1. Nature of Business

Business Overview

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”.

The Company is a late-stage clinical biopharmaceutical company focused on discovering, developing and commercializing oral antiviral therapeutics to improve the lives of patients suffering from serious viral infections. The Company’s lead product candidate, the fixed-dose combination of bemnifosbuvir and ruzasvir is currently in Phase 3 clinical development for the treatment of hepatitis C virus (“HCV”). The Company is also developing AT-587 for the treatment of hepatitis E virus ("HEV").

Atea’s global HCV Phase 3 program consists of two randomized, open label studies: C-BEYOND which has clinical trial sites in the United States (“US”) and Canada and C-FORWARD which has clinical trial sites in countries outside of North America. The Phase 3 program is being conducted in geographically diverse regions in an effort to enroll patients with a broad array of the HCV genotypes.

In the Phase 3 trials, the fixed-dose combination of bemnifosbuvir and ruzasvir is compared to the fixed-dose combination of sofosbuvir and velapatsvir (marketed in the US under the brand Epclusa®) in patients with chronic HCV with and without cirrhosis. In patients without cirrhosis, eight weeks of treatment with the bemnifosbuvir and ruzasvir regimen administered once daily is being compared to 12 weeks of treatment with the sofobuvir and velapatasvir regimen administered once daily. In patients with cirrhosis, treatment is 12 weeks with each regimen.

In July 2026, the Company announced positive topline results from C-BEYOND with the regimen of bemnifosvbuvir and ruzasvir demonstrating statistical non-inferiority to the regimen of sofosbuvir and velapatasvir in the modified intent to treat population and achieving the trial’s primary endpoint. Statistical non-inferiority was also met in secondary endpoints, including the per-protocol analysis. These C-BEYOND results highlight the potential of the bemnifosbuvir and ruzasvir regimen to deliver robust antiviral efficacy with a shorter treatment duration (eight rather than 12 weeks) for patients without cirrhosis. In the US, approximately 80-90% of people living with HCV do not have cirrhosis. Together with its potential advantages of a shorter treatment duration for most patients, low risk of drug-drug interactions and no food effect, the results from C-BEYOND further reinforce the regimen of bemnifosbuvir and ruzasvir’s potential as a differentiated, best-in-class treatment option for people with HCV.

In June 2026, the Company completed enrollment of patients in C-FORWARD. Currently, the Company expects to report topline results from C-FORWARD early in the first quarter 2027 and, if the C-FORWARD results are positive, the Company is targeting the second quarter of 2027 for submission to the U.S. Food and Drug Administration (“FDA”) of a New Drug Application (“NDA”) for marketing approval.

Clinical development of AT-587, the Company’s product candidate for the treatment of HEV, was initiated in a first-in-human clinical trial in July 2026. This Phase 1 clinical trial is designed to evaluate the safety, tolerability and pharmacokinetics of AT-587 in healthy volunteers.

Liquidity and Capital Resources

As of June 30, 2026, the Company had $219,465 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 interim condensed consolidated financial statements.

The Company is a party to an amended and restated 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 (“Common Stock”) for an aggregate offering price of up to $200,000, 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 declared effective by the Securities and Exchange Commission (the “SEC”) on November 19, 2024. The Company has agreed to pay Jefferies a commission of 3.0% 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, 2026, no shares have been issued under the Sales Agreement.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to late-stage clinical biopharmaceutical companies. These risks include, but are not limited to, potential failure of preclinical studies and clinical trials, 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 healthcare 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 dependent on third-party service providers for the conduct of its preclinical research, clinical development and manufacturing activities. Product candidates currently under development, including the regimen of bemnifosbuvir and ruzasvir for the treatment of HCV, will require significant amounts of additional capital and additional research and development efforts, and all will require regulatory approval, prior to commercialization. Even if the Company is able to generate revenues from the sale of its product candidates, if any are approved and commercialized, 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.

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. The Company’s cost of financing and its access to potential sources of future liquidity may be adversely impacted by a number of factors, including, without limitation, then current geopolitical events and the conditions in the financial markets including market volatility and rates of interest and inflation.