BML discloses 9.9% Atea Pharmaceuticals (NASDAQ: AVIR) ownership stake

Rhea-AI Filing Summary

BML Investment Partners, L.P. and Braden M. Leonard have reported a significant passive ownership stake in Atea Pharmaceuticals, Inc. common stock. As of 12/31/2025, they beneficially owned 7,810,000 shares, representing 9.9% of the outstanding common shares.

Leonard has sole voting and dispositive power over 320,000 shares and shared voting and dispositive power over 7,490,000 shares held by BML Investment Partners, L.P., of which he is the indirect controlling person. They certify the shares are held not for the purpose of changing or influencing control of Atea.

Insights

Institutional ownership and governance analyst

Large investor reports a 9.9% passive stake in Atea Pharmaceuticals.

BML Investment Partners, L.P. and Braden M. Leonard disclose beneficial ownership of 7,810,000 Atea Pharmaceuticals shares, equal to 9.9% of the common stock as of 12/31/2025. This positions them as a sizeable shareholder below the 10% threshold.

Control over the position is split: Leonard has sole voting and dispositive power over 320,000 shares and shared power over 7,490,000 shares held by BML Investment Partners, L.P. The filing emphasizes that the securities were not acquired for the purpose of changing or influencing control.

The investors also state they disclaim being part of a statutory group under Rule 13d-5(b)(1). Subsequent ownership reports in future periods will show whether this stake remains stable, increases, or decreases over time.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Atea Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

04683R106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 04683R106

1

Names of Reporting Persons

BML Investment Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,490,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,490,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,490,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 04683R106

1

Names of Reporting Persons

Leonard Braden Michael

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 320,000.00
6	Shared Voting Power 7,490,000.00
7	Sole Dispositive Power 320,000.00
8	Shared Dispositive Power 7,490,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,810,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: BML Investment Partners, L.P. is a Delaware limited partnership whose sole general partner is BML Capital Management, LLC. The managing member of BML Capital Management, LLC is Braden M. Leonard. As a result, Braden M. Leonard is deemed to be the indirect owner of the shares held directly by BML Investment Partners, L.P. Despite such shared beneficial ownership, the reporting persons disclaim that they constitute a statutory group within the meaning of Rule 13d-5(b) (1) of the Securities Exchange Act of 1934

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Atea Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 225 Franklin Street, Suite 2100, Boston, Massachusetts, 02110
Item 2.
(a)	Name of person filing: BML Investment Partners, L.P.
(b)	Address or principal business office or, if none, residence: 65 E Cedar - Suite 2, Zionsville IN 46077
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 04683R106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7810000
(b)	Percent of class: 9.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 320000
	(ii) Shared power to vote or to direct the vote: 7490000
	(iii) Sole power to dispose or to direct the disposition of: 320000
	(iv) Shared power to dispose or to direct the disposition of: 7490000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BML Investment Partners, L.P.

Signature:	Braden M Leonard
Name/Title:	BML Capital Management, LLC its General Partner By: Braden M Leonard, its Managing Member
Date:	02/09/2026

Leonard Braden Michael

Signature:	Braden M Leonard
Name/Title:	Leonard Braden Michael
Date:	02/09/2026

Comments accompanying signature: BML Investment Partners, L.P. is a Delaware limited partnership whose sole general partner is BML Capital Management, LLC. The managing member of BML Capital Management, LLC is Braden M. Leonard. As a result, Braden M. Leonard is deemed to be the indirect owner of the shares held directly by BML Investment Partners, L.P. Despite such shared beneficial ownership, the reporting persons disclaim that they constitute a statutory group within the meaning of Rule 13d-5(b)(1) of the Exchange Act.

FAQ

How many Atea Pharmaceuticals (AVIR) shares does BML Investment Partners own?

BML Investment Partners, L.P. and Braden M. Leonard report beneficial ownership of 7,810,000 Atea Pharmaceuticals common shares. This total combines 320,000 shares over which Leonard has sole power and 7,490,000 shares over which they share voting and dispositive power.

What percentage of Atea Pharmaceuticals (AVIR) does BML Investment Partners control?

They report beneficial ownership of 9.9% of Atea Pharmaceuticals’ common stock. This percentage is based on 7,810,000 shares beneficially owned as of December 31, 2025, making them a significant but sub‑10% shareholder under U.S. securities reporting rules.

Is BML Investment Partners’ stake in Atea Pharmaceuticals (AVIR) passive or activist?

The stake is certified as passive. The reporting persons state the securities were not acquired and are not held for the purpose of changing or influencing control of Atea, and are not part of any transaction intended to have that control‑changing effect.

What are Braden M. Leonard’s voting and dispositive powers in Atea Pharmaceuticals (AVIR)?

Braden M. Leonard has sole voting and dispositive power over 320,000 Atea shares and shared voting and dispositive power over 7,490,000 shares. The shared position is held through BML Investment Partners, L.P., where he is deemed an indirect owner via the general partner structure.

Why is Braden M. Leonard deemed an indirect owner of BML Investment Partners’ Atea (AVIR) shares?

BML Investment Partners, L.P.’s sole general partner is BML Capital Management, LLC, whose managing member is Braden M. Leonard. Because of this control chain, Leonard is deemed the indirect owner of the shares held directly by BML Investment Partners, L.P. under beneficial ownership rules.

Do BML Investment Partners and Braden M. Leonard consider themselves a group in Atea Pharmaceuticals (AVIR)?

They expressly disclaim that they constitute a statutory group. Despite shared beneficial ownership, the reporting persons state they do not form a group within the meaning of Rule 13d‑5(b)(1) under the Securities Exchange Act of 1934 for this Atea shareholding.