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Second Quarter Financial and Business Update August 7, 2025
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DISCLAIMERS Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results and other future conditions including without limitation the future of the HCV landscape and related commercial market opportunities. All statements other than statements of historical facts contained in this presentation are forward-looking statements, including statements by Atea Pharmaceuticals, Inc. (the “Company”) regarding future results of operations and financial position, including our anticipated cash runway; business strategy; current and prospective product candidates; anticipated milestone events; potential benefits of our product candidates and market opportunity; clinical trials, including, without limitation, anticipated initiation, enrollment, regulatory submission and data readout timelines; preclinical activities; product approvals; manufacturing availability; degree of market acceptance of any products that may be approved; estimated total addressable market; research and development costs; prospective collaborations and strategic partnerships; and prospects and opportunities for investors. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The information in this presentation, including without limitation the forward-looking statements contained herein, represent our views as of the date of this presentation. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any anticipated results, performance or achievements expressed or implied by the forward-looking statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the drug discovery and development process and the regulatory submission or approval process, unexpected or unfavorable safety or efficacy data or results observed during clinical trials or in data readouts; delays in or disruptions to clinical trials or our business; our reliance on third parties over which we may not always have full control, our ability to manufacture sufficient commercial pr oduct, competition from approved treatments for HCV, and other important risks and uncertainties that are described in our Annual Report on Form 10-K filed for the year ended December 31, 2024 and our most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and our other filings with the SEC. New risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Industry Information Market data and industry information used throughout this presentation are based on management’s knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management’s review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimat es. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. While we believe the estimated mar ket position, market opportunity and market size information included in this presentation are generally reliable, such information, which is derived in part from management’s estimates and beliefs, is inherently uncertain and imprecise. No representations or warranties are made by the Company or any of its affiliates as to the accuracy of any such statements or projections. Projections, assumptions and estimates of our future performance an d the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could ca use results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. 2
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Q2 2025 HCV Program and Business Highlights 3 HCV Program Update First patient dosed in Phase 3 trial C-BEYOND in US and Canada (April) Four scientific posters presented at EASL 2025 Congress, including final results from global Phase 2 study (May) Hosted KOL event with panel of six HCV experts and prescribers who are leaders in hepatology, gastroenterology, infectious diseases, and HCV research in the US, Canada and Europe (May) First patient dosed in Phase 3 trial C-FORWARD outside North America (June) Business Update Repurchase of up to $25 million of Company’s common stock authorized and initiated (April) Refreshed Board of Directors with addition of Howard H. Berman, PhD (April) Identification of opportunities to enhance shareholder value (ongoing)
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Broad Antiviral Pipeline with De-risked Phase 3 Program 4 Program Therapeutic/ Indication Preclinical Phase 1 Phase 2 Phase 3 Milestone Flaviviridae Hepatitis C Fixed Dose Combination: Bemnifosbuvir (BEM) Nucleotide +Ruzasvir (RZR) NS5A Inhibitor Ph 3 C-BEYOND trial (US / Canada) first patient dosed April 2025 Ph 3 C-FORWARD (outside North America) first patient dosed June 2025 RNA Viruses Respiratory Protease Inhibitor RNA Viruses Other RNA viruses Nucleotide AT587, AT2490 Cash, cash equivalents & marketable securities: $379.7M at 6/30/25 Cash runway anticipated through 2027
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WHO Worldwide Numbers Global HCV: Large Market with Undertreatment of Infections CDC US: 2.4 – 4 Million Untreated 3, >170K Newly Reported Annual Infections 4* Exceed Annual Cures 5 1. WHO April 2024 2. www.cancer.gov/types/liver 3. https://www.cdc.gov/hepatitis-c/about/index.html *Newly reported chronic and acute HCV infections in US 4. CDC 2023 Viral Hepatitis Surveillance Report 5. IQVIA National Prescription Audit December 2024 50 Million People Infected1 1 Million New Infections Annually1 Chronic HCV is Leading Cause of Liver Cancer in North America, Europe & Japan2 242,000 Annual Deaths1 5 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 2017 2018 2019 2020 2021 2022 2023 Number of US Patients Newly Reported US HCV Infections New Epclusa®/Mavyret® US Treated Patients
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US HCV: Major Commercial Opportunity Poised for Growth 6 US Treatment 2022 2023 2024 Total US HCV Market Net Revenues 1 ~$1.6B ~$1.5B ~$1.5B Net revenue per patient treated ~$17K ~$15K ~$17K 1 Based on Global Net Revenues from Gilead and AbbVie’s year end 2022, 2023 and 2024 financial reports 2 Assumes treatment of 2.2 million chronically infected HCV patients at $10,000 net revenue per patient. Poised for Growth Optimal product profile for “test-and- treat” model to expand HCV treatment Removal of HCV prescribing barriers by payors Potential US government initiatives to eradicate HCV Attractive Near-Term Opportunity Primarily 2 product market No competitors in clinical development ~$3B global net sales in 20241 ~$1.5B US net sales in 20241 >$20B+ Potential US Market Opportunity 2
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BEM/RZR Second Quarter Highlights Multiple Presentations at EASL 2025 7
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Q2 Highlights: Multiple Presentations at EASL Congress May 7 -10, 2025 8 Poster presentation, EASL Congress May 7-10, 2025 EASL posters are available on Atea’s website https://ir .ateapharma.com/news-and-events/publications Four Poster Presentations at the European Association for the Study of the Liver (EASL) Efficacy and Safety of Bemnifosbuvir and Ruzasvir after 8 Weeks of Treatment in Patients with Chronic Hepatitis C Virus (HCV) Infection (TOP-251) These results reinforce the potential of the combination regimen of bemnifosbuvir and ruzasvir as a best-in-class treatment for HCV . Pharmacokinetics of Bemnifosbuvir in Participants with Hepatic Impairment (WED-278) These results support the use of BEM without dose adjustment in patients with hepatic impairment. No DDI Between Bemnifosbuvir/Ruzasvir and Bictegravir/Emtricitabine/Tenofovir Alafenamide (WED-279) These results support the inclusion of HCV/HIV co-infected patients receiving these HIV therapies in the Phase 3 clinical development program for BEM/RZR. Pharmacokinetics of Bemnifosbuvir in Participants with Renal Impairment (WED-280) These findings suggest that BEM may be used without dose adjustment in patients with renal dysfunction, including those undergoing dialysis.
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Efficacy Primary Endpoint: Robust SVR12 Rates with 98% SVR12 9 98% 95% 0% 20% 40% 60% 80% 100% Overall SVR12 (%) 210/215 245/259 Treatment adherent patients: 98% SVR12 (primary endpoint analysis) 95% SVR12 Regardless of Adherence Robust potency with drug forgiveness Patients regardless of treatment adherence: 95% SVR12 Poster presentation, EASL Congress May 7-10, 2025
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Phase 2 Results: 99% SVR12 in Non-Cirrhotic Treatment Adherent Patients Across Genotypes 10 97% SVR12 Non-cirrhotic patients regardless of treatment adherence 98% SVR12 Non-cirrhotic genotype 3 patients regardless of adherence 212/219 99% 99% 100% 100% 100% 0% 20% 40% 60% 80% 100% Overall GT 1 GT 2 GT 3 GT 4 SVR12 (%) 180/181 121/122 4/4 2/253/53 Overall: 99% SVR12 Non-cirrhotic treatment adherent patients with a short 8- week treatment 100% Efficacy Non-cirrhotic treatment adherent genotype 3 Robust SVR12 cure rates in non -cirrhotic patients across genotypes 97% SVR12 Regardless of Adherence Robust potency and drug forgiveness 97% 98% 0% 20% 40% 60% 80% 100% Overall GT 3 SVR12 (%) 215/222 63/64 Poster presentation, EASL Congress May 7-10, 2025
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BEM/RZR Potential Best-in-Class Pan-Genotypic Regimen 11 Global Phase 3 Program Update
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Global HCV Phase 3 Program C-BEYOND in US / Canada & C-FORWARD Outside North America Open-label: BEM/RZR Regimen vs Active Comparator in Chronic HCV Patients Randomized (1:1) Primary Endpoint = Encompasses SVR12 (Cure) in All Arms* • No Cirrhosis: 8 weeks of BEM/RZR vs 12 weeks of active comparator • Compensated Cirrhosis: 12 weeks of BEM/RZR vs active comparator • Regulatory authorities require SVR measurement at the same time Primary Endpoint 1:1 SVR = Sustained Virologic Response FDC = Fixed Dose Combination (Dose 2 tb QD BEM/RZR) SOF/VEL = sofosbuvir/velpatasvir *HCV RNA < LLOQ 24 weeks from start of treatment 12 Non-Cirrhotic US / Canada Trial ~N=~748 Outside North America Trial N= ~704 Cirrhotic US / Canada ~N=132 Outside North America N=~176 8 weeks BEM/RZR FDC 12 weeks SOF/VEL FDC 12 weeks BEM/RZR FDC 12 weeks SOF/VEL FDC Treatment Duration (Weeks) 1:1 Chronic HCV , patients stratified by cirrhosis and genotype, HIV co - infected allowed, prior DAA excluded Two Phase 3 Trials: 1) N= ~880 trial US / Canada (C-BEYOND) 2) N= ~880 trial Outside North America (C-FORWARD) N=1,760 total patients 1280 Post-Treatment (Weeks)
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13 C-BEYOND • Targeting ~120 sites in US and Canada • Targeting ~120 sites in 16 countries outside of North America C-FORWARD Global HCV Phase 3 Program
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Potential Best-in-Class Pan-Genotypic Regimen Target Best-in-Class Profile 14 HCV KOL Panel Event
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Q2 Highlights: HCV KOL Panel Event Held on May 14, 2025 15 Replay of the KOL panel event is available https://lifescievents.com/event/atea/ Leaders in Hepatology, Gastroenterology, Infectious Diseases and HCV Research Eric Lawitz, MD David Wyles, MD, FIDSA Tarik Asselah, MD, PhD Joaquin Cabezas, MD Jordan Feld, MD, MPH T exas Liver Institute, University of T exas Health San Antonio, US Anthony Martinez, MD University of Buffalo, Erie County Medical Center, US University of Colorado, Denver Health Medical Center, US Hôpital Beaujon, University of Paris -Cité, France Marques de Valdecilla University Hospital, Santander, Spain University of Toronto, Toronto General Hospital, Canada
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Q2 Highlights: HCV KOL Panel Event Held on May 14, 2025 16 Key Takeaways from KOL Panel Discussion Replay of the KOL panel event is available https://lifescievents.com/event/atea/ • HCV prevalence has not slowed despite existing available DAA treatments. In 2015, there was ~2.5 million people infected in the US, now ≥4 million. • HCV patients have evolved to a younger and more complicated population, and more treatments are needed. • Baby boomers did not perpetuate the spread of HCV . T oday, there is a huge shift to younger patients who inject drugs, which is a problem that is only getting worse. • For patients and healthcare providers simplicity is very important for HCV treatment -- short duration with a simplified risk. • An individualized treatment approach is needed, specifically, a third treatment optimized for the patient with concurrent medications. • The profile doctors are looking for is a short treatment duration to encourage adherence with limited drug -drug interactions, no food effect and small pill burden. • The HCV patient today needs a provider readiness model and neither approved regimen is perfect. A new treatment option with the profile of bemnifosbuvir and ruzasvir for the test-and-treat model of care to eradicate HCV is needed.
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BEM/RZR: Target Best-in-Class Profile for HCV BEM/RZR: Next generation, pan-genotypic, fixed dose regimen • BEM: most potent HCV nucleotide has been shown to be approximately 10 -fold more active than sofosbuvir in in vitro studies; ~2,000 individuals exposed to date • RZR: highly potent HCV NS5A inhibitor with pan-genotypic antiviral activity (picomolar range); ~2,000 individuals exposed to date • Target Indications: Treatment of adult patients 18 years+ with chronic HCV infection, with and without compensated cirrhosis Treatment Duration Treatment Duration Non-Cirrhotic 8 Weeks 8 Weeks 12 Weeks 12 Weeks Short Duration Profile Patient Population MAVYRET® 8 Weeks 12 Weeks BEM/RZR EPCLUSA® Protease-Inhibitor Free No Food Effect Low Potential for Drug-Drug Interactions Compensated Cirrhosis (<10% of US cases) 17
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Drug-Drug Interaction Profile of BEM/RZR Regimen is a Key Differentiator -- ~80% of HCV Patients Take Concomitant Medications1 18 Drug BEM/RZR MAVYRET® Oral Contraceptives2 Protease Inhibitor-Containing HIV Drugs Statins Immunosuppressants 3 Antiarrhythmics 4 EPCLUSA® Healthcare Providers Prefer Therapies Convenient to Prescribe Proton Pump Inhibitors 5 Confirmed in phase 1 trials No clinically meaningful DDI expected; clinical data pending Contraindicated Permitted but require dose modification/TDM Certain drugs (doses) in the class are contraindicated while others are permitted Certain drugs (doses) in the class are contraindicated while others are permitted but require dose modification/TDM 1Atea Custom Market Research, IQVIA 2024, Atea clinical/in vitro DDI data 2 Ethinyl estradiol > 20 g - containing product 3 Cyclosporin > 100 mg/d4 Digoxin 5 Omeprazole
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BEM/RZR Second Quarter Highlights 19 New Quantitative Market Research
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Recent US Quantitative Market Research *T reated at least 15 adult HCV patients with DAAs in the past year DAA Prescribers Reveal High Preference for BEM/RZR IQVIA independent quantitative market research, with 153 top US DAA prescribers (86 GI/Hepatologists, 34 IDs and 33 IMs). The prescribers reviewed on their own BEM/RZR profile including the Phase 2 results and expressed their preferences to prescribe BEM/RZR on 7-point scale (1=unlikely to prescribe, 7=extremely likely to prescribe). 76% EXTREMELY LIKELY TO PRESCRIBE BEM/RZR (6/7 ON PREFERENCE SCALE) Of High DAA Prescribers* % OF PATIENTS LIKELY TO BE PRESCRIBED BEM/RZR Non-Cirrhotic Patients Compensated Cirrhotic Patients 48% 49% 20
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Strong Preference for BEM/RZR Consistent Across Studies *T reated at least 15 adult HCV patients with DAAs in the past year **BEM/RZR share compared with Epclusa and Mavyret December 2023 N = 157 November 2024 N = 77 June 2025 N = 153 Predicted share** of patients for BEM/RZR 39% 34% 48% Share based on US Prescriber Market Research Studies Over Time Consistently Predict Significant BEM/RZR Product Market Share Despite high satisfaction with current therapies, multiple independent quantitative market research studies with high DAA prescribers* indicate a high likelihood to prescribe BEM/RZR 21 Prior to Phase 2 Results Post Phase 2 Results
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Financial and Business Update 2nd Quarter 2025 Results 22
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Financial Update 23
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Financial Update 24
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Refreshed Board of Directors with the addition of Howard H. Berman, PhD Dr. Berman has over 20 years of entrepreneurial and life science industry experience working at the interplay of science and business Business Update Q2 2025 25 Financial Repurchase of up to $25 million of the Company’s common stock was authorized and initiated in April 2025. Initiative reflects Company’s commitment to return capital to shareholders, while maintaining capacity to complete global Phase 3 HCV program. As of June 30, 2025, 4.6 million shares had been repurchased. Refreshment of Board of Directors
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