Atea Pharmaceuticals (NasdaqGS:AVIR) Q4 2025 Earnings call March 05, 2026 04:30 PM ET Company ParticipantsAndrea Corcoran - CFO and EVP of LegalArantxa Horga - Chief Medical OfficerJanet Hammond - Chief Development OfficerJean-Pierre Sommadossi - CEO and FounderJohn Vavricka - Chief Commercial OfficerJonae Barnes - SVP of Investor Relations and Corporate CommunicationsJonathan Miller - Managing Director of Biotech and Pharma Equity ResearchConference Call ParticipantsAndy Hsieh - Biotech Research AnalystNon ...

Financial Data and Key Metrics Changes - As of December 31, 2025, the company reported cash and investments of $301.8 million, indicating a strong financial position to support ongoing clinical programs [22] - The funds expended in 2025 were primarily directed towards the advancement of the HCV Phase 3 program and discovery efforts for HEV treatment [22] - R&D expenses increased in 2025 compared to 2024, driven by external spending on HCV clinical development, while G&A expenses decreased due to lower stock-based compensation [23] Business Line Data and Key Metrics Changes - The global Phase 3 HCV program is on track, with enrollment completed for the North American trial C-BEYOND and expected completion for C-FORWARD by midyear [7][12] - The company anticipates top-line results for C-BEYOND by midyear and for C-FORWARD by year-end [7][25] - The HEV program is positioned as a strategic expansion, with AT-587 selected as the lead product candidate, aiming to address a significant unmet need in immunocompromised patients [20][26] Market Data and Key Metrics Changes - In the U.S., approximately 160,000 new chronic HCV infections are reported annually, with only 85,000 patients treated, highlighting a significant treatment gap [8][15] - The incidence of liver cancer, primarily caused by Hepatitis C, is projected to increase by over 50% within the next five years [9] - The unmet need for chronic HEV treatment represents a market opportunity estimated between $750 million and $1 billion per year [20] Company Strategy and Development Direction - The company is focused on delivering a differentiated and optimized therapy for HCV, with a regimen designed to fit the test and treat model of care [5][25] - The commercial strategy includes a user-friendly blister card for adherence and a projected profitability shortly after launch [16] - The HEV program represents a strategic expansion of the antiviral pipeline, addressing a major unmet need for patients with no approved treatment available [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving enrollment targets for both C-BEYOND and C-FORWARD, indicating a robust clinical program [28] - The company anticipates a pivotal year in 2026, with key milestones expected from both HCV and HEV programs [25][26] - The management highlighted the importance of treatment duration and low risk of drug-drug interactions as key factors influencing prescriber preferences [40] Other Important Information - The company returned $25 million to stockholders through a share repurchase program in 2025, reflecting a commitment to drive shareholder value [22] - The company is preparing for a commercial launch while maintaining financial discipline and focusing on value-creating advancements [24] Q&A Session Summary Question: Does achieving enrollment targets for the cirrhotic population for C-BEYOND increase confidence in C-FORWARD? - Management confirmed that cirrhotic enrollment has not been an issue and they are confident in achieving overall targets for both trials [28] Question: Can you discuss the commercial landscape and pricing evolution for HCV? - Management explained that the specialty market for DAAs is well understood, and preliminary research indicates payers are interested in including the new regimen in formularies, with stable pricing trends observed [31][32][33] Question: How does the primary endpoint analysis for C-BEYOND affect the regimen's effect size? - Management indicated that the modified intent-to-treat analysis allows for flexibility in dosing, and they are optimistic about the regimen's potential based on phase 2 data [36][37] Question: Can you elaborate on the Merck license agreement? - Management confirmed the in-licensing of ruprezvir, with milestone payments and royalties due upon successful commercialization, expected in 2027 [44]