Atea Pharmaceuticals, Inc.
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
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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.
Jun 30, 2026 · Filed Aug 12, 2026
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 2026-03-31; filed 2026-05-12.
0001193125-26-219678
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001193125-26-347021
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 118 previous paragraphs and 122 current paragraphs.
73 unchanged; 36 reworded; 10 added; 9 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 3 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
Chronic HCV infection remains an ongoing public health crisis. If left untreated, HCV can progress to cirrhosis, end-stage liver disease and liver cancer, and it remains one of the leading causes of liver cancer in the US, Europe and Japan. According to the World Health Organization (cited July 28, 2026), approximately 50 million people worldwide are living with HCV, including up to 4 million people in the US, while new diagnoses continue to outpace annual cures. Additionally, many people living with HCV are also managing other chronic conditions, and roughly 80% take multiple concomitant medications for common comorbidities such as heartburn, heart arrhythmia, high blood pressure and gastroesophageal reflux disease (GERD), which may increase the potential for drug-drug interactions with currently approved therapies.
Current report
In July 2026, we announced positive topline results from C-BEYOND with BEM/RZR demonstrating statistical non-inferiority compared to SOF/VEL in the modified intent-to-treat (mITT) population thereby achieving the trial’s primary endpoint.
Current report
In the mITT analysis (n=905, cirrhotic and non-cirrhotic), BEM/RZR achieved a 93.9% sustained virologic response (SVR) rate vs. 94.8% for SOF/VEL at Week 24 from the start of treatment, encompassing SVR at 12 weeks post-treatment (the generally accepted definition of cure for HCV) in both arms. These results achieved the primary endpoint of statistical non-inferiority, with a 95% confidence interval for difference in SVR rates within the prespecified 5% margin. The mITT analysis in patients without cirrhosis (n=721) showed BEM/RZR (8 weeks of treatment) achieved a 93.5% SVR rate vs. 94.6% for SOF/VEL (12 weeks of treatment). In patients with cirrhosis (12 weeks treatment in both arms) (n=184), BEM/RZR achieved a 95.4% SVR rate vs. 95.4% for SOF/VEL. In C-BEYOND, rates of virologic failure across all patient populations were low and comparable between treatment arms. Statistical non-inferiority was also met in secondary endpoints, including the per-protocol analysis.
Current report
BEM/RZR was administered as an 8-week regimen to patients without cirrhosis compared with the 12-week regimen of SOF/VEL, highlighting the potential of BEM/RZR to deliver robust antiviral efficacy with a shorter treatment duration. In the US, approximately 80-90% of people living with HCV do not have cirrhosis. Together with its potential advantages of a shorter treatment duration for most patients, low risk of drug-drug interactions and no food effect, the results from C-BEYOND further reinforce BEM/RZR’s potential as a differentiated, best-in-class treatment option for people with HCV.
Current report
In C-BEYOND, BEM/RZR demonstrated robust SVR rates across HCV genotypes that predominate in North America. C-FORWARD, which is being conducted at approximately 120 sites in 17 countries outside North America, includes a broader range of HCV genotypes and is expected to provide additional efficacy data in genotypes more frequently found outside the US and Canada. In C-BEYOND, BEM/RZR was generally safe and well tolerated with no drug-related serious adverse events or drug related early treatment discontinuations. Safety was comparable between treatment arms.
Current report
Expecting that the results of our HCV Phase 3 clinical development program, if successful, will drive stockholder value and catalyze business development discussions, in November 2025, we concluded the formal engagement to explore strategic partnerships which we previously entered into with Evercore LLC, a global independent investment bank. As noted above, in July 2026, we reported topline results of C-BEYOND, our Phase 3 clinical trial, comparing our regimen of BEM/RZR against the regimen of SOF/VEL (marketed in the US under the brand Epclusa®). In C-BEYOND, BEM/RZR demonstrated statistical non-inferiority to SOF/VEL meeting both primary and secondary study endpoints. In addition to C-BEYOND, our HCV Phase 3 clinical development program also includes C-FORWARD, a second Phase 3 clinical trial. Patient enrollment in C-FORWARD was completed in June 2026 and we currently expect to report topline results from this Phase 3 clinical trial early in the first quarter of 2027. If C-FORWARD is successfully completed, we are targeting to submit an NDA to the FDA in the second quarter of 2027 seeking approval to market the regimen.
Current report
complete the Phase 3 clinical development of the regimen of BEM/RZR for the treatment of HCV;
Current report
Research and development expenses decreased by $4.1 million from $32.3 million for the three months ended June 30, 2025 to $28.2 million for the three months ended June 30, 2026. The net decrease was primarily driven by a decrease in external spend for our HCV Phase 3 clinical development offset by an increase in external spend for HEV preclinical development and clinical development startup activities. The decrease in HCV Phase 3 clinical development external spend was principally the result of the completion of the Week 24 post treatment visits by patients in our C-BEYOND Phase 3 clinical trial. The decrease in internal research and development expenses was primarily related to lower stock-based compensation expense in the three months ended June 30, 2026.
Current report
General and administrative expenses decreased by $2.1 million from $9.1 million for the three months ended June 30, 2025 to $7.0 million for the three months ended June 30, 2026. The net decrease was primarily related to lower stock-based compensation expense and lower professional fees.
Current report
Comparison of the Six Months Ended June 30, 2026 and 2025
Removed paragraphs (9)
Previous report
complete the Phase 3 clinical development of the regimen of bemnifosbuvir and ruzasvir for the treatment of HCV;
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Interest Income and Other, Net
Previous report
Income Taxes
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Interest Income and Other, Net
Reworded paragraphs (36)
Previous wording
We are a late-stage clinical biopharmaceutical company leveraging our deep understanding of antiviral drug development, medicinal chemistry, biochemistry and virology to discover, develop and commercialize novel, orally administered antivirals to treat serious viral diseases. Our current product candidate pipeline includes the regimen of bemnifosbuvir and ruzasvir which we believe has the potential to improve the current standard of care (“SOC”) for the treatment of patients with hepatitis C virus (“HCV”) infection and AT-587 which we believe has the potential to be the first direct-acting antiviral (“DAA”) for the treatment of patients, particularly immunocompromised patients, with chronic hepatitis E virus (“HEV”) infection.
Current wording
We are a late-stage clinical biopharmaceutical company leveraging our deep understanding of antiviral drug development, medicinal chemistry, biochemistry and virology to discover, develop and commercialize novel, orally administered antivirals to treat serious viral diseases. Our current product candidate pipeline includes the regimen of bemnifosbuvir and ruzasvir (“BEM/RZR”) which we believe has the potential to improve the current standard of care (“SOC”) for the treatment of patients with hepatitis C virus (“HCV”) infection and AT-587 which we believe has the potential to be the first direct-acting antiviral (“DAA”) for the treatment of patients, particularly immunocompromised patients, with chronic hepatitis E virus (“HEV”) infection.
Previous wording
The objective of our HCV development program is to improve upon the current SOC by offering bemnifosbuvir and ruzasvir as a differentiated pan-genotypic protease inhibitor-free, short-duration regimen for patients infected with HCV, if successfully developed and approved. We believe that a novel treatment regimen that can be easily prescribed will benefit today’s HCV population, which is predominately young (20-49 years old) and non-cirrhotic, and it would be a significant improvement to the current SOC.
Current wording
The objective of our HCV development program is to improve upon the current SOC by offering the fixed-dose combination (“FDC”) regimen of BEM/RZR as a differentiated pan-genotypic protease inhibitor-free, short-duration regimen with a low risk of drug-drug interactions for patients infected with HCV, if successfully developed and approved. We believe that a novel, shorter duration, easily prescribable treatment will benefit today’s HCV patient population, which is predominately young (20-49 years old) and non-cirrhotic (80-90% of the US population), and would be a significant improvement to the current SOC.
Previous wording
Presently, there are no short-course (i.e., eight week) nucleotide inhibitor-based, pan-genotypic HCV treatment regimens. Clinical and nonclinical results from studies conducted to date, including a global Phase 2 clinical trial which enrolled 275 HCV infected patients, have shown that the regimen of bemnifosbuvir and ruzasvir has high potency and has been well tolerated. These studies have also shown that the regimen has a low risk for drug-drug interactions with many commonly prescribed medications including proton pump inhibitors and offers the convenience of being able to be taken with or without food. This is a profile that we believe will offer a significant improvement to the current SOC, if approved.
Current wording
Presently, there are no short-course (i.e., eight week) nucleotide inhibitor-based, pan-genotypic HCV treatment regimens. Clinical and nonclinical results from studies we conducted prior to our Phase 3 program have shown that the BEM/RZR regimen has high antiviral potency and has been well tolerated. These studies have also shown that the BEM/RZR regimen has a low risk for drug-drug interactions with many commonly prescribed medications including proton pump inhibitors and offers the convenience of being able to be taken with or without food. This is a profile that we believe will offer a significant improvement to the current SOC, if approved.
Previous wording
The global HCV Phase 3 program we are conducting consists of two randomized, open label studies: C-BEYOND which has clinical trial sites in the United States (“US”) and Canada, and C-FORWARD which has clinical trial sites in countries outside of North America. In these Phase 3 trials we are comparing our regimen of bemnifosbuvir and ruzasvir to an active comparator, the regimen of sofosbuvir and velpatasvir, in patients with chronic HCV infection. We are conducting the Phase 3 program in geographically diverse regions in order to enroll patients with a broad array of HCV genotypes.
Current wording
The global HCV Phase 3 program we are conducting consists of two randomized, open label studies: C-BEYOND which has clinical trial sites in the United States (“US”) and Canada, and C-FORWARD which has clinical trial sites in countries outside of North America. In these Phase 3 trials, we are comparing BEM/RZR to an active comparator, the fixed-dose combination regimen of sofosbuvir and velpatasvir (“SOF/VEL” marketed in the US under the brand Epclusa®), in patients with chronic HCV infection. We are conducting the Phase 3 program in geographically diverse regions in order to enroll patients with a broad array of HCV genotypes.
Previous wording
C-BEYOND is fully enrolled with over 880 patients, and we expect to report topline results mid-2026. We anticipate completing enrollment of an additional 880 patients in C-FORWARD in mid-2026 and reporting topline C-FORWARD results at year-end 2026. Pending successful results from these Phase 3 clinical trials, we are targeting submission to the US Food and Drug Administration (“FDA”) of a New Drug Application (“NDA”) for marketing approval in March 2027.
Current wording
In June 2026, we announced that we completed enrollment of more than 880 HCV patients in C-FORWARD. Currently, we anticipate to report the topline results from C-FORWARD early in the first quarter of 2027. Pending successful results from C-FORWARD, we are targeting submission to the U.S. Food and Drug Administration (“FDA”) of a New Drug Application (“NDA”) for marketing approval in the second quarter of 2027.
Previous wording
We are executing a focused chemistry, manufacturing and controls (“CMC”) strategy to provide fixed dose combination (“FDC”) tablets for the completion of the Phase 3 program, to fulfill NDA requirements and to prepare us for potential launch with sufficient commercial supply for projected initial sales if the regimen of bemnifosbuvir and ruzasvir is approved for marketing.
Current wording
In addition to our clinical development activities, we are executing a focused chemistry, manufacturing and controls (“CMC”) strategy to manufacture BEM/RZR FDC tablets to fulfill NDA requirements and prepare us for potential launch.
Previous wording
Given the large number of patients currently infected with HCV, which is reported by the US Center for Disease Control and Prevention to be as many as four million persons in the US, and the incidence of newly reported chronic infections continuing to outpace rates of treatment, we expect that a substantial global market will exist for the foreseeable future. In 2025, global net sales of branded HCV therapeutics known in the US as Epclusa®(including the authorized generic copy of Epclusa) and Mavyret®exceeded $2.5 billion with the US accounting for approximately 50% of these sales.
Current wording
Given the large number of patients currently infected with HCV and the incidence of newly reported chronic infections continuing to outpace rates of treatment, we expect that a substantial global market will exist for the foreseeable future. In 2025, global net sales of branded HCV therapeutics known in the US as Epclusa®(including the authorized generic copy of Epclusa®) and Mavyret®exceeded $2.5 billion with the US accounting for approximately 50% of these sales.
Previous wording
AT-587 has demonstrated potent nanomolar antiviral activity against HEVin vitro. In single-dosein vivo nonclinical pharmacokinetic studies, high plasma concentrations of the surrogate to the active intracellular triphosphate metabolite were observed in all animal species tested. Results fromin vitro toxicology, pharmacology and drug metabolism and pharmacokinetic studies indicate the potential for a favorable clinical profile for AT-587. Currently, we anticipate initiating clinical development of AT-587 with a first-in-human Phase 1 study in mid-2026.
Current wording
AT-587 has demonstrated potent nanomolar antiviral activity against HEVin vitro. In single-dosein vivo nonclinical pharmacokinetic studies, high plasma concentrations of the surrogate to the active intracellular triphosphate metabolite were observed in all animal species tested. Results fromin vitro toxicology, pharmacology and drug metabolism and pharmacokinetic studies indicate the potential for a favorable clinical profile for AT-587. In July 2026, we initiated clinical development of AT-587 in a Phase 1 clinical trial which is designed to evaluate the safety, tolerability and pharmacokinetics of AT-587 in healthy volunteers.
Previous wording
We believe we are well capitalized to advance our current programs. We had $256.0 million in cash, cash equivalents and marketable securities at March 31, 2026.
Current wording
We believe we are well capitalized to advance our current programs. We had $219.5 million in cash, cash equivalents and marketable securities at June 30, 2026.
Previous wording
Additionally, in April 2025, our Board authorized a program to repurchase shares of our common stock (“Common Stock”). Under this authorization, we returned 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 other strategic business plans. Under the share repurchase program, which was fully completed in 2025, we expended $25.5 million (including transaction costs and excise taxes) in connection with the repurchase of 7,673,792 shares of our Common Stock.
Current wording
Additionally, in April 2025, our Board authorized a program to repurchase shares of our common stock (“Common Stock”). Under this authorization, we returned capital to our stockholders while maintaining the capacity to complete the Phase 3 clinical development of the regimen of BEM/RZR and execute on our other strategic business plans. Under the share repurchase program, which was fully completed in 2025, we expended $25.5 million (including transaction costs and excise taxes) in connection with the repurchase of 7,673,792 shares of our Common Stock.
Previous wording
Expecting that the results of our HCV Phase 3 clinical development program, if successful, will drive stockholder value and catalyze business development discussions, in November 2025, we concluded the formal engagement to explore strategic partnerships which we previously entered into with Evercore LLC, a global independent investment bank. Currently, we expect to report topline results from our Phase 3 C-Beyond trial in mid-2026 and topline results from our Phase 3 C-Forward trial at year-end 2026. We remain open to consideration of strategic transactions and all other opportunities to drive stockholder value.
Current wording
We remain open to consideration of strategic transactions and all other opportunities to drive stockholder value.
Previous wording
In addition to a non-refundable upfront payment that we made in February 2022, we agreed to pay Merck milestone payments upon our achievement of certain development, regulatory and sales-based milestones. Additionally, we will pay Merck tiered royalties based on annual net sales of Products ranging from high single digits to mid-teens percentages. Our royalty payment obligations will continue until the later of (i) the expiration of the last to expire valid claim of a licensed Merck patent claiming such Product and (ii) a period of years after the first commercial sale of such Product in such country. We may terminate the Merck License Agreement for convenience upon prior written notice. The first milestone in the amount of $5.0 million became due and payable in April 2025 when we enrolled our first patient in C-BEYOND, the Phase 3 clinical trial that we are currently conducting in the US and Canada evaluating the regimen of bemnifosbuvir and ruzasvir for the treatment of HCV. The Company recognized this milestone payment as research and development expense in the three months ended June 30, 2025. The next potential milestone, in the amount of $10.0 million, is payable upon acceptance by the FDA of a new drug application covering a product candidate including ruzasvir. If we successfully complete the ongoing HCV Phase 3 clinical trials evaluating the regimen of bemnifosbuvir and ruzasvir and are able to complete and submit the NDA to the FDA on our current projected timeline, we anticipate that this next potential milestone may become due and payable during the three months ended June 30, 2027.
Current wording
In addition to a non-refundable upfront payment that we made in February 2022, we agreed to pay Merck milestone payments upon our achievement of certain development, regulatory and sales-based milestones. Additionally, we will pay Merck tiered royalties based on annual net sales of Products ranging from high single digits to mid-teens percentages. Our royalty payment obligations will continue until the later of (i) the expiration of the last to expire valid claim of a licensed Merck patent claiming such Product and (ii) a period of years after the first commercial sale of such Product in such country. We may terminate the Merck License Agreement for convenience upon prior written notice. The first milestone in the amount of $5.0 million became due and payable in April 2025 when we enrolled our first patient in C-BEYOND, the Phase 3 clinical trial that we are currently conducting in the US and Canada evaluating the regimen of BEM/RZR for the treatment of HCV. The Company recognized this milestone payment as research and development expense in the three months ended June 30, 2025. The next potential milestone, in the amount of $10.0 million, is payable upon acceptance by the FDA of a new drug application covering a product candidate including ruzasvir. If we successfully complete C-FORWARD, our Phase 3 clinical trial, and our HCV development program evaluating the BEM/RZR regimen, and we are able to complete and submit the NDA to the FDA on our current projected timeline, we anticipate that this next potential milestone may become due and payable during the three months ending September 30, 2027.
Previous wording
As of March 31, 2026, we had cash and investments of $256.0 million. Net cash used in operating activities was $46.4 million for the three months ended March 31, 2026.
Current wording
As of June 30, 2026, we had cash and investments of $219.5 million. Net cash used in operating activities was $83.5 million for the six months ended June 30, 2026.
Previous wording
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, prepare and submit an application for marketing approval of the regimen of bemnifosbuvir and ruzasvir, engage in pre-launch activities including the manufacture of the regimen of bemnifosbuvir and ruzasvir in commercial quantities sufficient to meet our initial sales projections and advance to late-stage clinical development of AT-587 for the treatment of HEV.
Current wording
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, prepare and submit an application for marketing approval of the regimen of BEM/RZR, engage in pre-launch activities and advance AT-587 for the treatment of HEV to late-stage clinical development.
Previous wording
We expect that our net cash used in operating activities will remain significant as we complete the clinical development of the regimen of bemnifosbuvir and ruzasvir for the treatment of HCV, seek regulatory approval, manufacture such product at commercial scale and prepare for and, if approved, pursue commercialization activities; advance AT-587, our HEV product candidate through preclinical and clinical development; acquire, discover, validate and develop additional product candidates; obtain, maintain, protect and enforce our intellectual property portfolio; and, if necessary, hire additional personnel. In addition, we may incur additional costs as we continue to operate as a public company. We believe that our available cash, cash equivalents and marketable securities will be sufficient to fund our planned operations through 2027. 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
We expect that our net cash used in operating activities will remain significant as we complete the clinical development of the regimen of BEM/RZR for the treatment of HCV, seek regulatory approval, manufacture such product at commercial scale and prepare for and, if approved, pursue commercialization activities; advance AT-587, our HEV product candidate through clinical development; acquire, discover, validate and develop additional product candidates; obtain, maintain, protect and enforce our intellectual property portfolio; and, if necessary, hire additional personnel. In addition, we may incur additional costs as we continue to operate as a public company. We believe that our available cash, cash equivalents and marketable securities will be sufficient to fund our planned operations through 2027. 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
We do not have any products approved for sale and have not generated any product revenue since inception. We do not anticipate generating any revenue from product sales for the foreseeable future. Our ability to generate product revenue will depend on the successful development, regulatory approval and eventual commercialization of one or more of our product candidates. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through private or public equity or debt financings, collaborative or other arrangements with third parties, or through other sources of financing. Our failure to meet the primary efficacy endpoint of our COVID-19 SUNRISE-3 Phase 3 clinical trial may make such financing more difficult. Adequate funding may not be available to us on acceptable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization of our product candidates.
Current wording
We do not have any products approved for sale and have not generated any product revenue since inception. We do not anticipate generating any revenue from product sales for the foreseeable future. Our ability to generate product revenue will depend on the successful development, regulatory approval and eventual commercialization of one or more of our product candidates. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through private or public equity or debt financings, collaborative or other arrangements with third parties, or through other sources of financing. Adequate funding may not be available to us on acceptable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization of our product candidates.
Previous wording
complete non-clinical NDA enabling activities, including those associated with the manufacture of the regimen of bemnifosbuvir and ruzasvir at commercial scale;
Current wording
complete non-clinical NDA enabling activities including those associated with the manufacture of the regimen of BEM/RZR at commercial scale;
Previous wording
seek marketing approval and prepare for potential commercialization of the regimen of bemnifosbuvir and ruzasvir for the treatment of HCV;
Current wording
seek marketing approval and prepare for potential commercialization of the regimen of BEM/RZR for the treatment of HCV;
Previous wording
initiate clinical development of AT-587 for the treatment of chronic HEV;
Current wording
advance the clinical development of AT-587 for the treatment of chronic HEV;
Previous wording
Substantially all of our resources are focused on the development of our product candidates. We expect our research and development expenses to vary quarter over quarter particularly as we complete our Phase 3 HCV clinical program, manufacture commercial launch supply for the possible commercialization of the regimen of bemnifosbuvir and ruzasvir and advance AT-587 for the treatment of HEV. Predicting the timing or cost to complete our clinical programs, validate our commercial manufacturing and supply processes and manufacture of product at commercial scale is difficult and delays may occur because of many factors, including factors outside of our control. For example, if the FDA or other regulatory authorities were to require us to conduct clinical trials beyond those that we currently anticipate or the time to complete planned clinical trials is extended due to delays in enrollment or otherwise, we could be required to expend significant additional financial resources and time on the completion of clinical development. Furthermore, we are unable to predict with any certainty when our HCV and HEV product candidates or any other product candidate we may develop will, if ever, receive regulatory approval.
Current wording
Substantially all of our resources are focused on the development of our product candidates. We expect our research and development expenses to vary quarter over quarter particularly as we complete our Phase 3 HCV clinical program, complete NDA associated activities and advance the clinical development of AT-587 for the treatment of HEV. Predicting the timing or cost to complete our clinical programs, validate our commercial manufacturing and supply processes and manufacture product at commercial scale is difficult and delays may occur because of many factors, including factors outside of our control. For example, if the FDA or other regulatory authorities were to require us to conduct clinical trials beyond those that we currently anticipate or the time to complete planned clinical trials is extended due to delays in enrollment or otherwise, we could be required to expend significant additional financial resources and time on the completion of clinical development. Furthermore, we are unable to predict with any certainty when our HCV and HEV product candidates or any other product candidate we may develop will, if ever, receive regulatory approval.
Previous wording
Interest income and other, net, decreased by $2.4 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to lower investment balances.
Current wording
Interest income and other, net, decreased by $2.2 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to lower investment balances.
Previous wording
Research and development expenses increased by $11.6 million from $29.6 million for the three months ended March 31, 2025 to $41.1 million for the three months ended March 31, 2026. The net increase was primarily driven by an increase in external spend for our HCV Phase 3 clinical development and HEV preclinical development activities. The increase was partially offset by lower internal research and development expenses primarily related to lower salaries and wages and lower stock-based compensation expense in the three months ended March 31, 2026.
Current wording
Research and development expenses increased by $7.4 million from $61.9 million for the six months ended June 30, 2025 to $69.3 million for the six months ended June 30, 2026. The net increase was primarily driven by an increase in external spend for our HCV Phase 3 clinical development and an increase in HEV preclinical development activities and initiation of HEV clinical development startup activities. The increase in external HCV Phase 3 clinical development expense was principally the result of the conduct of both C-BEYOND and C-FORWARD Phase 3 clinical trials in the six months ended June 30, 2026. The increase in external spend was partially offset by lower internal research and development expenses primarily related to lower salaries and wages and lower stock-based compensation expense in the six months ended June 30, 2026.
Previous wording
General and administrative expenses decreased by $2.6 million from $9.5 million for the three months ended March 31, 2025 to $6.9 million for the three months ended March 31, 2026. The net decrease was primarily related to lower salaries and wages, lower stock-based compensation expense and lower professional fees.
Current wording
General and administrative expenses decreased by $4.7 million from $18.5 million for the six months ended June 30, 2025 to $13.8 million for the six months ended June 30, 2026. The net decrease was primarily related to lower salaries and wages, lower stock-based compensation expense and lower professional fees.
Previous wording
As of March 31, 2026, we had cash, cash equivalents and marketable securities of $256.0 million. We believe that our available cash and investments 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.
Current wording
As of June 30, 2026, we had cash, cash equivalents and marketable securities of $219.5 million. We believe that our available cash and investments will be sufficient to fund our planned operations through 2027 including the completion of the Phase 3 program evaluating the regimen of BEM/RZR 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
To date, we have not generated any product revenue. We do not expect to generate any product revenue unless and until we obtain regulatory approval of and commercialize any of our product candidates and we do not know when, or if, this will occur. We expect to continue to incur significant expenditures for the foreseeable future as we continue the development of, and seek regulatory approvals for, our product candidates, and prepare for and begin to commercialize any approved products. We are subject to all of the risks typically related to the development of new product candidates, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our business. Moreover, we expect to incur additional general and administrative costs, including selling costs, as we continue to operate as a public company and potentially expand our organization to support and otherwise initiate additional activities in preparation for potential commercialization of the regimen of bemnifosbuvir and ruzasvir.
Current wording
To date, we have not generated any product revenue. We do not expect to generate any product revenue unless and until we obtain regulatory approval of and commercialize any of our product candidates and we do not know when, or if, this will occur. We expect to continue to incur significant expenditures for the foreseeable future as we continue the development of, and seek regulatory approvals for, our product candidates, and prepare for and begin to commercialize any approved products. We are subject to all of the risks typically related to the development of new product candidates, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our business. Moreover, we expect to incur additional general and administrative costs, including selling costs, as we continue to operate as a public company and potentially expand our organization to support and otherwise initiate additional activities in preparation for potential commercialization of the regimen of BEM/RZR.
Previous wording
the scope, timing, rate of progress and costs of our Phase 3 program evaluating the combination of bemnifosbuvir and ruzasvir for the treatment of HCV and our other drug discovery efforts, preclinical development activities, laboratory testing and clinical trials for other product candidates including AT-587 for the treatment of HEV;
Current wording
the scope, timing, rate of progress and costs of our Phase 3 program, including in particular the completion of our Phase 3 clinical trial, C-FORWARD, evaluating BEM/RZR for the treatment of HCV and our other drug discovery efforts, preclinical development activities, laboratory testing and clinical trials for other product candidates including AT-587 for the treatment of HEV;
Previous wording
the outcome of our search for strategic collaborations to strengthen our capabilities to commercialize the regimen of bemnifosbuvir and ruzasvir, if approved;
Current wording
the scope and terms of strategic collaborations we enter into to strengthen our capabilities to commercialize the regimen of BEM/RZR, if approved;
Previous wording
the cost, timing and outcome of preparing for and undergoing regulatory review of our regimen of bemnifosbuvir and ruzasvir for the treatment of HCV and any other product candidates;
Current wording
the cost, timing and outcome of preparing for and undergoing regulatory review of our regimen of BEM/RZR for the treatment of HCV and any other product candidates;
Previous wording
the cost and timing associated with commercializing regimen of bemnifosbuvir and ruzasvir for the treatment of HCV and any other product candidates, if they receive marketing approval;
Current wording
the cost and timing associated with commercializing regimen of BEM/RZR for the treatment of HCV and any other product candidates, if they receive marketing approval;
Previous wording
Net cash used in operating activities for the three months ended March 31, 2026 was $46.4 million. Cash used in operating activities was primarily due to a net loss of $45.4 million, accretion of premium and discounts on marketable securities of $0.6 million, a decrease in accounts payable and accrued expenses and other liabilities of $6.2 million, partially offset by stock-based compensation expense of $3.7 million and a decrease in prepaid expenses and other assets of $2.0 million.
Current wording
Net cash used in operating activities for the six months ended June 30, 2026 was $83.5 million. Cash used in operating activities was primarily due to a net loss of $78.4 million, accretion of premium and discounts on marketable securities of $1.1 million, a decrease in accounts payable and accrued expenses and other liabilities of $11.3 million, partially offset by stock-based compensation expense of $7.1 million.
Previous wording
Net cash used in operating activities for the three months ended March 31, 2025 was $30.6 million. Cash used in operating activities was primarily due to a net loss of $34.3 million, accretion of premium and discounts on marketable securities of $1.7 million, and an increase in other assets of $4.2 million, partially offset by stock-based compensation expense of $7.0 million and an increase in accounts payable and accrued expenses of $3.3 million.
Current 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.
Previous wording
Net cash provided by investing activities for the three months ended March 31, 2026 was $29.7 million and consisted of sales and maturities of marketable securities of $104.3 million partially offset by purchases of marketable securities of $74.5 million.
Current wording
Net cash provided by investing activities for the six months ended June 30, 2026 was $64.1 million and consisted of sales and maturities of marketable securities of $172.4 million partially offset by purchases of marketable securities of $108.4 million.
Previous wording
Net cash provided by investing activities for the three months ended March 31, 2025 was $85.6 million and consisted of sales and maturities of marketable securities of $208.2 million partially offset by purchases of marketable securities of $122.6 million.
Current 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.
Previous wording
Net cash provided by financing activities for the three months ended March 31, 2026 was $0.3 million and consisted of $0.9 million in proceeds from the exercise of stock options and $0.1 million in proceeds from the issuance of our Common Stock under our employee stock purchase plan offset by $0.7 million used in connection with the net settlement of vested restricted stock units.
Current wording
Net cash provided by financing activities for the six months ended June 30, 2026 was $0.3 million and consisted of $0.9 million in proceeds from the exercise of stock options and $0.1 million in proceeds from the issuance of our Common Stock under our employee stock purchase plan (“ESPP”) offset by $0.7 million used in connection with the net settlement of vested restricted stock units.
Previous wording
Net cash used in financing activities for the three months ended March 31, 2025 was $0.3 million and consisted of $0.4 million related to the net settlement of vested restricted stock units partially offset by proceeds of $0.1 million from the sale of our Common Stock under our employee stock purchase plan.
Current 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 ESPP of $0.1 million.
Previous wording
There have been no material changes to our contractual obligations during the three months ended March 31, 2026 from those previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
There have been no material changes to our contractual obligations during the six months ended June 30, 2026 from those previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The following table summarizes our results of operations for the periods indicated:
Current report — wording carried from elsewhere
Interest income and other, net, decreased by $4.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to lower investment balances.
Current report — wording carried from elsewhere
Income tax expense was $0.1 and $0.4 million for the six months ended June 30, 2026 and 2025, respectively.