Atea Pharmaceuticals, Inc. · NASDAQ:AVIR
Atea Pharmaceuticals — Q3 2025 Earnings Presentation
27 slides from Atea Pharmaceuticals's earnings presentation, Nov 12, 2025
Slide 1: Third Quarter Financial and Business Update
Third Quarter Financial and Business Update 1 November 12, 2025
Slide 2: Disclaimers
DISCLAIMERS Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our curr
Slide 3: Focused Antiviral Pipeline with De-risked Phase 3 Program
Focused Antiviral Pipeline with De-risked Phase 3 Program Therapeutic/ Program Preclinical Phase 1 Phase 2 Phase 3 Milestone Indication Flaviviridae Hepatitis C Virus Ph 3 C-BEYOND trial (HCV) (US / Canada) full patient Fixed Dose enrollment (n=880) expected Combination: YE 2025; results anticipated
Slide 4: BEM/RZR Recent Program Highlights
BEM/RZR Recent Program Highlights New Data Presented at The Liver Meeting 2025 4
Slide 5: New Data Presented at The Liver Meeting November 7-11, 2025
New Data Presented at The Liver Meeting® November 7-11, 2025 Three Presentations at the American Association for the Study of Liver Diseases (AASLD) The Liver Meeting 2025 0089 Oral Presentation Multiscale Modeling of Results from a Phase 2 Study of an 8-week Combination Regimen of Bemnifosbuvir and
Slide 6: HCV KOL Panel Event to be Held on November 13, 2025
HCV KOL Panel Event to be Held on November 13, 2025 Our panel features leaders in hepatology, gastroenterology, infectious diseases and HCV research, including: Jordan Feld, MD, MPH – University of Toronto, Toronto General Hospital, Canada Eric Lawitz, MD – Texas Liver Institute, University of Texas
Slide 7: BEM/RZR Potential Best-in-Class Regimen
BEM/RZR Potential Best-in-Class Regimen Global Phase 3 Program Update 7
Slide 8: First Head-to-Head Phase 3 Program in HCV
First Head-to-Head Phase 3 Program in HCV Positive results of robust Phase 2 studies of antiviral therapies for HCV have historically led to a high probability of success in Phase 3 trials Potential Best-In-Class Robust Phase 2 Results Phase 3 BEM / RZR vs. Treatment for HCV Achieved Primary Endpoin
Slide 9: Global HCV Phase 3 Program C-BEYOND and C-FORWARD
Global HCV Phase 3 Program C-BEYOND in US / Canada & C-FORWARD Outside North America Open-label: BEM/RZR Regimen vs Active Comparator in Chronic HCV Patients Randomized (1:1) Non-Cirrhotic 8 weeks BEM/RZR FDC Chronic HCV, patients stratified by cirrhosis US / Canada Trial ~N=~748 1:1 12 weeks SOF/VE
Slide 10: On Track: Global HCV Phase 3 Program
On Track: Global HCV Phase 3 Program C-BEYOND C-FORWARD • ~120 sites in US and Canada • ~120 sites in 16 countries outside of North America • Enrollment completion expected year end 2025 • Enrollment completion expected mid-2026 • Data expected mid-2026 • Data expected year-end 2026 10
Slide 11: BEM New Mechanism of Action Against HCV
BEM New Mechanism of Action (MoA) Against HCV Dual Mechanism of Action 11
Slide 12: BEM's Unique Dual Mechanism of Action Against HCV
BEM’s Unique Dual Mechanism of Action (MoA)Against HCV • BEM’s established MoA is an inhibition of HCV RNA production / replication via chain termination like all nucleotide analogs such as sofosbuvir (SOF) • Modeling of HCV viral kinetics data from Phase I BEM monotherapy trial suggests BEM has an
Slide 13: In Vitro Data Confirm Additional MoA for BEM (1/2)
In Vitro Data Confirm Additional MoA for BEM MoA Slide 1/2 Comparison of BEM and SOF Inhibition Kinetics Intracellular Concentrations of BEM and SOF HCV RNA selected to effect similar intracellular HCV RNA levels Untreated SOF (4 uM) BEM (250 nM) BEM exposure results in much Extracellular lower extr
Slide 14: In Vitro Data Confirm Additional MoA for BEM (2/2)
In Vitro Data Confirm Additional MoA for BEM MoA Slide 2/2 Comparison of BEM and VEL Inhibition Kinetics Intracellular Concentrations of BEM and VEL HCV RNA selected to effect similar intracellular HCV RNA levels Untreated VEL (150 pM) BEM (250 nM) Extracellular HCV RNA levels were comparable with e
Slide 15: BEM's Unique Dual MoA against HCV
BEM’s Unique Dual MoA against HCV Bemnifosbuvir blocks the virus from making copies Bemnifosbuvir inside the cells Intracellular HCV RNA Extracellular HCV RNA Bemnifosbuvir blocks new HCV RNA from entering the bloodstream HCV Lifecycle Bemnifosbuvir has been shown to inhibit viral Bemnifosbuvir also
Slide 16: BEM: Potent Nucleotide with a Differentiated MoA for Treatment of HCV
BEM: Potent Nucleotide with a Differentiated MoA for Treatment of HCV Next generation nucleotide with a dual mechanism of action against HCV Additional MoA may explain the higher potency of BEM as compared to SOF Even in the presence of NS5A resistance, BEM would continue to block assembly / secreti
Slide 17: New Preclinical Program Hepatitis E Virus
New Preclinical Program Hepatitis E Virus AT-587 and AT-2490 17
Slide 18: Hepatitis E Virus (HEV) Overview
Hepatitis E Virus (HEV) Overview WHO estimates up to 20 million global HEV infections annually1 Foodborne transmission HEV2 Waterborne transmission HEV2 causes chronic infection in the causes acute epidemics in GT 1,2 GT 3,4 immunocompromised developing countries in developed countries HEV-1 HEV-2 H
Slide 19: Chronic HEV Infection Among Immunocompromised Individuals Can Lead to Rapid Progression to Cirrhosis
Chronic HEV Infection Among Immunocompromised Individuals with GT-3 and GT-4 Can Lead to Rapid Progression to Cirrhosis At-Risk Populations1 • Solid organ transplant recipients 15% ofchronic infected SOT recipients with HEV rapidly develop a cirrhosis in 3-5 years2 • Hematopoietic stem cell transpla
Slide 20: Estimated HEV Infection Among High-Risk Populations Leads to $500M-$750M Market Opportunity
Estimated HEV Infection Among High-Risk Populations in US & EU Leads to Market Opportunity of $500M-$750M A growing number of patients in high-risk populations in US & EU with no approved treatments Incidence among at-risk Incidence rate of populations chronic HEV Solid Organ Transplant (SOT)1 Recip
Slide 21: Potent Inhibition of Hepatitis E Virus Replication Demonstrated by Atea Nucleotide Prodrugs
Potent Inhibition of Hepatitis E Virus Replication Demonstrated by Atea Nucleotide Prodrugs Activity in Huh7 HEV-3 Kernow-C1 p6/Gluc replicon cells (Ruhr University) Compound EC50 mean ± SD (nM; n=2) • Nanomolar potency of AT-587 and AT-2490 against HEV GT-1 and GT-3 confirmed at second laboratory A
Slide 22: AT-587 and AT-2490 Form High Levels of Active Triphosphate Metabolite in Human Hepatocytes
AT-587 and AT-2490 Form High Levels of Active Triphosphate Metabolite (AT-9068) in Human Hepatocytes AT-9068 AT-9010 Triphosphate AUC0-24h (h*pmol /106 cells) AT-9068 AT-9068 AT-9010 CELL LINE (AT-587) (AT-2490) (AT-511) Huh-7 4,050 3,583 5,965 Human hepatocytes 3,920 9,297 1,054; 1,673 • AT-9068 do
Slide 23: Financial and Business Update
Financial and Business Update 3rd Quarter 2025 Results 23
Slide 24: Financial Update
24 Financial Update Condensed Consolidated Statement of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Operating expenses Research and development $ 38,347 $ 26,159
Slide 25: Financial Update
25 Financial Update Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) September 30, December 31, 2025 2024 Cash, cash equivalents and marketable securities $ 329,309 $ 454,721 Working capital‘) 315,963 443,752 Total assets 342,963 464,668 Total liabilities 27,183 25,801 T
Slide 26: Strong Execution Across a Growing Antiviral Pipeline
Strong Execution Across a Growing Antiviral Pipeline On track with global Phase 3 program for the treatment of HCV; North America results expected mid-2026 and ex-North American results expected year-end 2026 Presented new data at The Liver Meeting 2025 supporting BEM/RZR as a potential best-in- cla
Slide 27: 225 Franklin Street Suite 2100 Boston MA USA 02110
225 Franklin Street Suite 2100 Boston MA USA 02110 www.ateapharma.com 27