The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Atea Pharmaceuticals, Inc. (AVIR) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.Atea Pharmaceuticals, Inc. is one of 1021 companies in the Medical group. The Medical group currently sits at #3 within the Zack ...

Second Quarter Financial and Business Update August 7, 2024 June 2020 NASDAQ: AVIR 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 ...

Financial Data and Key Metrics Changes - The company reported a significant increase in research and development expenses in Q2 2024 compared to the prior year, attributed to the advancement of the Phase 3 SUNRISE-3 COVID-19 trial and the Phase 2 HCV trial [25] - General and administrative expenses decreased in Q2 2024 compared to the same period in 2023 due to lower professional fees [25] - Interest income decreased in Q2 2024 compared to Q2 2023 due to lower investment balances [26] - The company ended Q2 2024 with $502.2 million in cash, cash equivalents, and marketable securities, projecting a cash runway into 2027 [8][26] Business Line Data and Key Metrics Changes - The Phase 3 SUNRISE-3 study for COVID-19 has completed patient enrollment, with results expected in the second half of 2024 [6][19] - The Phase 2 study for HCV showcased a potential best-in-class profile for the combination of bemnifosbuvir and ruzasvir, with full results expected in Q4 2024 [7][18] Market Data and Key Metrics Changes - The U.S. prescription demand for oral antivirals to treat COVID-19 increased by 32% in June 2024 compared to June 2023, correlating with the summer wave of infections [23] - The U.S. HCV treatment demand grew approximately 5% in 2023 based on the number of patients treated [10] Company Strategy and Development Direction - The company aims to deliver bemnifosbuvir to millions of patients, addressing the unmet needs of vulnerable populations [6][7] - A fixed-dose combination tablet has been selected to reduce the daily pill burden from four tablets to two, enhancing patient convenience [8][13] - The company is preparing to initiate the Phase 3 program for HCV by the end of 2024, pending discussions with regulatory agencies [18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing unmet medical need for effective COVID-19 treatments, especially among high-risk populations [19] - The company expressed confidence in the potential of bemnifosbuvir to improve the COVID-19 treatment paradigm and address limitations of current therapies [24] - Management is optimistic about the significant clinical progress made and the potential for key milestones to drive shareholder value in the remainder of 2024 [27][28] Other Important Information - The company is focused on maintaining financial discipline while pursuing strategic investments [26] - The demographic of HCV patients has shifted, with a higher proportion of younger patients and those taking multiple concomitant medications [11][12] Q&A Session Summary Question: Can you walk me through the payer dynamic for Hep C? - The majority of chronic Hep C patients are covered by government programs like Medicaid and Medicare, with both brand and authorized copies of Epclusa being prescribed [31][32] Question: How does the company view competition from Pfizer's next-gen Paxlovid? - Management believes that having multiple mechanisms of action is important and is confident in the profile of bemnifosbuvir, which may offer advantages over Paxlovid [34][36] - The company plans to co-promote its COVID-19 programs with a pharmaceutical partner that has primary care and managed care capabilities [38]

Financial Position - The company has $502.2 million in cash, cash equivalents, and marketable securities as of June 30, 2024, which is expected to fund operations into 2027[76]. - The company recorded a net loss of $40.5 million for the three months ended June 30, 2024, compared to a net loss of $28.2 million for the same period in 2023, indicating a worsening financial position[88]. - The net loss for the six months ended June 30, 2024 was $103.7 million, while the net loss for the same period in 2023 was $63.7 million[99]. - Net cash used in operating activities for the six months ended June 30, 2024 was $82.1 million, compared to $46.0 million for the same period in 2023[98]. - The company experienced a net increase in cash, cash equivalents, and restricted cash of $99.6 million for the six months ended June 30, 2024[98]. - Cash, cash equivalents, and marketable securities totaled $502.2 million as of June 30, 2024[105]. - The company may require additional capital to meet operational needs and capital requirements associated with future operating plans[96]. - Market volatility, inflation, and interest rate fluctuations may significantly impact the availability of funding sources[96]. - Future debt financing may impose additional covenants that restrict operations, including limitations on incurring additional debt[96]. Clinical Trials - The SUNRISE-3 clinical trial for bemnifosbuvir has fully enrolled 2,295 patients, with results anticipated in the second half of 2024[73][74]. - The ongoing Phase 2 clinical trial for bemnifosbuvir in combination with ruzasvir has enrolled 275 treatment-naïve HCV-infected patients, with final SVR12 results expected in Q4 2024[75]. - The lead-in cohort of the HCV trial showed a 97% SVR12 rate after eight weeks of treatment[75]. - The primary endpoint of the SUNRISE-3 study is all-cause hospitalization or death through Day 29 in the supportive care monotherapy cohort[73]. Revenue and Expenses - The company has not generated any product revenue since inception and does not anticipate revenue from product sales in the foreseeable future[76][80]. - The company does not expect to generate any product revenue until regulatory approval and commercialization of its product candidates are achieved[95]. - Research and development expenses increased by $12.6 million from $22.1 million for the three months ended June 30, 2023, to $34.7 million for the three months ended June 30, 2024, primarily due to higher external spend related to clinical trials[89]. - Total research and development costs for the three months ended June 30, 2024, were $34.7 million, compared to $22.1 million for the same period in 2023, reflecting a significant increase in external costs[85]. - Research and development expenses for the six months ended June 30, 2024, were $92.3 million, up from $51.0 million for the same period in 2023, driven by increased external spending on clinical trials[93]. - The company recorded a net reduction in research and development expenses of $1.3 million for the six months ended June 30, 2024, related to credits received from Roche, down from $8.9 million for the same period in 2023[84]. - General and administrative expenses decreased by $1.0 million from $13.2 million for the three months ended June 30, 2023, to $12.2 million for the three months ended June 30, 2024, mainly due to lower professional fees[90]. - Stock-based compensation expense for the six months ended June 30, 2024 was $25.3 million, compared to $24.9 million for the same period in 2023[99]. Licensing Agreements - The Roche License Agreement for bemnifosbuvir was terminated in February 2022, granting the company exclusive rights to develop and commercialize the product[78]. - The Merck License Agreement for ruzasvir includes milestone payments and tiered royalties based on net sales, with the first milestone of $5 million due upon starting a Phase 3 trial[79]. Operational Plans - The company plans to continue using third-party service providers for clinical development and manufacturing[81]. - The company expects to incur significant expenses as it advances clinical development and prepares for potential commercialization of its product candidates[81]. - The company anticipates continued significant operating expenditures as it seeks regulatory approvals and prepares for potential commercialization of its product candidates[95]. - Interest income and other, net, decreased by $0.7 million for the three months ended June 30, 2024, compared to the same period in 2023, primarily due to lower investment balances[90].

Exhibit 99.1 Atea Pharmaceuticals Reports Second Quarter 2024 Financial Results and Provides Business Update Full Enrollment Achieved in Global Phase 2 Hepatitis C Virus (HCV) Study; Complete SVR12 Results Expected 4Q'24 Bemnifosbuvir and Ruzasvir HCV Data Presented at EASL: Support Best-in-Class Potential with High Antiviral Potency, Low Risk of Drug Interaction, Short Treatment Duration and High Barrier to Resistance Results from COVID-19 Global Phase 3 SUNRISE-3 Trial Expected 2H'24 Conference Call at 4: ...

BOSTON, May 29, 2024 (GLOBE NEWSWIRE) -- Atea Pharmaceuticals, Inc. (Nasdaq: AVIR) (“Atea”), a clinical-stage biopharmaceutical company engaged in the discovery and development of oral antiviral therapeutics for serious viral diseases, today announced that Jean-Pierre Sommadossi, PhD, Chief Executive Officer and Founder of Atea, will present a business update at the Jefferies Healthcare Conference on Wednesday, June 5, 2024 at 10:30 a.m. ET in New York. A live webcast of the presentation will be available h ...

Presentations to Include New Antiviral Efficacy Results, Including SVR12 Data, from Lead-In Cohort of Ongoing Phase 2 HCV Trial Data Also Highlight the High Prevalence of Pre-Existing NS5A Resistance-Associated Substitutions (RAS) Detected in HCV-infected Patients BOSTON, May 22, 2024 (GLOBE NEWSWIRE) -- Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) ("Atea"), a clinical-stage biopharmaceutical company engaged in the discovery and development of oral antiviral therapeutics for serious viral diseases, today annou ...

Presentations to Include New Antiviral Efficacy Results, Including SVR12 Data, from Lead-In Cohort of Ongoing Phase 2 HCV Trial Data Also Highlight the High Prevalence of Pre-Existing NS5A Resistance-Associated Substitutions (RAS) Detected in HCV-infected Patients BOSTON, May 22, 2024 (GLOBE NEWSWIRE) -- Atea Pharmaceuticals, Inc. (Nasdaq: AVIR) (“Atea”), a clinical-stage biopharmaceutical company engaged in the discovery and development of oral antiviral therapeutics for serious viral diseases, today anno ...

Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) Q1 2024 Earnings Conference Call May 14, 2024 4:30 PM ET Company Participants Jonae Barnes - Senior Vice President of Investor Relations and Corporate Communications Jean-Pierre Sommadossi - Founder and Chief Executive Officer Arantxa Horga - Chief Medical Officer Janet Hammond - Chief Development Officer John Vavricka - Chief Commercial Officer Andrea Corcoran - Chief Financial Officer and Executive Vice President of Legal Conference Call Participants Maxwell Skor - ...

First Quarter Results and Business Update May 14, 2024 NASDAQ: AVIR June 2020 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 ...