Core Insights - Atea Pharmaceuticals has initiated a Phase 3 trial, C-BEYOND, for its HCV treatment regimen combining bemnifosbuvir and ruzasvir, which aims to address the significant global health burden of HCV infections [1][3][6] - The trial compares the new regimen to the existing treatment of sofosbuvir and velpatasvir, with a focus on shorter treatment duration and lower risk of drug-drug interactions [1][4][10] Industry Overview - Approximately 50 million people globally are chronically infected with HCV, with 2.4 to 4 million in the US, highlighting the ongoing need for effective therapies [2][3] - Chronic HCV infection is a leading cause of liver cancer in the US, Europe, and Japan, with new infections outpacing treatment rates [2][3][8] Company Developments - The C-BEYOND trial will enroll around 880 treatment-naïve patients, assessing the efficacy of bemnifosbuvir and ruzasvir over 8 to 12 weeks depending on cirrhosis status [4][5] - Atea's previous Phase 2 study demonstrated that the regimen met its primary endpoints of safety and sustained virologic response [6][10] Treatment Regimen Details - Bemnifosbuvir has shown to be approximately 10-fold more active than sofosbuvir against various HCV strains and has a favorable pharmacokinetic profile supporting once-daily dosing [10] - Ruzasvir has demonstrated potent antiviral activity and a favorable safety profile, also supporting once-daily dosing [11]

Core Viewpoint - Change in the composition of Atea Pharmaceuticals' Board is urgently needed to prioritize stockholder interests over management and directors' interests [1][6]. Board Composition and Nomination - Driver Management Company has withdrawn its nomination notice to support the Radoff-JEC Group's nominees for the Board [1][7]. - The Radoff-JEC Group intends to nominate three candidates for election to the Board at the 2025 annual meeting [7]. Financial Context - Atea's stock was offered at $5.75 per share by Tang Capital Partners, while the last trading price before the offer was $3.70 [4]. - The Board unanimously rejected the Tang Proposal, claiming it undervalued the company, despite the current stock price being $2.93 [4][5]. - The average compensation for Atea's directors in 2023 was $333,099, and the CEO's total compensation was $5,925,790 [5]. Concerns Raised - Driver expressed concerns that the Board's rejection of the Tang Proposal was not aligned with stockholder interests but rather favored management and directors [5][6]. - The Board's inability to justify its rejection of the Tang Proposal based on stockholder value is troubling [5]. Support for Radoff-JEC Group - Driver believes that the Radoff-JEC Group's nominees will better evaluate strategic opportunities in the interest of stockholders [8].

Core Viewpoint - Atea Pharmaceuticals is actively taking steps to enhance shareholder value through strategic actions, including cost reductions and engagement with shareholders [1][6]. Group 1: Shareholder Engagement and Governance - The Atea Board of Directors is committed to engaging in constructive dialogue with shareholders, including Mr. Radoff and Mr. Torok, to ensure actions align with shareholder interests [1]. - The Nominating and Corporate Governance Committee will evaluate director candidates nominated by shareholders and will provide formal recommendations in the definitive proxy statement for the 2025 Annual Meeting [2]. Group 2: Strategic Actions and Financial Advisory - Atea has engaged an independent global investment bank to explore strategic opportunities, particularly related to its Phase 3 program for hepatitis C virus (HCV) treatment [6]. - The company has appointed Arthur S. Kirsch as an independent director, bringing valuable experience in healthcare and life sciences [6]. Group 3: Cost Management - Atea has reduced its workforce by approximately 25% in the first quarter of 2025, expecting to achieve cost savings of around $15 million through 2027 [6]. Group 4: Company Overview - Atea Pharmaceuticals is focused on developing oral antiviral therapies for serious viral infections, utilizing a proprietary nucleos(t)ide prodrug platform to address unmet medical needs [4]. - The company's lead program targets the combination of bemnifosbuvir and ruzasvir for the treatment of hepatitis C virus [4].

Core Viewpoint - Atea Pharmaceuticals has received a notice from Bradley L. Radoff regarding his intention to nominate three director candidates for election to the Board of Directors at the upcoming 2025 Annual Meeting of Stockholders [1][2] Company Overview - Atea Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery and development of oral antiviral therapeutics for serious viral diseases [4] - The company has developed a proprietary nucleos(t)ide prodrug platform aimed at treating single-stranded ribonucleic acid (ssRNA) viruses, which are significant causes of serious viral diseases [4] - Atea's lead program focuses on the development of bemnifosbuvir, a nucleotide analog polymerase inhibitor, and ruzasvir, an NS5A inhibitor, specifically targeting Hepatitis C Virus (HCV) [4] Shareholder Engagement - The Atea Board of Directors and management maintain regular communication with shareholders and continuously evaluate strategies to enhance shareholder value [2] - The Nominating and Corporate Governance Committee will assess the director candidates in line with established practices, with formal recommendations to be included in the definitive proxy statement [2] Proxy Statement and Meeting Information - Atea plans to file a definitive proxy statement with the SEC, which will include a WHITE proxy card for the solicitation of proxies for the 2025 Annual Meeting of Stockholders [6] - The date for the 2025 Annual Meeting has not yet been scheduled, and shareholders are not required to take any action at this time [2]

Core Viewpoint - Atea Pharmaceuticals is advancing its clinical-stage antiviral drug bemnifosbuvir for the treatment of hepatitis C virus (HCV), with a Phase 3 program set to begin patient enrollment in April 2025, following positive Phase 2 results [1][4][5]. Group 1: Drug Development and Presentation - Atea presented preclinical data on bemnifosbuvir at the 38th International Conference on Antiviral Research, emphasizing the importance of cell model selection in evaluating antiviral efficacy [2][3]. - Bemnifosbuvir is being developed in combination with ruzasvir, a potent NS5A inhibitor, targeting chronic HCV infection [2][3]. Group 2: Phase 3 Program Details - The global Phase 3 program will include two open-label trials, one in the US and Canada and another outside North America, each enrolling approximately 800 treatment-naïve patients [5]. - The primary endpoint for both trials is sustained virologic response 12 weeks post-treatment (SVR12), with specific comparisons between the bemnifosbuvir/ruzavir regimen and existing treatments [6]. Group 3: Drug Efficacy and Safety - In vitro studies indicate that bemnifosbuvir is approximately 10-fold more active than sofosbuvir against various HCV strains and maintains potency against resistance-associated substitutions [7]. - Ruzasvir has shown potent antiviral activity and a favorable safety profile in clinical studies, supporting once-daily dosing [8]. Group 4: HCV Overview - HCV is a significant global health issue, with an estimated 50 million people chronically infected worldwide and approximately 242,000 deaths annually [9]. - In the US, between 2.4 and 4 million people are estimated to have HCV, with a predominance in the 20-49 age group and less than 10% having cirrhosis [9]. Group 5: Company Background - Atea Pharmaceuticals focuses on developing oral antiviral therapies for serious viral infections, leveraging its expertise in antiviral drug development and nucleos(t)ide chemistry [10].

Financial Data and Key Metrics Changes - In 2024, R&D expenses declined quarter over quarter but increased year over year, primarily due to higher external spending related to the COVID-19 phase three Sunrise-3 trial and the phase two HCV trial [34] - Interest income decreased quarter over quarter and year over year due to lower investment balances [35] - As of December 31, 2024, the company had $454.7 million in cash, cash equivalents, and marketable securities, projecting a cash runway into 2028 [11][36] Business Line Data and Key Metrics Changes - The global phase two trial for the HCV program demonstrated a 98% cure rate in the primary efficacy analysis with an eight-week treatment [7] - The regimen of bemnifosbuvir and ruzasvir is expected to disrupt the global HCV market, which approximates $3 billion in annual net sales [8][15] Market Data and Key Metrics Changes - In the United States, there are between 2.4 to 4 million untreated HCV patients, with only approximately 100,000 patients treated out of 160,000 new infections annually [13][14] - Treated patients in the U.S. resulted in approximately $1.5 billion in net sales last year [15] Company Strategy and Development Direction - The company is initiating a global phase three program for the HCV regimen, with enrollment expected to begin next month [10] - The company has retained Evercore to assist in exploring strategic partnerships related to the phase three HCV program [9] - A workforce reduction of approximately 20-25% was announced to enhance efficiency, expected to result in cost savings of approximately $15 million through 2027 [37] Management's Comments on Operating Environment and Future Outlook - Management believes the global phase three HCV program is de-risked with a compelling value proposition based on substantial preclinical and clinical data [39] - The company aims to become the most prescribed treatment for hepatitis C, potentially disrupting a multibillion-dollar market [40] Other Important Information - The company appointed Arthur Kirsch as a new independent director, bringing extensive financial and strategic advisory experience to the board [9][37] Q&A Session Summary Question: Any specific callouts from the FDA meeting regarding phase three trial design? - Management indicated that the FDA is fully aligned with the approach of conducting two open-label phase three trials and did not have substantive comments on the trial conduct [46][47] Question: What can be expected in terms of the scope of the phase two readout later this half? - Additional data regarding efficacy and safety is expected to be presented at EASL in May [49] Question: Estimated number of cirrhotic patients across the two trials? - Management anticipates enrolling just over 10% cirrhotic patients in the trials, with flexibility in adjusting that number based on enrollment [55][58] Question: How does the modeling compare to Epclusa in the non-cirrhotic population? - The model has been developed by Dr. Alan Perelson, and comparisons with other direct-acting antivirals for HCV can be referenced in their publications [60]

Financial Data and Key Metrics Changes - In 2024, R&D expenses declined quarter over quarter but increased year over year, primarily due to higher external spending related to the COVID-19 phase three Sunrise-3 trial and the phase two HCV trial [34] - Interest income decreased quarter over quarter and year over year due to lower investment balances [35] - As of December 31, 2024, the company reported cash, cash equivalents, and marketable securities of $454.7 million, projecting a cash runway into 2028 [11][36] Business Line Data and Key Metrics Changes - The company made significant progress in its HCV program, reporting a 98% cure rate in the primary efficacy analysis from a global phase two trial with an eight-week treatment regimen [7][28] - The phase two trial included 275 treatment-naive patients, achieving a 98% SVR12 rate in adherent patients and a 95% rate regardless of adherence [27] Market Data and Key Metrics Changes - The global HCV market is approximately $3 billion in annual net sales, with a significant number of untreated HCV patients in the U.S. estimated between 2.4 to 4 million [8][13] - In the U.S., approximately 100,000 out of 160,000 new infections are treated annually, resulting in about $1.5 billion in net sales from treated patients [15] Company Strategy and Development Direction - The company is initiating a global phase three program for its HCV regimen, expecting enrollment to begin next month, with a focus on becoming a best-in-class hepatitis C treatment [10][39] - The company has retained Evercore to assist in exploring strategic partnerships related to its phase three HCV program and has taken cost-cutting actions to enhance efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management emphasized the ongoing high rate of HCV infections and the need for new differentiated therapies, highlighting the potential for their regimen to address this healthcare issue [12][14] - The company believes its regimen, if approved, could disrupt the global HCV market and become the most prescribed treatment [40] Other Important Information - The company announced a workforce reduction of approximately 20-25% to enhance efficiency, expected to result in cost savings of about $15 million through 2027 [37] - Arthur Kirsch was appointed as a new independent director, bringing extensive financial and strategic advisory experience to the board [9][37] Q&A Session Summary Question: Any specific callouts from the FDA meeting regarding phase three trial design? - Management indicated that the FDA is fully aligned with their approach of conducting two open-label phase three trials and did not have substantive comments on the trial conduct [46][47] Question: What can be expected in terms of the scope of the phase two readout later this half? - Management expects to present additional data regarding efficacy and safety at the EASL conference in May [49] Question: Estimated number of cirrhotic patients across the two trials? - Management anticipates enrolling just over 10% cirrhotic patients in the trials, with flexibility in adjusting this number based on enrollment [55][58] Question: How does the modeling compare to Epclusa in the non-cirrhotic population? - Management referred to the model developed by Dr. Alan Perelson and suggested checking their publications for comparisons with other direct-acting antivirals [60]

FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the fiscal year ended December 31, 2024 Washington, D.C. 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39661 ATEA PHARMACEUTICALS, INC. (Exact name of registrant as specified in its Charter) Delaware 46-0574869 (State or other jurisdict ...

Q4 and Full Year 2024 Financial and Business Update March 6, 2025 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 current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results and other future ...

Financial Status - Atea Pharmaceuticals, Inc. announced preliminary unaudited cash, cash equivalents, and marketable securities balance as of December 31, 2024[4] - The financial closing procedures for Q4 and full year 2024 are not yet complete, indicating that actual results may vary from the preliminary information[6] - The estimated preliminary financial information has not been audited or reviewed by the independent registered public accounting firm[6]