AVIR · Atea Pharmaceuticals, Inc.

Atea Pharmaceuticals reported a net loss of $45.4 million for Q1 2026, compared to a net loss of $34.3 million in the same period last year. The increased loss was primarily driven by a $11.6 million rise in R&D expenses to $41.1 million, reflecting higher external spend on the HCV Phase 3 clinical program and HEV preclinical development. G&A expenses decreased by $2.6 million to $6.9 million due to lower salaries, stock-based compensation, and professional fees. Interest income fell to $2.6 million from $5.0 million due to lower investment balances. Cash and marketable securities stood at $256.0 million as of March 31, 2026, down from $301.8 million at year-end 2025. The company highlighted upcoming milestones: topline results from the C-BEYOND Phase 3 HCV trial (North America) expected mid-2026, and completion of enrollment for C-FORWARD (outside North America) also mid-2026, with topline results around year-end 2026. Additionally, Atea plans to initiate a Phase 1 trial for AT-587, a potential first-in-class HEV therapy, in mid-2026. Management emphasized the differentiated profile of the BEM/RZR regimen, including high efficacy, short treatment duration, low drug-drug interaction risk, and convenience, aligning with the 'test-and-treat' model. The company's cash position is expected to fund operations into 2027, but the lack of revenue and increasing R&D spend underscore the need for successful clinical outcomes to drive future value.