Detailed financial statements for Atea Pharmaceuticals, Inc. (AVIR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Atea Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, discovers, develops, and commercializes oral antiviral therapeutics for patients with serious viral infections. Its lead product candidate is the regimen of bemnifosbuvir, a nucleotide NS5B inhibitor, and ruzasvir, an NS5A inhibitor, which is in Phase 3 clinical trial for the treatment of hepatitis C virus (HCV).
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $5.15, AVIR has negative trailing earnings (P/E not meaningful) and an ROE of -64.25%. Market capitalisation stands at $412M.
Balance sheet quality for AVIR: current ratio of 7.8, net cash position of $301.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | $48.6M | $351.4M | 0 | 0 | 0 | 0 |
| Cost of Revenue | $17000 | $17000 | $38.0M | $167.2M | $62.4M | $70.1M | $83.4M | 0 |
| Gross Profit | -$17000 | -$17000 | $10.6M | $184.2M | -$62.4M | -$70.1M | -$83.4M | 0 |
| Research & Development | $6.7M | $10.2M | $38.0M | $167.2M | $88.8M | $132.8M | $145.4M | $148.0M |
| Selling, General & Admin | $2.8M | $4.4M | $21.6M | $45.8M | $48.7M | $49.9M | $48.8M | $32.9M |
| Operating Expenses | $9.5M | $14.6M | $21.6M | $45.8M | $68.3M | $94.1M | $109.6M | $180.9M |
| Operating Income | -$9.5M | -$14.6M | -$11.0M | $138.4M | -$130.7M | -$164.2M | -$192.9M | -$180.9M |
| EBITDA | -$9.5M | -$14.6M | -$11.0M | $138.6M | -$110.8M | -$119.6M | -$131.8M | -$164.1M |
| Interest Expense | 0 | 0 | 0 | 0 | $11.2M | 0 | 0 | 0 |
| Pre-tax Income | -$9.1M | -$14.0M | -$10.9M | $138.6M | -$119.5M | -$134.9M | -$167.5M | -$164.5M |
| Income Tax | 0 | 0 | 0 | $17.4M | -$3.6M | $1.0M | $925000 | -$6.2M |
| Net Income | -$9.1M | -$13.5M | -$10.9M | $121.2M | -$115.9M | -$136.0M | -$168.4M | -$158.3M |
| EPS | $-0.90 | $-0.16 | $-0.13 | $1.46 | $-1.39 | $-1.63 | $-2.00 | $-1.94 |
| EPS (Diluted) | $-0.90 | $-0.16 | $-0.13 | $1.37 | $-1.39 | $-1.63 | $-2.00 | $-1.94 |
| Shares Outstanding (Diluted) | $10.1M | $82.6M | $82.4M | $88.2M | $83.2M | $83.4M | $84.3M | $81.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$38.2M | 0 | -$104000 | 0 |
| Operating Income | -$45.6M | -$54.9M | -$48.0M | -$35.1M |
| EBITDA | -$41.7M | -$51.5M | -$45.3M | -$32.7M |
| Net Income | -$42.0M | -$44.9M | -$45.4M | -$32.9M |
| EPS | $-0.53 | $-0.57 | $-0.57 | $-0.41 |
| EPS (Diluted) | $-0.53 | $-0.57 | $-0.57 | $-0.41 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $34.5M | $21.7M | $850.1M | $764.4M | $646.7M | $143.8M | $64.7M | $95.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $434.3M | $390.0M | $206.1M |
| Receivables | 0 | 0 | $5.8M | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $34.7M | $21.9M | $863.5M | $772.4M | $660.9M | $590.5M | $462.4M | $311.0M |
| Property, Plant & Equipment | $56000 | $41000 | $48000 | $184000 | $4.1M | $3.1M | $2.1M | $1.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $34.9M | $22.1M | $863.6M | $772.9M | $666.7M | $595.0M | $464.7M | $315.2M |
| Accounts Payable | $391000 | $548000 | $60000 | $4.5M | $2.6M | $4.3M | $4.5M | $12.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $843000 |
| Total Current Liabilities | $1.8M | $2.4M | $315.8M | $56.9M | $18.5M | $32.4M | $18.6M | $39.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $71.0M | $2.5M | $315.8M | $62.8M | $26.1M | $39.8M | $25.8M | $39.8M |
| Retained Earnings | -$40.2M | -$54.2M | -$65.2M | $56.0M | -$59.9M | -$195.8M | -$364.2M | -$522.6M |
| Total Equity | -$36.2M | $19.5M | $547.8M | $710.1M | $640.6M | $555.2M | $438.9M | $275.4M |
| Total Debt | 0 | 0 | 0 | $197000 | $3.1M | $2.4M | $1.6M | $843000 |
| Net Debt | -$34.5M | -$21.7M | -$850.1M | -$764.2M | -$643.6M | -$575.7M | -$453.1M | -$301.0M |
| Working Capital | $32.9M | $19.5M | $547.7M | $715.5M | $642.4M | $558.1M | $443.8M | $271.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $77.3M | $95.7M | $79.3M | $76.5M |
| Total Assets | $343.0M | $315.2M | $267.1M | $232.3M |
| Total Liabilities | $27.2M | $39.8M | $33.4M | $28.1M |
| Total Equity | $315.8M | $275.4M | $233.7M | $204.2M |
| Total Debt | $1.0M | $843000 | $634000 | $424000 |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$9.1M | -$14.0M | -$10.9M | $121.2M | -$115.9M | -$136.0M | -$168.4M | -$158.3M |
| Depreciation & Amortization | $17000 | $17000 | $19000 | $29000 | $260000 | $416000 | $416000 | $416000 |
| Stock-based Compensation | $414000 | $624000 | $7.5M | $39.6M | $46.7M | $49.4M | $51.8M | $20.7M |
| Change in Working Capital | $725000 | $579000 | $300.2M | -$247.8M | -$46.6M | $16.2M | -$7.5M | $16.5M |
| Operating Cash Flow | -$7.9M | -$12.8M | $296.7M | -$87.0M | -$121.0M | -$85.4M | -$135.5M | -$132.0M |
| Capital Expenditure | -$12000 | -$2000 | -$26000 | -$4000 | -$1.9M | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | $453467 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$25.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.9M | -$12.8M | $296.7M | -$87.0M | -$122.9M | -$85.4M | -$135.5M | -$132.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$40.4M | -$28.2M | -$46.4M | -$37.1M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$40.4M | -$28.2M | -$46.4M | -$37.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.5M | $4.6M | $3.7M | $3.4M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | +622.5% | -100.0% | | | |
| Net Income Growth (YoY) | | -48.5% | +18.7% | +1207.1% | -195.6% | -17.3% | -23.9% | +6.0% |
| EPS Growth (YoY) | | +82.2% | +18.8% | +1223.1% | -195.2% | -17.3% | -22.7% | +3.0% |
| Shares Change (YoY) | | +718.7% | -0.2% | +7.1% | -5.7% | +0.2% | +1.0% | -3.3% |
| FCF Growth (YoY) | | -61.8% | +2415.1% | -129.3% | -41.3% | +30.5% | -58.7% | +2.6% |
| Gross Margin | | | 21.8% | 52.4% | | | | |
| Operating Margin | | | -22.7% | 39.4% | | | | |
| EBITDA Margin | | | -22.6% | 39.5% | | | | |
| Net Margin | | | -22.5% | 34.5% | | | | |
| FCF Margin | | | 610.1% | -24.8% | | | | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 12.6% | 3.0% | -0.8% | -0.6% | 3.7% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.78 | $-0.16 | $3.60 | $-0.99 | $-1.48 | $-1.02 | $-1.61 | $-1.62 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $10.1M | $82.6M | $82.4M | $82.8M | $83.2M | $83.4M | $84.3M | $81.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -64.25% |
| Return on Invested Capital | -86.35% |
| Return on Assets | -71.16% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 8.13 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -33.71 | -189.62 | -321.38 | 6.12 | -3.46 | -1.87 | -1.68 | -1.84 |
| P/B | -8.47 | 128.26 | 6.29 | 1.04 | 0.63 | 0.46 | 0.64 | 1.06 |
| P/S | 0.00 | 0.00 | 70.82 | 2.11 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 21.8% | 52.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | -22.7% | 39.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | -22.5% | 34.5% | 0.0% | 0.0% | 0.0% | 0.0% |