Atea Pharmaceuticals reports Q1 EPS (75c), consensus (61c)

Cash, Cash Equivalents and Marketable Securities: $541.5M at March 31, 2024 compared to $578.1M at December 31 .”Our strong operational execution, in combination with the surge of COVID-19 infections related to the JN.1 variant, led to the completion of enrollment of high-risk patients in the global Phase 3 SUNRISE-3 study ahead of our guidance. This significant achievement brings us one step closer to potentially delivering bemnifosbuvir as a new oral antiviral treatment option for COVID-19,” said Jean-Pierre Sommadossi, PhD, Chief Executive Officer and Founder of Atea. “COVID-19 continues to be a threat, leaving the most vulnerable, including the elderly, immunocompromised, undervaccinated, and those with underlying risk factors at risk for disease progression. We look forward to reporting the results from SUNRISE-3 during the second half of 2024.” “In addition to our substantial progress in COVID-19, we are quickly advancing enrollment in our global Phase 2 study evaluating the combination of bemnifosbuvir and ruzasvir in treatment-naive, HCV-infected patients, including patients with compensated cirrhosis. Despite currently available HCV treatment options, infection and reinfection rates annually exceed cure rates in the U.S. where over 2 million individuals are estimated to be infected,” continued Dr. Sommadossi. “We are very excited about the upcoming presentations at EASL, which include preclinical and new Phase 2 efficacy data from the lead-in cohort, and we look forward to reporting the full results from our Phase 2 study during the second half of 2024.”