Atea Pharmaceuticals, Inc. [AVIR] (NASDAQ: ATEA), a biopharmaceutical company focused on discovering and developing antiviral therapeutics, has announced its financial results for the first nine months of 2023. The company reported a net loss of $96.8 million for the period, reflecting continued investments in its research and development efforts. Despite the loss, Atea Pharmaceuticals remains committed to its mission of bringing innovative antiviral treatments to patients in need.
Atea Pharmaceuticals' financial performance for the first nine months of 2023 was challenging, with a net loss of $96.8 million. This compares to a net loss of $81.5 million for the same period in 2022. The increase in net loss can be attributed to higher research and development expenses, which amounted to $79.2 million compared to $54.4 million in the previous year. General and administrative expenses also increased slightly to $38.4 million from $36.4 million.
In terms of revenue, Atea Pharmaceuticals did not report any significant figures for the first nine months of 2023. The company continues to focus on its research and development efforts and does not currently have any commercialized products. As such, revenue generation will be driven by potential future partnerships and the successful development of its antiviral therapeutics pipeline.
Atea Pharmaceuticals' financial stability can be assessed by examining its balance sheet. As of September 30, 2023, the company had total assets of $608.1 million, including cash and cash equivalents of $137.9 million. The company also held marketable securities worth $457.2 million. Meanwhile, its total liabilities amounted to $26.3 million, indicating a strong financial position.
Basic and diluted earnings per share for the first nine months of 2023 were both reported at $1.16. This is a significant decrease compared to the previous year's earnings per share of $0.98. The increase in net loss contributed to the decline in earnings per share. The weighted-average number of common shares used in calculating the earnings per share remained relatively stable at approximately 83.4 million shares.
Looking ahead, Atea Pharmaceuticals remains committed to advancing its antiviral therapeutic programs and pursuing regulatory approvals. The company is currently evaluating its lead product candidate, AT-527, for the treatment of moderate COVID-19. Positive clinical data from ongoing studies could provide a catalyst for future revenue generation and potential partnerships. Atea Pharmaceuticals will continue to prioritize its research and development efforts to achieve its long-term goals.
Despite reporting a net loss for the first nine months of 2023, Atea Pharmaceuticals remains dedicated to developing innovative antiviral therapeutics. The company's strong financial position, with significant cash and marketable securities, provides a solid foundation for its continued research and development activities. Shareholders will be closely monitoring the progress of Atea Pharmaceuticals' lead product candidate, AT-527, and any updates on potential partnerships or regulatory milestones.