Atea Pharmaceuticals, Inc. Q4 FY2025 earnings call

• HCV global Phase III program: C-Beyond completed patient enrollment in December with over 180 patients and expects top-line results mid-year; C-Forward is enrolling patients in 17 countries outside of North America, expects to complete enrollment mid-year and report top-line results by year-end. Both trials compare the regimen against current standard of care. - HEV program: Selected AT587 as lead product candidate, initiated IND and CTA enabling studies, anticipates initiating first in human study mid-year. - Commercial preparation for HCV: Commercial package includes blister card for convenience, anticipate commercial sales force of around 75 people. Market research showed US physicians likely to prescribe the regimen to half of their patients and payers responded favorably to potential inclusion in formulary. - Financial: Cash and investments were $301.8 million at December 31, 2025. 2025 R&D expenses increased mainly due to HCV Phase III clinical development, G&A expenses decreased mainly due to lower stock-based compensation expense.

For the HCV product segment, substantial clinical progress was made with global Phase III programs, expecting top-line readouts for C-Forward and CBR trials this year. For the HEV program, lead product candidate AT587 showed potential first-in-class inhibitor activity with in vitro and in vivo results presented, and IND and CTA enabling studies initiated.

• HCV: Expect top-line readouts for C-Forward and CBR trials this year. - HEV: Anticipate initiating first in human study mid-year, proof of concept by year-end, possible to advance to phase two/three trial in second half of 2027. - 2026: Substantial majority of spending focused on HCV program. Project cash runway to extend through 2027.

Actual results may differ materially from what is discussed on the call. Risks and uncertainties outlined in press release and company's recent filings with SEC.

Q: Having achieved enrollment target for the serotic population for C-Beyond, does that increase confidence in hitting target in C-Forward?

A: We are going to achieve our target overall for the program both in C-Beyond and C-Forward. The serotic involvement has not been an issue.

Q: As we look forward to commercial launch in HCV, talk about commercial landscape in terms of contracting, pricing etc.

A: Market for DAA is specialty market with segments like commercial, Medicare, Medicaid. Conducted preliminary research with payers, they responded favorably to potential inclusion in formulary. Pricing relatively stable overall.

Q: About primary endpoint of C-Beyond based on modified intent to treat population and physician response.

A: MITT is everyone that gets a dose, will see range. Market research with Phase II data showed physicians likely to prescribe the regimen to half of their patients regardless of cirrhosis status. Also, treatment duration is a key favorable feature.

Q: About one-time mark license agreement.

A: Have in-licensed rusesvir, paying milestones and royalties to Merck on successful commercialization, next milestone due when submitting and getting NDA approved, expected in 2027