BioCryst Pharmaceuticals (BCRX) 8-K Biocryst Pharmaceuticals Announces Focused Corporate Strategy

BioCryst Strategy & Restructuring Update

December 7, 2012

Exhibit 99.2

2

Forward-looking statement

BioCryst’s presentation may contain forward-looking statements, including statements

regarding future results, unaudited and forward-looking financial information and

company performance or achievements. These statements are subject to known and

unknown risks and uncertainties which may cause our actual results, performance or

achievements to be materially different from any future results or performances

expressed or implied in this presentation.

You should not place undue reliance on the

forward-looking statements.

For additional information, including important risk

factors, please refer to BioCryst’s documents filed with the SEC and located at

http://investor.shareholder.com/biocryst/sec.cfm 

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Path forward to rebuild shareholder value

Restructure & focus

Invest primarily in three core programs

Oral hereditary angioedema treatments/BCX4161 and next generation molecule

Hemorrhagic fevers/broad spectrum antiviral BCX4430

HCV antiviral/BCX5191

Restructuring goals:

Scale organization appropriately

Preserve cash and extend runway

Reach near-term value creating milestones

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BioCryst’s pipeline

1. Peramivir is approved in Japan & Korea

No additional clinical investment planned

Inflammatory Disease

Preclinical

Phase 1

Phase 2

Pivotal

Filed

Approved

Ulodesine

(Gout)

BCX4161

(Hereditary angioedema)

Infectious Disease

Preclinical

Phase 1

Phase 2

Pivotal

Filed

Approved

Peramivir Outpatient Flu¹

(Seasonal influenza / i.v.)

Peramivir Inpatient Flu

(Acute influenza / i.v.)

BCX5191

(Hepatitis C)

BCX4430

(Broad spectrum antiviral)

Enrollment suspended

Financial impact of corporate restructuring

Recent setbacks in the peramivir & BCX5191 programs, as well as the delay in the

BCX4161 program, necessitate a significant reduction in BioCryst’s cost structure

Significant operating expense

reductions provide a 38-45%

decrease in 2013 cash use vs.

$40 million guidance for 2012

Reduction of 38 positions (50%) in the

employee base lowers infrastructure

costs

The restructuring significantly reduces BioCryst’s cost base, extends its cash

runway into 2014 and enables the achievement of additional value

creating events

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Implications of restructuring & preliminary guidance*

*Preliminary Guidance will be updated with formal 2013 guidance during fiscal 2012 results reporting in February 2013

+Excludes restructuring & deal charges

Cash & investments as of December 31,  2012

$35 –

37

Restructuring charge (2012)

$2 –

4

Deal charge (2012)

$1 –

2

2012 cash utilization

+

$40

2013 cash utilization

+

$22 –

25

Months of cash runway from January 1, 2013

15 –

18

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(in millions)

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Milestones though mid-2014

Program

Milestones

BCX4161

(Hereditary angioedema)

Begin Phase 1 trial

Complete Phase 1

Start trial in HAE patients

Next gen HAE compound

Begin preclinical development

File IND

BCX4430

(Broad spectrum antiviral)

Publish filovirus animal proof of concept data

Secure government funding for development

File IND

BCX5191

(Hepatitis C antiviral)

Complete chimpanzee study

File new IND

Begin Phase 1 trial