$AVIR
Atea Pharmaceuticals, Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022008732 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $65.99M
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.54M $8.760M
YoY Change 43.17% 618.03%
% of Gross Profit
Research & Development $29.63M $26.57M
YoY Change 11.52% 887.77%
% of Gross Profit
Depreciation & Amortization $7.000K $0.00
YoY Change
% of Gross Profit
Operating Expenses $42.18M $35.33M
YoY Change 19.37% 773.42%
Operating Profit -$42.18M $30.66M
YoY Change -237.58% -857.85%
Interest Expense $98.00K $60.00K
YoY Change 63.33% 0.0%
% of Operating Profit 0.2%
Other Income/Expense, Net
YoY Change
Pretax Income -$42.08M $30.71M
YoY Change -237.0% -869.75%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$42.08M $30.71M
YoY Change -237.0% -870.14%
Net Earnings / Revenue 46.55%
Basic Earnings Per Share -$0.51 $0.37
Diluted Earnings Per Share -$0.51 $0.34
COMMON SHARES
Basic Shares Outstanding 83.18M 82.58M
Diluted Shares Outstanding 83.18M 89.10M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $705.5M $833.8M
YoY Change -15.38% 4776.02%
Cash & Equivalents $705.5M $833.8M
Short-Term Investments
Other Short-Term Assets $7.687M $6.400M
YoY Change 20.11% 1500.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $713.2M $840.1M
YoY Change -15.1% 4673.3%
LONG-TERM ASSETS
Property, Plant & Equipment $762.0K $400.0K
YoY Change 90.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $305.0K $100.0K
YoY Change 205.0% 0.0%
Total Long-Term Assets $3.957M $500.0K
YoY Change 691.4% 150.0%
TOTAL ASSETS
Total Short-Term Assets $713.2M $840.1M
Total Long-Term Assets $3.957M $500.0K
Total Assets $717.2M $840.6M
YoY Change -14.68% 4622.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.657M $3.800M
YoY Change -3.76% 850.0%
Accrued Expenses $22.38M $15.10M
YoY Change 48.22% 906.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.61M $254.3M
YoY Change -88.75% 13283.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.695M $113.0K
YoY Change 7594.69% 13.0%
Total Long-Term Liabilities $8.695M $113.0K
YoY Change 7594.69% 13.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.61M $254.3M
Total Long-Term Liabilities $8.695M $113.0K
Total Liabilities $37.31M $254.4M
YoY Change -85.34% 12619.55%
SHAREHOLDERS EQUITY
Retained Earnings $13.95M -$34.45M
YoY Change -140.51%
Common Stock $83.00K $83.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $679.9M $586.3M
YoY Change
Total Liabilities & Shareholders Equity $717.2M $840.6M
YoY Change -14.69% 4622.75%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$42.08M $30.71M
YoY Change -237.0% -870.14%
Depreciation, Depletion And Amortization $7.000K $0.00
YoY Change
Cash From Operating Activities -$59.01M -$16.84M
YoY Change 250.47% 273.49%
INVESTING ACTIVITIES
Capital Expenditures $44.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$44.00K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 223.0K 471.0K
YoY Change -52.65% -7950.0%
NET CHANGE
Cash From Operating Activities -59.01M -16.84M
Cash From Investing Activities -44.00K 0.000
Cash From Financing Activities 223.0K 471.0K
Net Change In Cash -58.83M -16.37M
YoY Change 259.46% 262.56%
FREE CASH FLOW
Cash From Operating Activities -$59.01M -$16.84M
Capital Expenditures $44.00K $0.00
Free Cash Flow -$59.05M -$16.84M
YoY Change 250.73%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;min-width:fit-content;">1. Nature of Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Background</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1260416666666666;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">Atea Pharmaceuticals, Inc., together with its subsidiary Atea Pharmaceuticals Securities Corporation, is referred to on a consolidated basis as “the Company”.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1260416666666666;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The Company is a clinical-stage biopharmaceutical company </span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from severe viral infections.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Risks and Uncertainties</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1260416666666666;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The Company is subject to risks and uncertainties common to clinical-stage biopharmaceutical companies. These risks include, but are not limited to, potential failure of preclinical and clinical studies, uncertainties associated with research and development activities generally, competition from technical innovations of others, dependence upon key personnel, compliance with governmental regulations, the need to obtain marketing approval for any product candidate that the Company may discover and develop, the need to gain broad acceptance among patients, payers and health care providers to successfully commercialize any product for which marketing approval is obtained and the need to secure and maintain adequate intellectual property protection for the Company’s proprietary technology and products. Further, the Company is currently dependent on third-party service providers for much of its preclinical research, clinical development and manufacturing activities. Product candidates currently under development will require significant amounts of additional capital, additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. Even if the Company is able to generate revenues from the sale of its product candidates, if approved, it may not become profitable or be able to sustain profitability. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then it may be unable to continue its operations at planned levels and be forced to reduce its operations. The Company is also subject to risks associated with the COVID-19 global pandemic, including actual and potential delays associated with certain of its ongoing and anticipated trials, and potential negative impacts on the Company’s business operations and its ability to raise additional capital to finance its operations.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The Company may seek additional capital through one or more of a combination of financing through the sale of additional equity securities, debt financing, or funding in connection with any new collaborative relationships it may enter into or other arrangements. There can be no assurance that the Company will be able to obtain such additional funding, on terms acceptable to the Company, on a timely basis or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s existing stockholders.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:12.0pt;font-family:Arial;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The Company believes that its cash and cash equivalents of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">$</span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">705,545</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> as of March 31, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> will be sufficient to fund its operations as currently planned through at least twelve months from the issuance of this Quarterly Report on Form 10-Q.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
705545000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The preparation of unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include but are not limited to estimates of accrued research and development expenses, valuation of stock-based awards, valuation of operating lease right-of-use assets and lease liabilities and income taxes. Changes in estimates are recorded in the period in which they become known.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Reclassification</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Arial;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">Certain items in the prior year’s condensed consolidated financial statements have been reclassified to conform to the current presentation.</span></p>
CY2022Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
656853000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
731767000
CY2022Q1 avir Accrued Research And Development Expense Including Manufacturing And Clinical Expenditures Current
AccruedResearchAndDevelopmentExpenseIncludingManufacturingAndClinicalExpendituresCurrent
17280000
CY2021Q4 avir Accrued Research And Development Expense Including Manufacturing And Clinical Expenditures Current
AccruedResearchAndDevelopmentExpenseIncludingManufacturingAndClinicalExpendituresCurrent
18080000
CY2022Q1 avir Accrued License Fees Current
AccruedLicenseFeesCurrent
0
CY2021Q4 avir Accrued License Fees Current
AccruedLicenseFeesCurrent
25000000
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2572000
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2572000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1914000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4209000
CY2022Q1 avir Accrued Professional Fees And Other Current
AccruedProfessionalFeesAndOtherCurrent
3074000
CY2021Q4 avir Accrued Professional Fees And Other Current
AccruedProfessionalFeesAndOtherCurrent
2291000
CY2022Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
24840000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
52152000
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
83257591
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
83257591
CY2022Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
On all matters to be voted upon by the holders of common stock, holders of common stock are entitled to one vote per share.
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2900833
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2212250
CY2022Q1 avir Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Aggregate Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodAggregateGrantDateFairValue
14811000
CY2021Q1 avir Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Aggregate Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodAggregateGrantDateFairValue
112471000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11661000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7273000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11661000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7273000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-42077000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
30713000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83176408
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82577836
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6521239
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83176408
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89099075
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13182944
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1532944
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
706000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
805000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
821000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
838000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
855000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4025000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
272000
CY2022Q1 avir Operating Lease Tenant Improvement Allowance
OperatingLeaseTenantImprovementAllowance
877000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2876000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
113000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2763000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
232000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
76000
CY2022Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2021Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2022Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2021Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
240000
CY2021Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0

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