Atea Pharmaceuticals, Inc. Q2 FY2024 earnings call

• Completed patient enrollment in global Phase 3 SUNRISE-3 study for bemnifosbuvir in COVID-19 and global Phase 2 study for bemnifosbuvir and ruzasvir in HCV. • COVID-19 is endemic with ongoing surges, and there's an unmet need for suitable therapies. Expected results from SUNRISE-3 in H2 2024. • HCV patient profile has changed with multiple concomitant medications, poor adherence, and need for short treatment duration. Data from Phase 2 study at EASL showed high SVR-12 rate. Selected fixed dose combination tablet for HCV Phase 3 program, reducing daily pill count from 4 to 2. • Cash position at June 30th was $502 million, with runway extending to 2027.

No specific product segments with revenue contribution discussed; focus is on clinical programs for COVID-19 and HCV.

• Expect to report top line results from SUNRISE-3 Phase 3 trial in H2 2024 and target NDA submission around year-end. • Anticipate reporting full results of Phase 2 HCV study in Q4 2024. • Project cash runway into 2027 based on strong financial position.

• Uncertainties related to clinical trial outcomes and regulatory approvals. • Competition from other pharmaceutical companies, such as Pfizer's next-gen Paxlovid, and potential impact on market share.

Q: Can you just walk me through the payer dynamic for Hep C? What percent of chronic Hep C patients are on Medicaid? And are these patients prescribed generic Epclusa in general?

A: For Hep C, government supported programs like Medicaid and Medicare comprise the larger majority from the payer perspective. Both brand and authorized copy of Epclusa are sold, with payer dynamics varying by wholesale acquisition cost or net discounts. Jean-Pierre added that IP for Mavyret and Epclusa goes at least until 2036, so generics not expected before 2036.

Q: I recently noticed that Pfizer has a next-gen Paxlovid in development with no metallic taste, no ritonavir, higher potency at target, so a lot of the same things that we've been talking about bemnifosbuvir in the COVID space. I assume you've seen their paper, do you still expect to have a competitive edge versus that sort of a program? And what are your plans to commercialize in the space versus a major player like Pfizer?

A: Janet said it's interesting, they've got a long way to go, and having multiple mechanisms of action is important. Bemnifosbuvir is a nucleoside analog with less potential for resistance. John mentioned for commercialization in US, they plan to co-promote with a pharmaceutical company with primary care and managed care capabilities and commercial infrastructure.