Atea Pharmaceuticals — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $32.2 million ($0.40 per share) for the three months ended September 30, 2026, compared to a net loss of $42.0 million ($0.53 per share) for the same period in 2025.
• Reported a net loss of $110.5 million ($1.38 per share) for the nine months ended September 30, 2026, compared to a net loss of $113.5 million ($1.37 per share) for the nine months ended September 30, 2025.
• Research and development expenses decreased to $27.1 million for the three months ended September 30, 2026, from $38.3 million in the prior year period, driven by lower external spend on HCV Phase 3 clinical development and lower stock-based compensation.
• General and administrative expenses decreased to $6.9 million for the three months ended September 30, 2026, from $7.2 million in the prior year period, primarily due to lower stock-based compensation.
• Cash, cash equivalents, and marketable securities totaled $191.2 million at September 30, 2026, down from $301.8 million at December 31, 2025.
• Total operating expenses were $34.0 million for the three months ended September 30, 2026, compared to $45.6 million in the prior year period.
• Interest income and other, net, decreased to $1.9 million for the three months ended September 30, 2026, from $3.7 million in the prior year period, primarily due to lower investment balances.
• Working capital was $175.2 million at September 30, 2026, compared to $271.2 million at December 31, 2025.
• Total stockholder's equity was $175.7 million at September 30, 2026, compared to $275.4 million at December 31, 2025.

Guidance and Future Outlook:

• Anticipates topline results from the Phase 3 C-FORWARD trial in early 2027.
• Targets a New Drug Application (NDA) submission to the FDA for BEM/RZR in mid-2027, contingent on C-FORWARD results.
• Plans to initiate a proof-of-concept study for AT-587 in the first half of 2027.
• Based on current resources and the new credit facility, the Company anticipates funding planned operations into mid-2028.
• Additional borrowings under the credit facility could potentially extend the cash runway to profitability, assuming a successful commercial launch of BEM/RZR in the US.

Business Segments and Product Lines:

• HCV (BEM/RZR): The Phase 3 C-BEYOND trial achieved primary and secondary endpoints, demonstrating statistical non-inferiority to Epclusa (SOF/VEL) in the modified intent-to-treat (mITT) population with a 93.91% sustained virologic response (SVR) rate versus 94.75% for SOF/VEL.
• HCV (BEM/RZR): The Phase 3 C-FORWARD trial is fully enrolled with over 880 patients across 17 countries outside North America.
• HCV (BEM/RZR): Multiscale modeling data published in September 2026 elucidated the mechanism of action, showing effects on viral replication, assembly, and secretion.
• HCV (BEM/RZR): A completed Phase 1 study demonstrated a lack of drug-drug interaction when co-administered with methadone or Suboxone.
• HEV (AT-587): Successfully completed the single ascending dose portion of the Phase 1 trial and is currently conducting the multiple ascending dose portion.
• HEV (AT-587): AT-587 is being developed as a potential first-in-class direct-acting antiviral for chronic HEV in immunocompromised patients.

Market and Competitive Landscape:

• Approximately 47 million people worldwide are living with HCV, including up to four million in the US, with new diagnoses outpacing annual cures.
• Roughly 80% of HCV patients in the US take multiple concomitant medications, increasing the potential for drug-drug interactions with current therapies.
• There is currently no approved antiviral therapy for HEV, with existing off-label treatments having limited efficacy and tolerability.
• Healthcare systems are increasingly focusing on test-and-treat strategies to enhance HCV elimination efforts.

Risks and Challenges:

• Risks include uncertainties inherent in the drug discovery and development process and the regulatory submission or approval process.
• Potential for unexpected or unfavorable safety or efficacy data or results observed during clinical trials or in data readouts.
• Risks related to outstanding debt and the ability to manufacture sufficient commercial product.
• Competition from approved treatments for HCV.
• Dependence on the success of the BEM/RZR regimen for the treatment of HCV.

Management Commentary and Tone:

• CEO Jean-Pierre Sommadossi stated that C-BEYOND results reinforce conviction that BEM/RZR will deliver a differentiated profile, including high cure rates, short treatment duration, low risk of drug-drug interactions, and no food effect.
• Management believes BEM/RZR is uniquely suited to meet the needs of patients and providers embracing test-and-treat strategies.
• Dr. Sommadossi anticipates C-FORWARD results will further validate the potential of BEM/RZR as a new pan-genotypic treatment option.
• Management expressed excitement about the potential of AT-587 to provide an important new treatment option for at-risk HEV patients.

Other Key Points:

• Entered into a credit facility agreement with Hercules Capital, Inc. for up to $200 million.
• Drew down $65 million at closing on November 6, 2026.
• The facility provides strategic and operational flexibility as the Company expands commercial-related activities in anticipation of a potential US launch of BEM/RZR.
• Atea may access additional funding of up to $135 million at its option, subject to milestones and other terms.
• The C-BEYOND trial enrolled over 1,760 treatment-naïve patients collectively with C-FORWARD.
• BEM has been administered to over 3,200 subjects and RZR to over 3,100 HCV-infected patients, both demonstrating favorable safety profiles.