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Sep 30
Atea Q3 2025 Earnings Report
Atea reported a net loss and higher R&D expenses in Q3 as it advanced its global Phase 3 trials for hepatitis C treatment.
Key Takeaways
Atea Pharmaceuticals posted a net loss in Q3 2025, driven by increased R&D expenses tied to its HCV clinical development. Despite the financial loss, progress continued on its global Phase 3 program, and the company expanded its pipeline with a new hepatitis E virus (HEV) program.
Net loss of $42.05 million in Q3 2025, reflecting increased R&D spending.
EPS was -$0.53 with a weighted-average share count of 79.05 million.
Cash, cash equivalents, and marketable securities stood at $329.3 million.
Global Phase 3 HCV trial enrollment is on track, with topline data expected in 2026.
Atea
Atea
Forward Guidance
Atea expects to complete Phase 3 HCV trial enrollment by the end of 2025 and begin its new HEV program with a Phase 1 trial in mid-2026.
Positive Outlook
- Enrollment for both Phase 3 HCV trials is progressing on track.
- Topline data from North America HCV trial expected mid-2026.
- New dual mechanism of action discovered for bemnifosbuvir.
- Launch of new HEV development program with two candidates.
- HEV clinical trial anticipated to begin mid-2026.
Challenges Ahead
- Company remains in net loss position with no product revenue.
- R&D expenses increased significantly year-over-year.
- Interest income declined due to lower investment balances.
- Ongoing expenses associated with Phase 3 trials remain high.
- No near-term commercialization or revenue generation expected.