if ever, before we receive
significant revenue from any current or future license agreements or revenues directly from product sales.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Because of the numerous risks and
uncertainties associated with developing our product candidates and their potential for commercialization, we are unable to predict
the extent of any future losses. Even if we do achieve profitability, we may not be able to sustain or increase profitability
on a quarterly or annual basis. If we are unable to achieve and sustain profitability, the market value of our common stock will
likely decline.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Our success depends upon our
ability to advance our products through the various stages of development, especially through the clinical trial process.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To receive the regulatory approvals
necessary for the sale of our product candidates, we or our partners must demonstrate through preclinical studies and clinical
trials that each product candidate is safe and effective. The development process and related regulatory process are complex and
uncertain. Because of the cost and duration of clinical trials, we may decide to discontinue development of product candidates
that are unlikely to show good results in the clinical trials, unlikely to help advance a product to the point of a meaningful
collaboration, or unlikely to have reasonable commercial potential. We may suffer significant setbacks in pivotal pre-clinical
studies and clinical trials (e.g. galidesivir, BCX7353, other kallikrein inhibitors, our activin receptor-like kinase-2 (&ldquo;ALK2&rdquo;)
inhibitors and our other rare disease product candidates), even after earlier clinical trials show promising results. The development
of our product candidates, including our clinical trials, may not be adequately designed or executed, which could affect the potential
outcome and analysis of study results. Any of our product candidates may produce undesirable side effects in humans. The pre-clinical
and clinical data from our product candidates could cause us or regulatory authorities to interrupt, delay, modify or halt preclinical
or clinical trials of a product candidate. Undesirable or inconclusive data or side effects in humans could also result in the
U.S. Food and Drug Administration (the &ldquo;FDA&rdquo;) or foreign regulatory authorities refusing to approve the product candidate
for any targeted indications. In addition, the FDA or other regulatory agencies may determine that study data from our product
candidates necessitates additional studies or study designs which differ from our planned development strategy, and regulatory
agencies may also require patient monitoring and testing or may implement restrictions or other conditions on our development
activities, any of which could materially impact the cost and timing of our planned development strategy. We, our partners, the
FDA or foreign regulatory authorities may suspend or terminate clinical trials at any time if we or they believe the trial participants
face unacceptable health risks. Clinical trials may fail to demonstrate that our product candidates are safe or effective and
have acceptable commercial viability. Regulatory authorities may interrupt, delay or halt clinical trials for a product candidate
for any number of reasons.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our ability to successfully complete
clinical trials is dependent upon many factors, including but not limited to:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our ability to find
    suitable clinical sites and investigators to enroll patients;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the ability to maintain
    contact with patients to provide complete data after treatment;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our product candidates may not
    prove to be either safe or effective;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">clinical protocols or study procedures
    may not be adequately designed or followed by the investigators;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">formulation improvements may not
    work as expected, which could negatively impact commercial demand for our product candidates;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manufacturing or quality control
    problems could affect the supply of product candidates for our trials; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">delays or changes in our planned
    development strategy, the regulations or guidelines, or other unexpected conditions or requirements of government agencies.</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Clinical trials are lengthy and
expensive. We or our partners incur substantial expense for, and devote significant time to, preclinical testing and clinical
trials, yet we cannot be certain that the tests and trials will ever result in the commercial sale of a product. For example,
clinical trials require adequate supplies of drug and sufficient patient enrollment. Lack of adequate drug supply or delays in
patient enrollment, including for APeX-2, APeX-S, APeX-J, and ZENITH-1, can result in increased costs and longer development times.
Even if we or our partners successfully complete clinical trials for our product candidates, we or our partners might not file
the required regulatory submissions in a timely manner and may not receive regulatory approval for the product candidates.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We focus on rare diseases,
which may create additional risks and challenges.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Because we focus on developing drugs
as treatments for rare diseases, we may seek orphan drug, breakthrough therapy or fast track designations for our product candidates
in the United States or the equivalent designations elsewhere in the world. Often, regulatory agencies have broad discretion in
determining whether or not to grant such designations. We cannot guarantee that we will be able to receive orphan drug status
from the FDA or equivalent regulatory designations elsewhere. We also cannot guarantee that we will obtain breakthrough therapy
or fast track designation, which may provide certain potential benefits such as more frequent meetings with the FDA to discuss
the development plan, intensive guidance on an efficient drug development program, and potential eligibility for rolling review
or priority review. Even if we are successful in obtaining any such designation by the FDA or other regulatory agency for our
product candidates, such designations may not lead to faster development or regulatory review or approval, and it does not increase
the likelihood that our product candidates will receive marketing approval. We may not be able to obtain or maintain such designations
for our product candidates, and our competitors may obtain these designations for their product candidates, which could impact
our ability to develop and commercialize our product candidates or compete with such competitors, which may adversely impact our
business, financial condition or results of operations.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Although we have received Sakigake
designation for BCX7353 in Japan, we may not experience a faster development, review or approval process compared to the conventional
process.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Our clinical trials may not
adequately show that our product candidates are safe or effective.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Progression of our product candidates
through the clinical development process is dependent upon our trials indicating our product candidates have adequate safety and
efficacy in the patients being treated by achieving pre-determined safety and efficacy endpoints according to the clinical trial
protocols. Failure to achieve any of these endpoints in any of our programs, including BCX7353, galidesivir, FOP and our other
rare disease product candidates, could result in delays in our trials or require the performance of additional unplanned trials.
This could result in delays in the development of our product candidates and could result in significant unexpected costs or the
termination of programs.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>If our development
collaborations with third parties, such as our development partners, contractors and contract research organizations, fail,
the development of our product candidates will be delayed or stopped.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We rely heavily upon third parties
for many important stages of our product candidate development, including but not limited to:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">discovery of natural
    proteins that cause or enable biological reactions necessary for the progression of the disease or disorder,
    called     enzyme targets;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">execution of certain pharmacology
    preclinical     studies and late-stage development for our compounds and product candidates;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">management of our phase 1,
    2 and 3 clinical     trials,     including site  monitoring and data management;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">execution of  toxicology
    studies that may be required to obtain approval for our product candidates;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">formulation improvement strategies
    and methods; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manufacturing the starting materials
    and drug substance required to formulate our products and the product candidates to be used in our clinical trials, toxicology
    studies and any potential commercial product.</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our failure to engage in
successful collaborations at any one of these stages would greatly impact our business. If we do not license enzyme targets
or inhibitors from academic institutions or from other biotechnology companies on acceptable terms, our drug development
efforts would suffer. Similarly, if the contract research organizations that conduct our initial or late-stage clinical
trials, conduct our toxicology studies, manufacture our starting materials, drug substance and product candidates or assist
with  our regulatory function breached their obligations to us or perform their services inconsistent with industry
standards and not in accordance with the required regulations, this would delay or prevent both the development of our
product candidates and the availability of any potential commercial product.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If we lose our relationship with
any one or more of these parties, we could experience a significant delay in both identifying another comparable provider and
then contracting for its services. We may be unable to retain an alternative provider on reasonable terms, if at all. Even if
we locate an alternative provider, it is likely that this provider may need additional time to respond to our needs and may not
provide the same type or level of service as the original provider. In addition, any provider that we retain will be subject to
applicable FDA current Good Laboratory Practices, current Good Manufacturing Practices (&ldquo;cGMP&rdquo;) and current Good Clinical
Practices, and comparable foreign standards. We do not have control over compliance with these regulations by these providers.
Consequently, if these practices and standards are not adhered to by these providers, the development and commercialization of
our product candidates could be delayed. If any of the foregoing risks are realized, our business, financial condition and results
of operations could be materially adversely affected.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Because we have limited manufacturing
experience, we depend on third-party manufacturers to manufacture our product, product candidates and the materials for our product
candidates. Often, especially early in the development and commercialization process, we have only one source for manufacturing.
If we cannot rely on existing third-party manufacturers, we will be required to incur significant costs and potential delays in
finding new third-party manufacturers.</I></B>&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have limited manufacturing experience
and only a small scale manufacturing facility. We currently rely upon a very limited number of third-party manufacturers to manufacture
the materials required for our product, product candidates and most of the preclinical and clinical quantities of our product
candidates. We depend on these third-party manufacturers to perform their obligations in a timely manner and in accordance with
applicable governmental regulations. Our third-party manufacturers, which may be the only manufacturer we have engaged for a particular
product, may encounter difficulties with meeting our requirements, including but not limited to problems involving:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inconsistent production yields;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">product liability claims or recalls of commercial
    product;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">difficulties in scaling production to commercial
    and validation sizes;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">interruption of the delivery
    of materials required for the manufacturing process;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">scheduling of plant time with other vendors or
    unexpected equipment failure;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potential catastrophes that could strike their
    facilities or have an effect on infrastructure;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potential impurities in our drug substance or
    products that could affect availability of product for our clinical trials or future commercialization;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">poor quality control and assurance or inadequate
    process controls; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">lack of compliance or cooperation with regulations
    and specifications or requests set forth by the FDA or other foreign regulatory agencies, particularly associated with peramivir,
    BCX7353, galidesivir and our early stage compounds.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">These contract manufacturers may
not be able to manufacture the materials required for our product candidates at a cost or in quantities necessary to make them
commercially viable. We also have no control over whether third-party manufacturers breach their agreements with us or whether
they may terminate or decline to renew agreements with us. To date, our third-party manufacturers have met our manufacturing requirements,
but they may not continue to do so. Furthermore, changes in the manufacturing process or procedure, including a change in the
location where the drug is manufactured or a change of a third-party manufacturer, may require prior review and approval in accordance
with the FDA&rsquo;s cGMP and comparable foreign requirements. This review may be costly and time-consuming and could delay or
prevent the launch of a product. The FDA or similar foreign regulatory agencies may at any time implement new standards, or change
their interpretation and enforcement of existing standards for manufacture, packaging or testing of products. If we or our contract
manufacturers are unable to comply, we or they may be subject to regulatory action, civil actions or penalties any of which could
be costly to us and could result in a delay or shortage of product.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If we are unable to maintain current
manufacturing or other contract relationships, or enter into new agreements with additional manufacturers on commercially reasonable
terms, or if there is poor manufacturing performance or failure to comply with any regulatory agency on the part of any of our
third-party manufacturers, we may not be able to complete development of, seek timely approval of, or market, our product candidates.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our raw materials, drug substances,
and product candidates are manufactured by a limited group of suppliers, including some at a single facility. If any of these
suppliers were unable to produce these items, this could significantly impact our supply of product candidate material for further
preclinical testing and clinical trials.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We face intense competition,
and if we are unable to compete effectively, the demand for our products, if any, may be reduced.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The biotechnology and pharmaceutical
industries are highly competitive and subject to rapid and substantial technological change. There are many companies seeking
to develop products for the same indications that we currently target. Our competitors in the United States and elsewhere are
numerous and include, among others, major multinational pharmaceutical and chemical companies and specialized biotechnology firms.
Most of these competitors have greater resources than we do, including greater financial resources, larger research and development
staffs and more experienced marketing and manufacturing organizations. In addition, most of our competitors have greater experience
than we do in conducting clinical trials and obtaining FDA and other regulatory approvals. Accordingly, our competitors may succeed
in obtaining FDA or other regulatory approvals of product candidates more rapidly than we do. Companies that complete clinical
trials, obtain required regulatory approvals, and commence commercial sale of their drugs before we do may achieve a significant
competitive advantage, including patent and FDA exclusivity rights that would delay our ability to market products. We face, and
will continue to face, competition in the licensing of potential product candidates for desirable disease targets, licensing of
desirable product candidates, and development and marketing of our product candidates from academic institutions, government agencies,
research institutions and biotechnology and pharmaceutical companies. Competition may also arise from, among other things:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other drug development technologies;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">methods of preventing or reducing the incidence
    of disease, including vaccines;&nbsp;and</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">new small molecule or other classes of therapeutic
    agents.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Developments by others may
render our product candidates or technologies obsolete or noncompetitive.</I></B></FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We are performing
research on or developing products for the treatment of several rare disorders, including HAE and FOP, as well as developing broad spectrum antivirals for use as medical countermeasures. We expect to encounter significant competition
for any of the pharmaceutical products we are developing and plan to develop. Companies that complete clinical trials, obtain
required funding or government support, obtain required regulatory approvals and commence commercial sales or stockpiling orders
of their products before their competitors may achieve a significant competitive advantage. Such is the case with the current
neuraminidase inhibitors marketed by GlaxoSmithKline plc and F. Hoffmann-La Roche Ltd. for influenza; CINRYZE<SUP>&reg;</SUP>,
KALBITOR<SUP>&reg;</SUP> and FIRAZYR<SUP>&reg;</SUP>, marketed by Shire Pharmaceuticals, Inc. (&ldquo;Shire&rdquo;) for HAE; BERINERT<SUP>&reg;
</SUP>and HAEGARDA<SUP>&reg;</SUP> marketed by CSL Limited (&ldquo;CSL&rdquo;) for HAE; and RUCONEST<SUP>&reg;</SUP> marketed
by Pharming Healthcare, Inc. (&ldquo;Pharming&rdquo;) for HAE.</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Further, several
pharmaceutical and biotechnology firms have announced efforts in HAE and in other therapeutic areas where we have discovery and
development efforts ongoing. Notably, prophylactic treatment for HAE is becoming increasingly competitive with the recent approval
of CSL&rsquo;s HAEGARDA, Shire&rsquo;s positive Phase 3 data for the monoclonal antibody, lanadelumab, and Pharming&rsquo;s completion
of a Phase 2 HAE prophylaxis trial and filing of a supplemental Biologics License Application for RUCONEST. Additionally, Kalvista
Pharmaceuticals, Inc. (KVD818) and Attune Pharmaceuticals, Inc. (ATN-249) have oral candidates for HAE prophylaxis in Phase 1
development. Currently, there are five investigational therapeutics under a compassionate use/expanded access framework that can
be available in an outbreak setting to treat Ebola infected patients. In early 2018, Shionogi announced the approval in Japan
of Xofluza, an oral treatment for influenza, which has also received Priority Review designation from the FDA. For FOP, Clementia
Pharmaceuticals Inc.&rsquo;s palovarotene, an oral, retinoic acid gamma receptor agonist, currently in Phase 3, and Regeneron
Pharmaceuticals Inc.&rsquo;s REGN2477, an i.v. anti-activin antibody in Phase 2, are the most advanced development programs in
the space. If one or more of our competitors&rsquo; products or programs are successful, the market for our products may be reduced
or eliminated.</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Compared to
us, many of our competitors and potential competitors have substantially greater:</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">capital resources;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">research and development resources, including
    personnel and technology;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">regulatory experience;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">preclinical study and clinical testing experience;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">manufacturing and marketing experience;&nbsp;and</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">production facilities.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any of these competitive factors
could impede our funding efforts, render technology and product candidates noncompetitive or eliminate or reduce demand for our
product candidates.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We face risks related to our
government-funded programs; if BARDA/HHS or NIAID/HHS were to eliminate, reduce or delay funding from our contracts, this would
have a significant negative impact on the programs associated with such funding and could have a significant negative impact on
our revenues and cash flows.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our projections of revenues and
incoming cash flows are substantially dependent upon BARDA/HHS and NIAID/HHS reimbursement for the costs related to our galidesivir
program. If BARDA/HHS or NIAID/HHS were to eliminate, reduce or delay the funding for these programs or disallow some of our incurred
costs, we would have to obtain additional funding for continued development or regulatory registration for these product candidates
or significantly reduce or stop the development effort.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In contracting with BARDA/HHS and
NIAID/HHS, we are subject to various U.S. Government contract requirements, including general clauses for a cost-reimbursement
research and development contract, which may limit our reimbursement or if we are found to be in violation could result in contract
termination. If the U.S. Government terminates any of its contracts with us for its convenience, or if we default by failing to
perform in accordance with the contract schedule and terms, significant negative impact on our cash flows and operations could
result.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Our government contracts with
BARDA/HHS and NIAID/HHS have special contracting requirements, which create additional risks of reduction or loss of funding.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have completed work under a contract
with BARDA/HHS for the development of our neuraminidase inhibitor, RAPIVAB. We also have entered into contracts with BARDA/HHS
and NIAID/HHS for the development of galidesivir as a treatment for diseases caused by RNA pathogens, including Marburg virus
disease and Ebola virus disease. In contracting with these government agencies, we are subject to various U.S. Government contract
requirements, including general clauses for a cost-reimbursement research and development contract, which may limit our reimbursement
or, if we are found to be in violation, could result in contract termination.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">U.S. Government contracts typically
contain a number of extraordinary provisions that would not typically be found in commercial contracts and which may create a
disadvantage and additional risks to us as compared to competitors that do not rely on U.S. Government contracts. These risks
include the ability of the U.S. Government to unilaterally:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">terminate or reduce the scope
    of our contract with or without cause;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">interpret relevant regulations (federal acquisition
    regulation clauses);</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">require performance under circumstances which
    may not be favorable to us;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">require an in process review where the U.S. Government
    will review the project and its options under the contract;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">control the timing and amount of funding, which
    impacts the development progress of our programs; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">audit and object to our contract-related costs
    and fees, including allocated indirect costs.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Our government contracts with
BARDA/HHS and NIAID/HHS have termination and audit provisions which create additional risks to us.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The U.S. Government may terminate
its contracts with us either for its convenience or if we default by failing to perform in accordance with the contract schedule
and terms. Termination for convenience provisions generally enable us to recover only our costs incurred or committed, and settlement
expenses and profit on the work completed prior to termination. Termination does not permit these recoveries under default provisions.
In the event of termination or upon expiration of a contract, the U.S. Government may dispute wind-down and termination costs
and may question prior expenses under the contract and deny payment of those expenses. Should we choose to challenge the U.S.
Government for denying certain payments under a contract, such a challenge could subject us to substantial additional expenses
which we may or may not recover. Further, if the U.S. Government terminates its contracts with us for its convenience, or if we
default by failing to perform in accordance with the contract schedule and terms, significant negative impact on our cash flows
and operations could result.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As a U.S. Government contractor,
we are required to comply with applicable laws, regulations and standards relating to our accounting practices and are subject
to periodic audits and reviews. As part of any such audit or review, the U.S. Government may review the adequacy of, and our compliance
with, our internal control systems and policies, including those relating to our purchasing, property, estimating, compensation
and management information systems. Audits under the active BARDA/HHS and NIAID/HHS galidesivir contracts may occur at the election
of the U.S. Government and have been concluded through fiscal 2015; all subsequent fiscal years are still open and auditable.
Based on the results of its audits, the U.S. Government may adjust our contract-related costs and fees, including allocated indirect
costs. This adjustment could impact the amount of revenues reported on a historic basis and could impact our cash flows under
the contracts prospectively. In addition, in the event BARDA/HHS or NIAID/HHS determines that certain costs and fees were unallowable
or determines that the allocated indirect cost rate was higher than the actual indirect cost rate, BARDA/HHS or NIAID/HHS would
be entitled to recoup any overpayment from us as a result. In addition, if an audit or review uncovers any improper or illegal
activity, we may be subject to civil and criminal penalties and administrative sanctions, including termination of our contracts,
forfeiture of profits, suspension of payments, fines and suspension or prohibition from doing business with the U.S. Government.
We could also suffer serious harm to our reputation if allegations of impropriety were made against us. In addition, under U.S.
Government purchasing regulations, some of our costs may not be reimbursable or allowed under our contracts. Further, as a U.S.
Government contractor, we are subject to an increased risk of investigations, criminal prosecution, civil fraud, whistleblower
lawsuits and other legal actions and liabilities as compared to private sector commercial companies.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>If we fail to reach milestones
or to make annual minimum payments or otherwise breach our obligations under our license agreements, our licensors may terminate
our agreements with them and seek additional remedies.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If we are unable or fail to meet
payment obligations, performance milestones relating to the timing of regulatory filings, product supply obligations, post approval
commitments for RAPIVAB, or development and commercial diligence obligations; are unable or fail to make milestone payments or
material data use payments in accordance with applicable provisions; or fail to pay the minimum annual payments under our respective
licenses, our licensors may terminate the applicable license or seek other available remedies. As a result, our development of
the respective product candidate or commercialization of the product would cease.&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>If we fail to obtain additional
financing or acceptable partnership arrangements, we may be unable to complete the development and commercialization of our product
candidates or continue operations.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As our programs advance, our costs
are likely to increase. Our current and planned discovery activities, pre-clinical and clinical trials, the related development,
manufacturing, regulatory approval process requirements, and the additional personnel resources and testing required for supporting
the development of our product candidates will consume significant capital resources. Our expenses, revenues and cash utilization
rate could vary significantly depending on many factors, including: our ability to raise additional capital; the development progress
of our collaborative agreements for our product candidates; the amount of funding we receive from NIAID/HHS and BARDA/HHS for
galidesivir or from other new partnerships with third parties for the development of our product candidates, including BCX7353
and our other rare disease product candidates; the commercial success of peramivir achieved by our partners; the amount or profitability
of any orders for peramivir or galidesivir by any government agency or other party; the progress and results of our current and
proposed clinical trials for our most advanced product candidates, including BCX7353 and our other rare disease product candidates;
the progress made in the manufacture of our lead products and the progression of our other programs.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We expect that we will
be required to raise additional capital to complete the development and commercialization of our current product candidates
and we may seek to raise capital at any time. Additional funding, whether through additional sales of securities,
additional borrowings, or collaborative arrangements with partners, including governmental agencies in general and from any
BARDA/HHS or NIAID/HHS contract specifically, may not be available when needed or on terms acceptable to us. The issuance of
preferred or common stock or convertible securities, with terms and prices significantly more favorable than those of the
currently outstanding common stock, could have the effect of diluting or adversely affecting the holdings or rights of our
existing stockholders. Additional borrowings may subject us to more restrictive covenants than are currently applicable to us
under our Senior Credit Facility with MidCap. In addition, collaborative arrangements
may require us to transfer certain material rights to such corporate partners. Insufficient funds or lack of an acceptable
partnership may require us to delay, scale-back or eliminate certain of our research and development programs.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In order to continue
future operations and continue our drug development programs, we will be required to raise additional capital. In addition
to seeking strategic partnerships, transactions and government funding, we may decide to access the equity or debt
markets, incur additional borrowings, or seek other sources to meet liquidity needs. Our ability to raise additional capital
may be limited and may greatly depend upon the success of ongoing development related to our current drug development
programs, including post approval studies for RAPIVAB,&nbsp;the progress, timeline and ultimate outcome of&nbsp;our
kallikrein inhibitors, including the BCX7353 program (including, but not limited to, formulation progress, Phase 2 and 3
trials, long-term human safety studies, and the timing of carcinogenicity or other required studies), the progress of our
ALK2 inhibitors for the treatment of FOP and other rare disease product candidates, funding for and continued successful
development of galidesivir, and the progress of our early discovery programs. In addition, constriction and volatility in the
equity and debt markets may restrict our future flexibility to raise capital when such needs arise. Furthermore, we have
exposure to many different industries, financing partners and counterparties, including commercial banks, investment banks
and partners (which include investors, licensing partners, and the U.S. Government) which may be unstable or may become
unstable in the current economic and political environment. Any such instability may impact these parties&rsquo; ability to
fulfill contractual obligations to us or they might limit or place burdensome conditions upon future transactions with us.
Also, it is possible that suppliers may be negatively impacted. Any such unfavorable outcomes in our current programs or
unfavorable economic conditions could place severe downward pressure on the price of our common stock and may decrease
opportunities to raise capital in the capital or credit markets, and further could reduce the return available on invested
corporate cash, which, if severe and sustained, could have a material and adverse impact on our results of operations and
cash flows and limit our ability to continue development of our product candidates.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We may not be able to continue
as a going concern if we do not obtain additional capital.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have sustained operating losses
for the majority of our corporate history and expect that our 2018 expenses will exceed our 2018 revenues. We expect to continue
to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our liquidity needs will be largely
determined by the success of operations in regards to the progression of our product candidates in the future. Our plans to alleviate
the doubt regarding our ability to continue as a going concern primarily include our ability to control the timing and spending
on our research and development programs and raising additional funds through equity financings.&nbsp;We also may consider other
plans to fund operations including: (1) securing or increasing U.S. Government funding of our programs, including obtaining procurement
contracts; (2) out-licensing rights to certain of our products or product candidates, pursuant to which the we would receive cash
milestones; (3) raising additional capital through equity or debt financings or from other sources; (4) obtaining additional product
candidate regulatory approvals, which would generate revenue, milestones and cash flow; (5) reducing spending on one or more research
and development programs, including by discontinuing development; and/or (6) restructuring operations to change our overhead structure.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">There can be no assurance that any
of our plans will be successful or that additional capital will be available to us on reasonable terms, or at all, when needed.
If we are unable to obtain sufficient additional capital, we may be forced to curtail operations, delay or stop ongoing clinical
trials, cease operations altogether or file for bankruptcy.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>If we fail to successfully
commercialize or establish collaborative relationships to commercialize certain of our product candidates, or if any partner terminates
or fails to perform its obligations under agreements with us, potential revenues from commercialization of our product candidates
could be reduced, delayed or eliminated.</I></B>&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our business strategy is to increase
the asset value of our product candidate portfolio. We believe this is best achieved by retaining full product rights or through
collaborative arrangements with third parties as appropriate. As needed, potential third-party relationships could include preclinical
development, clinical development, regulatory approval, marketing, sales and distribution of our product candidates.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Currently, we have
established collaborative relationships with Mundipharma for the development and commercialization of Mundesine and with each
of Seqirus UK Limited, Shionogi and Green Cross for the development and commercialization of peramivir. The process of establishing and implementing collaborative
relationships is difficult, time-consuming and involves significant uncertainty, including:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our partners may seek
    to renegotiate or terminate their relationships with us due to unsatisfactory commercial, regulatory or clinical results,
    including post approval clinical commitments, a change in business strategy, a change of control or other reasons;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our contracts for collaborative
    arrangements may expire;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our partners may choose to pursue
    alternative technologies, including those of our competitors;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we may have disputes
    with a partner that could lead to litigation or arbitration;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we do not have day to day control
    over the activities of our partners and have limited control over their decisions;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our ability to generate future
    event payments and royalties from our partners depends upon their abilities to establish the safety and efficacy of our product
    candidates, obtain regulatory approvals and achieve market acceptance of products developed from our product candidates;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we or our partners may fail to
    properly initiate, maintain or defend our intellectual property rights, where applicable, or a party may utilize our proprietary
    information in such a way as to invite litigation that could jeopardize or potentially invalidate our proprietary information
    or expose us to potential liability;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we or our partners may not devote
    sufficient capital or resources towards our product candidates; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we or our partners may not comply
    with applicable government regulatory requirements.</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If we or our partners fail to fulfill
our responsibilities in a timely manner, or at all, our commercialization efforts related to that collaboration could be reduced,
delayed or terminated, or it may be necessary for us to assume responsibility for activities that would otherwise have been the
responsibility of our partner. If we are unable to establish and maintain collaborative relationships on acceptable terms, we
may have to delay or discontinue further development of one or more of our product candidates, undertake commercialization activities
at our own expense or find alternative sources of funding. Any delay in the development or commercialization of our product candidates
would severely affect our business, because if our product candidates do not progress through the development process or reach
the market in a timely manner, or at all, we may not receive additional future event payments and may never receive milestone,
product sales or royalty payments.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We do not have a great deal
of experience in commercializing our products or technologies, and our future revenue generation is uncertain.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We do not have a great deal of experience
in commercializing our product candidates or technologies. We currently have limited marketing and commercial capability, no direct
or third-party sales force and limited distribution capabilities. We may be unable to establish or sufficiently increase these
capabilities for products we currently, or plan to, commercialize. In addition, our revenue from collaborative agreements may
be dependent upon the status of our preclinical and clinical programs.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our ability to receive revenue from
products we commercialize presents several risks, including:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we or our collaborators
    may fail to successfully complete clinical trials, or satisfy post-marketing commitments, sufficient to obtain and keep FDA
    marketing approval;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">many competitors are more experienced
    and have significantly more resources, and their products could reach the market faster, be more cost effective or have a
    better efficacy or tolerability profile than our product candidates;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we may fail to employ a comprehensive
    and effective intellectual property strategy, which could result in decreased commercial value of our Company and our products;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we may fail to employ a comprehensive
    and effective regulatory strategy, which could result in a delay or failure in commercialization of our products;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our ability to successfully commercialize
    our products is affected by the competitive landscape, which cannot be fully known at this time;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">reimbursement is constantly changing,
    which could greatly affect usage of our products; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">future revenue from product sales
    would depend on our ability to successfully complete clinical studies, obtain regulatory approvals, and manufacture, market
    and commercialize our approved drugs.</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Commercialization of peramivir
by our partners is subject to the potential commercialization risks described herein and numerous additional risks. Any potential
revenue benefits to us in the form of milestone payments, royalties or other consideration are highly speculative.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Commercialization success of peramivir
is uncertain and is subject to all the risks and uncertainties disclosed in our other risk factors relating to drug development
and commercialization. In addition, commercialization of peramivir products is subject to further risks and may be negatively
impacted by a number of factors, including, but not limited to, the following:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">peramivir may not prove
    to be adequately safe and effective for market approval in markets other than the United States, Canada, Japan, Korea, Taiwan,
    Australia and the European Union;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">necessary funding for post-marketing
    commitments and further development of peramivir may not be available timely, at all, or in sufficient amounts;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">flu prevention or pandemic treatment
    concerns may not materialize at all, or in the near future;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">advances in flu vaccines or other
    antivirals, including competitive i.v. antivirals, could substantially replace potential demand for peramivir;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a limited number of governmental
    entities are expected to be the primary potential stockpiling customers for peramivir and if we are not successful at marketing
    peramivir to these entities for any reason, we will not receive substantial revenues from stockpiling orders;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">government and third party payors
    may not provide sufficient coverage or reimbursement which would negatively impact the demand for peramivir;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we may not be able to supply commercial
    material to our partners and our partners may not be able to maintain or establish sufficient and acceptable commercial manufacturing,
    either directly or through third-party manufacturers;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the commercial demand and acceptance
    for peramivir by healthcare providers and by patients may not be sufficient to result in substantial revenues of peramivir
    to our partners and may result in little to no milestones or royalties to us;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">effectiveness of marketing and
    commercialization efforts for peramivir by our partners;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">market satisfaction with existing
    alternative therapies;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">perceived efficacy relative to
    other available therapies;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">disease prevalence;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">cost of treatment;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">pricing and availability of alternative
    products;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">marketing and sales activities
    of competitors;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">shifts in the medical community
    to new treatment paradigms or standards of care; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">relative convenience and ease of
    administration.</FONT></TD></TR>
</TABLE>


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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We are subject to various
federal and state laws related to RAPIVAB and other products under development and, if we or our partners do not comply with these
regulations, we could face substantial penalties.</I></B>&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our or our partners&rsquo; activities
related to RAPIVAB, or any of our other products under development and following their regulatory approval, are subject to regulatory
and law enforcement authorities in addition to the FDA, including the Federal Trade Commission, the Department of Justice, and
state and local governments. In the case of our collaboration with SUL, although SUL is responsible for RAPIVAB marketing and
commercialization efforts, we continue to carry certain risks associated with RAPIVAB because we hold the RAPIVAB NDA. For example,
we are responsible for reporting adverse drug experiences, we have responsibility for certain post-approval studies, we may have
responsibilities and costs related to a recall or withdrawal of RAPIVAB from sale, we may incur liability associated with RAPIVAB
manufacturing contracted by us or in support of any of our partners, we are required to maintain records and provide data and
reports to regulatory agencies related to RAPIVAB (e.g. risk evaluation and mitigation strategies, track and trace requirements,
adverse events), and we may incur certain promotional regulatory and government pricing risks, all of which could have a material
adverse impact on our operations and financial condition.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition, we are subject to the
federal physician sunshine act and certain similar physician payment and drug pricing transparency legislation in various states.
We are also subject to various federal and state laws pertaining to health care &ldquo;fraud and abuse,&rdquo; including both
federal and state anti-kickback and false claims laws. These laws regulate our or our partners&rsquo; operations, sales and marketing
practices, price reporting, and relationships with physicians and other customers and third-party payors. Anti-kickback laws generally
prohibit a manufacturer from soliciting, offering, receiving, or paying any remuneration to generate business, including the purchase
or prescription of a particular drug. Although the specific provisions of these laws vary, their scope is generally broad and
there may be no regulations, guidance or court decisions that clarify how the laws apply to particular industry practices. False
claims laws prohibit anyone from knowingly and willingly presenting, or causing to be presented for payment to third party payors
(including Medicare and Medicaid) claims for reimbursement or services that are false or fraudulent, claims for items or services
not provided as claimed, or claims for medically unnecessary items or services. The sunshine provisions apply to manufacturers
with products reimbursed under certain government programs and require those manufacturers to disclose annually to the federal
government certain payments made to physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors)
and teaching hospitals, as well as, ownership and investment interests held by physicians (as defined above) and their immediate
family members. State laws may also require disclosure of pharmaceutical pricing information and marketing expenditures. Although
we seek to comply with these statutes, it is possible that our practices, or those of our partners, might be challenged under
health care fraud and abuse, anti-kickback, false claims or similar laws. Violations of the physician sunshine act and similar
state legislation or the fraud and abuse laws may be punishable by civil or criminal sanctions, including fines and civil monetary
penalties, and future exclusion from participation in government healthcare programs.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The principal investigators for
our clinical trials may serve as scientific advisors or consultants to us from time to time and receive compensation in connection
with such services. Under certain circumstances, we may be required to report some of these relationships to certain regulatory
authorities, including the FDA. Consequently, the FDA or other regulatory authority may conclude that a financial relationship
between us and a principal investigator creates a conflict of interest or otherwise affects interpretation of the study. In the
event of a conflict of interest with respect to a study, the integrity of the data generated at the applicable clinical trial
site may be questioned or the utility of the clinical trial itself may be jeopardized. This could result in a delay in approval,
or rejection, of our marketing applications by the FDA or other regulatory authority, as the case may be, and may ultimately lead
to the denial of marketing approval of one or more of our product candidates.</FONT></P>



<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have a number of outstanding
post-approval commitments to the FDA and EMA that we retain, despite our partnership with SUL, which we may not complete
successfully or on time for any number of reasons, including but not limited to lack of funds to complete the studies and
insufficient interest by appropriate sites, investigators or study subjects. For example, as a condition of the approval of
RAPIVAB/ALPIVAB, we were required to complete  pediatric patient trials and to submit the final results of these
clinical trials to the FDA and EMA. We may be subject to penalties if we fail to comply with post-approval legal and
regulatory requirements and our products could be subject to continual recordkeeping and reporting requirements, review and
periodic inspections by the FDA and other regulatory bodies. Regulatory approval of a product may be subject to limitations
on the indicated uses for which the product may be marketed or to the other restrictive conditions of approval that limit
our ability to promote, sell or distribute a product. Furthermore, the approval of RAPIVAB/ALPIVAB and any other future
product candidates may be subject to requirements for costly post-approval testing and surveillance to monitor its safety
or efficacy.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Advertising and promotion are subject
to stringent FDA rules and oversight and as the holder of the NDA we may be held responsible for any advertising and promotion
conducted by our partner that is not in compliance with the rules and regulations. In particular, the claims in all promotional
materials and activities must be consistent with the FDA approvals for approved products, and must be appropriately substantiated
and fairly balanced with information on the safety risks and limitations of the products. Adverse event information concerning
approved products must be reviewed and as the NDA holder of RAPIVAB we are required to make expedited and periodic adverse event
reports to the FDA and other regulatory authorities.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition, the research, manufacturing,
distribution, sale and promotion of products are potentially subject to regulation by various federal, state and local authorities
in addition to the FDA, including the Centers for Medicare and Medicaid Services, other divisions of the U.S. Department of Health
and Human Services, the U.S. Department of Justice and individual U.S. Attorney offices within the Department of Justice, and
state and local governments.
All of these activities are also potentially subject to federal and state healthcare false claims and fraud and abuse laws, as
well as consumer protection and unfair competition laws.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If our operations with respect to
RAPIVAB or our other products that are subject to healthcare laws and regulations are found to be in violation of any of the healthcare
fraud and abuse laws described above or any other governmental regulations that apply to us, we may be subject to penalties, including
civil and criminal penalties, damages, fines and the curtailment or restructuring of our operations. Any penalties, damages, fines,
curtailment or restructuring of our operations could adversely affect our ability to operate our business and our financial results.
Although compliance programs can mitigate the risk of investigation and prosecution for violations of these laws, the risks cannot
be entirely eliminated. Any action against us for violation of these laws, even if we successfully defend against it, could cause
us to incur significant legal expenses and divert our management's attention from the operation of our business. Moreover, achieving
and sustaining compliance with all applicable federal and state fraud and abuse laws may be costly.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We and our partners may be
subject to new legislation, regulatory proposals and healthcare payor initiatives that may increase our costs of compliance and
adversely affect our or our partners&rsquo; ability to market our products, including RAPIVAB, obtain collaborators and raise
capital.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Patient Protection and Affordable
Care Act, or PPACA, made extensive changes to the delivery of health care in the U.S. The PPACA included numerous provisions that
affect pharmaceutical companies, some of which became effective immediately and others of which have taken effect over the past
several years. For example, the PPACA expanded health care coverage to the uninsured through private health insurance reforms
and an expansion of Medicaid. The PPACA also imposed substantial costs on pharmaceutical manufacturers, such as an increase in
liability for rebates paid to Medicaid, new drug discounts that must be offered to certain enrollees in the Medicare prescription
drug benefit, an annual fee imposed on all manufacturers of brand prescription drugs in the U.S., and an expansion of an existing
program requiring pharmaceutical discounts to certain types of hospitals and federally subsidized clinics. The PPACA also contains
cost containment measures that could reduce reimbursement levels for health care items and services generally, including pharmaceuticals.
It also required reporting and public disclosure of payments and other transfers of value provided by pharmaceutical companies
to physicians and teaching hospitals.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We expect that the current presidential
administration and U.S. Congress will likely continue to seek to modify, repeal, or otherwise invalidate all, or certain provisions
of, the PPACA. There is still significant uncertainty with respect to the impact that the current presidential administration
and the U.S. Congress may have on the PPACA, if any, and any changes will likely take time to unfold. As such, we cannot predict
what effect the PPACA or other healthcare reform initiatives that may be adopted in the future will have on our business.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The continuing efforts of the government,
insurance companies, managed care organizations and other payors of health care services to contain or reduce costs of health
care could result in decreased net revenues from our pharmaceutical products and decrease potential returns from our development
efforts. In addition, pharmaceutical and device manufacturers are also required to report and disclose certain payments and transfers
of value to, and investment interests held by, physicians and their immediate family members during the preceding calendar year.
Failure to submit required information may result in civil monetary penalties for payments, transfers of value or ownership or
investment interests not reported in an annual submission. Compliance with the PPACA and state laws with similar provisions is
difficult and time consuming, and companies that do not comply with these state laws face civil penalties. Because of the breadth
of these laws and the narrowness of the safe harbors, it is possible that some of our business activities could be subject to
challenge under one or more of such laws. Such a challenge could have a material adverse effect on our business, financial condition,
results of operations and growth prospects.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition, there have been a number
of other legislative and regulatory proposals aimed at changing the pharmaceutical industry. In particular, legislation has been
enacted in certain states and at a federal level that requires development of an electronic pedigree to track and trace each prescription
drug at the saleable unit level through the distribution system. Compliance with these electronic pedigree requirements may increase
our operational expenses and impose significant administrative burdens. In addition, our compliance may be deemed insufficient
and we could face a material adverse effect on our business, financial condition, results of operations and growth prospects.&nbsp;As
a result of these and other new proposals, we may determine to change our current manner of operation, provide additional benefits
or change our contract arrangements, any of which could have a material adverse effect on our business, financial condition and
results of operations.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adequate coverage and reimbursement
in the U.S. and other markets is critical to the commercial success of RAPIVAB or any other product that we might bring to market.
Recently in the U.S. there has been heightened governmental scrutiny over the manner in which manufacturers set prices for their
marketed products, which has resulted in several Congressional inquiries and proposed bills designed to, among other things, reform
government program reimbursement methodologies. Individual states in the United States have been increasingly active in passing
legislation and implementing regulations designed to control pharmaceutical product pricing, including price or patient reimbursement
constraints, discounts, restrictions on certain product access and marketing cost disclosure and transparency measures, and, in
some cases, designed to encourage importation from other countries and bulk purchasing. Regional health care authorities and individual
hospitals are increasingly using bidding procedures to determine what pharmaceutical products and which suppliers will be included
in their prescription drug and other health care programs. Third-party payors are increasingly challenging the prices charged
for medical products and services and, in some cases, imposing restrictions on the coverage of particular drugs. Many third-party
payors negotiate the price of medical services and products and develop formularies which establish pricing and reimbursement
levels. Exclusion of a product from a formulary can lead to its sharply reduced usage in the third-party payor&rsquo;s patient
population. The process for obtaining coverage can be lengthy and costly, and we expect that it could take several months before
a particular payor initially reviews our product and makes a decision with respect to coverage. For example, third-party payors
may require cost-benefit analysis data from us in order to demonstrate the cost-effectiveness of RAPIVAB or any other product
we might bring to market. For any individual third-party payor, we may not be able to provide data sufficient to gain reimbursement
on a similar or preferred basis to competitive products, or at all which may have a material adverse effect on our business, financial
condition and results of operations.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>There are risks related to
the potential government use or sale of peramivir (RAPIVAB).</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">United States Government use or
sale of RAPIVAB in emergency situations, or otherwise, may result in the use of RAPIVAB outside of its approved use. To the extent
that RAPIVAB is used as a treatment for influenza by the U.S. Government or peramivir by any other government entity, there can
be no assurance that it will prove to be generally safe, well-tolerated and effective. Such government use of RAPIVAB/peramivir
may create certain liabilities for us or our partners in the case of government use outside of the U.S. There is no assurance
that we or our manufacturers will be able to fully meet the demand for peramivir in the event of additional orders. Further, we
may not achieve a favorable price for additional orders of RAPIVAB in the U.S. or peramivir in any other country. Our competitors
may develop products that could compete with or replace peramivir. We may face competition in markets where we have no existing
intellectual property protection or are unable to successfully enforce our intellectual property rights.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">There is no assurance that the non-U.S.
partnerships that we have entered into for peramivir will result in any order for peramivir in those countries. There is no assurance
that peramivir will be approved for any use or will achieve market approval in additional countries. In the event that any emergency
use or market approval is granted, there is no assurance that any government order or commercialization of peramivir in any countries
will be substantial or will be profitable to us. In addition, the sale of peramivir, emergency use or other use of peramivir in
any country may create certain liabilities for us and our partners.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>If we or our partners do not
obtain and maintain governmental approvals for our product candidates under development, we or our partners will not be able to
sell these potential products, which would significantly harm our business because we will receive no revenue.</I></B>&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We or our partners must obtain regulatory
approval before marketing or selling our future product candidates. If we or our partners are unable to receive regulatory approval
and do not market or sell our future product candidates, we will never receive any revenue from such product sales. In the United
States, we or our partners must obtain FDA approval for product candidates that we intend to commercialize. The process of preparing
for and obtaining FDA approval may be lengthy and expensive, and approval is never certain. Products distributed abroad are also
subject to foreign government regulation and export laws of the United States. Because of the risks and uncertainties in biopharmaceutical
development, our product candidates could take a significantly longer time to gain regulatory approval than we expect or may never
gain approval. If the FDA delays regulatory approval of our product candidates, our management&rsquo;s credibility, our value
and our operating results may suffer. Even if the FDA or foreign regulatory agencies approve a product candidate, the approval
may limit the indicated uses for a product candidate and/or may require post-approval studies.&nbsp;&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The FDA regulates, among other things,
the record keeping and storage of data pertaining to potential pharmaceutical products. We currently store most of our preclinical
research data, our clinical data and our manufacturing data at our facility. While we do store duplicate copies of most of our
clinical data offsite and a significant portion of our data is included in regular backups of our systems, we could lose important
data if our facility incurs damage, or if our vendor data systems fail, suffer damage or are destroyed. If we receive approval
to market our potential products, whether in the United States or internationally, we will continue to be subject to extensive
regulatory requirements. These requirements are wide ranging and govern, among other things:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">adverse drug experience reporting
    regulations;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">product promotion;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">product manufacturing, including good manufacturing
    practice requirements;&nbsp;and</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">product changes or modifications.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our failure to comply with existing
or future regulatory requirements, or our loss of, or changes to, previously obtained approvals, could have a material adverse
effect on our business because we will not receive product or royalty revenues if we or our partners do not receive approval of
our products for marketing. &nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Royalties and milestone payments
from Shionogi under our license agreement with Shionogi (the &quot;Shionogi Agreement&quot;) will be required to be used by Royalty
Sub to service its obligations under its PhaRMA Notes, and generally will not be available to us for other purposes until Royalty
Sub has repaid in full its obligations under the PhaRMA Notes.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In March 2011, our wholly-owned
subsidiary Royalty Sub issued $30.0 million in aggregate principal amount of PhaRMA Notes. The PhaRMA Notes are secured principally
by (i) certain royalty and milestone payments under the Shionogi Agreement, pursuant to which Shionogi licensed from us the rights
to market peramivir in Japan and Taiwan, (ii) rights to certain payments under a Japanese yen/U.S. dollar Currency Hedge Agreement
put into place by us in connection with the issuance of the PhaRMA Notes and (iii) the pledge by us of our equity interest in
Royalty Sub. Payments from Shionogi to us on non-governmental sales under the Shionogi Agreement will generally not be available
to us for other purposes until Royalty Sub has repaid in full its obligations under the PhaRMA Notes. Accordingly, these funds
will be required to be dedicated to Royalty Sub&rsquo;s debt service and not available to us for product development or other
purposes. As of September 1, 2014, the payments from Shionogi were insufficient for Royalty Sub to service its obligations under
the PhaRMA Notes, resulting in an event of default with respect to the PhaRMA Notes. As a result of this event of default, the
holders of the PhaRMA Notes may be able to pursue acceleration of the PhaRMA Notes and foreclose on the collateral securing the
PhaRMA Notes and our equity interest in Royalty Sub and may&nbsp;exercise other remedies available to them under the indenture
or other documents related to&nbsp;the PhaRMA Notes. In such event, we may not realize the benefit of future royalty payments
that might otherwise accrue to us following repayment of the PhaRMA Notes, we may incur legal costs&nbsp;and we might otherwise
be adversely affected.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Because an event of default
has occurred under the PhaRMA Notes, the holders of the PhaRMA Notes may be able to pursue acceleration of the PhaRMA Notes and
foreclose on the collateral securing the PhaRMA Notes and our equity interest in Royalty Sub, in which case we may not realize
the benefit of future royalty payments that might otherwise accrue to us following repayment of the PhaRMA Notes and we could
otherwise be adversely affected.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Royalty Sub&rsquo;s ability to service
its payment obligations in respect of the PhaRMA Notes, and our ability to benefit from our equity interest in Royalty Sub, is
subject to numerous risks. Royalty Sub&rsquo;s ability to service the PhaRMA Notes may be adversely affected by, among other things,
changes in or any termination of our relationship with Shionogi, reimbursement, regulatory, manufacturing and/or intellectual
property issues, product returns, product recalls, product liability claims and allegations of safety issues, as well as other
factors. As Royalty Sub has been unable to service its obligations under the PhaRMA Notes and an event of default has occurred
under the PhaRMA Notes, the holders of the PhaRMA Notes may be able to pursue acceleration of the PhaRMA Notes and foreclose on
the collateral securing the PhaRMA Notes and our equity interest in Royalty Sub and may&nbsp;exercise other remedies available
to them under the indenture&nbsp;or other documents related to&nbsp;the PhaRMA Notes. In such event, we may not realize the benefit
of future royalty payments that might otherwise accrue to us following repayment of the PhaRMA Notes, we may incur legal costs&nbsp;and
we might otherwise be adversely affected.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We may be required to pay
significant premiums under the Currency Hedge Agreement entered into by us in connection with the issuance of the PhaRMA Notes.
In addition, because our potential obligations under the foreign currency hedge are marked to market, we may experience additional
quarterly volatility in our operating results and cash flows attributable to the Currency Hedge Agreement.&nbsp;</I></B>&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In connection with the issuance
by Royalty Sub of the PhaRMA Notes, we entered into a Currency Hedge Agreement to hedge certain risks associated with changes
in the value of the Japanese yen relative to the U.S. dollar. Under the foreign currency hedge agreement, we may be required to
pay an annual premium in the amount of $2.0 million in each May continuing through May 2020. Such payment will be required if,
in May of the relevant year, the spot rate of exchange for Japanese yen-U.S. dollars (determined in accordance with the Currency
Hedge Agreement) is such that the U.S. dollar is worth 100 yen or less. We will be required to mark to market our potential obligations
under the currency hedge and post cash collateral, which may cause us to experience additional quarterly volatility in our operating
results and cash flows as a result. Additionally, we may be required to pay significant premiums or a termination fee under the
foreign currency hedge agreement entered into by us in connection with the issuance of the PhaRMA Notes. We are required to maintain
a foreign currency hedge at 100 yen per dollar under the agreements governing the PhaRMA Notes.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Our Senior Credit Facility
contains restrictions that limit our flexibility in operating our business. We may be required to make a prepayment or repay the
outstanding indebtedness earlier than we expect if a prepayment event or an event of default occurs, including a material adverse
change with respect to us, which could have a material adverse effect on our business.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Senior Credit Facility contains
various covenants that limit our ability to engage in specified types of transactions. These covenants limit our ability to, among
other things:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 96%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">convey,
    sell, lease, license, transfer or otherwise dispose of certain parts of our business or property;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">change
    the nature of our business;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">liquidate or dissolve;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enter
    into certain change in control or acquisition transactions;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">incur
    or assume certain debt;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">grant
    certain types of liens on our assets;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">modify,
    liquidate or transfer assets in certain collateral accounts;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">pay
    dividends or make certain distributions to our stockholders;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">make
    certain investments;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enter
    into material transactions with affiliates; and</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">modify
    existing debt or collaboration arrangements.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The restrictive covenants contained
in the Senior Credit Facility could cause us to be unable to pursue business opportunities that we or our stockholders may consider
beneficial without the lender&rsquo;s permission or without repaying all Senior Credit Facility obligations.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A breach of any of these covenants
could result in an event of default under the Senior Credit Facility. An event of default will also occur if, among other things,
a material adverse change in our business, operations or condition occurs, which could potentially include negative results in
clinical trials, or a material impairment of the prospect of our repayment of any portion of the amounts we owe under the Senior
Credit Facility occurs. In the case of a continuing event of default under the agreement, the lender could elect to declare all
amounts outstanding to be immediately due and payable, proceed against the collateral in which we granted to the lender a security
interest under the Senior Credit Facility, or otherwise exercise the rights of a secured creditor. Amounts outstanding under the
Senior Credit Facility are secured by substantially all of our assets and those of our subsidiaries, excluding certain specified
assets but including proceeds from those assets.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>If we fail to adequately protect
or enforce our intellectual property rights or secure rights to patents of others, the value of those rights would diminish.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our success will depend in part
on our ability and the abilities of our partners to obtain, protect and enforce viable intellectual property rights including
but not limited to trade name, trademark and patent protection for our Company and its products, methods, processes and other
technologies we may license or develop, to preserve our trade secrets, and to operate without infringing the proprietary rights
of third parties both domestically and abroad. The patent position of biotechnology and pharmaceutical companies is generally
highly uncertain, involves complex legal and factual questions and has recently been the subject of much litigation. Neither the
United States Patent and Trademark Office (&ldquo;USPTO&rdquo;), the Patent Cooperation Treaty offices, nor the courts of the
United States and other jurisdictions have consistent policies nor predictable rulings regarding the breadth of claims allowed
or the degree of protection afforded under many biotechnology and pharmaceutical patents. Further, we may not have worldwide patent
protection for all of our product candidates and our intellectual property rights may not be legally protected or enforceable
in all countries throughout the world. In some jurisdictions, some of our product candidates in certain programs, including our
HAE program, may have short or no composition of matter patent life and we may therefore rely on orphan drug exclusivity or data
exclusivity. There can be no assurance that we will obtain orphan drug exclusivity or data exclusivity in every jurisdiction.
Further, in some jurisdictions, we may rely on formulation patents or method of use patents. Both the ability to achieve issuance
and the enforcement of formulation and method of use patents can be highly uncertain and can vary from jurisdiction to jurisdiction,
and such patents may therefore not adequately prevent competitors and potential infringers in some jurisdictions. The validity,
scope, enforceability and commercial value of the rights protected by such patents, therefore, is highly uncertain.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We also rely on trade secrets to
protect technology in cases when we believe patent protection is not appropriate or obtainable. However, trade secrets are difficult
to protect. If we cannot maintain the confidentiality of our technology and other confidential information in connection with
our collaborators and advisors, our ability to receive patent protection or protect our proprietary information may be imperiled.&nbsp;&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We may be involved in legal
proceedings to protect or enforce our patents, the patents of our partners or our other intellectual property rights, which could
be expensive, time consuming and unsuccessful.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Competitors may infringe or otherwise
violate our patents, the patents of our licensors or our other intellectual property rights. To counter infringement or unauthorized
use, we may be required to file legal claims, which can be expensive and time-consuming and unsuccessful. An adverse result in
any legal proceeding could put one or more of our patents at risk. Our success depends in part on avoiding the infringement of
other parties&rsquo; patents and other intellectual property rights as well as avoiding the breach of any licenses relating to
our technologies and products. In the United States, patent applications filed in recent years are confidential for 18 months,
while older applications are not published until the patent issues. As a result, avoiding patent infringement may be difficult
and we may inadvertently infringe third-party patents or proprietary rights. These third parties could bring claims against us,
our partners or our licensors that even if resolved in our favor, could cause us to incur substantial expenses and, if resolved
against us, could additionally cause us to pay substantial damages. Further, if a patent infringement suit were brought against
us, our partners or our licensors, we or they could be forced to stop or delay research, development, manufacturing or sales of
any infringing product in the country or countries covered by the patent we infringe, unless we can obtain a license from the
patent holder. Such a license may not be available on acceptable terms, or at all, particularly if the third party is developing
or marketing a product competitive with the infringing product. Even if we, our partners or our licensors were able to obtain
a license, the rights may be nonexclusive, which would give our competitors access to the same intellectual property.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If we or our partners are unable
or fail to adequately initiate, protect, defend or enforce our intellectual property rights in any area of commercial interest
or in any part of the world where we wish to seek regulatory approval for our products, methods, processes and other technologies,
the value of the product candidates to produce revenue would diminish. Additionally, if our products, methods, processes, and
other technologies or our commercial use of such products, processes, and other technologies, including but not limited to any
trade name, trademark or commercial strategy infringe the proprietary rights of other parties, we could incur substantial costs.
The USPTO and the patent offices of other jurisdictions have issued to us a number of patents for our various inventions and we
have in-licensed several patents from various institutions. We have filed additional patent applications and provisional patent
applications with the USPTO. We have filed a number of corresponding foreign patent applications and intend to file additional
foreign and U.S. patent applications, as appropriate. We have also filed certain trademark and trade name applications worldwide.
We cannot assure you as to:</FONT></P>


<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the degree and range of protection
    any patents will afford against competitors with similar products;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if and when patents will issue;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if patents do issue we cannot be sure that we
    will be able to adequately defend such patents and whether or not we will be able to adequately enforce such patents;&nbsp;or</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whether or not others will obtain patents claiming
    aspects similar to those covered by our patent applications.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the USPTO or other foreign patent
office upholds patents issued to others or if the USPTO grants patent applications filed by others, we may have to:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtain licenses or redesign
    our products or processes to avoid infringement;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">stop using the subject matter claimed in those
    patents;&nbsp;or</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">pay damages.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We may initiate, or others may bring
against us, litigation or administrative proceedings related to intellectual property rights, including proceedings before the
USPTO or other foreign patent office. Any judgment adverse to us in any litigation or other proceeding arising in connection with
a patent or patent application could materially and adversely affect our business, financial condition and results of operations.
In addition, the costs of any such proceeding may be substantial whether or not we are successful.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our success is also dependent upon
the skills, knowledge and experience, none of which is patentable, of our scientific and technical personnel. To help protect
our rights, we require all employees, consultants, advisors and partners to enter into confidentiality agreements that prohibit
the disclosure of confidential information to anyone outside of our company and require disclosure and assignment to us of their
ideas, developments, discoveries and inventions. These agreements may not provide adequate protection for our trade secrets, know-how
or other proprietary information in the event of any unauthorized use or disclosure or the lawful development by others of such
information, and if any of our proprietary information is disclosed, our business will suffer because our revenues depend upon
our ability to license or commercialize our product candidates and any such events would significantly impair the value of such
product candidates.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Our actual or perceived failure
to comply with European governmental regulations and other legal obligations related to privacy, data protection and information
security could harm our business. </I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">European Union (&ldquo;EU&rdquo;)
member states, Switzerland and other countries have adopted data protection laws and regulations, which impose significant compliance
obligations. For example, the General Data Protection Regulation (&ldquo;GDPR&rdquo;) imposes strict requirements on controllers
and processors of personal data, including special protections for &ldquo;special category data,&rdquo; which includes health,
biometric and genetic information of data subjects located in the EU. Further, GDPR provides a broad right for EU member states
to create supplemental national laws, for example relating to the processing of health, genetic and biometric data, which could
further limit our ability to use and share such data or could cause our costs to increase and harm our business and financial
condition. GDPR grants individuals the opportunity to object to the processing of their personal information, allows them to request
deletion of personal information in certain circumstances, and provides the individual with an express right to seek legal remedies
in the event the individual believes his or her rights have been violated. Further, the GDPR imposes strict rules on the transfer
of personal data out of the EU to the United States or other regions that have not been deemed to offer &ldquo;adequate&rdquo;
privacy protections.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Failure to comply with the requirements
of the GDPR and the related national data protection laws of the EU member states, which may deviate slightly from the GDPR, may
result in significant fines of up to 4% of global revenues, or &euro;20,000,000, whichever is greater, and in addition to such
fines, our failure to comply with the requirements of GDPR may subject us to litigation and/or adverse publicity, which could
have material adverse effect on our reputation and business. As a result of the implementation of the GDPR, we are required to
put in place additional mechanisms to ensure compliance with the new data protection rules. For example, the GDPR requires us
to make more detailed disclosures to data subjects, requires disclosure of the legal basis on which we can process personal data,
makes it harder for us to obtain valid consent for processing, will require the appointment of a data protection officer where
sensitive personal data (i.e., health data) is processed on a large scale, introduces mandatory data breach notification throughout
the EU, imposes additional obligations on us when we are contracting with service providers and requires us to adopt appropriate
privacy governance including policies, procedures, training and data audit.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We are subject to the supervision
of local data protection authorities in those jurisdictions where we undertake clinical trials. We depend on a number of third
parties in relation to the provision of our services, a number of which process personal data of EU individuals on our behalf.
With each such provider we are required to enter into contractual arrangements under which they are contractually obligated to
only process personal data according to our instructions, and conduct diligence to ensure that they have sufficient technical
and organizational security measures in place.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We are also subject to evolving
European privacy laws on electronic marketing and cookies. The EU is in the process of replacing the e-Privacy Directive (2002/58/EC)
with a new set of rules taking the form of a regulation that will be directly implemented in the laws of each European member
state. While the e-Privacy Regulation was originally intended to be adopted on May 25, 2018, it is still going through the European
legislative process and commentators now expect it to be adopted during the middle or second half of 2020.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We are subject to legal proceedings,
which could result in losses or unexpected expenditure of time and resources.&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">From time to time, we may be involved
in disputes, called upon to initiate legal proceedings or to defend ourselves in such legal proceedings relating to our business.&nbsp;Due
to the inherent uncertainties in legal proceedings, we cannot accurately predict the ultimate outcome of any such proceedings.&nbsp;An
unfavorable outcome in any such proceedings could have an adverse impact on our business, financial condition and results of operations.&nbsp;If
our stock price is volatile, we may become involved in securities class action lawsuits in the future.&nbsp;Any dispute resolution
or legal proceeding in the future, regardless of its merits, could result in substantial costs and a diversion of management&rsquo;s
attention and resources that are needed to successfully run our business.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We face an inherent risk of
liability in the event that the use or misuse of our products results in personal injury or death and our product liability insurance
coverage may be insufficient.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the use or misuse of peramivir,
forodesine or any other regulatory body-approved products we or a partner may sell in the future harms people, we may be subject
to costly and damaging product liability claims brought against us by consumers, healthcare providers, pharmaceutical companies,
third-party payors or others. The use of our product candidates in clinical trials, including post marketing clinical studies,
could also expose us to product liability claims. We cannot predict all of the possible harms or side effects that may result
from the use of our products or the testing of product candidates and, therefore, the amount of insurance coverage we currently
have may not be adequate to cover all liabilities or defense costs we might incur. A product liability claim or series of claims
brought against us could give rise to a substantial liability that could exceed our resources. Even if claims are not successful,
the costs of defending such claims and potential adverse publicity could be harmful to our business.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We face an inherent risk of product
liability exposure related to the testing of our product candidates in human clinical trials and will face even greater risks
upon any commercialization by us of our product candidates. We have product liability insurance covering our clinical trials.
Clinical trial and product liability insurance is becoming increasingly expensive. As a result, we may be unable to obtain sufficient
insurance or increase our existing coverage at a reasonable cost to protect us against losses that could have a material adverse
effect on our business. An individual may bring a product liability claim against us if one of our products or product candidates
causes, or is claimed to have caused, an injury or is found to be unsuitable for consumer use. Any product liability claim brought
against us, with or without merit, could result in:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">liabilities that substantially
    exceed our product liability insurance, which we would then be required to pay from other sources, if available;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an increase of our product liability insurance
    rates or the inability to maintain insurance coverage in the future on acceptable terms, or at all;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">withdrawal of clinical trial volunteers or patients;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage to our reputation and
    the reputation of our products, resulting in lower sales;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">regulatory investigations that could require
    costly recalls or product modifications;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">litigation costs;&nbsp;and</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the diversion of management&rsquo;s attention
    from managing our business.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Insurance coverage is
increasingly more costly and difficult to obtain or maintain.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">While we currently have insurance
for our business, property, directors and officers, and our products, insurance is increasingly more costly and narrower in scope,
and we may be required to assume more risk in the future. If we are subject to claims or suffer a loss or damage in excess of
our insurance coverage, we will be required to bear any loss in excess of our insurance limits. If we are subject to claims or
suffer a loss or damage that is outside of our insurance coverage, we may incur significant uninsured costs associated with loss
or damage that could have an adverse effect on our operations and financial position. Furthermore, any claims made on our insurance
policies may impact our ability to obtain or maintain insurance coverage at reasonable costs or at all.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>If our facility incurs
damage or power is lost for a significant length of time, our business will suffer.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We store clinical and stability
samples at our facility that could be damaged if our facility incurs physical damage or in the event of an extended power failure.
We have backup power systems in addition to backup generators to maintain power to all critical functions, but any loss of these
samples could result in significant delays in our drug development process.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<P STYLE="font-size: 10pt; margin: 0 0 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition, we store most
of our preclinical and clinical data at our facilities. Duplicate copies of most critical data are secured off-site. Any significant
degradation or failure of our computer systems could cause us to inaccurately calculate or lose our data. Loss of data could result
in significant delays in our drug development process and any system failure could harm our business and operations.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>A significant disruption
in our information technology systems or a cyber-security breach could adversely affect our business.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We are increasingly dependent
on information technology systems to operate our business. Like other companies in our industry, our networks and infrastructure
may be vulnerable to cyber-attacks or intrusions, including by computer hackers, foreign governments, foreign companies or competitors,
or may be breached by employee error, malfeasance or other disruption. A breakdown, invasion, corruption, destruction or interruption
of critical information technology systems could negatively impact operations.&nbsp;If our systems are damaged, fail to function
properly or otherwise become unavailable, we may incur substantial costs to repair or replace them, and we may experience loss
of critical data and interruptions or delays in our ability to perform critical functions, which could adversely affect our business,
financial condition or results of operations. Any compromise of our data security could also result in a violation of applicable
privacy and other laws, significant legal and financial exposure, damage to our reputation, loss or misuse of the information
and a loss of confidence in our data security measures, which could harm our business. There can be no assurance that our efforts
to protect our data and information technology systems will prevent breakdowns or breaches in our systems, or those of third parties
with which we do business, and any such events could adversely affect our business.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>If we fail to retain
our existing key personnel or fail to attract and retain additional key personnel, the development of our product candidates and
commercialization of our products and the related expansion of our business will be delayed or stopped.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We are highly dependent upon
our senior management and scientific team, the unexpected loss of whose services might impede the achievement of our development
and commercial objectives. Competition for key personnel with the experience that we require is intense and is expected to continue
to increase. Our inability to attract and retain the required number of skilled and experienced management, commercial, operational
and scientific personnel will harm our business because we rely upon these personnel for many critical functions of our business.</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>If because of our use
of hazardous materials, we violate any environmental controls or regulations that apply to such materials, we may incur substantial
costs and expenses in our remediation efforts.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our research and development
involves the controlled use of hazardous materials, chemicals and various radioactive compounds. We are subject to federal, state
and local laws and regulations governing the use, storage, handling and disposal of these materials and some waste products. Accidental
contamination or injury from these materials could occur. In the event of an accident, we could be liable for any damages that
result and any liabilities could exceed our resources. Compliance with environmental laws and regulations or a violation of such
environmental laws and regulations could require us to incur substantial unexpected costs, which would materially and adversely
affect our results of operations.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Risks
relating to investing in our common stock</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Our existing principal
stockholders hold a substantial amount of our common stock and may be able to influence significant corporate decisions, which
may conflict with the interest of other stockholders.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Several of our stockholders
own greater than 5% of our outstanding common stock. Our top ten stockholders own more than 50% of BioCryst and can individually,
and as a group, influence our operations based upon their concentrated ownership. These stockholders, if they act together, may
be able to influence the outcome of matters requiring approval of the stockholders, including the election of our directors and
other corporate actions.&nbsp;</FONT></P>


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Our stock price has been,
and is likely to continue to be, highly volatile, which could cause the value of an investment in our common stock to decline
significantly.</I></B> &nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The market prices for securities
of biotechnology companies in general have been highly volatile and may continue to be highly volatile in the future. Moreover,
our stock price has fluctuated frequently, and these fluctuations are often not related to our financial results. For the twelve
months ended June 30, 2018, the 52-week range of the market price of our stock was from $3.95 to $6.67 per share. The following
factors, in addition to other risk factors described in this section, may have a significant impact on the market price of our
common stock:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">announcements of technological
    innovations or new products by us or our competitors;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">developments or disputes concerning patents or
    proprietary rights;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">additional dilution through sales of our common
    stock or other derivative securities;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">status of new or existing licensing or collaborative
    agreements and government contracts;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">announcements relating to the status of our programs;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">developments and announcements regarding new
    and virulent strains of influenza;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">we or our partners achieving or failing to achieve
    development milestones;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">publicity regarding actual or potential medical
    results relating to products under development by us or our competitors;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">publicity regarding certain public health concerns
    for which we are or may be developing treatments;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">regulatory developments in both the United States
    and foreign countries;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">public concern as to the safety of pharmaceutical
    products;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">actual or anticipated fluctuations in our operating
    results;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">changes in financial estimates or recommendations
    by securities analysts;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">changes in the structure of healthcare payment
    systems, including developments in price control legislation;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">announcements by us or our competitors of significant
    acquisitions, strategic partnerships, joint ventures or capital commitments;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">additions or departures of key personnel or members
    of our board of directors;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purchases or sales of substantial amounts of
    our stock by existing stockholders, including officers or directors;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">economic and other external factors or other
    disasters or crises; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">period-to-period fluctuations in our financial
    results.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Future sales and issuances
of securities may dilute the ownership interests of our current stockholders and cause our stock price to decline.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Future sales of our common stock
by current stockholders into the public market could cause the market price of our stock to fall. As of June 30, 2018, there were
98,927,558 shares of our common stock outstanding. We may from time to time issue securities in relation to a license arrangement,
collaboration, merger or acquisition. We may also sell, for our own account, shares of common stock or other equity securities,
from time to time at prices and on terms to be determined at the time of sale.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As of June&nbsp;30, 2018, there
were 14,236,829 stock options and restricted stock units outstanding, 328,787 shares available for issuance under our Amended
and Restated Stock Incentive Plan, and 277,391 shares available for issuance under our Employee Stock Purchase Plan. In addition,
we could also make equity compensation grants outside of our Stock Incentive Plan. The shares underlying existing stock options,
restricted stock units and possible future stock options, stock appreciation rights and stock awards have been registered pursuant
to registration statements on Form S-8.</FONT></P>


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If some or all of such shares are
sold or otherwise issued into the public market over a short period of time, our current stockholders&rsquo; ownership interests
may be diluted and the value of all publicly traded shares is likely to decline, as the market may not be able to absorb those
shares at then-current market prices. Additionally, such sales and issuances may make it more difficult for us to sell equity
securities or equity-related securities in the future at a time and price that our management deems acceptable, or at all.&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In March 2017, we entered into a
Registration Rights Agreement with entities affiliated with Baker Bros. Advisors LP (the &ldquo;Baker Entities&rdquo;) to provide
that, if requested, we will register the shares of our common stock beneficially owned by the Baker Entities for resale under
the Securities Act. Our registration obligations pursuant to the Registration Rights Agreement cover all shares then held or thereafter
acquired by the Baker Entities, for up to ten years, and include our obligation to facilitate certain underwritten public offerings
of our common stock by the Baker Entities in the future. On May 10, 2017, we filed a registration statement on Form S-3 with respect
to 11,710,951 shares of common stock held by the Baker Entities. If the Baker Entities, by exercising their underwriting rights
or otherwise, sell a large number of our shares, or the market perceives that the Baker Entities intend to sell a large number
of our shares, this could adversely affect the market price of our common stock.&nbsp;&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We have anti-takeover provisions
in our corporate charter documents that may result in outcomes with which you do not agree.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our board of directors has the authority
to issue up to 4,800,000 shares of undesignated preferred stock and to determine the rights, preferences, privileges and restrictions
of those shares without further vote or action by our stockholders. The rights of the holders of any preferred stock that may
be issued in the future 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.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition, 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. 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.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We have broad discretion in
the use of the net proceeds from this offering and may not use them effectively.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Management will have broad discretion
in the application of the net proceeds, including any of the purposes described in &ldquo;Use of Proceeds.&rdquo; The failure
by our management to apply these funds effectively could have a material adverse effect on our business.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>We have never paid dividends
on our common stock and do not anticipate doing so in the foreseeable future.</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have never paid cash dividends
on our stock. We currently intend to retain all future earnings, if any, for use in the operation of our business. Accordingly,
we do not anticipate paying cash dividends on our common stock in the foreseeable future.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_006"></A>Use of proceeds</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We estimate that we will
receive net proceeds of approximately $46.5 million from the sale of shares of our common stock offered by us in this offering,
after deducting underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters
exercise their option to purchase additional shares in full, we estimate that the net proceeds to us will be approximately $53.5
million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">funding worldwide
    development,     manufacturing, regulatory and commercial activities for the prophylactic and acute BCX7353 programs,
    focusing primarily on the United States,     European Union and Japan;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the advancement of development
    activities of  our FOP and other preclinical rare disease program;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">post-approval commitments for
    RAPIVAB&trade;/ALPIVAB&trade;; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">capital expenditures and general
working capital needs.</FONT></TD></TR>
</TABLE>


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

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></P>

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_007"></A>Dilution</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As of March 31, 2018, our net tangible
book value was approximately $69.2 million, or approximately $0.70 per share of common stock. Net tangible book value per share
represents the amount of our total assets, excluding deferred collaboration expenses, less total liabilities, excluding deferred
collaboration revenues, divided by the 98,701,856 shares of our common stock outstanding as of March 31, 2018.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investors participating in this
offering will incur immediate, substantial dilution. After giving effect to our receipt of approximately $46.5 million of
estimated net proceeds (after deducting underwriting discounts and commissions and estimated offering expenses payable
by us) from our sale of common stock in this offering, our as adjusted net tangible book value
as of March 31, 2018 would have been $115.7 million, or $1.07 per share. This amount represents an immediate increase
in net tangible book value of $0.37 per share of our common stock to existing stockholders and an immediate dilution in net
tangible book value of $4.43 per share of our common stock to new investors purchasing shares of common stock in this offering.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The following table illustrates
this dilution on a per share basis:</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></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: 68%; font-size: 10pt; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Public
    offering price per share&#9;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.50</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net tangible book value per share as of
    March 31, 2018&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.70</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Increase in net tangible
    book value per share attributable to new investors&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.37</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net tangible book value
    per share as of March 31, 2018 after giving effect to this offering&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.07</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dilution
    in net tangible book value per share to new investors&#9;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.43</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the underwriters&rsquo; option
to purchase additional shares is exercised in full, the as adjusted net tangible book value per share after giving effect to this
offering would be $1.12 per share, which amount represents an immediate increase in as adjusted net tangible book value of
$0.42 per share of our common stock to existing stockholders and an immediate dilution in net tangible book value of $4.38
per share of our common stock to new investors purchasing shares of common stock in this offering.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The above discussion and table are
based on 98,701,856 shares of our common stock outstanding as of March 31, 2018 and exclude:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,268,967 shares of common
    stock issuable upon the exercise of stock options outstanding under our Stock Incentive Plan as of March 31, 2018, at a weighted
    average exercise price of $6.10 per share;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,562 shares of common stock issuable upon the
    vesting of restricted stock units outstanding under our Stock Incentive Plan as of March 31, 2018; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">477,793 additional shares of common stock reserved
    for issuance under our Stock Incentive Plan and 277,391 additional shares of common stock reserved for issuance under our
    Employee Stock Purchase Plan as of March 31, 2018.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To the extent that outstanding options
have been or may be exercised or other shares issued, there may be further dilution to investors. In addition, we may choose to
raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for
our current or future operating plans. To the extent that we raise additional capital by issuing equity securities or convertible
debt, your ownership may be further diluted.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_008"></A>Price range
of common stock and dividend policy</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our common stock is listed on the
Nasdaq Global Select Market under the symbol &ldquo;BCRX.&rdquo; The following table sets forth, for the periods indicated, the
range of high and low sales prices for our common stock, as reported by the Nasdaq Global Select Market.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">High</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Low</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Year ended December
    31, 2016</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1<SUP>st
    </SUP>Quarter&#9;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.24</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.63</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2<SUP>nd</SUP> Quarter&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.03</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.49</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3<SUP>rd</SUP> Quarter&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.80</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.82</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4<SUP>th</SUP> Quarter&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.56</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.75</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Year ended December
    31, 2017</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1<SUP>st</SUP> Quarter&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.25</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.20</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2<SUP>nd</SUP> Quarter&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.80</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.02</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3<SUP>rd</SUP> Quarter&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.22</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.95</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4<SUP>th</SUP> Quarter&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.35</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Year ending December
    31, 2018</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1<SUP>st</SUP> Quarter&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.92</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.25</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2<SUP>nd</SUP> Quarter&#9;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.67</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.53</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3<SUP>rd
    </SUP>Quarter (through August 1, 2018)&#9;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.69</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.45</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The last reported
sale price of our common stock on the Nasdaq Global Select Market on August 1, 2018 was $5.52 per share. As of August 1,
2018 there were approximately 171 holders of record of our common stock.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have never
paid cash dividends and do not anticipate paying cash dividends in the foreseeable future.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_009"></A>Underwriting</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0; color: blue"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We are offering the shares of
common stock described in this prospectus supplement through a number of underwriters. J.P. Morgan Securities LLC
and Jefferies LLC are  acting as  joint book-running managers of the offering and as
representatives of the underwriters. We have entered into an underwriting agreement with the underwriters. Subject to the
terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has
severally agreed to purchase, at the public offering price less the underwriting discounts and commissions set forth on the
cover page of this prospectus supplement, the number of shares of common stock listed next to its name in the following
table:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Name</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number
    of<BR> Shares</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 84%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">J.P. Morgan
    Securities LLC</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000,000</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jefferies LLC</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,181,819</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">JMP
    Securities LLC</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">909,091</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total&#9;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,090,910</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The underwriters are committed to
purchase all the shares of common stock offered by us if they purchase any shares. The underwriting agreement also provides that
if an underwriter defaults, the purchase commitments of non-defaulting underwriters may also be increased or the offering may
be terminated.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The underwriters propose to offer
the shares of common stock directly to the public at the public offering price set forth on the cover page of this prospectus
supplement and to certain dealers at that price less a concession not in excess of $0.198
per share. After the offering of the shares to the public, the offering price and other selling terms may be changed by the underwriters.
Sales of shares made outside of the United States may be made by affiliates of the underwriters.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The underwriters have an option
to buy up to 1,363,636 additional shares of common stock from us to cover sales of shares by the underwriters which exceed
the number of shares specified in the table above. The underwriters have 30&nbsp;days from the date of this prospectus supplement
to exercise this option to purchase additional shares. If any shares are purchased with this option to purchase additional shares,
the underwriters will purchase shares in approximately the same proportion as shown in the table above. If any additional shares
of common stock are purchased, the underwriters will offer the additional shares on the same terms as those on which the shares
are being offered.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The underwriting fee is equal to
the public offering price per share of common stock less the amount paid by the underwriters to us per share of common stock.
The underwriting fee is $0.33 per share.
The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters assuming
both no exercise and full exercise of the underwriters&rsquo; option to purchase additional shares.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Without
    exercise<BR> of option to <BR> purchase <BR> additional shares</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">With
    full exercise <BR> of option to <BR> purchase <BR> additional shares</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Per Share</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.33</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.33</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,000,000</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1.1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,450,000</FONT></TD><TD STYLE="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We estimate that the total expenses
of this offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding
the underwriting discounts and commissions, will be approximately $500,000. We have agreed to reimburse the underwriters for all
expenses related to qualification of our common stock under states securities laws and the clearing of this offering with the
Financial Industry Regulatory Authority. In addition, we have granted to J.P. Morgan Securities LLC the right to participate in
any public offering of our common stock until July 19, 2020, subject to certain limitations.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A prospectus supplement in electronic
format may be made available on the web sites maintained by one or more underwriters, or selling group members, if any, participating
in the offering. The underwriters may agree to allocate a number of shares to underwriters and selling group members for sale
to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters and
selling group members that may make Internet distributions on the same basis as other allocations.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have agreed, subject to
limited exceptions, that we will not (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or
otherwise dispose of, directly or indirectly, or file with the SEC a registration statement under the Securities Act relating
to, any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common
stock, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing, or (ii) enter into any swap
or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of any shares
of common stock or any such other securities (regardless of whether any of these transactions are to be settled by the
delivery of shares of common stock or such other securities, in cash or otherwise), in each case without the prior written
consent of J.P. Morgan Securities LLC and Jefferies LLC for a period of 60 days after the date of this prospectus supplement
(the &ldquo;Restricted Period&rdquo;), other than (A) the shares of our common stock to be sold hereunder (B) shares and
options to purchase shares of common stock issued pursuant to our existing equity compensation plans and (C) any shares of
our common stock issued upon the exercise of options or the vesting of restricted stock units granted under our existing
management incentive plans.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our directors and executive
officers have entered into lock-up agreements with the underwriters prior to the commencement of this offering pursuant to
which each of these persons, with limited exceptions, for a period of 60 days after the date of this prospectus supplement,
may not, without the prior written consent of J.P. Morgan Securities LLC and Jefferies LLC, (1)&nbsp;offer, pledge, announce the intention to
sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of our common
stock or any securities convertible into or exercisable or exchangeable for our common stock (including, without limitation,
common stock or such other securities which may be deemed to be beneficially owned by such directors and executive officers
in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option or
warrant) or (2)&nbsp;enter into any swap or other agreement that transfers, in whole or in part, any of the economic
consequences of ownership of the common stock or such other securities, whether any such transaction described in
clause&nbsp;(1) or (2) above is to be settled by delivery of common stock or such other securities, in cash or otherwise, or
(3) make any demand for or exercise any right with respect to the registration of any shares of our common stock or any
security convertible into or exercisable or exchangeable for our common stock. Each of the lock-up agreements contain certain
exceptions, including the establishment of a contract or plan meeting the requirements of Rule 10b5-1 under the Exchange Act
for the transfer or sale of shares of common stock after the expiration of a period of 60 days after the date of this
prospectus supplement, provided that such plan does not provide for the sale of common stock during the Restricted Period
and, provided further, that no filing by any party under the Exchange Act, or other public announcement regarding the
establishment of such plan, shall be required or shall be voluntarily made during the Restricted Period; the transfer or sale
of shares of common stock pursuant to a 10b5-1 plan that has been entered into by certain of our executive officers prior to
the date hereof and provided any filing required or voluntarily made under the Exchange Act shall note that such
transaction was conducted pursuant to a pre-established 10b5-1 plan; the disposition of shares of common stock to the Company
for the purpose of covering tax liabilities and/or the exercise price in connection with the exercise of options to purchase
shares of common stock or the vesting of restricted stock units or shares of restricted stock, in each case awarded pursuant
to our existing equity compensation plans, provided that any required filing under the Exchange Act shall clearly indicate
the circumstances of such disposition.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have agreed to indemnify the
underwriters against certain liabilities, including liabilities under the Securities Act.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our common stock is listed on the
Nasdaq Global Select Market under the symbol &ldquo;BCRX.&rdquo;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In connection with this offering,
the underwriters may engage in stabilizing transactions, which involves making bids for, purchasing and selling shares of common
stock in the open market for the purpose of preventing or retarding a decline in the market price of the common stock while this
offering is in progress. These stabilizing transactions may include making short sales of the common stock, which involves the
sale by the underwriters of a greater number of shares of common stock than they are required to purchase in this offering, and
purchasing shares of common stock on the open market to cover positions created by short sales. Short sales may be &ldquo;covered&rdquo;
shorts, which are short positions in an amount not greater than the underwriters&rsquo; option to purchase additional shares referred
to above, or may be &ldquo;naked&rdquo; shorts, which are short positions in excess of that amount. The underwriters may close
out any covered short position either by exercising their option to purchase additional shares, in whole or in part, or by purchasing
shares in the open market. In making this determination, the underwriters will consider, among other things, the price of shares
available for purchase in the open market compared to the price at which the underwriters may purchase shares through the option
to purchase additional shares. A naked short position is more likely to be created if the underwriters are concerned that there
may be downward pressure on the price of the common stock in the open market that could adversely affect investors who purchase
in this offering. To the extent that the underwriters create a naked short position, they will purchase shares in the open market
to cover the position.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The underwriters have advised us
that, pursuant to Regulation&nbsp;M of the Securities Act, they may also engage in other activities that stabilize, maintain or
otherwise affect the price of the common stock, including the imposition of penalty bids. This means that if the representatives
of the underwriters purchase common stock in the open market in stabilizing transactions or to cover short sales, the representatives
can require the underwriters that sold those shares as part of this offering to repay the underwriting discount received by them.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">These activities may have the effect
of raising or maintaining the market price of the common stock or preventing or retarding a decline in the market price of the
common stock, and, as a result, the price of the common stock may be higher than the price that otherwise might exist in the open
market. If the underwriters commence these activities, they may discontinue them at any time. The underwriters may carry out these
transactions on the Nasdaq Global Select Market, in the over-the-counter market or otherwise.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition, in connection with
this offering certain of the underwriters (and selling group members) may engage in passive market making transactions in our
common stock on the Nasdaq Stock Market prior to the pricing and completion of this offering. Passive market making consists of
displaying bids on the Nasdaq Stock Market no higher than the bid prices of independent market makers and making purchases at
prices no higher than these independent bids and effected in response to order flow. Net purchases by a passive market maker on
each day are generally limited to a specified percentage of the passive market maker&rsquo;s average daily trading volume in the
common stock during a specified period and must be discontinued when such limit is reached. Passive market making may cause the
price of our common stock to be higher than the price that otherwise would exist in the open market in the absence of these transactions.
If passive market making is commenced, it may be discontinued at any time.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other than in the United States,
no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus
supplement in any jurisdiction where action for that purpose is required. The securities offered by this prospectus supplement
may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements
in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances
that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this
prospectus supplement comes are advised to inform themselves about and to observe any restrictions relating to the offering and
the distribution of this prospectus supplement. This prospectus supplement does not constitute an offer to sell or a solicitation
of an offer to buy any securities offered by this prospectus supplement in any jurisdiction in which such an offer or a solicitation
is unlawful.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Certain of the underwriters and
their affiliates have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial
banking, financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their
business, for which they have received and may continue to receive customary fees and commissions. In addition, from time to time,
certain of the underwriters and their affiliates may effect transactions for their own account or the account of customers, and
hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do
so in the future. The underwriters and certain of their affiliates may also communicate independent investment recommendations,
market color or trading ideas and/or publish or express independent research views in respect of such securities or instruments
and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Notice to Prospective
Investors in the European Economic Area</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In relation to each Member State
of the European Economic Area (each, a &ldquo;Relevant Member State&rdquo;), no offer of shares may be made to the public in that
Relevant Member State other than:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A.</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any legal entity which
    is a qualified investor as defined in the Prospectus Directive;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to fewer than 100 or, if the Relevant Member
    State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than
    qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining
    the prior consent of the representatives; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in any other circumstances falling within Article
    3(2) of the Prospectus Directive, provided that no such offer of shares shall require the Company or the representatives to
    publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of
    the Prospectus Directive.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Each person in a Relevant Member
State who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed
that it is a &ldquo;qualified investor&rdquo; within the meaning of the law in that Relevant Member State implementing Article
2(1)(e) of the Prospectus Directive.&nbsp; In the case of any shares being offered to a financial intermediary as that term is
used in Article 3(2) of the Prospectus Directive, each such financial intermediary will be deemed to have represented, acknowledged
and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have
they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares&nbsp;
to the public other than their offer or resale in a Relevant Member State to qualified investors as so defined or in circumstances
in which the prior consent of the representatives has been obtained to each such proposed offer or resale.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Company, the representatives
and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This prospectus supplement has been
prepared on the basis that any offer of shares in any Relevant Member State will be made pursuant to an exemption under the Prospectus
Directive from the requirement to publish a prospectus for offers of shares. Accordingly, any person making or intending to make
an offer in that Relevant Member State of shares which are the subject of the offering contemplated in this prospectus supplement
may only do so in circumstances in which no obligation arises for the Company or any of the underwriters to publish a prospectus
pursuant to Article 3 of the Prospectus Directive in relation to such offer.&nbsp; Neither the Company nor the underwriters have
authorized, nor do they authorize, the making of any offer of shares in circumstances in which an obligation arises for the Company
or the underwriters to publish a prospectus for such offer.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For the purpose of the above provisions,
the expression &ldquo;an offer to the public&rdquo; in relation to any shares in any Relevant Member State means the communication
in any form and by any means of sufficient information on the terms of the offer and the shares to be offered so as to enable
an investor to decide to purchase or subscribe the shares, as the same may be varied in the Relevant Member State by any measure
implementing the Prospectus Directive in the Relevant Member State and the expression &ldquo;Prospectus Directive&rdquo; means
Directive 2003/71/EC (including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member States) and includes
any relevant implementing measure in the Relevant Member State and the expression &ldquo;2010 PD Amending Directive&rdquo; means
Directive 2010/73/EU.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Notice to Prospective
Investors in the United Kingdom</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition, in the United Kingdom,
this prospectus supplement is being distributed only to, and is directed only at, and any offer subsequently made may only be
directed at persons who are &ldquo;qualified investors&rdquo; (as defined in the Prospectus Directive) (i) who have professional
experience in matters relating to investments falling within Article 19 (5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the &ldquo;Order&rdquo;) and/or (ii) who are high net worth companies (or persons to whom it
may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred
to as &ldquo;relevant persons&rdquo;).&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any person in the United Kingdom
that is not a relevant person should not act or rely on the information included in this prospectus supplement or use it as basis
for taking any action. In the United Kingdom, any investment or investment activity that this prospectus supplement relates to
may be made or taken exclusively by relevant persons. Any person in the United Kingdom that is not a relevant person should not
act or rely on this prospectus supplement or any of its contents.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Notice to Prospective
Investors in Canada</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The shares of common stock may be
sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument 45-106 <I>Prospectus Exemptions</I> or subsection 73.3(1) of the <I>Securities Act</I> (Ontario), and are permitted
clients, as defined in National Instrument 31-103 <I>Registration Requirements, Exemptions and Ongoing Registrant Obligations</I>.
Any resale of the shares of common stock must be made in accordance with an exemption from, or in a transaction not subject to,
the prospectus requirements of applicable securities laws.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Securities legislation in certain
provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement
(including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised
by the purchaser within the time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory.
The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory
for particulars of these rights or consult with a legal advisor.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pursuant to section 3A.3 of National
Instrument 33-105 <I>Underwriting Conflicts</I> (<B>NI 33-105</B>), the underwriters are not required to comply with the disclosure
requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_010"></A>Legal
matters</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The validity of the shares of common
stock offered by this prospectus supplement will be passed upon for us by Gibson, Dunn &amp; Crutcher LLP. Certain legal matters
in connection with this offering will be passed upon for the underwriters by Latham &amp; Watkins LLP, San Diego, California.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_011"></A>Experts</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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, 2017, and the effectiveness of our internal control over financial reporting as of December 31,
2017, 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, 2017 are incorporated by reference in reliance on Ernst &amp; Young LLP&rsquo;s reports, given on
their authority as experts in accounting and auditing.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_012"></A>Where
you can find more information</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We file electronically with the
SEC our annual reports on Form 10-K, quarterly 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 supplement. 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.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The SEC also maintains a website
that contains reports, proxy 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 supplement.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 supplement.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><B><A NAME="a_013"></A>Incorporation
of certain documents by reference</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information into this prospectus supplement. 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 supplement, except for any information that is superseded by information that is included directly
in this document.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This prospectus supplement 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.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our Annual Report on Form
    10-K for the year ended December 31, 2017, filed with the SEC on March 12, 2018, as amended by Amendment No. 1 on Form 10-K/A,
    filed with the SEC on March 27, 2018;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our Quarterly Report on form 10-Q for the quarter
    ended March 31, 2018, filed with the SEC on May 9, 2018, respectively;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our Current Reports on Form 8-K filed with the
    SEC on January 22, 2018, February 28, 2018, March 15, 2018, June 20, 2018, July 10, 2018 and July 20, 2018; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The description of our common stock contained
    in our Registration Statement on Form 8-A (File No. 000-23186) filed with the SEC on January 8, 1994, including any amendment
    or reports filed for the purpose of updating such description.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All documents filed by us pursuant
to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus supplement and prior to the termination
of this offering shall be deemed to be incorporated by reference herein and to be a part of this prospectus supplement from the
date of filing of such documents. We are not, however, incorporating by reference any documents or portions thereof, whether specifically
listed above or filed in the future, that are not deemed &ldquo;filed&rdquo; with the SEC, including 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 supplement 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 supplement.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">You can obtain any of the documents
incorporated by reference in this prospectus supplement from us without charge, excluding any exhibits to those documents unless
the exhibit is specifically incorporated by reference as an exhibit to this prospectus supplement, by requesting them in writing
or by telephone from us at the following address and telephone number:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 1.8pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investor
Relations</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 1.8pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BioCryst
Pharmaceuticals, Inc.</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 1.8pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4505
Emperor Blvd., Suite 200</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 1.8pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Durham,
North Carolina 27703</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 1.8pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(919)
859-7910</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Neither we nor the underwriters
have authorized anyone to provide you with information different from that contained or incorporated by reference in this prospectus
supplement, the accompanying prospectus or any free writing prospectus prepared by us or on our behalf. We and the underwriters
take no responsibility for, or can provide no assurances as to the reliability of, any information other than the information
contained or incorporated by reference in this prospectus supplement, the accompanying prospectus or any free writing prospectus
prepared by us or on our behalf. 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.</FONT></P>

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

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

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

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

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

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

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



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

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

<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 December 12, 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%"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">ii</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_015"><FONT STYLE="font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_016"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_017"><FONT STYLE="font-size: 10pt">INFORMATION REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_018"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">5</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_019"><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON STOCK, PREFERRED STOCK AND DEPOSITARY SHARES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_020"><FONT STYLE="font-size: 10pt">DESCRIPTION OF STOCK PURCHASE CONTRACTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">9</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_021"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_022"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_023"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_024"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024"><FONT STYLE="font-size: 10pt">15</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_025"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025"><FONT STYLE="font-size: 10pt">15</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_026"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_026"><FONT STYLE="font-size: 10pt">16</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_027"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_027"><FONT STYLE="font-size: 10pt">16</FONT></A></TD></TR>
</TABLE>
<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"></P>

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<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><A NAME="a_014"></A>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"></P>

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<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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B><A NAME="a_015"></A>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><A NAME="a_016"></A>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><A NAME="a_017"></A>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><A NAME="a_018"></A>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><A NAME="a_019"></A>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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<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><A NAME="a_020"></A>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><A NAME="a_021"></A>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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    <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><A NAME="a_022"></A>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><A NAME="a_023"></A>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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<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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<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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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><A NAME="a_024"></A>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><A NAME="a_025"></A>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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    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><A NAME="a_026"></A>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><A NAME="a_027"></A>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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    <!-- Field: /Page -->

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

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

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"></P>

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

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

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

<P STYLE="font-size: 18pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>9,090,910
shares</I></B></FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="logo2.jpg" ALT="" STYLE="height: 100pt; width: 246pt"></FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Common
stock </I></B></FONT></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 24pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Prospectus
supplement</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>J.P. Morgan</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font-size: 18pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Jefferies</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font-size: 18pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>JMP Securities</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">August 1,
2018</FONT></P>

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

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

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