The quarter arrived as a stress test of a four-year transition story, and the company passed two of the three questions investors were asking. ORLADEYO - the once-daily oral hereditary angioedema prophylactic that built BioCryst into a profitable rare-disease franchise - produced Q2 revenue of $158.2 million, up only 1% on a reported basis but up 10% on a comparable basis after stripping out the European business the company sold to Neopharmed Gentili in October 2025. Total revenue of $218.3 million (up 34% reported, up 45% ex-Europe) was flattered by a $55.7 million one-time license-revenue recognition from a separate May 2026 Neopharmed navenibart deal, but even excluding that, the company said it generated positive cash flow. GAAP operating income of $98.5 million and non-GAAP operating income of $113.2 million (a 51.8% non-GAAP margin) are the first sustained quarterly print above $100 million of non-GAAP operating profit in the company's history. Cash, cash equivalents, restricted cash and investments stood at $354.0 million at quarter-end against $822.2 million of total debt - a leverage stack the market has been re-underwriting since the January 2026 close of the $489.5 million cash / 37.3 million-share Astria Therapeutics acquisition that bought the Phase 3 navenibart antibody. The third question, the Astria integration and pipeline execution, was answered in part: the company completed enrollment in the ALPHA-ORBIT pivotal trial of navenibart in June, with both the every-three-month and every-six-month subcutaneous dosing arms on track for a Q3 2027 topline, and the ORLADEYO oral pellet pediatric formulation began shipping the week of August 3, the first targeted oral prophylactic for children with HAE aged 2 to under 12. The thesis is no longer whether ORLADEYO is a durable franchise; it is whether the Astria deal will convert a $697.8 million non-cash acquired in-process research charge and a $400 million Blackstone term loan into a second commercial engine by 2028.