BioCryst is a commercial-stage rare-disease biotechnology company centered on ORLADEYO, the first and only once-daily oral prophylaxis for hereditary angioedema. Its value proposition is reduced injection burden, supported by 86% three-month, 76% six-month, and 61% 12-month patient persistence. **The company is at an operational inflection point:** Q2 2026 revenue was $218.3 million versus $186.2 million consensus, diluted EPS was $0.30 versus $0.22, GAAP operating profit was $98.5 million, and cash and investments were $354.0 million. Management maintained ORLADEYO guidance of $625 million–$645 million, raised total 2026 revenue guidance to $690 million–$715 million, and lowered non-GAAP OpEx guidance to $420 million–$440 million. ORLADEYO’s approximately 98.2% gross margin and U.S.-focused distribution support substantial operating leverage. The company’s five-year revenue CAGR was 34.3% through FY2025, when revenue reached $874.8 million and GAAP net income was $263.9 million. **Valuation remains discounted at approximately 2.3x EV/Sales and 10.5x forward non-GAAP P/E versus 4x–6x commercial biotech peers.** Near-term catalysts include pediatric pellet uptake, late-2026 BCX17725 data, navenibart Phase 3 progress, and Paragraph IV litigation.