HCV Program (BEM/RZR) - The company is developing BEM/RZR as a potential best-in-class treatment for HCV, with Phase 3 trials underway[7, 12] - Phase 2 results showed a 98% sustained virologic response (SVR12) with the BEM/RZR combination regimen[12] - Two Phase 3 trials, C-BEYOND (US/Canada) and C-FORWARD (outside North America), are enrolling approximately 1,760 patients in total[12, 30] - The US sees over 160 thousand new chronic HCV infections annually, while approximately 90 thousand are treated, highlighting the need for improved treatment strategies[18] - Market research indicates that 48% of non-cirrhotic patients and 49% of compensated cirrhotic patients are likely to be prescribed BEM/RZR[21] HEV Program (AT-587) - A new program is focused on Hepatitis E Virus (HEV) with product candidate AT-587, targeting Phase 1 initiation in mid-2026[7] - The WHO estimates up to 20 million global HEV infections annually[42] - Approximately 3% of at-risk patients develop chronic HEV, leading to a potential treatment population of ~135 thousand patients annually[51] - The commercial opportunity for HEV treatment in the US & EU is estimated at $750 million to $1 billion[50, 51] - AT-587 demonstrates potent antiviral activity against multiple HEV-3 strains and ribavirin-resistant virus[53] Financial Status - The company reported cash and investments of $3018 million as of December 31, 2025, with a cash runway anticipated through 2027[7, 61]

November 12, 2025 Third Quarter Financial and Business Update 1 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 c ...

HCV Program & Clinical Trials - Phase 3 trial C-BEYOND (US/Canada) and C-FORWARD (Outside North America) initiated with first patient dosed in April and June 2025 respectively[12] - Phase 2 results showed 98% SVR12 in treatment adherent patients and 95% SVR12 regardless of adherence[28,29] - Phase 2 results also demonstrated 99% SVR12 in non-cirrhotic treatment adherent patients across genotypes and 97% SVR12 regardless of adherence[31,32] Market Opportunity & KOL Insights - Untreated HCV infections in the US range from 24 million to 4 million, with over 170,000 newly reported annual infections exceeding annual cures[16] - The US HCV market is estimated at ~$15 billion in 2024, with a potential market opportunity exceeding $20 billion[19] - KOL panel highlighted the need for simpler, shorter HCV treatments with fewer drug-drug interactions to improve patient adherence and expand the test-and-treat model[49] Financial Status - Cash, cash equivalents, and marketable securities totaled $3797 million as of June 30, 2025, providing a cash runway through 2027[13] - The company authorized and initiated a repurchase of up to $25 million of its common stock in April 2025, with 46 million shares repurchased as of June 30, 2025[9,67] - Net loss for the second quarter of 2025 was $37161 million, compared to $40522 million for the same period in 2024[64]