2024 Q3 Form 10-Q Financial Statement

#000095017024092914 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.04M $12.22M
YoY Change -12.36% -7.42%
% of Gross Profit
Research & Development $26.16M $34.70M
YoY Change -7.18% 57.26%
% of Gross Profit
Depreciation & Amortization $104.0K $104.0K
YoY Change 4.0% 0.0%
% of Gross Profit
Operating Expenses $37.20M $46.92M
YoY Change -8.79% 33.15%
Operating Profit -$37.20M -$46.92M
YoY Change -8.79% 33.15%
Interest Expense $6.277M $6.637M
YoY Change -20.54% -9.08%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$30.93M -$40.28M
YoY Change -6.06% 44.2%
Income Tax $226.0K $243.0K
% Of Pretax Income
Net Earnings -$31.15M -$40.52M
YoY Change -6.01% 43.78%
Net Earnings / Revenue
Basic Earnings Per Share -$0.37 -$0.48
Diluted Earnings Per Share -$0.37 -$0.48
COMMON SHARES
Basic Shares Outstanding 84.42M 84.22M
Diluted Shares Outstanding 84.42M 84.25M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $482.8M $502.2M
YoY Change -18.87% -17.41%
Cash & Equivalents $98.46M $243.4M
Short-Term Investments $384.4M $258.8M
Other Short-Term Assets $4.093M $4.155M
YoY Change -50.09% -67.45%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $486.9M $506.4M
YoY Change -19.3% -18.44%
LONG-TERM ASSETS
Property, Plant & Equipment $977.0K $1.081M
YoY Change -29.86% -27.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.683M $1.396M
YoY Change 20.56% 0.0%
Total Long-Term Assets $4.051M $4.015M
YoY Change -14.88% -22.82%
TOTAL ASSETS
Total Short-Term Assets $486.9M $506.4M
Total Long-Term Assets $4.051M $4.015M
Total Assets $491.0M $510.4M
YoY Change -19.26% -18.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.785M $5.470M
YoY Change 1364.56% 38.06%
Accrued Expenses $19.41M $21.15M
YoY Change 4.89% 73.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.19M $26.62M
YoY Change 33.33% 64.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.246M $7.295M
YoY Change -3.39% -2.99%
Total Long-Term Liabilities $7.246M $7.295M
YoY Change -3.39% -2.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.19M $26.62M
Total Long-Term Liabilities $7.246M $7.295M
Total Liabilities $32.44M $33.91M
YoY Change 23.12% 43.22%
SHAREHOLDERS EQUITY
Retained Earnings -$330.7M -$299.5M
YoY Change 111.06% 142.47%
Common Stock $84.00K $84.00K
YoY Change 1.2% 1.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $458.5M $476.5M
YoY Change
Total Liabilities & Shareholders Equity $491.0M $510.4M
YoY Change -19.26% -18.47%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$31.15M -$40.52M
YoY Change -6.01% 43.78%
Depreciation, Depletion And Amortization $104.0K $104.0K
YoY Change 4.0% 0.0%
Cash From Operating Activities -$23.04M -$42.20M
YoY Change 30.88% 161.8%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$122.0M $124.7M
YoY Change 108.57% 167.77%
Cash From Investing Activities -$122.0M $124.7M
YoY Change 108.57% 167.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 117.0K 0.000
YoY Change 17.0%
NET CHANGE
Cash From Operating Activities -23.04M -42.20M
Cash From Investing Activities -122.0M 124.7M
Cash From Financing Activities 117.0K 0.000
Net Change In Cash -144.9M 82.48M
YoY Change 90.7% 170.93%
FREE CASH FLOW
Cash From Operating Activities -$23.04M -$42.20M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
243394000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
213898000
us-gaap Nature Of Operations
NatureOfOperations
<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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from serious viral infections. Currently, Atea is in the process of completing SUNRISE-3, a global Phase 3 clinical trial evaluating bemnifosbuvir for the treatment of Coronavirus disease 2019 (“COVID-19”). All patients in the SUNRISE-3 clinical trial, which is fully enrolled with </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,295</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> patients, have completed their last scheduled study visit. Atea is preparing for the analysis of the clinical trial data and subsequent reporting of the trial results. Atea is also currently conducting a global Phase 2 clinical trial evaluating the combination of bemnifosbuvir and ruzasvir for the treatment of hepatitis C virus (“HCV”), which is fully enrolled with </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">275</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> patients.</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 June 30, 2024, the Company had $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">502.2</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 June 30, 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,</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;">including </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">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 sustained, 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>
avir Number Of Patients Enrolled In The Sunrise3 Clinical Trial
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avir Number Of Patients Enrolled In The Hcv Clinical Trial
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CY2024Q2 us-gaap Cash Cash Equivalents And Short Term Investments
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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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CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2024Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not Previously Recorded
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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AccruedLiabilitiesAndOtherLiabilities
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CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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us-gaap Common Stock Voting Rights
CommonStockVotingRights
On all matters to be voted upon by the holders of the Company’s common stock, holders of the Company’s common stock are entitled to one vote per share.
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q2 us-gaap Operating Lease Liability
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CY2024Q2 us-gaap Operating Lease Liability Noncurrent
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CY2024Q2 us-gaap Operating Lease Cost
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CY2023Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2024Q2 us-gaap Income Tax Expense Benefit
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CY2023Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q2 us-gaap Defined Contribution Plan Cost Recognized
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CY2023Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
143000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
562000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
537000
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
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