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Sep 30, 2021
Atea Q3 2021 Earnings Report
Atea reported financial results for the third quarter of 2021 and provided a clinical and corporate update.
Key Takeaways
Atea Pharmaceuticals reported a net loss of $28.2 million for Q3 2021, with collaboration revenue of $32.8 million driven by the Roche License Agreement. The company is focusing on the development of AT-527, with ongoing Phase 3 trials and protocol amendments to improve trial outcomes. New data supports AT-527's antiviral activity against COVID-19 variants.
Atea is amending the Phase 3 MORNINGSKY trial protocol to include a new primary endpoint, refined patient population, and increased dosage.
Exploratory analyses from the Phase 2 MOONSONG trial indicate potent antiviral activity of AT-527, reducing viral load in COVID-19 patients.
In vitro data show AT-511 (free base of AT-527) is active against COVID-19 variants of concern, including Delta.
Atea's collaboration revenue for the quarter was $32.8 million, derived from the Roche License Agreement.
Atea
Atea
Forward Guidance
Atea Pharmaceuticals is working to deliver AT-527 as an oral antiviral treatment for COVID-19. The company plans to initiate a Phase 2 trial for AT-752 during the first half of 2022.
Positive Outlook
- AT-527 shows rapid and potent antiviral activity against COVID-19.
- AT-511 is active against variants of concern, including Delta.
- Atea is enhancing the MORNINGSKY trial infrastructure to accelerate enrollment.
- AT-527 has dual targets against a key viral enzyme.
- Phase 3 MORNINGSKY data are anticipated in the second half of 2022.
Challenges Ahead
- The global Phase 2 MOONSONG trial evaluating AT-527 in the outpatient setting did not meet the primary endpoint.
- Net loss for the quarter ended September 30, 2021 increased by $10.6 million from the quarter ended September 30, 2020.
- There are risks and uncertainties associated with the development of AT-527 as a potential treatment for COVID-19.
- Atea has a limited operating history and significant losses since inception.
- Atea is dependent on the success of its most advanced product candidates.