Key Highlights

  • Net loss was USD 32.2 million, or USD 0.40 per share.
  • Cash and marketable securities were USD 191.2 million.
  • A Hercules Credit Facility of up to USD 200 million was announced.
  • Phase 3 C-BEYOND met its non-inferiority endpoint for BEM/RZR.

Atea Pharmaceuticals, Inc. (NASDAQ:AVIR) reported a third quarter 2026 net loss of USD 32.2 million, or USD 0.40 per share, compared with USD 42.0 million, or USD 0.53 per share, in the third quarter of 2025. Reported EPS was negative USD 0.40, compared with an estimate of negative USD 0.51. The company reported no revenue.

Research and development expense was USD 27.1 million, compared with USD 38.3 million. General and administrative expense was USD 6.9 million, compared with USD 7.2 million. For the nine months, the net loss was USD 110.5 million, compared with USD 113.5 million, Research and Development expense was USD 96.4 million, compared with USD 100.2 million, and general and administrative expense was USD 20.7 million, compared with USD 25.7 million.

Financial Position

The company held USD 191.2 million in cash and marketable securities as of September 30, 2026. It announced a credit facility agreement with Hercules Capital for up to USD 200 million, with USD 65 million drawn at closing. Management said the staged structure provides access to capital and flexibility in building commercialization capabilities ahead of the planned U.S. launch of BEM/RZR in 2028.

C-BEYOND Phase 3 Results

C-BEYOND was a randomized, active controlled non-inferiority trial against sofosbuvir-velpatasvir, marketed as Epclusa, enrolling patients with chronic HCV at approximately 120 clinical sites in the U.S. and Canada. Patients without cirrhosis received BEM/RZR for 8 weeks, and the trial was powered at 90% with a 5% non-inferiority margin.

In the primary endpoint MITT population, BEM/RZR achieved a 94% SVR rate, compared with 95% for sofosbuvir-velpatasvir, meeting the primary endpoint of statistical non-inferiority within the prespecified 5% margin. In the non-cirrhotic MITT population, BEM/RZR achieved a 94% SVR rate with 8 weeks of treatment, compared with 95% for sofosbuvir-velpatasvir with 12 weeks. In patients with compensated cirrhosis, both arms achieved a 95% SVR rate with 12 weeks of treatment.

Management noted that approximately 89% of participants were taking concomitant medications, two thirds had psychiatric disorders and over 10% discontinued treatment prematurely. It said 80% to 90% of HCV patients in the U.S. take concomitant medication, and that 76% of high Volume prescribers rated their intent to prescribe BEM/RZR at the top of the scale.

Pipeline Timelines

Management said Top Line results for C4, the global trial enrolled in 17 countries, are scheduled for early 2027, with C-BEYOND and C4 together supporting a new drug application submission targeted for mid-2027. During the quarter, the company initiated a Phase 1 trial of AT-587 in healthy subjects, with a proof of concept study planned for the first half of 2027 and preliminary results targeted for late 2027.

Management cited 2025 global HCV net sales of approximately USD 2.6 billion, including roughly USD 1.3 billion in the United States, and peak U.S. net sales potential for BEM/RZR of more than USD 700 million. It estimated the U.S. hepatitis E commercial opportunity for AT-587 at USD 1 billion to USD 1.5 billion per year.

Phase 3 Data, Credit Facility and Timelines

Atea reported a net loss of USD 32.2 million and USD 191.2 million in cash and marketable securities, alongside a Hercules credit facility of up to USD 200 million. The call set out SVR rates by population from the C-BEYOND Phase 3 trial, which met its non inferiority endpoint for BEM/RZR, and the timelines for C4, the NDA and the AT-587 study.