 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 |
 3 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 |
 4 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 5 |
 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 6 (in millions) |
 7 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 |