$AVIR
Atea Pharmaceuticals, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024059699 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.22M $12.23M $12.62M
YoY Change -7.42% -3.04% 0.58%
% of Gross Profit
Research & Development $34.70M $57.58M $20.01M
YoY Change 57.26% 187.8% -32.49%
% of Gross Profit
Depreciation & Amortization $104.0K $104.0K $104.0K
YoY Change 0.0% 0.0% 1385.71%
% of Gross Profit
Operating Expenses $46.92M $69.81M $32.62M
YoY Change 33.15% 114.0% -22.66%
Operating Profit -$46.92M -$69.81M -$41.57M
YoY Change 33.15% 67.93% -1.44%
Interest Expense $6.637M $6.868M $6.299M
YoY Change -9.08% 9.03% 6327.55%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$40.28M -$62.94M -$35.27M
YoY Change 44.2% 78.45% -16.18%
Income Tax $243.0K $231.0K $197.0K
% Of Pretax Income
Net Earnings -$40.52M -$63.17M -$35.47M
YoY Change 43.78% 78.11% -15.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.48 -$0.75 -$0.43
Diluted Earnings Per Share -$0.48 -$0.75 -$0.43
COMMON SHARES
Basic Shares Outstanding 84.22M 84.16M 83.34M
Diluted Shares Outstanding 84.25M 83.92M 83.33M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $502.2M $541.5M $620.5M
YoY Change -17.41% -12.73% -12.06%
Cash & Equivalents $243.4M $160.9M $183.3M
Short-Term Investments $258.8M $380.6M $437.2M
Other Short-Term Assets $4.155M $7.273M $11.90M
YoY Change -67.45% -38.89% 54.83%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $506.4M $548.8M $632.4M
YoY Change -18.44% -13.22% -11.33%
LONG-TERM ASSETS
Property, Plant & Equipment $1.081M $1.185M $3.852M
YoY Change -27.79% -69.24% 405.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.396M $1.396M $1.889M
YoY Change 0.0% -26.1% 519.34%
Total Long-Term Assets $4.015M $4.265M $5.741M
YoY Change -22.82% -25.71% 45.08%
TOTAL ASSETS
Total Short-Term Assets $506.4M $548.8M $632.4M
Total Long-Term Assets $4.015M $4.265M $5.741M
Total Assets $510.4M $553.0M $638.1M
YoY Change -18.47% -13.34% -11.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.470M $21.14M $700.0K
YoY Change 38.06% 2919.57% -80.86%
Accrued Expenses $21.15M $20.17M $11.48M
YoY Change 73.72% 75.69% -48.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.62M $41.31M $12.36M
YoY Change 64.73% 234.2% -56.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.295M $7.347M $7.588M
YoY Change -2.99% -3.18% -12.73%
Total Long-Term Liabilities $7.295M $7.347M $7.588M
YoY Change -2.99% -3.18% -12.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.62M $41.31M $12.36M
Total Long-Term Liabilities $7.295M $7.347M $7.588M
Total Liabilities $33.91M $48.66M $19.95M
YoY Change 43.22% 143.91% -46.52%
SHAREHOLDERS EQUITY
Retained Earnings -$299.5M -$259.0M
YoY Change 142.47%
Common Stock $84.00K $84.00K
YoY Change 1.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $476.5M $504.4M $618.2M
YoY Change
Total Liabilities & Shareholders Equity $510.4M $553.0M $638.1M
YoY Change -18.47% -13.34% -11.02%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$40.52M -$63.17M -$35.47M
YoY Change 43.78% 78.11% -15.71%
Depreciation, Depletion And Amortization $104.0K $104.0K $104.0K
YoY Change 0.0% 0.0% 1385.71%
Cash From Operating Activities -$42.20M -$39.87M -$29.85M
YoY Change 161.8% 33.55% -49.41%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $124.7M $56.80M $24.48M
YoY Change 167.77% 132.03%
Cash From Investing Activities $124.7M $56.80M $24.48M
YoY Change 167.77% 132.03% -55736.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 150.0K 165.0K
YoY Change -9.09% -26.01%
NET CHANGE
Cash From Operating Activities -42.20M -39.87M -29.85M
Cash From Investing Activities 124.7M 56.80M 24.48M
Cash From Financing Activities 0.000 150.0K 165.0K
Net Change In Cash 82.48M 17.09M -5.205M
YoY Change 170.93% -428.28% -91.15%
FREE CASH FLOW
Cash From Operating Activities -$42.20M -$39.87M -$29.85M
Capital Expenditures $0.00
Free Cash Flow -$29.85M
YoY Change -49.45%

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<p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">1. Organization</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Business Overview</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Atea Pharmaceuticals, Inc., together with its wholly owned subsidiary, Atea Pharmaceuticals Securities Corporation, is referred to herein on a consolidated basis as "Atea" or the "Company".</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The Company is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from serious viral infections. Currently, Atea is conducting SUNRISE-3, a Phase 3 clinical trial evaluating bemnifosbuvir for the treatment of Coronavirus disease 2019 ("COVID-19"). Atea is also currently conducting a Phase 2 clinical trial evaluating the combination of bemnifosbuvir and ruzasvir for the treatment of hepatitis C virus ("HCV").</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Liquidity and Capital Resources</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">As of March 31, 2024, the Company had $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">541.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million in cash, cash equivalents and marketable securities, which the Company believes will be sufficient to fund its operations for a period through at least twelve months from the issuance date of these condensed consolidated financial statements.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">In November 2021, the Company entered into an open market sales agreement (“Sales Agreement”) with Jefferies LLC (“Jefferies”), under which the Company may from time to time offer and sell shares of its common stock for an aggregate offering price of up to $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">200.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million, through or to Jefferies, acting as sales agent or principal. The shares will be offered and sold under the Company’s shelf registration statement on Form S-3 and a related prospectus filed with the Securities and Exchange Commission (“SEC”) on November 24, 2021, as amended. The Company has agreed to pay Jefferies a commission of </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">% of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Jefferies with customary indemnification and contribution rights. As of March 31, 2024, </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> shares have been issued under the Sales Agreement.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Risks and Uncertainties</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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 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, including most notably the combination of bemnifosbuvir and ruzasvir for the treatment of HCV, will require significant amounts of additional capital and additional research and development efforts, and all the Company’s product candidates will require 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. 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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Geopolitical </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">events, including civil or political unrest and terrorism, have resulted in a significant disruption of global business and financial markets. In addition, recent or future market volatility, increased inflation and higher interest rates, if</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">sustained, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">may increase the Company’s cost of financing and may restrict our access to potential sources of future liquidity.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
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<p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Arial;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 marketable securities, the 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 such changes become known.</span></p>
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