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Jun 30, 2022
Atea Q2 2022 Earnings Report
Reported financial results and provided a business update.
Key Takeaways
Atea Pharmaceuticals reported a net loss of $31.3 million for the second quarter ended June 30, 2022, compared to a net income of $1.5 million for the quarter ended June 30, 2021. The company had $684.5 million in cash and cash equivalents as of June 30, 2022.
Bemnifosbuvir is advancing to late-stage development for COVID-19 following meetings with the FDA and EMA.
New data demonstrated bemnifosbuvir retained antiviral activity against Omicron subvariant in vitro.
Progressing internal second-generation protease inhibitor discovery program for COVID-19 combination therapy.
Enrolling AT-752 global Phase 2 trial and U.S. Human Challenge Study for Dengue.
Atea
Atea
Forward Guidance
Atea Pharmaceuticals is planning to initiate a global late-stage trial for bemnifosbuvir in Q4 2022 and expects initial results from AT-752 dengue trials in late 2022.
Positive Outlook
- Initiate a global late-stage trial in the fourth quarter of 2022.
- Continue to progress our second-generation protease inhibitor discovery program.
- Expect initial results in late 2022 for AT-752.
- Preparing for the initiation of a Phase 2 combination study of bemnifosbuvir and ruzasvir, which is expected in late 2022.
- Remain well capitalized to advance our programs.
Challenges Ahead
- COVID-19 continues to be a global emergency with waning efficacy from vaccines, therapeutics and prior infections driving an unmet medical need.
- Uncertainty around and costs associated with the clinical development of bemnifosbuvir as a potential treatment for COVID-19 and HCV.
- The primary endpoint, time to symptom alleviation, was not achieved in MORNINGSKY trial.
- Decrease in revenue of $60.4 million as a result of the termination of the Roche agreement.
- Net loss for the quarter ended June 30, 2022 was $31.3 million compared to net income of $1.5 million for the quarter ended June 30, 2021.