HEGGIE THERESA 4

What Happened
Theresa Heggie, a director of BioCryst Pharmaceuticals (BCRX), exercised options and immediately sold the resulting 49,933 shares on 2026-03-20. The exercise cost was $6.30 per share (total exercise cost reported as $314,578). The shares were sold in the open market at a weighted average price of $10.11 per share for total proceeds of $504,823. The filing also shows the derivative (the option) was disposed (zero proceeds) as part of the exercise.

Key Details

• Transaction date: 2026-03-20; Form 4 filed: 2026-03-24. (Form 4 is typically due within 2 business days; this filing was 4 days after the reported transaction.)
• Exercise (code M): 49,933 shares acquired at $6.30 each — $314,578 total reported exercise cost.
• Sale (code S): 49,933 shares sold at a weighted average price of $10.11 — $504,823 total proceeds. Footnote: sale prices ranged $10.09–$10.14; the filer can provide per-lot prices on request.
• Derivative disposition: same 49,933-option position shown as disposed at $0 — reflects surrender/cancellation of the option on exercise.
• Shares owned after the transaction: not specified in the filing.

Context
This is a classic “exercise-and-sell” (cashless) transaction: the insider exercised stock-based derivative(s) and sold the resulting shares the same day. Such transactions often reflect routine option exercises and liquidity actions rather than a directional view on the company; filings are factual records of the mechanics (exercise and sale), not stated motivations.