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Stock-based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Stock-Based Compensation
As of September 30, 2024, the Company had three stock-based employee compensation plans: the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Amended and Restated Inducement Equity Incentive Plan (“Inducement Plan”) and the Amended and Restated Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was most recently amended and restated on April 22, 2024 and approved by the Company’s stockholders on June 12, 2024. The Inducement Plan was most recently amended and restated by the Company’s Board of Directors on October 26, 2023. The ESPP was most recently amended and restated by the Company’s Board of Directors on July 7, 2023.
The Company recorded the following stock-based compensation expense (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Incentive Plan$14,794 $9,637 $37,294$30,934 
Inducement Plan2,234 2,626 6,2417,346 
ESPP221 16 539847 
Stock-based compensation expense$17,249 $12,279 $44,074 $39,127 
Retirement Policy
In July 2024, the Company adopted the BioCryst Pharmaceuticals, Inc. Equity Award Retirement Policy (the “Retirement Policy”). The Retirement Policy provides for the continued vesting of certain unvested awards granted more than one year prior to the date of retirement according to the original vesting schedule of the award. Employees are eligible for the Retirement Policy upon meeting age, service, and notice period requirements and receipt of notice of their eligibility from the Company. The Company considered the adoption of the Retirement Policy to be a modification of existing awards under ASC Topic 718, Compensation - Stock Compensation. The modification did not result in any incremental compensation cost. However, the adoption of the Retirement Policy resulted in a new estimate of the requisite service period for certain awards. In connection with the adoption of the Retirement Policy, the Company accelerated the recognition of stock-based compensation expense of $4,090 during the three and nine months ended September 30, 2024.
Stock Incentive Plan
The following table summarizes stock option activity under the Incentive Plan:
Shares
(in thousands)		Weighted Average Exercise Price per ShareWeighted Average Remaining Contractual Term
(in years)		Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 202335,505 $8.24 
Granted461 6.30 
Exercised(338)4.54 $831 
Cancelled or Forfeited(2,226)9.58 
Outstanding at September 30, 202433,402 $8.16 6.15$30,476 
Exercisable at September 30, 202420,530 $7.88 4.87$23,568 
Vested and expected to vest at September 30, 202431,484 $8.11 6.08$29,732 
The following table summarizes restricted stock unit activity under the Incentive Plan:
Shares
(in thousands)		Weighted Average Grant Date Fair Value
Unvested at December 31, 20235,592 $8.67 
Granted259 5.80 
Vested(259)9.75 
Forfeited(529)8.63 
Unvested at September 30, 20245,063 $8.47 
For restricted stock unit awards granted under the Incentive Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the first nine months of 2024 and 2023 was $5.80 and $9.18, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.
As of September 30, 2024, total unrecognized compensation cost related to unvested restricted stock unit awards granted under the Incentive Plan was $26,370, which is expected to be recognized over a weighted average period of 1.2 years.
Inducement Equity Incentive Plan
The following table summarizes stock option activity under the Inducement Plan:
Shares
(in thousands)		Weighted Average Exercise Price per ShareWeighted Average Remaining Contractual Term
(in years)		Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 20235,527 $8.77 
Granted433 6.15 
Exercised(180)3.56 $407 
Cancelled or Forfeited(623)10.69 
Outstanding at September 30, 20245,157 $8.50 7.14$7,665 
Exercisable at September 30, 20243,089 $7.61 6.34$6,573 
Vested and expected to vest at September 30, 20244,751 $8.36 7.05$7,473 
The following table summarizes restricted stock unit activity under the Inducement Plan:
Shares
(in thousands)		Weighted Average Grant Date Fair Value
Unvested at December 31, 2023915 $9.90 
Granted263 6.25 
Vested(162)10.39 
Forfeited(197)9.74 
Unvested at September 30, 2024819 $8.67 
For restricted stock unit awards granted under the Inducement Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards
granted during the first nine months of 2024 and 2023 was $6.25 and $8.35, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.
As of September 30, 2024, total unrecognized compensation cost related to unvested restricted stock unit awards granted under the Inducement Plan was $5,110, which is expected to be recognized over a weighted average period of 1.7 years.
Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive and Inducement Plans
For stock option awards granted under the Incentive Plan and the Inducement Plan, the fair value is estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted below. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method.
Stock Incentive Plan
The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the nine months ended September 30, 2024 and 2023:
Nine Months Ended September 30,
20242023
Expected Life in Years5.85.5
Expected Volatility83.7 %84.3 %
Expected Dividend Yield0.0 %0.0 %
Risk-Free Interest Rate4.3 %3.9 %
Weighted average grant date fair value per share$4.56 $6.40 
As of September 30, 2024, total unrecognized compensation cost related to unvested stock option awards granted under the Incentive Plan was $45,492, which is expected to be recognized over a weighted average period of 1.1 years.
Inducement Equity Incentive Plan
The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the nine months ended September 30, 2024 and 2023:
Nine Months Ended September 30,
20242023
Expected Life in Years5.85.6
Expected Volatility83.4 %83.8 %
Expected Dividend Yield0.0 %0.0 %
Risk-Free Interest Rate4.2 %3.9 %
Weighted average grant date fair value per share$4.43 $6.14 
As of September 30, 2024, total unrecognized compensation cost related to unvested stock option awards granted under the Inducement Plan was $9,722, which is expected to be recognized over a weighted average period of 1.4 years.
Employee Stock Purchase Plan
The Company has reserved a total of 7,975 shares of common stock to be purchased under the ESPP, of which 5,042 shares remain available for purchase as of September 30, 2024. During the nine months ended September 30, 2024 and September 30, 2023, the Company issued 412 and 338 shares under the ESPP, respectively.