Executive Summary

Q2 2025 delivered disciplined spend reduction with R&D down $2.4M YoY to $32.3M and G&A down $3.2M YoY to $9.1M; cash, cash equivalents and marketable securities were $379.7M at June 30, 2025 .
Patient enrollment is on track in both global Phase 3 HCV trials (C-BEYOND in North America; C-FORWARD ex-North America); management reiterated the regimen’s potential best-in-class profile and highlighted test‑and‑treat suitability .
EPS of $(0.44) missed Wall Street consensus of $(0.415); limited sell-side coverage (2 EPS estimates) underscores sparse expectations for a clinical-stage company. Interest income fell YoY by $2.2M on lower investment balances, and Q2 R&D included a milestone expense to Merck, contributing to the miss *.
Capital allocation remains shareholder-friendly: $25M repurchase authorization with 4,619,597 shares repurchased at an average price of $3.01 through June 30, 2025; strategic alternatives review continues with Evercore engaged .

What Went Well and What Went Wrong

What Went Well

Global Phase 3 HCV program advancing: “Global patient enrollment is on track in both C-BEYOND and C-FORWARD trials” .
Strong clinical profile reinforced by EASL data: Phase 2 achieved 98% SVR12 in adherent patients and 95% in efficacy-evaluable population; supportive PK data indicate no dose adjustments needed for hepatic or renal impairment and minimal DDI with common HIV regimen .
Cash runway and disciplined spend: $379.7M cash and securities; management projects cash runway through 2027 and highlights focus on Phase 3 execution .

What Went Wrong

EPS missed consensus: $(0.44) vs $(0.415) consensus; interest income declined $2.2M YoY due to lower investment balances, and R&D included a milestone expense to Merck tied to the HCV program *.
No commercial revenue; operating losses persist given clinical-stage status, with net loss of $(37.2)M in Q2 2025 .
C‑FORWARD pace slower than C‑BEYOND due to longer regulatory approvals outside North America, pushing top-line to later in 2026 versus mid‑2026 for C‑BEYOND .

Financial Results

Metric	Q4 2024	Q1 2025	Q2 2025
Net Loss ($USD Millions)	$(33.5)	$(34.3)	$(37.2)
Diluted EPS ($)	$(0.40)	$(0.40)	$(0.44)
Total Operating Expenses ($USD Millions)	$39.0	$39.0	$41.3
Interest Income and Other, Net ($USD Millions)	$5.7	$5.0	$4.4
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$454.7 (12/31/24)	$425.4 (3/31/25)	$379.7 (6/30/25)

Q2 YoY Detail	Q2 2024	Q2 2025
R&D Expense ($USD Millions)	$34.7	$32.3
G&A Expense ($USD Millions)	$12.2	$9.1
Interest Income & Other, Net ($USD Millions)	$6.6	$4.4
Diluted EPS ($)	$(0.48)	$(0.44)

Notes: Company is clinical-stage with no reported product revenue in period materials; Atea presents operating expenses, interest income, and net loss (GAAP) in Q2 2025 press release and 8‑K .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Through 2027	Not previously specified in Q1 PR	“We project this cash guidance runway through 2027”	New
Phase 3 Top-line Timing (C-BEYOND)	Mid-2026	Enrollment start April 2025 noted; no prior top-line date	“Anticipate top-line results from C‑BEYOND in mid‑2026”	New
Phase 3 Top-line Timing (C-FORWARD)	2026	C‑FORWARD initiation mid‑2025 expected	“C‑FORWARD at the 2026…due to longer timelines outside North America”	New
R&D Focus	2025	Phase 3 startup activities	R&D principally invested in global Phase 3 HCV program	Maintained
Share Repurchase Authorization	Ongoing	Authorized up to $25M (April 2025)	Continues; 4,619,597 shares repurchased at $3.01 avg by 6/30/25	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Phase 3 HCV Program Execution	FDA End-of-Phase 2 alignment; enrollment expected April 2025 ; Q1: C‑BEYOND enrollment ongoing; C‑FORWARD initiation mid‑2025	Enrollment on track for both trials; sites footprint detailed; top-line timing framed (mid‑2026; later for ex‑NA)	Positive progress; clarity on timelines
Clinical Efficacy Profile	Phase 2 topline met efficacy and safety endpoints	Final Phase 2 SVR12 98% adherent; 95% efficacy-evaluable; supportive PK/DDI/renal data	Strengthened evidence
Market Opportunity & Test-and-Treat	$3B global HCV market; regimen poised to disrupt ; Q1 reiterated	Emphasis on test-and-treat suitability, low DDI, no food effect; KOL event highlights unmet needs	Narrative consolidating
Capital Allocation	No buyback in Q4 2024; Q1: $25M authorization	Buyback activity (4.62M shares at $3.01 avg); runway to 2027	Shareholder-friendly actions
Strategic Alternatives	Evercore engaged (Dec 2024) ; ongoing in Q1	Ongoing review to maximize shareholder value	Continues
Interest Income	Lower balances driving declines noted across periods	Interest income down $2.2M YoY in Q2	Headwind persists

Management Commentary

“Global patient enrollment is on track in both C‑BEYOND and C‑FORWARD trials... focused on the successful development of a potential best‑in‑class HCV regimen to treat and cure today’s patients” — Jean‑Pierre Sommadossi, CEO .
“We anticipate top line results from C‑BEYOND in mid‑2026 and C‑FORWARD at the 2026… due to longer timelines outside of North America” — Jean‑Pierre Sommadossi .
“Our regimen combines bemnifosbuvir… and ruzasvir… highly potent, pan‑genotypic therapy with a short treatment duration, along with a low potential for drug‑drug interactions, and can be taken with or without food” — Janet Hammond .
“We project this cash guidance runway through 2027” — Andrea Corcoran, CFO .
“The process includes a review of a broad range of strategic alternatives… strategic partnerships, acquisition, merger… sale of assets” — Company update .

Q&A Highlights

Enrollment cadence: Investigators express strong interest; enrollment is “on track” with faster progress in North America vs ex‑NA given regulatory timelines — CMO Arantxa Horga .
No additional financial guidance was introduced in Q&A; tone remained confident on Phase 3 execution and program value proposition .

Estimates Context

Metric	Q2 2025 Actual	Q2 2025 Consensus	# of Estimates
Primary EPS ($)	$(0.44)	$(0.415)*	2*
Revenue ($USD Millions)	Not disclosed in PR/8‑K	0.0*	1*

Values retrieved from S&P Global.*

Interpretation: EPS missed consensus by ~$0.03; limited coverage and clinical-stage profile likely make EPS sensitive to interest income and milestone timing *.

Key Takeaways for Investors

Enrollment momentum and clarified top-line timing (mid‑2026 for C‑BEYOND; later in 2026 for C‑FORWARD) anchor medium-term catalysts; monitor site activation pace, enrollment curves, and regulatory approvals ex‑NA .
Clinical profile is increasingly de‑risked: robust Phase 2 SVR12 rates and supportive PK/DDI data position the regimen well for test‑and‑treat settings; market research suggests strong prescriber intent post Phase 2 .
EPS weakness versus consensus was driven by lower interest income and program-related spend (including milestone expense); this is a common dynamic for cash-rich, clinical-stage biotechs — watch interest rates, cash balances, and milestone schedules *.
Balance sheet remains a strategic asset: $379.7M cash/securities and a buyback in place provide optionality through Phase 3 readouts; runway to 2027 reduces near-term financing risk .
Strategic alternatives review continues (Evercore engaged) — potential partnership or transaction optionality could re-rate the equity ahead of pivotal data .
Trading lens: stock likely keys off (1) enrollment updates, (2) incremental clinical/PK/DDI disclosures, (3) strategic review headlines, and (4) buyback activity; scarcity of revenue and limited estimates coverage can amplify moves on qualitative catalysts .
Medium-term thesis: if Phase 3 confirms best‑in‑class efficacy, shorter duration, and low DDI profile, Atea could capture meaningful share in ~$3B HCV market via test‑and‑treat expansion and younger, medically complex patient cohorts .

Atea Pharmaceuticals, Inc. (AVIR)·Q2 2025 Earnings Summary