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Sep 30, 2024
Atea Q3 2024 Earnings Report
Atea Pharmaceuticals reported financial results for the third quarter of 2024 and provided a business update.
Key Takeaways
Atea Pharmaceuticals reported its third quarter 2024 financial results, highlighting progress in its HCV program with the combination of bemnifosbuvir and ruzasvir. Topline results from the Phase 2 combination study are expected in early December, with a Phase 3 program planned for early next year. The company had $482.8 million in cash, cash equivalents, and marketable securities as of September 30, 2024.
Atea is advancing its HCV program with bemnifosbuvir and ruzasvir combination therapy.
Topline results from the Phase 2 HCV combination study are expected in early December 2024.
Atea plans to initiate a global Phase 3 program for its HCV treatment early next year.
Atea will not pursue a regulatory pathway forward for bemnifosbuvir for COVID-19.
Atea
Atea
Forward Guidance
Atea Pharmaceuticals anticipates reporting topline results from its Phase 2 trial of bemnifosbuvir and ruzasvir combination for HCV treatment and plans to meet with the FDA to support the initiation of Phase 3 program.
Positive Outlook
- Topline results from Atea’s Phase 2 trial of the combination of bemnifosbuvir and ruzasvir for the treatment of HCV are expected in early December 2024.
- Atea is planning for an End of Phase 2 meeting with the US Food and Drug Administration early in the first quarter of 2025 to support the initiation of the Phase 3 program.
- Atea has selected and is manufacturing a fixed dose combination (FDC) tablet for its upcoming Phase 3 program.
- The FDC tablet reduces the daily pill count from four to two tablets, enhancing patient convenience, with no food effect demonstrated in recent studies.
- Three posters supportive of the combination of bemnifosbuvir and ruzasvir as a potential treatment for HCV will be presented at The Liver Meeting 2024.
Challenges Ahead
- The Phase 3 SUNRISE-3 trial for COVID-19 did not meet its primary endpoint.
- Atea will not pursue a regulatory pathway forward for bemnifosbuvir for COVID-19.
- Research and development expenses decreased by $2.0 million from $28.2 million for the three months ended September 30, 2023 to $26.2 million for the three months ended September 30, 2024.
- General and administrative expenses decreased by $1.6 million from $12.6 million for the three months ended September 30, 2023 to $11.0 million for the three months ended September 30, 2024.
- Interest income and other, net, decreased by $1.6 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to lower investment balances.