Cambridge biotech tracker · Boston
Atea Pharmaceuticals
Listed on Nasdaq as AVIR, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $219M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $38.0M
- avg. operating cash flow, 4 qtrs
- Runway
- 17 mo
- 12 to 24 months
- Net loss
- $32.9M
- Q2 '26
- R&D expense
- $28.1M
- 80% of opex
- Raised, last 4 qtrs
- −$11.0M
- net financing cash flow
- Next readout
- Dec 2026
- Phase 3 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
17 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $12.7M a month.
Management’s own date
Through 2027
Dec 2027
That implies $12.1M to $12.9M a month, 1.0× the recent pace.
In line with the last year“We believe that our available cash, cash equivalents and marketable securities will be sufficient to fund our planned operations through 2027.”
Cash against the calendar
What the runway has to reach.
Dec 2026estimated
C-Forward: Efficacy and Safety of BEM/RZR vs SOF/VEL in Subjects With Chronic HCV
HEPATITIS C VIRUS CHRONIC INFECTION · Hepatitis C, Chronic · Hepatitis C Virus Infection
NCT07037277 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 17 months
- Time to the date
- 4 weeks
It is about 4 weeks out. At the current burn there is roughly 16 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
2 active trials, through phase 3.
Phase 3 · 1Phase 1 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 3 readout in Dec 2026, about 4 weeks out. That leaves roughly 16 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 17 months of runway
Cash and investments of $219M at Q2 '26 against an average operating cash burn of $38.0M per quarter over the last four reported quarters runs out around November 2027. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position down $263M since Q3 '24
Net financing outflows of $11.0M over the last four quarters, meaning repayments or buybacks exceeded any new capital. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 80% of operating expenses
$28.1M of R&D against $35.1M of total operating expenses in Q2 '26, with G&A at $6.9M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $601M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $483M | −$23.0M | −$31.2M | $26.2M | $11.0M | — | $12.2M | $117K |
| Q4 '24 · Dec 31, 24 | $455M | −$30.4M | −$33.2M | $25.7M | $13.4M | — | $14.3M | $0 |
| Q1 '25 · Mar 31, 25 | $425M | −$30.6M | −$34.3M | $29.6M | $9.5M | — | $7.0M | −$347K |
| Q2 '25 · Jun 30, 25 | $380M | −$32.9M | −$37.2M | $32.3M | $9.1M | — | $4.7M | −$14.1M |
| Q3 '25 · Sep 30, 25 | $329M | −$40.4M | −$42.0M | $38.3M | $7.2M | — | $4.5M | −$11.3M |
| Q4 '25 · Dec 31, 25 | $302M | −$28.2M | −$44.5M | $47.8M | $7.1M | — | $4.6M | $0 |
| Q1 '26 · Mar 31, 26 | $256M | −$46.4M | −$45.4M | $41.1M | $6.9M | — | $3.7M | $257K |
| Q2 '26 · Jun 30, 26 | $219M | −$37.1M | −$32.9M | $28.1M | $6.9M | — | $3.4M | $0 |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.