Atea Pharmaceuticals, Inc. · NASDAQ:AVIR
Atea Pharmaceuticals — Q4 2025 Earnings Presentation
28 slides from Atea Pharmaceuticals's earnings presentation, Mar 5, 2026
Slide 1: Q4 and Full Year 2025 Financial and Business Update
Q4 and Full Year 2025 Financial and Business Update March 5, 2026
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: Strong Execution Sets Stage for Pivotal Catalysts in 2026
Strong Execution Sets Stage for Pivotal Catalysts in 2026 Global HCV Program Pipeline Expansion with HEV Advanced Global Phase 3 Program Program • Topline results from C-BEYOND (North America) trial expected mid-2026 Presented in vitro data at CROI 2026 demonstrating • Topline results from C-FORWARD
Slide 4: 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 (HCV) Ph 3 C-BEYOND trial Fixed Dose Combination: (US / Canada) enrollment Bemnifosbuvir (BEM) completed (n=> 880); results Nucleotid
Slide 5: BEM/RZR Potential Best-in-Class Regimen for Treatment of HCV
BEM/RZR Potential Best-in-Class Regimen for Treatment of HCV Target Profile
Slide 6: US New Chronic HCV Infections Continue to Increase Despite Availability of Curative Direct-Acting Antivirals
US New Chronic HCV Infections Continue to Increase Despite Availability of Curative Direct-Acting Antivirals Removal of HCV prescribing barriers by payors 6
Slide 7: BEM/RZR: Potential Best-in-Class Treatment for HCV
BEM/RZR: Potential Best-in-Class Treatment for HCV First Head-to-Head Phase 3 Program in HCV Potential Best-In-Class Robust Phase 2 Results Phase 3 BEM / RZR vs. Treatment for HCV Achieved Primary Endpoints Active Comparator • HCV product candidate is regimen of • Phase 2 results (n=275) • Chronic H
Slide 8: Results Reinforce BEM/RZR as Potential Best-in-Class Regimen
Results Reinforce BEM/RZR as Potential Best-in-Class Regimen ✓ Achieved 98% SVR12 in treatment-adherent population, 95% SVR12 in efficacy- evaluable population in Phase 2 study1 ✓ High barrier to resistance in resistance analyses2 ✓ Low risk of DDIs, including with proton pump inhibitors3, H2 blocke
Slide 9: BEM/RZR Global Phase 3 Program
BEM/RZR Potential Best-in-Class Regimen for Treatment of HCV Global Phase 3 Program
Slide 10: Global HCV Phase 3 Program: C-BEYOND and C-FORWARD
Global HCV Phase 3 Program: C-BEYOND (US/Canada) and C-FORWARD (Outside North America) Open-label: BEM/RZR Regimen vs Active Comparator in Chronic HCV Patients Randomized (1:1) Chronic HCV, patients Non-Cirrhotic stratified by cirrhosis 8 weeks BEM/RZR FDC US / Canada Trial and genotype, HIV co- 1:1
Slide 11: 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 17 countries outside of North America • Enrollment completed n= >880 • Enrollment completion expected mid-2026 • Cirrhotic population target achieved • Results expected year-end 2026 • Results expec
Slide 12: Phase 3 Endpoints, Patient Populations and Analyses
Phase 3 Endpoints, Patient Populations and Analyses C-BEYOND (US/Canada) C-FORWARD (Outside North America) Primary Efficacy SVR at Week 24 mITT population SVR at Week 24 PP population Endpoint Key Secondary SVR at Week 24 PP population SVR at Week 24 mITT population Efficacy Endpoint Modified Intent
Slide 13: BEM/RZR Test-and-Treat, Commercial Readiness and Market Research
BEM/RZR Test-and-Treat, Commercial Readiness and Market Research BEM/RZR Market Research
Slide 14: Annual New HCV Infections in US Exceed Treatments
Annual New HCV Infections in US Exceed Treatments Test-and-Treat Model of Care Can Expand Diagnosis and Treatment HCV Infections Growing Faster Than Treated Expansion Of Test-and-Treat Model Of Care Critical Patients in US To Accelerate HCV Elimination In US TEST TREAT ~4 M ~160 K Infected Annual Ne
Slide 15: BEM/RZR Commercial Readiness
BEM/RZR Commercial Readiness Commercial Launch Supply Manufacturing in Place & Marketing Planning Underway Commercial Supply Specialty Commercial Planning Launch Supply at NDA Approval Concentrated Prescriber Base Sales & MSL Headcount ~75 • All components and processes for large • Specialty care sa
Slide 16: Highly Attractive BEM/RZR Commercial Profile
Highly Attractive BEM/RZR Commercial Profile BEM/RZR Has Potential to Gain Significant Market Share PRESCRIBERS PAYORS 76% of High DAA Prescribers Extremely Likely to High Likelihood of Being Added to Existing Prescribe BEM/RZR1 Formularies at Parity Pricing Across Payor Segments3 Scenario: -10% Pro
Slide 17: New Program Hepatitis E Virus: Product Candidate AT-587
New Program Hepatitis E Virus Product Candidate AT-587
Slide 18: Hepatitis E Virus (HEV) – an Acute and Chronic Liver Disease
Hepatitis E Virus (HEV) – an Acute and Chronic Liver Disease Significant Unmet Need for Patients with Chronic HEV Infection Who are Immunocompromised or at High Risk Waterborne transmission Foodborne transmission HEV HEV causes chronic hepatitis in the causes epidemics of acute, GT 1,2 GT 3,4 immuno
Slide 19: Chronic HEV Infection Among Immunocompromised Individuals Can Rapidly Progress to Cirrhosis
Chronic HEV Infection Among Immunocompromised Individuals Can Rapidly Progress to Cirrhosis At-Risk Populations1 • Solid organ transplant recipients 15% of infected SOT recipients with chronic HEV rapidly develop cirrhosis in 3-5 years2 • Hematopoietic stem cell transplant (HSCT) recipients • Patien
Slide 20: Commercial Opportunity of $750M-$1B for the Treatment of HEV Infection
Commercial Opportunity of $750M-$1B* for the Treatment of HEV Infection Among High-Risk Populations in US & EU No Approved Treatment Annual number of at-risk populations Solid Organ Transplant Incidence rate of (SOT)1 Recipients chronic HEV ~80K Potential Treatment Commercial HSCT Recipients2 ~3%**
Slide 21: AT-587: Potent Antiviral Activity Against Multiple HEV-3 Strains and Ribavirin-Resistant Virus
AT-587: Potent Antiviral Activity Against Multiple HEV-3 Strains and Ribavirin-Resistant Virus in Replicons EC50 VALUES (NM) AGAINST HEV STRAINS IN HUH7 CELLS Compound HEV-3 p6 WT HEV-3 p6 G1634R (RBV RAS)* HEV-3 83.2.27 Bemnifosbuvir 477 ± 121 (n=4) --- --- AT-587 86.1 ± 20.1 (n=5) 83.9 ± 1.6 142.2
Slide 22: Comparable Exposure of Active Triphosphate Metabolite Surrogate Achieved with AT-587 and Bemnifosbuvir
Comparable Exposure of Active Triphosphate Metabolite Surrogate Achieved with AT-587 and Bemnifosbuvir Following a Single Oral Dose to Rats and Monkeys Bemnifosbuvir AT-587 Surrogate Surrogate Species PK Parameter Parent Drug Species PK Parameter Parent Drug Metabolite Metabolite Dose (mg/kg) 100 Do
Slide 23: AT-587 Forms High Levels of Active Triphosphate Metabolite in Human Hepatocytes
AT-587 Forms High Levels of Active Triphosphate Metabolite (AT-9068) in Human Hepatocytes (Site of Viral Replication) Triphosphate AUC0-24h (h*pmol /106 cells) Cells AT-9010 (BEM) AT-9068 (AT-587) Human hepatocytes 1,360 3,920 • No inhibition of α, β, γ human DNA polymerases by active triphosphate (
Slide 24: Financial Update: 4th Quarter and Full Year 2025 Results
Financial Update 4th Quarter and Full Year 2025 Results
Slide 25: Condensed Consolidated Statement of Operations and Comprehensive Loss
Financial Update Condensed Consolidated Statement of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Operating expenses Research and development $ 47,818 $ 25,671$ 148,024$ 14
Slide 26: Selected Condensed Consolidated Balance Sheet Data
Financial Update Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) December 31, 2025 December 31, 2024 Cash, cash equivalents and marketable securities $ 301,830 $ 454,721 Working capital) 271,207 443,752 Total assets 315,218 464,668 Total liabilities 39,784 25,801 Total
Slide 27: Upcoming Key Milestones Across Antiviral Pipeline
Upcoming Key Milestones Across Antiviral Pipeline BEM/RZR REGIMEN - PHASE 3 PROGRAM FOR HCV Ongoing Mid-2026 Year-end 2026 2027 Two Phase 3 Trials Topline Phase 3 results Completion of C-FORWARD Anticipated Q1 NDA submission (C-BEYOND and for C-FORWARD patient enrollment C-FORWARD) Topline Phase 3 r
Slide 28: 225 Franklin Street Suite 2100 Boston MA USA 02110
225 Franklin Street Suite 2100 Boston MA USA 02110 www.ateapharma.com