BOSTON, Oct. 30, 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 three upcoming poster presentations supporting the combination of bemnifosbuvir and ruzasvir as a potential treatment for Hepatitis C Virus (HCV). The combination of bemnifosbuvir, a nucleotide analog polymerase inhibitor, and ruzasvir, an NS5A inhibitor, is ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Clipper Realty Inc. (CLPR) : This real estate company has seen the Zacks Consensus Estimate for its current year earnings increasing 43.6% over the last 60 days.REE Automotive Ltd. (REE) : This automotive technology company has seen the Zacks Consensus Estimate for its current year earnings increasing 46.3% over the last 60 days.Harmony Gold Mining Company Limited (HMY) : This gold-mining company has seen the Zacks Consensus Estimate fo ...

Atea Pharmaceuticals, Inc. (AVIR) has been on a downward spiral lately with significant selling pressure. After declining 8% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whet ...

For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Atea Pharmaceuticals, Inc. (AVIR) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.Atea Pharmaceuticals, Inc. is a member of our Medical group, which includes 1017 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks ...

BOSTON, Aug. 28, 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 data highlighting the metabolic activation pathway of bemnifosbuvir were published in the peer-reviewed journal, PLOS Biology, in an article titled, “The activation cascade of the broad-spectrum antiviral bemnifosbuvir characterized at atomic resolution. ...

Atea Pharmaceuticals, Inc. (AVIR) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Sin ...

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].