<SEC-DOCUMENT>0001171843-22-000275.txt : 20220215
<SEC-HEADER>0001171843-22-000275.hdr.sgml : 20220215
<ACCEPTANCE-DATETIME>20220114120317
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001171843-22-000275
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20220114

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:		CORRESP

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

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  <TD STYLE="text-align: right; width: 50%"><IMG SRC="hdr2.jpg" ALT="" STYLE="height: 91px; width: 100px"></TD></TR>
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<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>VIA EDGAR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 14, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Life Sciences</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Kristin Lochhead and Brian Cascio</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 8%; font-weight: bold">Re:</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 91%; font-weight: bold; text-align: left">BioCryst Pharmaceuticals, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">Form 10-K for the Fiscal Year Ended December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">Filed March 1, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">File No. 000-23186</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of BioCryst Pharmaceuticals,
Inc. (the &ldquo;<U>Company</U>&rdquo;), set forth below is the Company&rsquo;s response to the comment letter dated December 14, 2021
from the staff (the &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission in connection with the Staff&rsquo;s review
of the Company&rsquo;s annual report on Form 10-K for the fiscal year ended December 31, 2020. For ease of reference, the numbered paragraph
below corresponds to the numbered comment in your letter, with your comment presented in bold followed by the related response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Notes to Consolidated Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Note 3. Royalty Monetizations, page 64</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>We see that you used level 3 inputs to determine the fair value of the ORLADEYO royalty financing obligation.
Please tell us where you provided all of the relevant disclosures required by ASC 820-10-50, including quantitative information about
the significant unobservable inputs used in the fair value measurement.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">The Company acknowledges
the Staff&rsquo;s comment and respectfully informs the Staff that the ORLADEYO<SUP>&reg;</SUP> royalty financing obligation was recorded
at fair value as of the transaction date but is then recorded at its carrying value in subsequent periods. As the disclosure requirements
in ASC 820 are focused solely on fair value measurements recorded subsequent to the initial recognition, we determined the relevant disclosures
of ASC 820-10-50 are not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">As disclosed in
Note 3, the Company recorded the ORLADEYO financing obligation at fair value at the time of the transaction (December 7, 2020) based on
estimated future royalties due, which were based on level 3 unobservable inputs. However, the financing obligation is subsequently recorded
at its carrying value in accordance with ASC 470 based on the application of the effective interest method. ASC 470 requires amounts recorded
as debt to be amortized under the interest method, and accordingly, the Company determines the effective interest rate based on future
royalty payments to be made to the counterparty. In applying the effective interest method, if there is a change in estimated cash flows
from future revenue, the Company utilizes the prospective method to periodically assess and adjust the carrying value based on estimated
future cash payments. At December 31, 2020, there were no changes to the estimated future cash royalty payments used in the initial estimate
to record the fair value as of the transaction date of December 7, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ftr.jpg" ALT="" STYLE="height: 45px; width: 800px">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="hdr1.jpg" ALT="" STYLE="height: 90px; width: 200px"></TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="hdr2.jpg" ALT="" STYLE="height: 91px; width: 100px"></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">For clarity, the
Company will revise future filings to include the following enhanced disclosure relative to the ongoing accounting treatment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">The fair value
for the royalty financing obligation at the time of the transaction was based on the Company&rsquo;s estimates of future royalties expected
to be paid to the counterparty over the life of the arrangement. The Company subsequently records the obligation at its carrying value
using the effective interest method. In order to amortize the royalty financing obligation, the Company utilizes the prospective method
to estimate the future royalties to be paid by the Company to the counterparty over the life of the arrangement. Under the prospective
method, a new effective interest rate is determined based on the revised estimate of remaining cash flows. The new rate is the discount
rate that equates the present value of the revised estimate of remaining cash flows with the carrying amount of the debt, and it will
be used to recognize interest expense for the remaining periods. The Company periodically assesses the amount and timing of expected royalty
payments using a combination of internal projections and forecasts from external sources. To the extent such payments are greater or less
than our initial estimates or the timing of such payments is materially different than its original estimates, the Company will prospectively
adjust the amortization of the royalty financing obligation and the effective interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any additional
questions or comments or require further information with respect to the foregoing, please call the undersigned at (919) 859-7930 or Brian
Lane of Gibson, Dunn &amp; Crutcher LLP at (202) 887-3646.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 30%">Very truly yours,</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alane Barnes</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Alane Barnes</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Chief Legal Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%">cc:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 95%; text-align: left">Brian Lane, Gibson, Dunn &amp; Crutcher LLP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Mark Baxter, Ernst &amp; Young LLP</TD></TR>
  </TABLE>




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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">2</FONT></P>

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end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>hdr2.jpg
<DESCRIPTION>GRAPHIC
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end
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<DOCUMENT>
<TYPE>GRAPHIC
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<FILENAME>ftr.jpg
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<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
