BioCryst (BCRX) CLO Alane Barnes Exercises Options, Sells Shares

What Happened
Alane P. Barnes, Chief Legal Officer of BioCryst Pharmaceuticals (BCRX), exercised 62,500 stock options at $5.04 per share on 2026-05-13 (cost $315,000) and then sold 62,500 shares in an open-market transaction at $9.54 per share for $596,250. The transactions resulted in gross proceeds of $596,250 and a spread of $281,250 between sale proceeds and exercise cost (excluding taxes/fees). The filing also lists a derivative conversion/disposition reported at $0, reflecting the option-to-share settlement.

Key Details

• Transaction date: 2026-05-13 (filed 2026-05-15; appears timely under the two-business-day Form 4 rule)
• Option exercise: 62,500 shares acquired @ $5.04 = $315,000 (code M)
• Open-market sale: 62,500 shares sold @ $9.54 = $596,250 (code S)
• Derivative conversion: 62,500 reported as disposed @ $0 (related to option conversion/settlement)
• Shares owned after transaction: Not specified in the provided filing excerpt
• Footnotes: F1 — transaction executed automatically under a Rule 10b5-1 plan adopted 8/13/2025 (non‑discretionary); F2 — option vests 25% on each of the first four grant anniversaries

Context
Because the options were exercised and the resulting shares were sold the same day, this is effectively a cashless exercise (common for covering exercise costs and taxes). The 10b5-1 plan note indicates the sales were preplanned and automated rather than a discretionary trade by the reporting person. As always, insider sales are not, by themselves, a clear signal of company outlook; they often reflect routine liquidity or tax events.