Atea Pharmaceuticals, Inc.
AVIR · Pharmaceutical Preparations · 80.0M shares · +70%/yr ↑ dilution · EDGAR filings ↗
Reference price $4.17 · est. market cap ~$334M — last insider purchase, 2026-05-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Cash-rich antiviral developer pivoting to HCV after a failed COVID Phase 3, with the value-driving HCV readout still ahead and an ambiguous Phase 2.
Strengths
- Solid balance sheet: cash $301M (76 pct), current/quick ratio 7.8 (72.6 pct), no debt distress
- Differentiated HCV regimen (bemnifosbuvir + ruzasvir) fully enrolled in Phase 3 C-BEYOND with mid-2026 topline
Risks
- Track record of failures: SUNRISE-3 COVID Phase 3 missed (p=0.954, discontinued) and dengue/COVID Phase 2s negative
- HCV Phase 2 SVR12 reported without a usable rate/benchmark (possibly ~76%, below modern DAA cure rates); accumulated deficit $522.6M, no revenue
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +70%/yr over 4y (dilution, book value/share -95%)
- Strong balance sheetStrong balance sheet — $302M cash & investments
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2026-09 — PHASE3 · HEPATITIS C VIRUS CHRONIC INFECTION
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-57.5%
Return on assets
-50.2%
Revenue growth (QoQ)
485.7%
Current ratio
7.8×
EBITDA
-$180M
Tangible book value
$275M
Cash & investments
$302M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Polsky Bruce | Option exercise | 30K | — |
| 2026-06-18 | Murphy Polly A. | Option exercise | 30K | — |
| 2026-06-18 | BERGER FRANKLIN M | Option exercise | 30K | — |
| 2026-06-18 | DUNCAN BARBARA GAYLE | Option exercise | 30K | — |
| 2026-06-18 | Adams Jerome M. | Option exercise | 30K | — |
| 2026-06-18 | Lucidi Bruno | Option exercise | 30K | — |
| 2026-05-18 | Murphy Polly A. | Buy | 6.1K | $4.17 |
| 2026-03-11 | Corcoran Andrea | Option exercise | 60K | $1.24 |
| 2026-02-03 | Sommadossi Jean-Pierre | Option exercise | 300K | $1.24 |
| 2026-01-31 | Sommadossi Jean-Pierre | Option exercise | 273K | — |
| 2026-01-31 | Sommadossi Jean-Pierre | Tax withheld | 106K | $4.24 |
| 2026-01-31 | Foster Wayne | Tax withheld | 12K | $4.24 |
| 2026-01-31 | Foster Wayne | Option exercise | 41K | — |
| 2026-01-31 | Horga Maria Arantxa | Option exercise | 51K | — |
| 2026-01-31 | Horga Maria Arantxa | Tax withheld | 16K | $4.24 |
| 2026-01-31 | Vavricka John | Option exercise | 42K | — |
| 2026-01-31 | Vavricka John | Tax withheld | 12K | $4.24 |
| 2026-01-31 | Hammond Janet MJ | Option exercise | 58K | — |
| 2026-01-31 | Hammond Janet MJ | Tax withheld | 14K | $4.24 |
| 2026-01-31 | Corcoran Andrea | Option exercise | 55K | — |
| 2026-01-31 | Corcoran Andrea | Tax withheld | 16K | $4.24 |
| 2025-06-20 | BERGER FRANKLIN M | Option exercise | 30K | — |
| 2025-06-20 | Duncan Barbara Gayle | Option exercise | 30K | — |
| 2025-06-20 | Adams Jerome M. | Option exercise | 30K | — |
| 2025-06-20 | Murphy Polly A. | Option exercise | 30K | — |
| 2025-06-20 | Polsky Bruce | Option exercise | 30K | — |
| 2025-06-20 | Lucidi Bruno | Option exercise | 30K | — |
| 2025-05-18 | Murphy Polly A. | Buy | 6.1K | $4.17 |
| 2025-01-31 | Hammond Janet MJ | Option exercise | 47K | — |
| 2025-01-31 | Hammond Janet MJ | Grant | 11K | — |
| 2025-01-31 | Hammond Janet MJ | Tax withheld | 14K | $3.06 |
| 2025-01-31 | Vavricka John | Option exercise | 33K | — |
| 2025-01-31 | Vavricka John | Grant | 8.8K | — |
| 2025-01-31 | Vavricka John | Tax withheld | 12K | $3.06 |
| 2025-01-31 | Horga Maria Arantxa | Option exercise | 42K | — |
| 2025-01-31 | Horga Maria Arantxa | Grant | 9.8K | — |
| 2025-01-31 | Horga Maria Arantxa | Tax withheld | 16K | $3.06 |
| 2025-01-31 | Corcoran Andrea | Option exercise | 44K | — |
| 2025-01-31 | Corcoran Andrea | Grant | 10K | — |
| 2025-01-31 | Corcoran Andrea | Tax withheld | 16K | $3.06 |
| 2025-01-31 | Sommadossi Jean-Pierre | Option exercise | 173K | — |
| 2025-01-31 | Sommadossi Jean-Pierre | Grant | 100K | — |
| 2025-01-31 | Sommadossi Jean-Pierre | Tax withheld | 89K | $3.06 |
| 2025-01-31 | Foster Wayne | Option exercise | 33K | — |
| 2025-01-31 | Foster Wayne | Grant | 8.0K | — |
| 2025-01-31 | Foster Wayne | Tax withheld | 12K | $3.06 |
| 2025-01-16 | BERGER FRANKLIN M | Buy | 10K | $3.36 |
| 2025-01-16 | BERGER FRANKLIN M | Buy | 10K | $3.36 |
| 2025-01-15 | BERGER FRANKLIN M | Buy | 15K | $3.19 |
| 2025-01-15 | BERGER FRANKLIN M | Buy | 15K | $3.19 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07037277 ↗ | C-Forward: Efficacy and Safety of BEM/RZR vs SOF/VEL in Subjects With Chronic HCV HEPATITIS C VIRUS CHRONIC INFECTION, Hepatitis C, Chronic | PHASE3 | Recruiting | 2026-12-01 |
| NCT06868264 ↗ | C-BEYOND: Efficacy and Safety of BEM/RZR vs. SOF/VEL in Subjects With Chronic HCV HEPATITIS C VIRUS CHRONIC INFECTION | PHASE3 | Active Not Recruiting | 2026-09-01 |
| NCT07314346 ↗ | Drug-drug Interaction Study of Bemnifosbuvir/Ruzasvir (BEM/RZR) and Buprenorphine/Naloxone or Methadone Healthy Volunteer Study | PHASE1 | Recruiting | 2026-06-01 |
| NCT06911320 ↗ | Study of Bemnifosbuvir/Ruzasvir as a Fixed-dose Combination in Subjects With Normal or Severely Impaired Renal or Hepatic Function Healthy Volunteer Study, Hepatic Impairment | PHASE1 | Recruiting | 2026-05-01 |
| NCT07272889 ↗ | Drug-drug Interaction Study of Bemnifosbuvir/Ruzasvir (BEM/RZR) and Ethinyl Estradiol/Levonorgestrel (EE/LNG) Healthy Volunteer Study | PHASE1 | Completed | 2026-02-17 |
| NCT06921941 ↗ | Drug-drug Interaction Study of Bemnifosbuvir/Ruzasvir (BEM/RZR) and Digoxin and Rosuvastatin Healthy Volunteer Study | PHASE1 | Completed | 2025-07-02 |
| NCT07007806 ↗ | Drug-drug Interaction Study of Omeprazole and Bemnifosbuvir/Ruzasvir Healthy Volunteer Study | PHASE1 | Completed | 2025-06-28 |
| NCT05904470 ↗ | A Phase 2, Safety and Efficacy of Bemnifosbuvir (BEM) and Ruzasvir (RZR) in Subjects With Chronic HCV Chronic Hepatitis C Virus, Hepatitis C, Chronic | PHASE2 | Completed | 2024-12-09 |
| NCT06204679 ↗ | Pharmacokinetics of Fixed-Dose Combination Tablet of Bemnifosbuvir and Ruzasvir Healthy Volunteer Study | PHASE1 | Completed | 2024-08-25 |
| NCT05618314 ↗ | Study of AT-527 in Subjects With Normal and Impaired Renal Function Healthy Volunteer, Renal Impairment | PHASE1 | Completed | 2024-06-15 |
| NCT06356194 ↗ | Drug-drug Interaction Study of Biktarvy and Bemnifosbuvir/Ruzasvir Healthy Volunteer Study | PHASE1 | Completed | 2024-05-30 |
| NCT05629962 ↗ | SUNRISE-3: Efficacy and Safety of Bemnifosbuvir in High-Risk Outpatients With COVID-19 Severe Acute Respiratory Syndrome Coronavirus 2 (SARS CoV 2 Infection), COVID-19 | PHASE3 | Completed | 2024-04-25 |
| NCT05724693 ↗ | Study of Bemnifosbuvir in Subjects With Normal and Impaired Hepatic Function Healthy Volunteer, Hepatic Impairment | PHASE1 | Completed | 2024-04-23 |
| NCT05905484 ↗ | Study of Bemnifosbuvir on Cardiac Repolarization in Healthy Subjects Healthy Volunteer Study | PHASE1 | Completed | 2023-05-31 |
| NCT05905497 ↗ | The Study of Bemnifosbuvir in Healthy Japanese Subjects Healthy Volunteer Study | PHASE1 | Completed | 2023-05-19 |
| NCT05366439 ↗ | Study of AT-752 in Healthy Subjects in a Dengue Human Challenge Model Dengue | PHASE1 | Terminated | 2023-03-16 |
| NCT05731843 ↗ | Drug-drug Interaction Study of Ruzasvir and Bemnifosbuvir Healthy Volunteer Study | PHASE1 | Completed | 2023-03-15 |
| NCT05466240 ↗ | Study of AT-752 in Patients With Dengue Infection Dengue Fever | PHASE2 | Terminated | 2023-01-19 |
| NCT05256732 ↗ | Study of AT-527 in Healthy Subjects Under Fasting Conditions or With a Meal Healthy Volunteer Study | PHASE1 | Completed | 2022-08-23 |
| NCT04309734 ↗ | Study of AT-777 in Healthy Subjects and AT-777 in Combination With AT-527 in HCV-Infected Subjects Hepatitis C, Hepatitis C, Chronic | PHASE1/PHASE2 | Withdrawn | 2022-06-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-18 | 0001193125-26-277639 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-219507 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-219678 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001193125-26-094159 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001193125-26-093961 ↗ |
| 8-K | 2026-01-08 | 2026-01-08 | 0001193125-26-007081 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001193125-25-277815 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001193125-25-277627 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001193125-25-175433 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0000950170-25-105123 ↗ |
| 8-K | 2025-06-20 | 2025-06-20 | 0001193125-25-143750 ↗ |
| 10-Q | 2025-05-12 | 2025-03-31 | 0000950170-25-069367 ↗ |