Atea Q4 2021 Earnings Report
Key Takeaways
Atea Pharmaceuticals reported fourth quarter collaboration revenue of $192.2 million and net income of $117.1 million. The company is advancing three Phase 2 programs in COVID-19, HCV, and dengue fever.
Priority is to develop a combination regimen with bemnifosbuvir and a protease inhibitor for COVID-19.
Initiating Phase 2 combination clinical trial of bemnifosbuvir and ruzasvir (RZR) as potential best-in-class pan genotypic regimen for hepatitis C virus (HCV) in 2H 2022.
Advancing AT-752 as a potential first antiviral treatment for dengue fever in Phase 2 program in 1H 2022.
Strategic collaboration with Roche was terminated, giving Atea full rights to continue clinical development and commercialization of bemnifosbuvir worldwide.
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Atea Revenue by Segment
Forward Guidance
Atea anticipates several important milestones and data readouts from its programs during the year and has the financial strength and a seasoned management team to advance these programs through key clinical and regulatory inflection points.
Positive Outlook
- Meaningful progress advancing three Phase 2 programs in COVID-19, HCV and dengue fever during 2022
- Combination therapies will be needed to treat broader patient populations, as new COVID-19 variants occur, and viral drug resistance will likely emerge to protease inhibitor monotherapy.
- Combination of RZR and bemnifosbuvir has the potential to be a best-in-class pan-genotypic combination regimen to help fight the increase in HCV infections caused by the opioid crisis, IV drug use and HCV reinfection
- Making significant progress advancing AT-752 as a potential first antiviral treatment for dengue fever, the most prevalent mosquito-borne viral disease with a large global disease burden.
- Initiate a Phase 2 clinical trial in dengue endemic countries and a human challenge study in the U.S. during the first half of 2022 and expects to report results from these studies in late 2022.
Challenges Ahead
- Uncertainty around and costs associated with the development of AT-752 as a potential treatment for dengue and combination product candidates including bemnifosbuvir for the potential treatment for COVID-19 and HCV
- Dependence on management, directors and other key personnel
- Impact of the COVID-19 pandemic on our business
- Limited operating history and no history of successfully developing or commercializing any products, significant operating expenses since inception
- Need for substantial additional funding