Atea Pharmaceuticals(AVIR) - 2025 Q4 - Annual Results

Financial Position - Atea Pharmaceuticals ended 2025 with cash and investments totaling $301.8 million, providing a cash runway expected to extend through 2027[1]. Clinical Trials and Development - The global Phase 3 program for the HCV treatment regimen of bemnifosbuvir (BEM) and ruzasvir (RZR) includes over 880 patients in the C-BEYOND trial, with topline results expected in mid-2026[7]. - The C-FORWARD trial outside North America is expected to complete enrollment by mid-2026, with topline results anticipated by year-end 2026[7]. - In a Phase 2 study, the 8-week regimen of BEM/RZR achieved a 98% sustained virologic response (SVR12) in the per-protocol population[10]. - Atea's new product candidate AT-587 for Hepatitis E virus (HEV) is anticipated to enter Phase 1 clinical trials in mid-2026, addressing a significant unmet need[5][14]. Market Opportunity - The potential market opportunity for the HEV program is estimated to be between $750 million and $1 billion in the US and EU[15]. - The global HCV market is estimated at approximately $3 billion in net sales annually, with about $1.5 billion attributed to the US[13]. Product Profile and Strategy - Atea's regimen of BEM/RZR is designed to have high efficacy, short treatment duration, and low risk of drug-drug interactions, aligning with the needs of HCV patients[4][12]. - Independent market research indicates strong provider interest in a new HCV treatment option with the profile of the BEM/RZR regimen[11]. - Atea aims to build a diversified antiviral portfolio, with HCV as the lead development pillar and HEV as a strategic expansion[16].