A "startup Gilead," developing a pipeline of antiviral pills for various infections, including a lead candidate for COVID-19.

Like a pre-commercial Moderna, but focused on developing oral antiviral treatments for diseases such as COVID-19 and dengue, instead of vaccines.

• AT-527: An antiviral drug candidate currently in Phase II clinical trials for the treatment of COVID-19.
• AT-752: An oral purine nucleoside prodrug candidate that has completed Phase Ia clinical trials for the treatment of dengue.
• AT-777: An NS5A inhibitor for viral infections.
• AT-787: A co-formulated, oral, pan-genotypic fixed dose combination of AT-527 and AT-777 designed for the treatment of hepatitis C virus (HCV).
• AT-281: A pharmaceutically acceptable salt developed for the treatment or prevention of various RNA viral infections, including dengue fever, yellow fever, Zika virus, and coronaviridae viral infections.
• Ruzasvir: An investigational oral, pan-genotypic NS5A inhibitor licensed to Merck & Co, Inc. for the treatment of chronic HCV infection.

Atea Pharmaceuticals (AVIR) is a clinical-stage biopharmaceutical company. As such, it does not currently have major customers in the traditional sense of selling approved pharmaceutical products directly to individuals or healthcare providers.

Instead, Atea Pharmaceuticals primarily generates revenue through collaborations and licensing agreements with other pharmaceutical companies for the development and commercialization of its product candidates.

Based on the provided information, a major partner and customer for Atea Pharmaceuticals is:

• Merck & Co, Inc. (Symbol: MRK)

Jean-Pierre Sommadossi, President, Chief Executive Officer and Chairman of the Board

Jean-Pierre Sommadossi, PhD, is the Founder, President, CEO, and Chairman of Atea Pharmaceuticals, having served as a director since 2014. He has over 30 years of scientific, operational, strategic, and management experience in the biotech industry. Dr. Sommadossi was the Principal Founder of Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX), which was acquired by Merck for $3.85 billion in 2014. He was also a Co-Founder of Pharmasset, Inc. (NASDAQ: VRUS), which was acquired by Gilead for $11 billion in 2012. He held various executive positions at Idenix, including Chairman and CEO from 2000 to 2010. Prior to his entrepreneurial career, he was a Professor of Pharmacology, Toxicology, and Clinical Pharmacology at the University of Alabama at Birmingham School of Medicine.

Andrea J. Corcoran, Chief Financial Officer, Executive Vice President, Legal and Secretary

Andrea Corcoran serves as Chief Financial Officer, Executive Vice President, Legal, and Secretary of Atea Pharmaceuticals, having been CFO since October 2020. She brings over 20 years of experience in the biopharmaceutical industry. Prior to joining Atea, Ms. Corcoran held roles such as Senior Vice President, Strategy and Finance at iBio from 2011 to 2012, General Counsel and Secretary of Tolerx from 2007 to 2011, and Executive Vice President of Idenix Pharmaceuticals from 1998 to 2007. Earlier in her career, she worked with law firms and in the assurance practice of PricewaterhouseCoopers as a certified public accountant.

Janet Hammond, Chief Development Officer

Dr. Janet Hammond has over 20 years of experience in the pharmaceutical industry, overseeing the development and successful approval of several drugs. She currently serves as Chief Development Officer at Atea Pharmaceuticals, a role she assumed in August 2020. Before Atea, she was Vice President and Head of Infectious Diseases and General Medicine at AbbVie, Inc., and Senior Vice President and Global Head of Infectious Diseases at Hoffmann-la Roche. She earned her MD and PhD from the University of Cape Town and completed training in Infectious Diseases at Duke and Johns Hopkins Universities.

Maria Arantxa Horga, Chief Medical Officer

Dr. Maria Arantxa Horga serves as the Chief Medical Officer at Atea Pharmaceuticals. She is part of the executive team responsible for the company's clinical development.

John Vavricka, Chief Commercial Officer

John Vavricka is the Chief Commercial Officer at Atea Pharmaceuticals. He plays a key role in the company's commercial strategy and market engagement for its antiviral therapeutics.

1. Clinical Trial Failure and Regulatory Approval: As a clinical-stage company, Atea Pharmaceuticals' success is heavily dependent on its product candidates, such as AT-527 for COVID-19 and AT-752 for dengue, successfully completing clinical trials and gaining regulatory approval. The biopharmaceutical industry is characterized by high development costs and significant attrition rates, with less than 12% of drug candidates making it to market. Failure at any stage of clinical development or an inability to navigate complex regulatory hurdles, including potential delays, would severely impact the company's prospects.
2. Competition and Market Dynamics for Antiviral Treatments: Atea Pharmaceuticals operates in highly competitive markets for antiviral treatments. Its lead product candidate, AT-527 for COVID-19, faces intense competition from existing and emerging therapies. Similarly, other candidates for dengue and hepatitis C (HCV) must contend with established treatments and evolving market demands. Risks include slow market adoption, significant pricing pressures, and the challenge of demonstrating sufficient value to secure market share against competitors.
3. Dependence on a Limited and Early-Stage Product Pipeline: The company's future valuation and operational viability are largely concentrated in a relatively small number of product candidates, many of which are in early clinical development stages (e.g., AT-527 in Phase II, AT-752 in Phase Ia). The high failure rate associated with drug development means that the failure of even one or two key candidates could have a disproportionate and detrimental effect on Atea Pharmaceuticals' ability to generate revenue and achieve profitability, thereby impacting its long-term financial health and ability to raise capital.

The successful development and commercialization of competing oral antiviral treatments for COVID-19 by other pharmaceutical companies, such as Pfizer's Paxlovid and Merck's molnupiravir, constitutes a clear emerging threat to Atea Pharmaceuticals. Atea's lead product candidate, AT-527, is an antiviral drug candidate for COVID-19 but is still in Phase II clinical trials. These competitor products have already established a significant market presence and standard of care, which could severely limit the market opportunity for AT-527 upon its potential future approval.

COVID-19 Antivirals (AT-527 and AT-281)

Dengue Treatment (AT-752 and AT-281)

Hepatitis C Virus (HCV) Treatment (AT-777, AT-787, and Ruzasvir)

Zika Virus Therapeutics (AT-281)

Yellow Fever Treatment (AT-281)

1. Commercialization of the Hepatitis C Virus (HCV) regimen (bemnifosbuvir/ruzasvir): Atea Pharmaceuticals is actively advancing its global Phase 3 program for a fixed-dose combination of bemnifosbuvir and ruzasvir for the treatment of chronic HCV. Topline results from the C-BEYOND North American trial are expected mid-2026, with results from the C-FORWARD trial outside North America anticipated by year-end 2026. If approved, this regimen is anticipated to be a significant revenue driver, with commercial launch preparations underway and the company expecting profitability shortly after launch.
2. Advancement and potential commercialization of the Hepatitis E Virus (HEV) program with AT-587: Atea expanded its antiviral pipeline into HEV in late 2025, identifying AT-587 as its lead product candidate. Investigational New Drug (IND)/Clinical Trial Application (CTA) enabling studies are ongoing, with Phase 1 initiation targeted for mid-2026 and proof-of-concept expected by year-end. This program addresses a significant unmet medical need for immunocompromised patients, with an estimated annual market opportunity of $750 million to $1 billion in the U.S. and Europe, representing a new potential revenue stream for Atea.
3. Realization of milestone and royalty payments from collaborations: The company has a license agreement with Merck & Co, Inc. for the development and commercialization of ruzasvir for the treatment of HCV. Should the HCV regimen achieve regulatory approvals, milestone payments and subsequent royalties from this partnership would contribute to future revenue growth.

Share Repurchases

• Atea Pharmaceuticals completed a $25 million share repurchase program during 2025.
• In April 2025, the Board of Directors authorized the repurchase of up to $25 million of the company's common stock.
• Under the completed program, Atea repurchased an aggregate of 7,673,793 shares of common stock at an average purchase price of $3.26 per share, which were then retired.