Why an oral format exists for this compound at all
For most peptides an oral format is close to pointless. A chain of amino acids meeting gastric acid and pancreatic proteases is a substrate, and what survives to the far side is fragments rather than the sequence on the label. That is the ordinary reason research peptides ship as powder for reconstitution.
BPC-157 is the interesting exception, and the reason is its origin. It is a 15-residue fragment, GEPPPGKPADDAGLV, of a protein identified in human gastric juice, and the published work on it has consistently described it as stable in gastric-acid-like conditions rather than degraded by them.[1] That is why oral-route work on this compound exists in the literature and why a capsule is a defensible format here in a way it would not be for, say, tesamorelin.
The caveat worth stating plainly: acid stability is not the same claim as oral bioavailability, and the published record on the second question is much thinner than on the first. A capsule format is scientifically coherent for this compound. It is not a demonstrated equivalence to reconstituted material.

