Atea Pharmaceuticals, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
AVIR$4.31+2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105123
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001193125-25-277815
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 123 previous paragraphs and 126 current paragraphs.
96 unchanged; 19 reworded; 10 added; 8 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Separately, we are engaged in efforts to discover product candidates for the treatment of other diseases resulting from infection with single stranded RNA viruses. Currently, we are focusing these efforts on the discovery of a product candidate for the treatment of hepatitis E virus (“HEV”) infection.
Current report
HEV is a positive-sense, single-stranded RNA virus that primarily infects liver cells. Transmitted via the fecal-oral route, waterborne transmission of HEV genotypes 1 and 2 causes acute epidemics in developing countries, while foodborne transmission of HEV genotypes 3 (“GT-3”) and 4 (“GT-4”) causes chronic infection in immunocompromised people in developed countries. According to the World Health Organization (“WHO”), there are an estimated 20 million new HEV infections annually, resulting in an estimated 3 million symptomatic cases and an estimated 70,000 HEV-related deaths. While HEV infection is self-limiting in certain patient populations, other patient populations, particularly those with compromised immunity, including solid organ transplant recipients, hematopoietic stem cell transplant recipients, patients with hematologic malignancies and patients with pre-existing liver disease, are at risk of rapid progression to cirrhosis. Despite the growing number of patients in high-risk populations in the US and European Union, there is currently no approved antiviral therapy available for the treatment of HEV. The treatment currently used is indicated for the treatment of other viruses andposes challenges including safety concerns and limited HEV efficacy. We expect our initial clinical efforts will focus on developing a product candidate for the potential treatment of immunocompromised patients with HEV GT-3 and GT-4 infections.
Current report
The Company continues to focus on options to maximize stockholder value.
Current report
In April 2025, our Board of Directors (“Board”) authorized the repurchase of up to $25.0 million of our common stock (“Share Repurchase Program). The repurchase of shares under the Share Repurchase Program has been completed. Under the Share Repurchase Program, we repurchased an aggregate of 7,673,793 shares of common stock through open market and privately negotiated transactions, including 3,054,195 shares purchased during the three months ended September 30, 2025. The aggregate price of the shares repurchased during such three month period was $11.4 million (including transaction costs and excise taxes). All repurchased shares were retired immediately upon receipt and returned to authorized and unissued status.
Current report
Given that the Company believes the HCV Phase 3 clinical development results will drive stockholder value and catalyze business development discussions, the Company has concluded its formal engagement with Evercore LLC, a global independent investment bank. We remain open to consideration of all opportunities to drive stockholder value including strategic transactions.
Current report
complete non-clinical NDA enabling activities, including those associated with the manufacture of the regimen of bemnifosbuvir and ruzasvir in fixed dose combination tablets;
Current report
On July 4, 2025, the US enacted the budget reconciliation bill H.R. 1 into law, which included significant changes to US income tax laws. Provisions in the law impacting corporate tax matters include the restoration of 100% bonus depreciation, potential for immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, modifications to the US’s international tax framework, and expanded Section 162(m) aggregation requirements. The impact of these changes is not expected to have a material effect on our future results of operations.
Current report
General and administrative expenses decreased by $3.8 million from $11.0 million for the three months ended September 30, 2024 to $7.2 million for the three months ended September 30, 2025. The net decrease was primarily related to lower stock-based compensation expense.
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Current report
whether we identify any strategic alternatives;
Removed paragraphs (8)
Previous report
In April 2025, our Board of Directors (the “Board”) authorized the repurchase of up to $25.0 million of our common stock (“Share Repurchase Program”). This authorization reflects our commitment to return capital to our stockholders while maintaining the capacity to complete the Phase 3 clinical development of the regimen of bemnifosbuvir and ruzasvir and execute on our strategic business plans. Repurchases under the Share Repurchase Program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at our discretion, or under a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)(1) under the Exchange Act.
Previous report
During the three months ended June 30, 2025 we repurchased 4,619,597 shares of our common stock for an aggregate price of approximately $14.1 million (including transaction costs). As of June 30, 2025, approximately $11.1 million remained authorized for future repurchases. Repurchased shares of our common stock were retired immediately upon receipt and returned to authorized and unissued status.
Previous report
As previously announced, in December 2024, we engaged Evercore LLC, a global independent investment bank, to assist us in the identification of additional opportunities to enhance stockholder value. This process includes a review of a broad range of strategic alternatives, including strategic partnerships, acquisition, merger, or other business combination, sale of assets or other strategic transactions. As a part of this process, we continue to evaluate all options to maximize stockholder value. There is no assurance that the process will result in the completion of any specific transaction or outcome.
Previous report
manufacture the regimen of bemnifosbuvir and ruzasvir in fixed dose tablets for use in the Phase 3 clinical trials, regulatory approvals, and, if approved, for potential commercialization, for the treatment of HCV;
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Previous report
General and administrative expenses decreased by $5.9 million from $24.5 million for the six months ended June 30, 2024 to $18.5 million for the six months ended June 30, 2025. The net decrease was primarily related to lower stock-based compensation expense, partially offset by increased professional fees.
Previous report
In April 2025, our Board of Directors authorized us to repurchase an aggregate amount of $25.0 million of common stock. During the three months ended June 30, 2025, we repurchased 4,619,597 shares of common stock for an aggregate price of approximately $14.1 million (including transaction costs). As of June 30, 2025, approximately $11.1 million remained authorized for future common stock repurchases.
Previous report
the outcome of our ongoing evaluation of strategic alternatives;
Reworded paragraphs (19)
Previous wording
Respiratory and Other RNA Virus Infections
Current wording
HEV and Other RNA Virus Infections
Previous wording
Separately, we are engaged in efforts to discover a product candidate for the treatment of respiratory diseases resulting from infection with single stranded RNA viruses. Additionally, we engaged in efforts to screen compounds which are a part of our compound library to assess antiviral activity against other RNA viral infections. Each of these efforts are at early stages and no clinical candidates have yet to be nominated.
Current wording
Additionally, we are engaged in efforts to screen compounds which are a part of our compound library to assess antiviral activity against other RNA viral infections. Each of these efforts are at early stages and no clinical candidates have yet to be nominated.
Previous wording
We believe we are well capitalized to advance our current programs. We had $379.7 million in cash, cash equivalents and marketable securities at June 30, 2025.
Current wording
We believe we are well capitalized to advance our current programs. We had $329.3 million in cash, cash equivalents and marketable securities at September 30, 2025.
Previous wording
As of June 30, 2025, we had cash, cash equivalents and marketable securities of $379.7 million. Net cash used in operating activities was $63.4 million for the six months ended June 30, 2025. In an effort to enhance efficiency in the management of infrastructure expenses, in the first quarter of 2025, we reduced our workforce by approximately 25%. This workforce reduction is expected to result in aggregate cost savings of approximately $15 million through 2027. As noted above, in April 2025, our Board authorized the Share Repurchase Program. This authorization reflects our commitment to return capital to our stockholders while maintaining the capacity to complete our Phase 3 clinical development of the regimen of bemnifosbuvir and ruzasvir and execute on our strategic business plans. Based on our current plans, we anticipate our existing financial resources, will allow us to advance our current and planned clinical programs to and through key inflection points including the completion of clinical development of the regimen of bemnifosbuvir and ruzasvir for the treatment of HCV.
Current wording
As of September 30, 2025, we had cash, cash equivalents and marketable securities of $329.3 million. Net cash used in operating activities was $103.8 million for the nine months ended September 30, 2025. In an effort to enhance efficiency in the management of infrastructure expenses, in the first quarter of 2025, we reduced our workforce by approximately 25%. This workforce reduction is expected to result in aggregate cost savings of approximately $15 million through 2027. As noted above, in April 2025, our Board authorized the Share Repurchase Program. This authorization reflects our commitment to return capital to our stockholders while maintaining the capacity to complete our Phase 3 clinical development of the regimen of bemnifosbuvir and ruzasvir and execute on our strategic business plans. Based on our current plans, we anticipate our existing financial resources, will allow us to advance our current and planned clinical programs to and through key inflection points including the completion of clinical development of the regimen of bemnifosbuvir and ruzasvir for the treatment of HCV.
Previous wording
continue discovery and IND-enabling activities to identify other potential product candidates for the treatment of diseases caused by single stranded RNA viruses;
Current wording
continue discovery and IND-enabling activities to identify other potential product candidates for the treatment of diseases caused by hepatitis E and other single stranded RNA viruses;
Previous wording
Research and development expenses decreased by $2.4 million from $34.7 million for the three months ended June 30, 2024 to $32.3 million for the three months ended June 30, 2025. The net decrease was primarily driven by substantially lower COVID-19 external spend as a result of our COVID-19 Phase 3 SUNRISE-3 clinical trial being completed in 2024 together with a decrease in internal research and development expenses primarily related to lower stock-based compensation and payroll related expenses in the three months ended June 30, 2025, offset by increased external spend related principally for our HCV Phase 3 clinical development program including the recognition of expense related to the milestone paid to Merck.
Current wording
Research and development expenses increased by $12.2 million from $26.2 million for the three months ended September 30, 2024 to $38.3 million for the three months ended September 30, 2025. The net increase was primarily driven by increased external spend related principally for our HCV Phase 3 clinical development program partially offset by substantially lower COVID-19 external spend as a result of our COVID-19 Phase 3 SUNRISE-3 clinical trial being completed in 2024 together with lower internal research and development expenses primarily related to a decrease in stock-based compensation and payroll related expenses in the three months ended September 30, 2025.
Previous wording
Interest income and other, net, decreased by $2.2 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to lower investment balances.
Current wording
Interest income and other, net, decreased by $2.6 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to lower investment balances.
Previous wording
Research and development expenses decreased by $30.4 million from $92.3 million for the six months ended June 30, 2024 to $61.9 million for the six months ended June 30, 2025. The net decrease was primarily driven by lower external spend as our COVID-19 Phase 3 SUNRISE-3 clinical trial was completed in 2024. The decrease was offset by an increase in external spend for our HCV Phase 3 clinical development including the purchase of comparator drug and expense related to the Merck milestone. Additionally, a decrease in internal research and development expenses was primarily related to lower stock-based compensation expense in the six months ended June 30, 2025.
Current wording
Research and development expenses decreased by $18.2 million from $118.4 million for the nine months ended September 30, 2024 to $100.2 million for the nine months ended September 30, 2025. The net decrease was primarily driven by lower external spend as our COVID-19 Phase 3 SUNRISE-3 clinical trial was completed in 2024. The decrease was partially offset by an increase in external spend for our HCV Phase 3 clinical development including the purchase of comparator drug and expense related to the Merck milestone. Additionally, lower internal research and development expenses were primarily related to a decrease in stock-based compensation and payroll related expense in the nine months ended September 30, 2025.
Previous wording
General and administrative expenses decreased by $3.2 million from $12.2 million for the three months ended June 30, 2024 to $9.1 million for the three months ended June 30, 2025. The net decrease was primarily related to lower stock-based compensation expense partially offset by increased professional fees.
Current wording
General and administrative expenses decreased by $9.7 million from $35.5 million for the nine months ended September 30, 2024 to $25.7 million for the nine months ended September 30, 2025. The net decrease was primarily related to lower stock-based compensation expense, partially offset by increased professional fees.
Previous wording
Interest income and other, net, decreased by $4.1 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to lower investment balances.
Current wording
Interest income and other, net, decreased by $6.7 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to lower investment balances.
Previous wording
Income tax expense was $0.4 million and $0.5 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Income tax expense was $0.6 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
As of June 30, 2025, we had cash, cash equivalents and marketable securities of $379.7 million. We believe that our available cash, cash equivalents and marketable securities will be sufficient to fund the remaining portion of the Share Repurchase Program and our planned operations through 2027, including the completion of the Phase 3 program evaluating the regimen of bemnifosbuvir and ruzasvir for the treatment of HCV. We have based this estimate on assumptions that may prove to be wrong and we could exhaust our available capital resources sooner than we expect.
Current wording
As of September 30, 2025, we had cash, cash equivalents and marketable securities of $329.3 million. We believe that our available cash, cash equivalents and marketable securities will be sufficient to fund our planned operations through 2027, including the completion of the Phase 3 program evaluating the regimen of bemnifosbuvir and ruzasvir for the treatment of HCV. We have based this estimate on assumptions that may prove to be wrong and we could exhaust our available capital resources sooner than we expect.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025 was $63.4 million. Cash used in operating activities was primarily due to a net loss of $71.4 million, accretion of premium and discounts on marketable securities of $3.1 million, and an increase in other assets of $4.2 million, partially offset by stock-based compensation of $11.6 million, an increase in accounts payable and accrued expenses of $1.8 million and a decrease in prepaid expenses and other current assets of $1.7 million.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025 was $103.8 million. Cash used in operating activities was primarily due to a net loss of $113.5 million, accretion of premium and discounts on marketable securities of $4.1 million, increase in prepaid expenses and other current assets of $4.5 million.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2024 was $82.1 million. Cash used in operating activities was primarily due to a net loss of $103.7 million, a decrease in accrued expenses and other current liabilities of $6.7 million and accretion of premium and discounts on marketable securities of $6.5 million, partially offset by stock-based compensation expense of $25.3 million, a decrease in prepaid expenses and other current assets of $8.2 million and an increase in accounts payable of $1.2 million.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2024 was $105.1 million. Cash used in operating activities was primarily due to a net loss of $134.8 million, a decrease in accrued expenses and other current liabilities of $8.4 million and an accretion of premium and discounts on marketable securities of $9.1 million, partially offset by a stock-based compensation expense of $37.5 million, a decrease in prepaid expenses and other current assets of $8.3 million and an increase in accounts payable of $1.5 million.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2025 was $100.9 million and consisted of sales and maturities of marketable securities of $324.3 million partially offset by purchases of marketable securities of $223.4 million.
Current wording
Net cash provided by investing activities for the nine months ended September 30, 2025 was $142.2 million and consisted of sales and maturities of marketable securities of $380.3 million partially offset by purchases of marketable securities of $238.1 million.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2024 was $181.5 million and consisted of sales and maturities of marketable securities of $356.0 million partially offset by purchases of marketable securities of $174.5 million.
Current wording
Net cash provided by investing activities for the nine months ended September 30, 2024 was $59.5 million and consisted of sales and maturities of marketable securities of $462.2 million offset by purchases of marketable securities of $402.7 million.
Previous wording
Net cash used in financing activities for the six months ended June 30, 2025 was $14.4 million and consisted of stock repurchases of $14.1 million and net issuance of restricted stock units of $0.5 million, partially offset by proceeds from the issuance of our common stock under our Employee Stock Purchase Plan (“ESPP”) of $0.1 million.
Current wording
Net cash used in financing activities for the nine months ended September 30, 2025 was $25.7 million and consisted of stock repurchases of $25.5 million (including transaction costs and excise taxes) and net issuance of restricted stock units of $0.5 million, partially offset by $0.3 million in proceeds from the issuance of our common stock under our Employee Stock Purchase Plan (“ESPP”) and upon exercises of stock options.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2024 was $0.2 million and consisted of proceeds from the issuance of our common stock under our ESPP.
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2024 was $0.3 million and consisted of proceeds from the issuance of our common stock under our ESPP.
Previous wording
There have been no material changes to our contractual obligations during the three and six months ended June 30, 2025 from those previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
There have been no material changes to our contractual obligations during the three and nine months ended September 30, 2025 from those previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
partially offset by stock-based compensation of $16.1 million and an increase in accounts payable and accrued expenses of $2.0 million.