Atea Pharmaceuticals Reports Third Quarter 2026 Financial Results and Provides Business Update
The Hercules facility adds funding without issuing equity, while further borrowing depends on milestones and other loan conditions.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Atea Pharmaceuticals (AVIR) reported a narrower third-quarter net loss and advanced its hepatitis pipeline alongside a new credit facility. Net loss was $32.162 million, or $0.40 per share, versus $42.049 million, or $0.53 per share, a year earlier. Cash and investments totaled $191.199 million at September 30, 2026, versus $301.830 million at year-end 2025.
Phase 3 C-BEYOND met primary and secondary endpoints, demonstrating statistical non-inferiority of bemnifosbuvir/ruzasvir to Epclusa for hepatitis C. Atea expects C-FORWARD results in early 2027 and targets a US approval application in mid-2027. Its hepatitis E candidate AT-587 advanced into multiple-dose testing. Atea drew $65 million at the November 6 closing of a Hercules Capital facility offering up to $200 million; additional borrowing requires specified milestones and other conditions. Atea expects current resources to fund planned operations into mid-2028.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointC-BEYOND met primary and secondary endpoints, demonstrating statistical non-inferiority to Epclusa in Phase 3.
- Major pointHercules facility provides up to $200 million in non-dilutive funding; $65 million was drawn November 6, 2026. 58% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.C-FORWARD is fully enrolled with more than 880 patients across 17 countries; results expected early 2027.
- Moderate point. Forward-looking: it has not happened yet and may not happen.US approval application targeted for mid-2027, supported by expected C-FORWARD efficacy data across HCV genotypes.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Current resources expected to fund operations into mid-2028, based on Atea’s current operating plan.
- Moderate pointThird-quarter net loss narrowed to $32.162 million, or $0.40 per share, from $42.049 million, or $0.53.
13 minor points
- Minor pointWeek 24 sustained virologic response was 93.91% for BEM/RZR versus 94.75% for Epclusa in 905 patients.
- Minor pointBEM/RZR safety was comparable to Epclusa; virologic failure rates were low and comparable across treatment arms.
- Minor pointCompleted Phase 1 interaction study found no drug-drug interaction with methadone or Suboxone in healthy volunteers.
- Minor pointAT-587 completed single-dose testing and advanced into the multiple ascending dose portion of Phase 1.
- Minor point. Forward-looking: it has not happened yet and may not happen.AT-587 proof-of-concept study is anticipated to begin in the first half of 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Additional borrowings could potentially fund operations to profitability, assuming successful US BEM/RZR launch and spending consistent with plan.
- Minor pointThird-quarter research and development expense fell to $27.091 million from $38.347 million a year earlier.
- Minor pointThird-quarter general and administrative expense fell to $6.922 million from $7.220 million a year earlier.
- Minor pointNine-month net loss narrowed to $110.535 million from $113.482 million; loss per share widened to $1.38 from $1.37.
- Minor pointNine-month research and development expense fell to $96.375 million from $100.206 million a year earlier.
- Minor pointNine-month general and administrative expense fell to $20.745 million from $25.747 million a year earlier.
- Minor pointIncome tax expense declined to $38,000 for the quarter and $112,000 year-to-date, from $196,000 and $606,000.
- Minor pointTotal liabilities declined to $25.025 million at September 30, 2026, from $39.784 million at December 31, 2025.
Negative
- Major point$65 million drawn under the Hercules facility adds borrowing obligations. 19% of market cap
- Moderate pointCash and investments declined to $191.199 million at September 30, 2026, from $301.830 million at year-end 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.Up to $135 million of additional borrowing depends on specified milestones and other loan terms and conditions.
- Minor pointWorking capital declined to $175.243 million at September 30, 2026, from $271.207 million at year-end 2025.
- Minor pointTotal assets declined to $200.706 million at September 30, 2026, from $315.218 million at year-end 2025.
3 minor points
- Minor pointStockholders’ equity declined to $175.681 million at September 30, 2026, from $275.434 million at year-end 2025.
- Minor pointThird-quarter interest income and other, net, fell to $1.889 million from $3.714 million a year earlier.
- Minor pointNine-month interest income and other, net, fell to $6.697 million from $13.077 million a year earlier.
Key Figures
- SVR rate
- 93.91% vs. 94.75%
- C-BEYOND mITT population, n=905; Week 24
- C-FORWARD enrollment
- More than 880 patients across 17 countries
- Phase 3 HCV trial; topline results expected early 2027
- Credit facility
- Up to $200 million
- Hercules Capital facility
- Drawn at closing
- $65 million
- Drawn November 6, 2026
- Operating runway
- Into mid-2028
- Based on current resources and operating plan
- Cash and investments
- $191.2 million
- September 30, 2026; compared with $301.8 million at December 31, 2025
- Net loss
- $32,162 thousand
- Q3 2026; compared with $42,049 thousand in Q3 2025
- Targeted NDA submission
- Mid-2027
- BEM/RZR for HCV, subject to C-FORWARD results
Previous Earnings Reports
-
Reported $219.5 million cash and investments, with planned operations funded through 2027.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
statistical non-inferiority medical
modified intent-to-treat (mitt) medical
sustained virologic response (svr) medical
new drug application (nda) regulatory
pharmacokinetics medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Phase 3 C-BEYOND Trial Achieved Primary and Secondary Endpoints, Reinforcing Potential Best-in-Class Profile of BEM/RZR for Treatment of Hepatitis C Virus (HCV) Infection
Phase 3 C-FORWARD Trial for HCV on Track for Topline Results in Early 2027
Phase 1 Trial Evaluating AT-587 as Potential First-in-Class Treatment for Chronic Hepatitis E Virus (HEV) Infection Advances
Secured Non-dilutive Funding from Hercules Capital in an Amount Up to
Company Holding Conference Call Today at 4:30 pm ET
BOSTON, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Atea Pharmaceuticals, Inc. (Nasdaq: AVIR) (Atea or Company), a late-stage clinical biopharmaceutical company engaged in the discovery and development of oral antiviral therapeutics for serious viral diseases, today reported financial results for the third quarter ended September 30, 2026, and provided a business update.
During the third quarter, Atea announced positive topline results from C-BEYOND, the Company’s Phase 3 trial in North America, with the regimen of bemnifosbuvir/ruzasvir (BEM/RZR) demonstrating statistical non-inferiority to Epclusa® (sofosbuvir/velpatasvir; SOF/VEL) in patients with hepatitis C virus (HCV), meeting the primary and secondary endpoints. Topline results from C-FORWARD, Atea’s Phase 3 trial in patients with HCV outside of North America, are anticipated in early 2027. Results from C-FORWARD are expected to show the efficacy of BEM/RZR across a broad range of HCV genotypes, to support a New Drug Application (NDA) submission to the US Food and Drug Administration (FDA) targeted for mid-2027.
“The C-BEYOND results are strong and reinforce our conviction that the regimen of BEM/RZR will deliver a differentiated profile, including high HCV cure rates, short treatment duration, a low risk of drug-drug interactions and no food effect, which we believe are critical to drive broad adoption of BEM/RZR in clinical practice by prescribers,” said Jean-Pierre Sommadossi, PhD, Chief Executive Officer and Founder of Atea Pharmaceuticals. “Healthcare systems are increasingly focusing on test-and-treat strategies as integral to enhanced HCV elimination efforts. BEM/RZR’s profile is uniquely suited to meet the needs of patients and providers embracing this model.”
“We anticipate the upcoming topline Phase 3 results of C-FORWARD should further validate the potential of BEM/RZR, if approved, to be a new pan-genotypic treatment option for prescribers to treat people living with HCV,” Dr. Sommadossi added.
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. Approximately 47 million people worldwide are living with HCV, including up to four million people in the US, while new diagnoses continue to outpace annual cures. Additionally, many people living with HCV in the US are also managing other chronic conditions, and roughly
“We are also rapidly advancing our HEV program and successfully completed the single ascending dose portion of our Phase 1 study for AT-587. We are now conducting the multiple ascending dose portion of this study and preparing for an anticipated proof-of-concept study in 2027,” said Dr. Sommadossi. “There is a significant unmet need for HEV treatment among people who are immunocompromised and at high risk. We are building the foundation for what we currently anticipate may be a first-in-class direct-acting antiviral for chronic HEV and are excited about the potential of AT-587 to provide an important new treatment option for at-risk HEV patients.”
HEV is a potentially serious liver disease that can lead to chronic infection, cirrhosis and liver failure in certain patient populations. At-risk populations include immunocompromised individuals, such as transplant recipients and patients taking immunosuppressants, among others.
Viral Hepatitis Pipeline Updates
Hepatitis C (HCV)
In July 2026, Atea announced positive topline results from C-BEYOND, its Phase 3 trial evaluating BEM/RZR for the treatment of chronic HCV infection. BEM/RZR demonstrated statistical non-inferiority compared to SOF/VEL in the modified intent-to-treat (mITT) population, achieving the trial’s primary endpoint. In the mITT analysis (n=905, cirrhotic and non-cirrhotic), BEM/RZR achieved a
Atea continues to advance C-FORWARD, its Phase 3 trial being conducted outside North America. The trial is fully enrolled with more than 880 patients across 17 countries, with topline results expected in early 2027. C-FORWARD is expected to provide important efficacy data across a broad range of HCV genotypes, supporting a pan-genotypic profile.
In September 2026, multiscale modeling data from Atea's Phase 2 study of the 8-week BEM/RZR regimen in chronic HCV patients were published by the American Society for Clinical Pharmacology & Therapeutics. The analysis further elucidated the mechanism of action of BEM/RZR, modeling its effects on multiple stages of the viral lifecycle, including HCV replication, viral assembly and secretion.
Recently, Atea completed a Phase 1 study evaluating the co-administration of BEM/RZR with methadone or Suboxone®, two commonly used treatments for opioid use disorder. The co-administration was generally well tolerated in healthy volunteers and the study demonstrated a lack of drug-drug interaction. These data further support the potential use of BEM/RZR across the broad range of HCV patients encountered in real-world clinical practice.
Hepatitis E (HEV)
Atea continues to advance the Phase 1 clinical trial of AT-587, a potential first-in-class direct-acting antiviral for chronic HEV infection. The study has successfully completed the single ascending dose portion and is progressing through the multiple ascending dose portion part of the study, evaluating the safety, tolerability and pharmacokinetics of AT-587 in healthy volunteers. As Phase 1 development advances, Atea is also preparing for initiation of a proof-of-concept study anticipated in the first half of 2027. AT-587 is being developed to address chronic HEV in immunocompromised patients.
Corporate Update
On November 9, 2026, Atea announced that it entered into a credit facility agreement with Hercules Capital, Inc. for up to
Third Quarter 2026 Financial Results
Cash and Investments:
Research and Development Expenses Research and development expenses decreased by
General and Administrative Expenses: General and administrative expenses decreased by
Interest Income and Other, Net: Interest income and other, net, decreased by
Income Taxes: Income tax expense was
| Condensed Consolidated Statement of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | $ | 27,091 | $ | 38,347 | $ | 96,375 | $ | 100,206 | ||||||||
| General and administrative | 6,922 | 7,220 | 20,745 | 25,747 | ||||||||||||
| Total operating expenses | 34,013 | 45,567 | 117,120 | 125,953 | ||||||||||||
| Loss from operations | (34,013 | ) | (45,567 | ) | (117,120 | ) | (125,953 | ) | ||||||||
| Interest income and other, net | 1,889 | 3,714 | 6,697 | 13,077 | ||||||||||||
| Loss before income taxes | (32,124 | ) | (41,853 | ) | (110,423 | ) | (112,876 | ) | ||||||||
| Income tax expense | (38 | ) | (196 | ) | (112 | ) | (606 | ) | ||||||||
| Net loss | $ | (32,162 | ) | $ | (42,049 | ) | $ | (110,535 | ) | $ | (113,482 | ) | ||||
| Other comprehensive loss | ||||||||||||||||
| Unrealized gain (loss) on available-for-sale investments | 23 | 201 | (247 | ) | 5 | |||||||||||
| Comprehensive loss | $ | (32,139 | ) | $ | (41,848 | ) | $ | (110,782 | ) | $ | (113,477 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.40 | ) | $ | (0.53 | ) | $ | (1.38 | ) | $ | (1.37 | ) | ||||
| Weighted-average number of common shares - basic and diluted | 80,224,959 | 79,052,154 | 79,828,321 | 82,623,806 | ||||||||||||
| Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| Cash, cash equivalents and marketable securities | $ | 191,199 | $ | 301,830 | ||||
| Working capital(1) | 175,243 | 271,207 | ||||||
| Total assets | 200,706 | 315,218 | ||||||
| Total liabilities | 25,025 | 39,784 | ||||||
| Total stockholder's equity | 175,681 | 275,434 | ||||||
| (1 | ) | Atea defines working capital as current assets less current liabilities. See the Company’s consolidated financial statements in its Quarterly Report on Form 10-Q for the three months ended September 30, 2026 for further detail regarding its current assets and liabilities. |
Conference Call and Webcast
Atea will host a conference call and live audio webcast to discuss third quarter 2026 financial results and provide a business update today at 4:30 p.m. ET. To access the live conference call, participants may register here. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. The live audio webcast of the call will be available under “Events and Presentations” in the Investor Relations section of the Atea Pharmaceuticals website at ir.ateapharma.com. An archive of the audio webcast will be available on Atea’s website approximately two hours after the conference call and will remain available for at least 90 days following the event.
About the C-BEYOND and C-FORWARD Phase 3 Trials in Adults with Chronic HCV
The global Phase 3 program is evaluating the fixed-dose combination (FDC) of BEM/RZR for the treatment of chronic HCV in patients with and without compensated cirrhosis. The program consists of two open-label controlled trials, which have collectively enrolled over 1,760 treatment-naïve patients: C-BEYOND (NCT06868264) in North America and C-FORWARD (NCT07037277) outside North America. The trials compare the FDC regimen of bemnifosbuvir (BEM), a nucleotide analog polymerase inhibitor, and ruzasvir (RZR), an NS5A inhibitor, to the FDC regimen of SOF/VEL. The regimen of BEM/RZR is administered orally once daily for eight weeks (in patients without cirrhosis) or 12 weeks (in patients with compensated cirrhosis), while the regimen of SOF/VEL is administered orally once daily for 12 weeks to all patients, with or without compensated cirrhosis.
The primary endpoint for each trial is HCV RNA below the lower limit of quantitation (LLOQ) at 24 weeks from the start of treatment; this endpoint encompasses sustained virologic response at 12 weeks post-treatment (SVR12) in each arm. SVR12 is the accepted definition of cure for HCV. Measuring the endpoint at 24 weeks from the start of treatment ensures that it is assessed at the same relative time from treatment initiation for all patients. In C-BEYOND, the primary endpoint was assessed in the mITT population, which comprises all patients who received at least one dose of the regimen and includes patients who discontinued early or were lost to follow-up. The mITT analysis as the primary analysis of the endpoint is aligned with the FDA.
About Bemnifosbuvir and Ruzasvir for HCV
Bemnifosbuvir (BEM) has been shown in in vitro studies to be approximately 10-fold more active than sofosbuvir (SOF) against a panel of laboratory strains and clinical isolates of HCV GT 1–5. In vitro studies have also demonstrated BEM remained fully active against SOF resistance-associated substitutions (S282T), with up to 58-fold more potency than SOF. The pharmacokinetic (PK) profile of BEM supports once-daily dosing for the treatment of HCV. BEM has been shown to have a low risk for drug-drug interactions. BEM has been administered to over 3,200 subjects and has been well-tolerated at doses up to 550 mg for durations up to 12 weeks in healthy subjects and patients.
Ruzasvir (RZR) has demonstrated highly potent and pan-genotypic antiviral activity in preclinical (picomolar range) and clinical studies. RZR has been administered to over 3,100 HCV-infected patients at daily doses of up to 180 mg for 12 weeks and has demonstrated a favorable safety profile. The PK profile of RZR supports once-daily dosing.
About HCV
HCV is a blood-borne, positive-sense, single-stranded RNA (ssRNA) virus that primarily infects liver cells. HCV is a leading cause of chronic liver disease and liver transplants, spreading via blood transfusion, hemodialysis and needle sticks, with approximately 240,000 deaths occurring each year. Despite the availability of DAAs, HCV continues to be a significant global healthcare issue. An estimated 47 million people worldwide are chronically infected with HCV and there are approximately one million new infections each year. In the US, as many as four million people are estimated to have HCV with annual new infections outpacing treatment rates. HCV infections in the US predominate in patients in the age group between 20 and 49 years old, and it is estimated that approximately 80
About HEV
HEV is a positive sense, ssRNA virus which infects the liver and remains an under-recognized global health challenge with an estimated 20 million infections annually. Waterborne transmission of HEV genotypes 1 and 2 causes mostly acute self-limiting hepatitis in developing regions, whereas foodborne transmission of HEV genotype 3 predominates in the US and Europe and causes chronic hepatitis in immunocompromised patients, which can lead to cirrhosis in three to five years. There is a growing number of immunocompromised patients, a population that includes solid organ transplant and hematopoietic stem cell transplant recipients and patients with hematologic malignancies such as multiple myeloma. Each year, in the US and Europe,
About Atea Pharmaceuticals
Atea is a late-stage clinical biopharmaceutical company focused on discovering, developing and commercializing oral antiviral therapies to address the unmet medical needs of patients with serious viral infections. Leveraging Atea’s deep understanding of antiviral drug development, nucleos(t)ide chemistry, biology, biochemistry and virology, Atea has built a proprietary nucleos(t)ide prodrug platform to develop novel product candidates to treat ssRNA viruses, which are a prevalent cause of serious viral diseases. Atea plans to continue to build its pipeline of antiviral product candidates by augmenting its nucleos(t)ide platform with other classes of antivirals that may be used in combination with its nucleos(t)ide product candidates. Atea’s Phase 3 program is evaluating the regimen of BEM, a nucleotide analog polymerase inhibitor, and RZR, an NS5A inhibitor, for the treatment of HCV. AT-587, a nucleotide analog, is in Phase 1 development for the treatment of HEV. For more information, please visit www.ateapharma.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include but are not limited to statements regarding the potential best-in-class profile of the BEM/RZR regimen for the treatment of HCV, the potential to develop a product for the treatment of HEV, anticipated milestone events and timelines including the timeline for readout of the C-FORWARD Phase 3 clinical trials results and the potential submission of an NDA for US marketing approval of BEM/RZR, anticipated use of proceeds and availability of additional financing under the credit facility, the length of Atea’s cash runway including the potential to achieve profitability, future expenditures, future results of operations and business strategy. When used herein, words including “expected,” “should,” “anticipated,” “believe,” “will,” “plans”, and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon Atea’s current expectations and various assumptions. Atea believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Atea may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation, uncertainties inherent in the drug discovery and development process and the regulatory submission or approval process, unexpected or unfavorable safety or efficacy data or results observed during clinical trials or in data readouts; delays in or disruptions to clinical trials or our business; our reliance on third parties over which we may not always have full control; risks related to our outstanding debt, our ability to manufacture sufficient commercial product; competition from approved treatments for HCV; dependence on the success of Atea’s most advanced product candidates, in particular the BEM/RZR regimen for the treatment of HCV; as well as the other important factors discussed under the caption “Risk Factors” in Atea’s Quarterly Report on Form 10-Q for the period ended June 30, 2026 as such factors may be updated from time to time in its other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. All forward-looking statements represent management’s estimates as of the date of this press release. While Atea may elect to update such forward-looking statements at some point in the future, except as required by law, it disclaims any obligation to do so, even if subsequent events cause our views to change. Forward-looking statements should not be relied upon as representing Atea’s views as of any date subsequent to the date of this press release.
Contacts
Jonae Barnes
SVP, Investor Relations and Corporate Communications
617-818-2985
barnes.jonae@ateapharma.com
Joyce Allaire
LifeSci Advisors
jallaire@lifesciadvisors.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Atea’s Phase 3 C-BEYOND hepatitis C trial show?
C-BEYOND met its primary and secondary endpoints, demonstrating statistical non-inferiority of BEM/RZR to Epclusa. In the modified intent-to-treat population of 905 cirrhotic and non-cirrhotic patients, Week 24 sustained virologic response was 93.91% versus 94.75%. This assessment encompassed response 12 weeks after treatment, the accepted definition of HCV cure.
How much funding did Atea secure from Hercules Capital?
Atea entered a credit facility for up to $200 million and drew $65 million at closing on November 6, 2026. Access to up to $135 million more is optional and subject to specified milestones and other loan conditions. Atea expects its current resources to fund planned operations into mid-2028.
What did Atea’s BEM/RZR study with methadone and Suboxone find?
The completed Phase 1 study found no drug-drug interaction when BEM/RZR was co-administered with methadone or Suboxone. Co-administration was generally well tolerated in healthy volunteers.